Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Antha - yes I voted for on all resolutions
You get diluted because the company needs more capital not because you consolidate your shares
I personally don’t go with all the doom n gloom connecting consolidation and dilution , there’s no connection imo
Tr1 rns is great news on a number of fronts......loving some of the naysayers comments to the contrary.... pmsl at some of the issues being raised.
Our Legal firm which is in possession of more info than us PI's has taken 20m odd shares in March, probably at 6.75p as per the other creditors ie the bondholders and has held on to them. What is not to like!
There appears to be a bit of confusion on the put and call options copl has. My understanding is that the $60 put option is COPL’s option (but not obligation) to sell x amount of barrels at $60. It was put in place as hedge in case WTI fell below that level.
The call options that are in place starting 1st July at $52.87 are held by a third party, this gives them the contracted right to make copl sell the first 947 barrels of oil at that price at 1st July, at 1st Jan 24 its first 1,000 barrels. This was a requirement of the senior credit lender I believe.
So getting our production levels up is imperative so that we can sell the surplus production at the market rates. I see it as no coincidence that the copl management delayed these call options to Q3 23 to allow them to do the pipeline upgrades in Q2.
Hope the above helps clarify the position.
Now we have bond funding there won’t be any going concern note in the financials which would have needed to be there if that raise hadn’t taken place. JV and RBL would have been difficult to get sign off by the counterparty with a GC note in the most recent set of financials
Intothedeep - they took $8m of the recent bonds, as per filing on Sedar, one of the $4m you are seeing is dated 31-12-22 and relates to the tap facility that was drawn down and rns’d on 4/1/23. Hope that clarifies
From about 10:20 the 300k, 200k, 100k and 150k are mine........I'll be back in probably tomorrow if peeps ie warrant/bondholder or indeed anyone else fancies selling them to me at this price. Too much doom and gloom on here
Big Bench should get the 2022 reserve report at same time as 2022 financials , as per the 1st feb rns under the financing initiates section:-
The Company has engaged with numerous US and International banks and institutional debt investors and expects to secure a term sheet based on its 2022 year-end reserve report for the Wyoming Assets, which is expected to be available in late February 2023 and, will be published in late March 2023 at the time COPL files its 31 December 2022 annual audited financial statements.
For those that say Anavio are selling….if they were you’d see it reported on this form
4.5c of regulations says any movement up or down in holding of more than 2.5% needs to be declared
https://www.bclaws.gov.bc.ca/civix/document/id/complete/statreg/44_83_2000
With WTI being so volatile it is worth remembering that we currently have some price protection as per the rns 21 dec -
“……WTI puts to provide downside protection for the first half of 2023 on 750 bbls/d at $60.00/bbl.”
SMiSHMAN75…..I will play it by ear and targets depend on what the BoD can deliver. On them investing money and getting production materially up I see this at 10-15p, Rbl 20p and JV who knows depends on who it is and the plan. Those numbers include dilution discussed previously although I think if cards are plated right we might not get the 1bn number people are quoting. I am a finance guy not an oiler I look for distressed positions and then load up. But anyone’s guess is as good as mine as none of us know the future
Example would be PREM (look at my posting history) lithium play took c200m few years ago at average below 0.06. Still have over 180m and price is around 0.8 today so a reasonable multi bagger and I’ve stripped out the initial investment but I still hold the majority because I like the story still….that’s not meant as a cross ramp rather an illustration of fact I try and invest without specific selling targets in mind….although I do sell if the opportunity is better elsewhere
For sake of clarity I actually currently own 11.225m average is just under 6.5p as unfortunately I was in here pre-prospectus. I’m by no way overstretched in this position
No TR1 needed until cross the 5% threshold….copl is non-uk issuer. A knowledgeable poster on a WhatsApp group I’m in made me aware of that and I’ve had that confirmed by Cathy
Can understand scepticism but not a problem for me if you don’t believe, I don’t believe half of what is posted here either!