Member Info for 1509

Can one of the oilers on here check out the rs report
On page 2 they reckon we have 18,885,365 bbls of 1p reserves

Morning Bolton
Not much better in St Helens
I was wondering if the end of the month could be significant.
I feel the work on the infrastructure must start to feed through in terms of increased production.
Perhaps we are starting to see this coming through from now.
CC is exciting even if we only get 100bopd from each recompletion it will be great for cash flow.
Atb

Invest
Nice update
Thanks

I hope one of the oilers on here can explain things
But it sounds great
plus
Arthur Millholland, President and CEO Commented: "The results from the Frontier 1 11-27 recompletion is a game changer for our Company as the defined oil-bearing reservoir currently covers a large area at Cole Creek with evidence it extends further down dip on the east flank of the anticline.

Nice one thanks for posting

I think Copl were sailing very close to being in default of the senior loan so Arthur has had an injection of cash to stop the default.
Copls cash burn being as it is, it is positive that he has only borrowed $4m which implies to me he must be every positive about agreeing a term sheet for the rbl

Patrick
It looks like there are at least 3 blues on here.
There is similarity between the progress of both copl and the toffees.
Lets hope January turns dramatically for both
Alb

39719

I think we will get a lump sum payment up front say $60m and 30% net revenue from what comes out of the ground.
The jv will pay for the exploration
$60m will be peanuts for a big player.
I am not sure if swp has the manpower so the jv partner could bring their own team in.
Another thing I get the feeling that Arthur has a soft spot for CC. I could potentially see some form of buy out leaving Copl with CC.
Alb

Wwa
Out of the things contained in the rna the reference to a loan concerned me.

Sh
Nice one

Live long
Very interesting
Thanks for the information and links

Morning
The thing that had changed which is critical for me is the cash burn.
I am aware we have a tap facility but at what cost? Inevitably if it is used it will be dilutive

Hi
http://pipeline.wyo.gov/AllOpcoProd.cfm?oops=ID52273&RequestTimeOut=65000&nOpco=1769

well BFU 22-27V
Sept 2184 bls 29 days
Oct 15 bls 1 day.
An update on the wells on the Copl web site would be very useful so we could understand what is happening.

42574
I think Art should provide an explanation

Thanks Tiburn
As the request for drilling has gone in an assumption may be made that copl has the funds to do the drilling.
If this correct then I don’t think the funds could come from our cash at the moment so perhaps it is being funded by the jv partner or through the rbl

The sp needs all the support it can get.
A nice rna about the test and an explanation as to whet happens next may have been a good idea

Kdogg
Thanks. With Art he will be spinning so many plates.
I think he will have things in hand with the rbl. The Jv coming as a pleasant distraction for him which gives more power to his elbow

I am worried about the cash burn
End of June we had 11.7m end of September 5.6m.
2m spend per month.
The senior loan has a condition about the cash balance (45-day minimum average balance of unrestricted cash must be at least $2.5 million)
Last time we dipped below this we had to pay a penalty and the market was not impressed.
If we carry on the burn then around now we will be dipping below 2.5m.
To pay for the new drilling we will need an injection of cash or run the risk of having another penalty.
I really hope the solution comes in the way of the rbl, jv or a huge increase in production.
I don't want to contemplate the alternative