Member Info for 1509

Morning

" The Conversion Price will be reset to 13.25p ..if an RBL is not secured five months from the Issue Date"

I assume that this may imply completed 5 months from the issue date. If so the term sheet should be agreed say 3 weeks prior in order to arrange the settlement of the senior loan.
I hope that it will not be a last minute thing so say completion of rbl at the latest a week before so term sheet agreed before the end of November. Then this gives time to arrange the completion of the rbl and the repayment of the senior loan.

The recent price action seems similar to the day before a rna about bonds being converted

Morning
The link is for Copls latest md and a
Page 23 shows quite a straight forward table of income and expenditure
https://www.canoverseas.com/wp-content/uploads/2022/11/COPL-Q3-2022-MDA_Nov-14-FINAL.pdf

Morning Shaa
Great to have you back posting

Hfb
Good to see you posting here again

Kdogg
I would hope that as part of the JV the consideration paid to Copl will pay off the senior loan and the hedge

Ed
Your final paragraph made me chuckle
Nice post

Illusion
Thanks for your post.
As with some other posters on here Shaa is one that has kept me positive.
If you can please pass on my best wishes

Morning
Just thinking that’s I can’t recall any recent posts from Shaa.
After Jiddys post I thought Shaa would have been posting
Anyone aware of their current circumstances

Bolton
I’ll be doing that dance in Benidorm

Exxon re branding
Exxon Mobil Copl.
Looks good to me

Illusion
Interesting thoughts and great links
thanks

Morning
Nice post Steb
Over the time I have held I think I have a better understanding of Art. He would sell the shirt off his back to get Copl over the line.
For me now its all about having faith in Art.
He moves in mysterious ways but he knows where he wants to get to and to get there he will upset people because of the impact on the sp.
Pre Atomic he had a company with basically no credit rating and he got a loan. Ok he had to make a deal with the devil.
Along the way with Copl just about washing its face he got more money in to keep us going and to buy out Cuda.
Now imo we are on the cusp of something very special.
Interesting also which I don't this has been discussed, Art for the first time seems serious about buying out the hedge.
Atb

Hi
I think Bolton is the party meister
Anyone who has been through the copl wringer I assume would be more than welcome

Bolton
I can smell the sea air and taste the San Miguel already
Not long to go

Morning
just out of interest I wanted to compare Aug 2021 to Sept 2022 production figures.
These are the main wells
The formatting is not great but the columns include well number, oil production and number of days
Aug 21 Sept 22
BFU 21-35-76 ST A SN 3H 5178 29 BFU 21-35-76 ST A SN 3H 3938 30
BFU 44-21V 7224 31 BFU 44-21V 2058 17
BFU 22-27V 6320 31 BFU 22-27V 2184 29
BFU 42-28V 2138 31 BFU 42-28V 695 30
BFU 34-20V 2404 31 BFU 34-20V 2402 30
BFU 23-27V 7417 31 BFU 23-27V 4644 30

I assume that now we are getting the pressures under control the production from theses well will eventually be higher than the production In Aug 21

Cant say that I wasn't disappointed with the production figures and It always looks like its going to happen tomorrow.
October we are introducing flaring. This should be the start of the turn around for production.
November production numbers will be the signal if the turn around is happening

One of our main wells BFU 44-21V was only online for 17 days and produced 2058. As compared with 31 days in Aug it produced 2539.
2058 over 17 days is say 121 b. If this is now online producing the same amount, for Oct this should be a minimum of 3751 b
There were some other ups and downs
BFU FED 11-28V produced nothing in Aug but over 10 days in Sept it produced 610 b
SWP must be working to stabilize the wells to produce consistent flows and at some point this will come through in the monthly figures

Morning
I agree that there is a link between RBL and JV.
AM up until the last moment keeps his options open.
I think the deal in principle has been agreed and is subject to DD.
The impression I get from AM is that the regulations regarding the production of information for Canadian Companies is relatively stringent, combine this with the RS report then DD may be more straight forward.
I would like an agreement with an upfront capital sum to clear the senior loan, to pay off the hedge and then a sliding scale to copl for future production.
TW has been busy in twitter - no surprise
The perfect storm around Copl is incredible.
Atb

Illusion
Thanks for the link and your posts.
So many things going on and what will Copl look like in a years time.

Will it still exist
Will it sell off part of its assets and be left with the 100% owned Cole Creek
Will it be involved in a more tangible JV

In a few days we get production numbers. I don't think this is a pivotal moment as we are still choking the output but it would be fantastic to see an increase.
Art is like a cat playing with its prey. Which company ,really, would not be interested in Copl.
I trust him 100% to get the best deal for us.
We are in a period of the calm before the storm.
If no news next week pressure will be on to lower the sp
Pre early January 2023 I think will be defining for Copl in a positive way.
ATB