Member Info for 3littlepigs

I see today’s board is a sea of green boxes and the incoherent ramblings of Mercadooly, so I’ll bid you all good day and come back tomorrow.

In the RNS of Aug 3rd 2023 they said: “The Company intends to cancel the Ordinary Shares it purchases through the Share Buyback Programme“

The subsequent RNS’s state reduced number of shares to be used for purposes of determining shareholding which suggests they are being cancelled. Additionally Companies House filings state they are being cancelled.

Wookie, I hear it’ll be 20p by close Monday and 50p by close Wednesday. Wouldn’t want to be out of this over the weekend.

;)

LLP, I think you’re spot on. Someone spotted this in DD and COPL were advised to file the paperwork to correct it.

what a **** podcast. 23 minutes of my life i'll never get back. a 20 year old with a microphone. but, hey, 24 subscribers can't be wrong can they?!

Stas, I’ve already filtered Davep2 and he’s only had 6 posts since he set up his new account.

Finwit, if you look at the charts posted by Eazy on twitter there is a 2 month time lag between gas injection and response in oil production. It’s too early for there to be a response from gas injection that started mid October. In a months time we should see an improvement and every month thereafter it’ll be a marked improvement that pushes through 2k and on towards 3k.

Edgein, well put. Although I do like an extra mature chalk on my crackers, preferably with a nice glass of port.

Gord_1 welcome to my filtered green box. If you can be bothered to read the RNS, prospectus or even look at the company’s website then you shouldn’t be here. But I know why you’re here; I’ve seen you before, you arrive asking innocent questions but increasingly they become negative and it will be clear what your agenda is. Don’t bother replying, as I won’t see it.

Thanks for clarifying Eazy. I download and analyse the monthly well data myself but hadn’t looked a gas injection rates.

I’m familiar with the correlation between the injection and the output, albeit with a time delay. Exciting times. I’ve only been here 3 years!

What is the source of the 37% gas injection number for September that is being quoted repeatedly here today? I don’t to follow a link to twitter! Which RNS was this mentioned in please. I don’t doubt the number, but I’ve searched for it and failed to find it. Or was it in the Hannam research note?

Mafee

We seem to be having the same conversation as on 22nd September. On that date I suggested you read the prospectus as it states that the company can counter the conversion option of a bond holder by settling in cash. See below. Hope that helps your understanding.

Prospectus pages 107 and 108:

"Subject to the right of each Bondholder to exercise its conversion rights, by giving not less than 30 days and not more than 45 days notice, the Company may at its option (the “Company’s Option Notice”) redeem all, but not some of the Bonds by the cash payment (on the date (the “Company Option Redemption Date”) specified in the Company Option Notice of an early redemption amount (the “Company Call Early Redemption Amount”) in respect of each Bond outstanding, at any time on or after the date falling six months after the issue date, if the value of a Bond as determined by the calculation agent, on at least 20 dealing days in any period of 30 consecutive dealing days not ending earlier than 7 dealing days prior to the giving of the relevant Company Option Notice, has exceeded US$0.26 million (such option of the company being the “Company’s Prepayment Option”)."

I'm not here for a share price of 10p, I'm here for 50p and then £1. With 1Bn shares in issue that obviously needs a MCAP of £500m and the £1Bn, but the growth here will be exponential once we become cash generative and that is about to happen - NOW.

To give you a sense of what could happen (yes - this is optimism - call it ramping if you like - but it's the basis of my 1m shareholding):

a) the GGS sees production stabilise at 2.5k to 3k barrels a day in Q4, and we start to make our interest payments in cash;

b) in Q1 we take our stable financial position and obtain a RBL, repaying some or all of the bonds and keeping some capital for new drills;

c) we drill a horizontal in CC and increase production by 1kpobd; and produce more cash;

d) we reinvest the cash in the next horizontal etc etc

Very quickly production reaches 10k bopd and the MCAP is into my range. I'm not waring you not to underestimate the speed this could happen in, but I have a time frame in my head for this to occur and its not very long (

Tiburn, great analysis. Careful with your terminology: profit is what comes after all the overheads. So: 2000 bpd = c$2.3m net “income”. And as you rightly point out, that’s breakeven.

Prospectus pages 107 and 108:

Subject to the right of each Bondholder to exercise its conversion rights, by giving not less than 30 days and not more than 45 days notice, the Company may at its option (the “Company’s Option Notice”) redeem all, but not some of the Bonds by the cash payment (on the date (the “Company Option Redemption Date”) specified in the Company Option Notice of an early redemption amount (the “Company Call Early Redemption Amount”) in respect of each Bond

outstanding, at any time on or after the date falling six months after the issue date, if the value of a Bond as determined by the calculation agent, on at least 20 dealing days in any period of 30 consecutive dealing days not ending earlier than 7 dealing days prior to the giving of the relevant Company Option Notice, has exceeded US$0.26 million (such option of the company being the “Company’s Prepayment Option”)."

Mafee

You are right about early repayment by the company. However there is a further clause that allows the company, in the event of a BH conversion, to settle that in cash. Therefore, in the event we get a cash windfall from a JV, we might not be able to force an early repayment, but we can prevent the dilution of a conversion by rebuffing the conversion with a cash settlement. This is written deep in the prospectus and I’ve referenced it before so check my posting history if you want the prospectus page reference.

3lp

If you go to the London Stock Exchange and look at COPL, the erroneous RNS isn’t there. This must be a problem with the feed London South East have for COPL. You therefore wouldn’t expect the company to deny it. The problem is we have grown accustomed to reading second hand information.

Stas, you de-ramper!

Tonlin, I only have 41 filtered. I feel inferior! The admins on this board should look at those posters who are filtered by more than 100 other members and look at striking them off.

I thought it was the best and most objective post of the day!