Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
JV is the only thing that will wake up the market, production will most probably increase in small increments but to what effect.
Some have spoken of RBL with increased production but I cannot see it unless the market knows how the oil is going to come out and in what volume and that needs a JVP of repute.
Shouston, you wrote this below yesterday, so I read it that Anavio are pulling the strings.
So was it Anavio in your opinion that removed AM from position of CEO and would he want to give them a hug?
So who are the JVP dealing with, COPL or Anavio?.
"In order to gain control of COPL.
It would appear that the last round has been completed. With both sides looking ugly and bloody.
Now comes the hug at the end, and the punch drunk speeches of mutual admiration.
Anvio have now got the position they wanted. For me they will only want the SP to now rise.
They know the cow has plenty of milk on board, now it's a case of getting it to market while the price is buoyant.
The fight has finished now the healing starts...."
Many here see you as a calm, reasoned and factual voice and so do I but I disagree with your statement " Or COPL indicating to JVP they can go it alone if needs be and this is just end game JV negotiations tactics, with an implied end date of Q1 - if deal not struck by this date, then COPLA develop the discovery on their own with funds from their parent company".
COPL employees at last count I have seen 28. COPLA 8, SWP I do not know.
Equipment, Drilling rigs, tie ins for carbon capture, the whole logistics to develop CC is way beyond COPL.
When they get to 2000 bopd or more the development of the field would be onerously slow and would require RBL and that would not bring the Banks running without a JVP of long standing.
Shareholder value is non existent for many and some will be pushing up the daisies before it happens.
This JV is the only way to develop the field and the JVP must know that imo.
John Cowan CEO......"whilst also ensuring that if the interest being shown by certain third parties in joint venturing with us matches our own views on value, we will seek to further scale through partnership."
Problem for me JP is however good people see the RNS there is still no money on the table.
Market also knows imo that people are just going to day trade this to kingdom come so sp goes nowhere.
All this talk of production numbers will not rescue the sp for the LTHs.
The only hope is a JV/TO and announcement of the "established energy company" will then get the ii,s buying.
The man who is handling that did say it was "too big" to go it alone so JV must be on the cards at some point because however much this RNS is talked up COPL is a minnow and talk of mid cap status will take years.
At some point shareholder value has to come into the equation.
This man needs this JV to work for obvious reasons.
More than 1BBL plus CC plus current geopolitics plus US shortage of SPR.....necessity is the mother of invention........anything is possible including 35p.
https://www.investopedia.com/the-us-governments-influence-over-oil-prices-is-waning-7965714#:~:text=Strategic%20Petroleum%20Reserve%20(SPR)%20Inventories,the%20Lowest%20in%2040%20Years&text=The%20SPR%20acts%20as%20a,%2C%20natural%20disaster%2C%20or%20war.
I hope so, there are many long time LTHs and those that bought in Jan Feb 2022 who are still way down, sp needs to get back to 35p for many, JV / TO with money on the table is still the only way many will get their money back and that includes me who bought at 15p.
Panama, we still hold that the current COPL BOD was an emergency solution, it appeared to be very quick BOD change so soon after the AGM with no ringing endorsement of AM, was there blood on the boardroom carpet?
Who brought in these changes, not the BOD in our opinion, so who is pulling the strings, answers on a stamp!
In our opinion the potential JVP wants silence, no letting out of what they are prepared to pay.
"Currently, the Company is determining the best level of efficiency and is restarting NGL gas injection in September. The Company is focused on delivering production results in Q4 2023 and, further guidance will be provided as appropriate, and as approved by the Board of Directors".
Jiddy, there are some who still hold shares after 6 years, who are and always have been positive about the assets but negative about how the BOD have progressed since January 2022 but you put them in your troll list.
Are you going to add yourself after your negative post.
JV, it,s coming, imo.
I agree LM, I am thinking COPLA might be a buy out, COPL holds 100% WI in the Cole Creek Unit, no dealing with any other companies.
The one thing Milholland did do is he bought his own "inflated" story, 2 tranches of shares totalling 1,665,000 mil shares and IMO he thought that the world was going to buy in when RS came out with their report and his shares were going to rocket and the banks come running. All that talk of RBL last year.
I and others are still of the opinion that he thought he could go it alone, remember he said "JV would be dilutive",
At some point someone/somebodies got him to the JV table.
