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It seems to be that as soon as COPL finally conceded that the Shannon Unit was going nowhere without considerable extra funds they then turned their attention to Cole Creek. This was only producing about 100 bopd from the 7 producing wells but suddenly this is going to be the answer to all their (financial) problems. Or is it just chucking more good money after bad? We shall see.

It's hard to believe just how unprofitable this Wyoming asset really is. Production is over 1000bopd (The Company's fourth quarter gross lease oil production was 1,360 bbls/d (1,169 bbls/d net before royalties). That is gross revenue of over $30M pa and yet the whole bloody lot is being swallowed up by costs (The Company's financial results for calendar year 2022 are significantly impacted by an $8.0 million net loss on the oil and butane hedge contracts, $8.1 million of debt service and financing costs and a $2.9 million repayment of its senior credit facility). No doubt the other $10M is gone on admin costs, wages, improvements to the facilities, injections of more gas and butane, etc, etc.

Millholland has finally conceded that Shannon production is not going to increase without further injection of funds (Production at the Barron Flats Shannon Unit ("BFSU") is expected to remain constrained until such time as the Company secures funding to debottleneck the gas gathering system to recover produced gas for re-injection. An upgraded gas gathering system is planned to be installed in phases through 2023 subject to available funding which the Company is working to secure).

So on top of the $30M revenue they are spending to keep the lights on, they now need another $16M (just for one year) to try to boost production in the hope that they might increase the revenue enough to actually cover the costs. Some hope. Talk about pouring more good money in after bad.

In truth, Mr Millholland has bought a complete turkey. Atomic must have been laughing all the way to the bank after pulling off such a ridiculous sale (before they went bust) as did CUDA soon afterwards.

Without the Deep Oil discovery, COPL would be just about finished already but even this has only flowed at about 20 bopd and however big a resource/reserve ultimately it is only as big as the bopd it can produce.

Add on the Sage grouse and the bad weather and the problem that the miscible flood concept just doesn't seem to work and it is no wonder he keeps pushing the RBL and JV on and on for another month at a time as most likely no one will go anywhere near these assets.

Sorry, to continue:

Okay, cheers, but that doesn't say as much as the last RNS which said that HWM unit 77 was due to be delivered by the end of January and 'Mobilisation of the components of unit 77 commenced yesterday and some equipment has already arrived on site. All required benching is complete and once the highwall miner has been re-assembled production is expected to start during February 2023.'

If delivery was due to be completed by the end of January then I doubt re-assembly would take a whole month. 'during February' could be anytime, even soon.

Okay, cheers, but that doesn't say as much as the last RNS which said that

Do we have any idea how long it is going to take to assemble and presumably test the 2nd HWM. The last news was on 13th January and parts were already arriving then. I am wondering whether the boss might have given some indication of the timescale in one of the podcasts. Cheers.

Canada down now - 0.1250 (7.65p) on the Ask and 0.1150 (7p) on the Bid.

I wonder what the production figures are going to be. They must be due very soon. Will they reflect the bad weather?

The market is just having a standoff with the Canadians at the moment. They still think the SP is going up while London seems to have clearly decided it is going down. However, with only a few tens of thousands of shares changing hands so far in Canada I expect London to soon win.

The bid price there has just dropped now.

Slight move up to collect the Canadians - and then we can take them back down with us!

He's completely missed the chance and even the point of a placing. That should have been at 12p when the share price was 16p. It's always better to do a placing and stay afloat. There were 20 billion shares in issue here before consolidation. At 277 million COPL has plenty of room to issue more shares.

With posters actually taking the prospect of administration seriously 7p/8p is probably far too high a share price. The whole value is debt.

Don't bother. If he had anything to say he would have said it already. Bring on 6p!!!!!!

Which is exactly the problem with Mr Millholland. Any other CEO would of just done a placing for a few million and THEN published the Prospectus - minus the bit about breaching the covenants and not having enough cash to continue as a going concern. Simples.

With placings for funding they don't need to worry about going into administration.

And with only 277 million shares in issue there is plenty of wiggle room for issuing more - right up to the point where they have 20 Billion again!

Most companies manage to crash the share price when they do a heavily discounted placing. Unfortunately, COPL managed the crash but forgot to do the placing - and even despite letting the whole world know that they are desperately short of funds. What a shambles!

Only 277M shares are in issue. They could have placed the same amount again for 6p and got all the funding they need for the next 12 months!!!!!!!!!!!

What are we on? 7.5p close?

Yes, I was just going to ask when the January production figures are due and what numbers are expected.

Or of course, we can always jump over January's figures and go straight on to February's - even though February has barely even started. God forbid, the weather could be even worse and production could be halted for half the month.

With COPL it is a question of which would you rather have: No News or Bad News.

I think that maybe Mr Millholland missed buying on the drop. However if it drops back to 6p again maybe he can do a director's buy on the second attempt.

I'll buy again at 6p please.

Old trading range - 12p to 18p

New trading range - 6p to 9p

Exactly half......