Member Info for ART123

With only 277 million share in issue there was lots of room to do a placing. And don't say he wouldn't have got the interest. He could even have done it all with Primary Bid.

He could have done a bloody placing at 7p and raised quite enough to see them through for now.

The Canadian Exchange has suspended the share and not COPL management.

XOP is suspended

https://ca.finance.yahoo.com/news/iiroc-trading-halt-xop-152100527.html

If the price of oil had suddenly plummetted to $20 a barrel overnight or if production had suddenly plummetted to 100 bopd then it might be time to panic. Why would ART say goodbye to a nice fat salary, not to mention one for his daughter, for the sake of not borrowing more funds to see them over the harch winter.

I don't know why he didn't just do a placing at 12p or something - ****, he could have done one at 7p rather than create all this hysteria.

So why didn't he just do a fu cking placing to see them over the adverse weather?

The Bond Holders aren't stopping them form raising fresh funds from the market, are they?

Yes, get a JV partner for the whole field.

Just one question?

Where is the bottom for an average down?

Placing, ease covenants, issue more bonds, JV, RBL - any means of staying afloat.

Besides the covenants can always be lifted for a short-term weather-related cash flow problem.

They will be very stupid not to get some tide over funding to see them through. After all the POO is still strong - maybe if it had sunk to $20 or something then they might want to panic and try and go bust but this is still quite healthy, especially with the production unhedged for now.

With only 277 million shares in issue there is plenty of scope for placings.

That's what I make of it.

Separately, just an idea:

Maybe Mr Millholland may decide to resign.

He should have been able to raise enough to see the company through the next few months.

I'm surprised that he didn't do a placing then the SP was 16p. He used to depend on them before COPL acquired the current assets.

Are these the Bonds shares that were not issued at the time?

The Prospectus has been approved in connection with an application to be made shortly for the admission (the "New Shares Admission") to the standard listing segment of the Official List, and to trading on the London Stock Exchange's main market for listed securities of 113,589,348 common shares of no par value in the capital of the Company (the "New Shares") that have been issued since December 2021. The New Shares Admission is expected to become effective at 8:00 am (London time) on or around 7 February 2023.

The Company has a total of 277,858,812 common shares issued and outstanding including the New Shares.

Financing Initiatives

The Company is working closely with its professional advisers to negotiate and secure a new senior debt facility, which the Company is targeting to draw down prior to 31 March 2023. 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. The Company is also actively negotiating and intends to issue additional 2025 Bonds and warrants pursuant to a second tranche of the Winter Bond Financing (announced 3 January 2023), which is expected to close in February 2023 to support its near-term capital requirements for the Company and its affiliate, COPL America.

In addition to securing financing from debt and equity capital markets, the Company confirms that it is actively negotiating terms for a joint venture for the long-term development of its Wyoming assets. The Company plans to announce the detailed terms as soon as they are agreed.

Thanks

Can someone give the link to the Wyoming production figures please