I am back in the bottom drawer, not interested until 30p plus but ok with it.
IMO the COPL BOD we know is no longer pulling the strings.
All eyes on the JVP, they are the future, the GGS will help but the JVP has the money.
NB. There were a few on here that did not buy the results of the AGM, some voted against the CEO and BOD and now CEO and two Directors gone very soon after.
I asked before, who is driving the changes, for our group it is good news that someone is.
Agree with Trujack.
Including AGM that is two directors gone and CEO / Director moved, some reports say sidelined, who drove these changes?
https://www.upstreamonline.com/people/chief-executive-art-millholland-sidelined-as-canadian-player-strives-to-survive/2-1-1513495
Someone else is setting the agenda imo, not AM.
Richardson "We are delighted with the belief and wholly aligned support of our two most significant capital providers in the changes we are effecting."
Cowan " whilst also ensuring that if the interest being shown by certain third parties in joint venturing with us matches our own views on value, we will seek to further scale through partnership."
Capital providers, third parties partnership, these are the people who are keeping COPL afloat and prosper in the future.
Https://smartasset.com/financial-advisor/ceo-vs-president
"The president or COO reports to the CEO and is typically hired by and can be dismissed by the CEO. A CEO receives reports from the president and sometimes other C-suite executives such as the chief financial officer".
Spot on panama, no biblical essay required, this was looking like a lifestyle company after the AGM renumerations announcement, JVP has said get your act together, no money until you make some money, in our opinion.
Over to you Milholland, create your legacy, get the JV done and into the sunset.
There are a few posters gone who said JV should of been done or at least started in May 2022 as COPL never had any money, largegin sends his regards.
Interesting to see that most on here now see the JV as the primary resurrection of COPL.
Edgein, you just have a broad sweep of this is how it is offshore and everything is set in stone.
Regular crew changes, don,t make me laugh, in 2021, Covid, I did a 7 month trip, the Indian and South African divers were stuck onboard for 9 months, no flights.
Some took local leave for one month, company paid, and went back offshore to keep their jobs. Have you ever tried getting a job in South Africa, some of the SA divers never got home for over a year.
Eventually the company relented for the Dutch and European crews and and Chartered Wizz Air via Amsterdam and Ras Al Khaimah but still had to do 2 week quarantine.
2022 followed and crew changes were all over the place, 3 month, 4 months. Many never got back offshore for a whole year, many did not come back and got jobs closer to home.
AIM CEO'S, my my you do move in high circles.
Do not see what the Nigerian email scam has to do with offshore.
So you bought loads at 0.04p, pull the other one, I suppose you will tell me you saw the 1bbl and carbon capture coming, not even Mulholland saw that.
You take somebody's word that this is how it is, your arrogance blinds you, you know nothing about offshore.
You ever worked offshore Edgein, Nigeria, Angola, Indonesia, jobs where the internet is only on the Bridge, it is not all the North Sea.
They all live abroad, Philippines, Thailand, Indonesia, Vietnam, we stay in email contact occasionally everyone doing their own thing.
You talk about 0.04-0.06, I should think that most of them thought the company would go under, why put in more money, talk about a falling knife, but just hoped.
As I said some did average down when the the 1bbl was verified by RS, pure fluke the 1bbl, I believe someone said they nearly fell off their chair.
Most still work offshore, they are not keyboard warriors online all day like yourself.
Righteous comes to mind.
Edgein, your last paragraph you make a public snide comment at me so here is my reply.
If you did any research on me, which you did not, I refer you to Page 1 of 2 of my history, the posts under the banner of Warren Buffet and Vote will answer most of your questions.
Who said I had been in for 5 years, my history posts will show I only came in January this year at 15p, I state this.
The group are mostly ex divers, I am not, who worked in Nigeria at some point, some over 10 years, the COPL sp tanked down to approx 60p, COPL were doing a deal in Nigeria and they bought in 2018 between 65p-40p and then the Nigeria deal turned sour, you do the research.
Some tried to average down when the 1bbl RNS came out in Jan 2022, no joy.
My % calculations are based on last months sp 1.6p, you will find that all including me were over 90% down minimum.
I know the sp is 3.34, whoopee, I am not going to recalculate.
You stick with production, we will put our faith in a JV.