Member Info for alfresco

'And invest in a serious company where the CEO puts his money where his mouth is.'

Which is what happened here, if you do some research.

At least it is a placing of shares, not bonds this time. Everything now hinges on how much they can get for the billion barrel plus discovery. Then clear the SL debt, clear the bonds, and move forwards.

Don't forget that the SL does not have the 1bn discovery as security.

Radika........Radika....I bought more at 0.30. I hold 2,700,000, average just under 5p. 2 minutes before close on Friday there were two large buys, 1m and 2.5m. The 2.5m was at nearly 10% over the Ask. Anavio hold 21m unsecured. Art has a good holding. Too many reaons for complete failure. I think that the SL will extend the facility. Especially if we are on the verge of a large production increase. We were at 2700 before so nobody can say we can't recover the oil. This may not all happen this week but I think discussions are ongoing.

'Where do Atlas fit in to all this?'

I don't know, but their 50 million shares cost them a lot compared to today's price. They crossed the threshold on the 14th but they probably did not buy them all that week, the volumes were lower. So they may be in at many times the current price. Mabe another TR1 from them tomorrow after 400 million shares were traded in 2 days last week?

2.5m from the 1st January, Stas.

Pilot: 'Alfresco. That is incorrect. The agreement was until the end of January. And COPL were supposed to be funded through Q1.'

6th October RNA

'COPL's Senior Credit Facility Lender has agreed to accumulate all interest arising between October 2023 and 31 January 2024 on a PIK basis. In addition, they agreed to waive the quarterly covenant tests as at September 30, 2023 and to reduce the minimum liquidity covenant from $2.5 million to $1.5 million from October to December 2023.'

So I am right, ends end of December.

Ask .35

1,000,000 @ .365

2,500,000 @ .3718

A rush before close?

Unnd, I agree totally. The notice the SL has served on COPL is routine, it had to be done as the current agreeent ends at the end of this month. It is up to COPL to negotiate an extension or an increase, they alone have all the required information and hopefully it is all good enough to get us past this issue. As I said before, the notice served by the SL is not related to the termination of the JV discussions, it was always going to happen. I guess COPL hoped to have secured a large JV payment, but now they have to look at alternatives. Who knows, maybe they had another large oil company waiting for this moment!

A while ago I placed an order for 200,000 shares. In the opening auction my broker bought 199,999 and later in the morning the other 1 share was purchased to fulfil my order.

'god knows why are all the people surrounding this company seem so inept, seems only anavio has learned how to make money out of copl and yet even they (or the collective) are in the hole still for over $20 million.'

Which is why a solution will be found, Anavio are unsecured and it is investors' money. Better to put some more in to make sure they get it all back.

'There we go as suspected production is down. The oil just won't flow. I suspect the CC wells are the same too. If they can't sort it it is game over.'

Can't be correct, it flowed at 2700 before.

We are heading towards 50% of the shares in issue having been traded in two days. TR1s to follow?

They will know more about what happens next.

'COPL's Senior Credit Facility Lender has agreed to accumulate all interest arising between October 2023 and 31 January 2024 on a PIK basis. In addition, they agreed to waive the quarterly covenant tests as at September 30, 2023 and to reduce the minimum liquidity covenant from $2.5 million to $1.5 million from October to December 2023.'

So we are in breach of this, I think, not related to the JV termination. Jan 1st we need to have 2.5m in the bank. We are probably not short by much, I am sure they will find a solution. The buyers must think that too, and I am not selling, this looks as if it is going to come good within the next few days.

You only lose if you sell or if the company folds. I have 2.7 million at 4.89p average, I have lost nothing, but my investment is now worth very little. However, I still believe that something will come of this. We have been in the same position with the lender before, and recovered. I bought a few more at 0.30p yesterday, maybe crazy but we will see!

Almost 40% of shares in issue traded today. All the sells are being soaked up, who is buying. Maybe Atlas?

Art Milholland has the funds to bridge this.

Like I said before, someone is soaking up these shares, 30% of the shares in issue traded today.

'they will have know about the payment of debts due, how was that not factored in the budget. '

The position with the lender relied on the JV. Now it has changed.