George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
You are absolutely correct
The buck stops with management and the board
They are 100 % responsible for this fiasco while enriching themselves
I will not be surprised if nothing comes out of JV and the RBL, just like the promises in the past of opl226
Shareholders needs to stop bickering here and start asking questions to the management at the agm.
In the previous agm’s no one asks any questions except a couple of shareholders
This management team and bod’s have destroyed shareholders value while rewarding themselves handsomely.
This was a time to have great restrain in preserving capital while increasing production
Are they rewarding themselves for a dismal failure?
We only needs to look at the productions numbers and they have been going in the wrong directions
So start asking management questions at the agm via email etc if cannot attend in person
This was posted by cawcaw in dec 2021. How TRUE
Shaa thanks for answering my question about who is choosing to still be in denial, even at this late stage.
@Tiburn excellent validation of the fact that all available data shows the company producing less than 25% of the oil the markets have been told to expect.
Shocking, SHOCKING that the share price should be in the shtter.
That rascally cabal. Always up to their tricks.
Some of the confusion here seems to stem from from those who interchange the term "Operating Netback" with the term "Profit".
Reminder that the first one is to the second as p0rno is to sex.
Though "netback", "earnings", and "profit" sometimes get used interchangeably in these threads, confusing the concepts ould not be more dangerous.
Make no mistake that this company is probably wading through an absolute pyroclastic flow of pure red ink, "operating netbacks" be dammed.
Cash is also likely to be getting low, (or would be had they not done the last placing), and what's left of the pre-placing pile is probably going to get burned through to keep the lights on while we sit and bleed.
Reason is simple: Operational plans (spendy topsides upgrades, expensive and lingering Fed Deep adventure) seemed to have been made expecting the miraculous 5k++ BPD future.
Pricey ops activities therefore pushed forward even as production faltered and became a trickle.
Now it's 2 a.m., the bar is closed, we didn't get a girl, and the only thing left to do is pay the barkeep.
Who doesn't care if the entire effort was fruitless. Pay the tab or the constables come.
Point being that Art has owned this for ~372 days, during which oil prices doubled...and has somehow managed to fck it into the ground.
He has spent money he hasn't got while failing to get production up to even a fraction of the promised levels.
And people can't figure out why he has nothing to say on the matter, or why the market doesn't want these shares.
Ooh, pssing off your investors is so strategic.
Anyway "denial" these probabilities away all you want.
Q4 will be published in 6 (or maybe 8 or 10 or 12...who knows) weeks and all will be revealed.
I encourage you to bookmark my post.
Did we really get CUDA cheap ?. How many warrants COPL issued for CUDA purchase ?
I wish we had paid twice as much for CUDA if the the COPL share price was north of .60C
Canadian.
If the field was producing +2600 BOD pre atomic purchase, why are we producing less than 2000 barrels per day as we speak.
Is this progress or failure of the management/technical team ?
Pls dont’t give ART credit when he has been a total failure so far.
I will give him credit when share price is acceptable.
Hi shouston
I have a feeling that you have met Arthur. Whatever conversation he has had with you, Pls tell us if anything has come true.
Pls don’t give him credit, when he has not accomplished f..all.
Any financing he has done is not straight forward. It has always had loopholes for warrants and penalties etc.
The buck stops with him as CEO . Ask him what will cause the share price to move up. He always demeans the shareholders. His performance as CEO has been dismal.he always deflects blame.
What do you think will happen, if they are not able to secure RBL facility in a timely manner and the debt is converted into shares. The dilution will be awful.
I want this company to be succesfull as i have skin in the game since 2014.
I have lowered my average cost , but it’s still over $1.50 Canadian.
Why do they need 4 IR firms. They are all useless for providing any meaningful information to shareholders.
Baytex energy of calgary have a market cap of 3.7 billion dollars with 1 billion debt.
They are producing 80.000 + barrels of oil as we speak
So what market cap do you think COPL can achieve realistically and in what time frame
I think we have to be realistic
We don’t even know how many outstanding shares COPL will end up with.
AS you can see they are not very transparent about the production numbers
Good luck as we all need it
If you have been here since 2013 as some of us, then you will know what i mean. Have you noticed the share price lately. I believe the company has potential. will AM bring it home for the shareholders? Lets talk when the share price is north of 3 pounds sterling. You shouldn’t be lecturing those who have paid north of 20 dollars pre-consolidation.
Only way the share price will appreciate is, if the company starts performing operationally and stops diluting. AM has a dismal record so far for creating value for the shareholders. Share price speaks volumes under his watch as CEO.
Arthur Millholland has been one of the worst ceo of an oil company. His record speaks for itself. Anyone invested in this company around 2012-2014, paid about 20 cents candian. This is $20.00 Canadian post consolidation .. It is currently trading about 26 cent canadian. How do you feel about this?
He has always preached that he has world class team. The only people who may have enriched themselves are BOD and the staff of copl, including Arthur.
How much has Arthur and his staff collected on the back of Nigeria OPL226.
None of his promises came to fruition.
how many times has he said that he can raise money via bank loans and then has turned around and diluted the company shares.
After the warrants are exercised, we are around 30 billion shares pre-consolidated.
This is a joke.
After a year opearating the atomic assets, there has been zero progress with production increases. What have the world class team been doing for a year ?
If they would have increased the share price to a $1.00 dollar canadian after the acquisition of atomic,they could have issued 100 million shares and raised 100 million canadian dollars . I don’t care if they had to pay double the price for CUDA asset, It still would have been cheaper deal.
This would have allowed them to retire the debt and leave them plenty of money for development.
Arthur doesn’t care about any PI shareholders. He only cares about himself.
He is the worst CEO to talk to. He will not give any information as to what his plans are to move the share price.
I hope someone asks him tough questions at the AGM . How does he explains
The performance of share price of COPL.
If the oil price stays at current levels, where does he think the share price of COPL will be in 1 year.
When will he stop diluting ?