Member Info for alfresco

From X last Saturday:

'@ActionCopl

should be in a position early next week, to provide an update with regards to legal action, including the name of the highly respected lawyer and legal firm who has been engaged to act on our behalf.'

So news from the action group maybe today?

RBM....RodneyT.....pkwendall et al, are you able to tell us if you have managed to find a whistleblower?

2023 accounts would be due in about a month, I guess they would not want us to see them, too difficult to hide the truth there.

That was the billion barrel report, the certificate in the accounts for $341 million was for confirmed reserves, definite value. Where has it gone in 11 months?

Even in the 2022 annual accounts, on 8th March 2023 Ryder Scott signed a certificate confirming a reserves value of $341,571,000. How can that have disappeared? It's a lot more than twice the stated debt, which is probably stated at more than it is in reality to make things look worse.

Yers, RodneyT, I have said on here several times that if the company announcements about the content of the reports were not true, Ryder Scott would have taken action. So that tells us that the latest announcements by the current management must be false.

Panamabob, yes, check my posting history and you will see it.

So....maybe Summit force Anavio to accept the face value of their bonds, forget interest and warrants, and go away. Summit must already have hard evidence of the real value of the assets, they would not have lent otherwise, so lending more to clear the way to profitability would be good business sense, especially with the promise of 8% of the hugely successful business in the future. They could put in a new team to move it forward, reconnect with the JVP, and resolve the current situation. Then an early JV could mean early repayment and 8% soon. Or is that too simple?

James goozee

@JamesGoozee

·

2h

Quite some web that.

I see that James Goozee has commented, does he still hold?

Scottydod, spaceman07, thank you. Yes, everything I did was based on official announcements and I was certain that, even if it took longer than expected, ultimately my investment would give the return I need to enjoy retirement. So those who have stolen this from me need to pay. Having started to wind my business down towards end 2024 retirement, I am now starting to reverse that, but with little funds available it is not too easy! Maybe there will still be a surprise at the end of this story.

So it looks to me as if Tom Richardson has been told by maybe Anavio to get some fake bad news out, so that the VWAP plummets, ready for an interest conversion into billions of shares, then a miracle happens, we are saved and the sp moves up. Great for the sharks, not so great for the minnows, as we will be eaten alive by even more massive dilution at this price level. These people, Richardson, Anavio, and all the rest of them should be dealt with. I am 66, losing around 150k GBP, which is more than I had, yes, I borrowed, so now I unless we have a miracle I will never retire from my work here in Spain, my wife will probably go back to the UK to her daughter, and I probably will not live to see the class action result.

By the way, RBM, I emailed for an update this morning.......when will us members hear from the solicitors?

'The Company continues to consider strategic alternatives in light of the foregoing, including some form of formal insolvency protection that may or may not leave value in the Company's common shares. '

He didn't say it was unlikely to leave value..........

At the moment all the hard work seems to have had no effect on the fate of our company. RBM, is there anything to tell us?

I guess that the best solution would be for the JV to happen, with enough cash to COPL to get rid of Anavio without any more conversions and with the warrants cancelled. Then with the gas injection resumed we could keep the SL happy too. And maybe the confidential wells could start producing too!

But now it is all out in the open, they are going to have problems executing their plan.

From the Forebearance Agreement:

'Consensual Resolution. Within forty-five (45) calendar days after the Forbearance Effective Date (or such later date as may be expressly agreed in writing to by the Administrative Agent at the direction of the Required Lenders), the Loan Parties shall have reached a consensual resolution with the Administrative Agent on commercial terms that are reasonably acceptable to the Administrative Agent regarding detailed milestones and a process for comprehensive sale transaction for the Borrower’s asset, a consensual foreclosure on the equity interests of the Borrower or a “take-out” offer in an amount satisfactory to the Administrative Agent (at the direction of the Specified Lenders).'

Buy out is one of the option.

'Maybe the could not inject the gas,wouldn’t fill your car with a hole in the tank'

They were injecting before when the inferior pipework was in place. The idea of the 4.5m improvements was that they could inject much more, and they said they were doing so, but the figures show they lied.

Bcarm, can you elaborate on the statement 'News soon and all will be revealed'?

On 14th November John Cowan said:

"Since the third quarter in 2023, COPL was able to use working capital to increase NGL injection at the BFSU at double the rate compared to recent periods. This miscible flooded field requires injection of NGLs to enhance oil production and field recovery factors as capital restraints in earlier periods restricted the rates of NGL injection. A technical review of the oil response to increase NGL injection will be monitored closely this quarter, and it will form the basis for future production guidance and 2024 plans."

That was 44 days after the end of the 3rd quarter. That would have been a lot of days of injecting if it had been true.

I am assuming that things are ticking over at COPL. They have to produce a cash flow forecast to the SL every Friday and presumably this has been fine so far as the SL have not foreclosed.