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The 500K trade at 9.05am is clearly a SELL. Buys at the time were at 10.49p so it couldn't possibly be a buy as that would have been at a premium to the buy price at the time. It's a £50K sell.

After the assays released yesterday it is not a surprise that someone is rushing to offload. For example:
HOLE 004 HALO North
Primary copper zone:
1m at 0.10% Cu (77m-78m)
2m at 0.10% Cu (94m-96m)

These results are about as bad as they could be if there is any copper there at all - and 21 of the 30 holes didn't find any at all. Disastrous.

They are lucky to have got the placing RNS out before the drill results as otherwise the placing might have been at 5p. The Red Setter results will need to be outstanding to pull this back.

Not sure if these results are going to cut it. 30 holes drilled and only 2 with any decent strikes - Hole 021: 124m at 0.34% Cu (0m-124 m) and Hole 8: 111m at 0.15% Cu (1m-112m). The rest of the results are almost non-existent.

Also lots of very confusing bits here and there such as: Hole 028: 1m at 5.72 g/t Au (52-53m).

Only 9 of the 30 holes seem to have hit anything and some of them are pretty scary - Hole 004 was for 100 metres and only hit 1 m at 0.1% Cu at 77-78 metres and 2 m at 0.1% Cu at 94-96 metres while Hole 003 was for 118 metres and only hit 2 metres at 0.2% Cu at 1-3 metres!!!!! Maybe someone had left a few scraps of copper pipe on the ground!!

Overall I do not think that these results are going to set the share price alight. The market is fussy these days - and why not with the amount of exploration and drilling going on in Australia.

The race is on to try and find something worthwhile at Red Setter, hence the cash call. If they come back looking like this set of assays then the share price will be heading down, that's for sure. This is looking distinctly over-hyped.

Strange silence. Not quite the results people were hoping for?

The m/cap of GGP at time of discovery hole was about £43M and a few weeks earlier it was only £20M.

OMI has a m/cap of £33M and that is after the 45% rise today. Recently their m/cap was as low as £15M.

WSBN after today's raise will have a m/cap of £20M - 196 million shares at just over 10p.

If anything WSBN, which had a m/cap recently of over £30M is over priced compared to its peers and WSBN still have to find, log and assay a 'discovery hole' (which is the way value seems to attributed these days).

"Richard Poulden, Wishbone Gold's Chairman, commented, "We are gaining a much greater understanding of the mineralised formations at Red Setter with each hole we drill there. Drawing on knowledge from other proximate drilling campaigns in the Patterson Ranges, we are now expanding our exploration efforts in the coming weeks and this funding is to cover this."

This just doesn't say that they have found anything exceptional so far. Are they expanding the drilling while still looking for something? Can they afford to keep drilling while still only looking for a target? Well obviously they can continue looking now they have more funds available but one thing is certain, if the assays are ordinary, poor or non-existent the share price will crash, crash, crash. Risky game this exploration.

Let's face it unless the drill results from Red Setter are pretty exceptional then the market is going to be unforgiving.

Greatland Gold's very first drill hit an enormous pay:
25 June 2018: Greatland Announces Exceptional Results from First Drill Hole at Havieron: Selected HAD001 results: 121m at 2.93g/t gold and 0.23% copper from 497m.

and today Orosur announced some pretty good results from their new target area: Assay results from PEP001 have returned a substantial, high-grade gold intersection of 150.90m @ 3.00g/t Au (from surface).

Anything less than at least 2%/3% Au over at least 100 metres is going to look pretty ordinary and will most likely see a share price drop to way below 10p and probably below 5p.

AJMHO.

Re: telling the truth or giving out porkies..............

The RNS dated 27th June 2022 - link below - clearly states that:

"The Company expects to receive, during July 2022, a permit for the area that is to be mined by MHW using the second highwall miner."

As far as I know and I am not glued to this board 24/7, it is only penstock who has given a different timescale, which apparently he is getting from the Govt website. Since as far back as July he has been giving a date of 12th October. The management meanwhile have not bothered to say why the permit wasn't received by the end of July.

This was obviously a waste of time podcast, and there are far too many of them these days, as there was nothing new to discuss. Podcasts are only needed when there is important new news to discuss.

I think the production ramp up dates will probably need to be moved back one month from the latest projections as it is unlikely we will see the permit before 12th October as again according to penstock only one of the outstanding 8 issues has been resolved over the last 5 or 6 weeks.

With just about everything now depending on this new permit it appears that the share price is also stuck in the current range.

Cheers penstock. You did point out this date back in July when I was still going on the date issued by the management of the end of July. Pity the management couldn't speak the truth from the start really. So it appears that the ramp up figures in the podcast are still on the overly optimistic side by a month or two.

Is there any news on exactly when this permit is due to be issued?

The podcast seemed to deal with everything except this vital info, including that the permit had been applied for 18 months ago. Do we have a proposed date to work with here?

Cheers in advance.

https://www.londonstockexchange.com/news-article/CHAR/chariot-and-total-eren-partner-on-hydrogen-project/15615425

With 1537 million shares in issue the 10 million drill cost shares to be issued at 2.25p will represent approximately 0.7% dilution. This is hardly a worry.

Today's 'new' project was actually first announced/applied for in October 2021 and is to replace the other Australian projects that are being spun off into new companies via IPO's.

This is another huge potential prospect which can be assessed via inexpensive ground work before a targeted initial drill which, if successful, will be transformational.

