'Some seem optimistic or implying interest but would need at least 2 interested parties to go against each other and not sure the time is available for that.'
leew, I am sure that the optimism over the weekend comes from this statement by RBMInvest at the end of last week:
'At present, given the strong indicative interest being shown in the COPL assets, we are monitoring the situation closely as a restructuring solution is still a possibility. '
It certainly has given me some optimism, in the hope that it leads to more than one LOI before the dealine of 17th April. Of course, the SL also has the option to join in the auction if they have a strong buyer for the assets too, so one other bidder could be enough. I would, however, love it to be several bidders!
'At present, given the strong indicative interest being shown in the COPL assets, we are monitoring the situation closely as a restructuring solution is still a possibility. '
RBM, is it possible for you to elaborate on this, please?
I had not noticed this before: 'Such transaction alternatives may include, among other things, a sale of some or all of the COPL Entities’ shares, assets and/or business and/or an investment in the COPL Entities, each of which shall be subject to all terms set forth in this SISP.' So a bidder could bid for part of the assets, the whole, the shares or make an investment in COPL. A bidder could put up the funds to save the company then. They must submit a LoA by the end of 17th April, and it seems they do not have to deposit any money at that time. They then submit a bid by the end of May 2nd or let their LOI lapse. So I would have thought that there should at least be some LOIs to buy time to complete due diligence by May 2nd, then hopefully bids. This could turn out to be interesting!
Https://www.justgiving.com/page/ryan-gaffney-1692272600856 Getting closer, this month!
Dont forget that Kravitz is not an oil man, so does not know how to value our assets properly, taking in to account the value of the oil in the ground and the carbon capture potential. These are things with no value written down. Hopefully other oil companies who are used to looking at these future values will see what we have.
Stas, have you had any replies to your many emails to potential buyers?
Ryder Scott have replied to me and have passed the report we received to it's author, Andy Thompson, for verification. She forwarded it to him yesterday as a CC not BCC so I now have his email address.
Bcarm: 'When do we here about initial bid?'
It's all in the legal papers: LOIs have to be in by 17th April. If there are none, then the Implementation Hraing will be by 26th April. If there are LOIs, then bids must be in by 2nd May and auction 8th May. If there are LOIs but no bids, it ends by 11th May. If auction, news by 17th May.
Nubby69......I tend to agree, and for a different reason. The big discovery was announced at the start of 2022. Then in Feb 2022, Milholland bought 665,000 shares. Then the report was supplied to the company at the end of June and he bought 1 million shares on 23rd/24th August 2022. So he put a lot of money in to the shares after the discovery and after the report. Why would he do that if the report was saying the oil was not commercial? I think that we should look at this a different way!