From Quarterly Report 27th July 2022:

Working Capital
Working capital comprises cash and listed investments ("Working Capital").
As at 26/07/22 Working Capital amounted to £1.88m. This is available for payment of corporate costs and exploration expenditure across business operations.

To give an exaggerated example, if a hedge is set at say $50 barrel and the oil price suddenly rises to $500 barrel then the hedge would need to be adjusted, especially if it was just a hedge to cover debt repayments. Otherwise the hedgers will be pocketing the difference because sure as hell they won't be selling the oil at less than the market price and that is just not fair, and even damp right illegal especially if it might force the hedged produced into bankruptcy, or at least to lose valuable revenue.

Maybe more work needs to be put into making sure that hedged production is fair for all parties, and not just those applying/enforcing the hedge.

Similarly a hedge may be required and imposed on a company with 1000 bopd production. If production suddenly increases to 50,000 bopd it would seem very illogical and unfair for the hedge to apply to this new increased production.

Maybe hedges already adjust to changes in price and production though we are not led to believe they do by the management here.

Yes, a new hedge should reflect the current oil prices. That is sensible.

However if oil prices have increased as much as they have done over the last year I do feel that the management of this company or any other company in this position should have entered into discussions with the hedgers to get the existing hedge figure reset. And don't say it can't be done. Anything can be changed if circumstances need it.

Similarly if a hedge is set at a certain level on the production at the time when it is set then it should not need to apply to any increased production. The security offered by the hedge is arranged only at the production level when it is set. Any increase in production should be at market price as it does not need to be included in the hedge as the original hedge is covering the risk.

As I said I don't know much about hedging and I am tending to look at the wider picture and not just what is happening at COPL. Maybe the whole subject is not quite properly thought through because it is not right that a company could risk going bust when their profitable oil production is undermined by an out of date and probably unecessary hedge that sees them getting far less revenue than the current market price (as I seem to have read happened to CUDA).

Anything can be renegotiated in the world of business.

ATB

Even companies like UJO are making record revenue and profits from their Wressle production of a few hundred bopd. Every single oil and gas production company is making record profits - except poor old COPL.

Zephyr have also acquired production assets in the USA. From RNS dated 11th August 2022, Zephyr reiterates its previously released 2022 production and revenue guidance of an expected US$35-40 million in non-operated revenue, net to Zephyr, for FY 2022 based on a forecast production range of 500,000 to 550,000 barrels of oil equivalent ("boe") for the year.

That is between 1350 and 1500 bopd.

COPL are producing 1600 bopd yet seem to only to make a loss. Is this the hedge making the difference?

Even at 1600 bopd COPL should be making good money here but apparently they are not because all of their oil production is being sold at about half of the market price. I suppose this will be the next excuse for not increasing production. The hedge needs to be renegotiated. It's not exactly rocket science. Many companies like Wonga have been driven out of business for exorbitant business practises and this hedging sounds one such exorbitant business practise. COPL management need to speak to the hedgers and get it changed.

I don't know what the hedge here is exactly or even how hedging even works but I seem to have read that the Atomic production is hedged at about $50 a barrel or less. The management at COPL need to speak to the hedgers and get this changed. Everything is negotiable. Oil is now trading at over $90 barrel. COPL cannot be driven out of business by a ridiculously stupid and out of date hedge. This needs to be renegotiated because the difference between the price per barrel and the hedged amount is certainly going somewhere. It's not as if the oil is being sold onto the market at the hedged price. Oh no, it is being sold on at the full price so someone is pocketing the difference.

This hedge needs to be renegotiated, and separately from any new finance deal, and by rights some of this lost income over the last year needs to be returned to COPL. If it is the finance company that have imposed the hedge and are benefitting from it then this money needs to be reassigned to COPL and taken off the debt.

AJMHO

26th July 2022 - COPL Completes Acquisition of Cuda Energy

Arthur Millholland, President & CEO, commented:
"I am delighted we have finally completed this acquisition. The market continues to misunderstand the full potential of our Wyoming assets. In my near forty years within the oil industry I have seldom come across assets with such prolific oil and gas potential. We now have full ownership which we have secured when the assets are at an early stage in development with everything to play for. With the financing arrangements we also now have in place we look to the future with confidence."

Come on then Mr Millholland. Enough of the talk. Now is the time for action. COPL are not short of cash as they have had US$2,800,000 in extra funds from the Bond conversions in the last few weeks which is on top of a very healthy balance of I seem to remember more than £10 Million. This is plenty of funding to get things moving.

If this asset is that good then it is time to get production rising. And this doesn't need to be from the new discovery but from the Barron Flats Shannon Unit (miscible flood) where COPL now hold an 85% Working Interest. The market and shareholders are waiting for this now. No more excuses please, just a steady increase in production to take advantage of these strong oil prices.

And as for the hedge, which is all set up to become the next excuse and obstacle to increasing production, everything is negotiable. If the hedge is ridiculously low and costing COPL a ridiculous amount of lost income then the management need to talk to the hedge providers/enforcers and get it changed upwards. When a hedge is set any manner of circumstances can come into play to make the hedge inoperable and unsustainable, in which case the parties concerned need to enter into negotiations to get things changed so they are within workable boundaries. This is just common sense. Companies like Wonga have been driven out of business for enforcing unacceptable levels of return. For goodness sake, the price of oil could go up to $200 barrel next week and COPL would be effectively losing $150 or so per barrel of income that is legally theirs. They have to talk to the hedgers, not just be ****ed over.

AJMHO