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Good point BigBear2

Someone is still selling and it certainly isn't the Bond holders. I did have a theory that maybe one of the large holders had missed the shares consolidation about a year ago and maybe still believes that they are in a huge profit and hence selling. Joking aside this does need sorting out very quickly as a stupidly low share price will also destroy confidence to banks, etc while the RBL is being finalised.

Good point Delia,

When the Share Options were issued on 8th February they were not only issued to Mr Millholland but also to 5 other directors as shown below. Maybe some or all of these should follow the lead set by AH.

Executives and Director's of COPL were granted the following Share Options:

Arthur Millholland, President, CEO & Director - 3,928,000

Ryan Gaffney, CFO - 2,452,000

Harald Ludwig, Chairman - 1,450,000

Massimo Carello, Director - 800,000

John Cowan, Director - 800,000

Nigel Little, Director - 500,000

All we need now is a production increase RNS. We can but wait and hope.

That is a 42.5% rise from 11.75p to 16.75p. Will we see that sort of a rise today? We may.

Yes, I was the one who originally pointed out that US$200,000 of bonds were converted from each bond and that the issue price was 16.75p. I then doubted myself due to other posts but am pleased to see that I was right first time and the conversion price is 16.75p. That at least helps and gives a pointer for the direction of today's share price movement. We might even get a blue day!!!

Even the bloody Bond holders are being ripped off by this stupidly low share price. It just doesn't make sense. If the Bonds are being converted at 16.75p then who has been selling below this price??

I am not lying. I looked at the conversion from 8th August which was 260M. I now see there was another conversion on 12th August which brought the share in issue up to 262M - so yes there are 2 x $200,000 converted with 1,999,000 share issued at 16.75p. So back to my original question: why is the share price sub 12p??????????

If you check the shares in issue from the last conversion to this one has gone up by 3,999,800 so COPL has issued 2 x 1,999,000 shares.

It's a shame COPL management didn't stick with the Bridging Loan.

No, I might be wrong as they might have issued 1,999,000 shares for each of the $200,000 conversion which seems to fit in with the number of shares in issue.

Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona Counties, Wyoming, USA, has issued 1,999,000 common shares (the "Shares") pursuant to a conversion of $200,000 principal of each of the 2024 and 2025 Bonds.

That is US$400,000 as it is $200,000 of each of the 2 bonds so the conversion price is at the arranged 16.75p. So why is the share price sub 12p?????

Energy prices in the UK are predicted to be going to rise by up to double or more from the new cap to be set imminently. This means that gas prices are likely to rise to double the current high over the winter and into next year. Maybe if this happens CORO will have to go back to the purchaser and ask for double the sale price. Then CORO can pay off the debt/bond and have a fresh start!!!!!!!!!!!!

This appears to be a very muted response. Blimey, the share price even went to 0.35p in May 2021 when it was announced that the Italian Portfolio had been sold for EUR300,000. Today's sale price is 30 times higher................

Details of buy back

That was my only question and the answer appears to be 'the whole of EL5574'.

4. Details of buyback agreement eg whole of 5574 or RC only. If whole of licence then how will value be attributed to Ascot and Footrot.
Whole of EL5574.

In this case it should be only a matter of course to get the full 2 MT of contained copper out of RC and Ascot and at a far better grade than if the buy back was for Racecourse only.

Cheers

The Italian Portfolio is today worth 30 times what it was worth a year ago and is now worth more than the m/cap. It stands to reason that Duyung is also probably worth 3 times or 10 times what it was worth a year ago and certainly more than covers any debt and yet is zero valued with the Italian assets worth more than the m/cap.

If shareholders don't like the deal and some appear to be selling today rather than buying, then they can always veto the deal and demand the management charge 2 or 3 times this value, or just keep the asset if it is worth more than the value of this sale agreement.

Gas prices are at record highs at the moment and no one is even using much gas at the moment (except to generate electricity and that isn't going to change) as Europe is still enjoying an unusually warm summer.

Considering that the Italian Portfolio was as good as sold in May 2021 for EUR300,000 (https://www.investegate.co.uk/coro-energy-plc/rns/disposal-of-italian-portfolio/202105270700029516Z/
then it seems a pretty good deal.

"The proposed divestment provides an immediate cash payment and the ability to retain cash flows from the Italian Portfolio in the near term prior to any disposal, whilst also securing a fixed priced exit. The combination of the Option cash consideration, the retained NPI and the cash flows delivered by the Italian Portfolio under Coro's continued ownership in the current gas price environment, would be expected by the Board to represent approximately EUR 10 million."

EUR300,000 has now become EUR10 Million - that sounds like a good deal and is worth more than the current m/cap.

If share holders think it is worth more then they can always vote against the sale.

Hugely informative? Not sure I agree. It sounded like 25 minutes of Zak Mir not knowing quite what he had got involved in, not knowing what questions to ask or even what the interviewes were on about.

I think they've even missed the point. By the time they have built their massive solar farm and constructed their equally massive wind farm surely they would be better off using this power to produce electricity, for which there is a huge, ready market available on the doorstep. The market for green hydrogen sounds to be very if'y and almost non-existent, and at best in far off countries and continents.

I seem to remember hydrogen was once talked about as an alternative source of power for cars of the future but batteries have clearly won that battle very decisively.

Meanwhile I shall still be looking to exit from here at cost price ASAP. There is some small talk of a JV for their AUS gold project - you never know - even I can dream. As far as the coal is concerned, I think GCM is probably a better option as their JV with PowerChina is still live while the JV here seems to be pretty much dead in the water.

I not expecting any sensible response to my thoughts and reflections - just keep filtering me please if it makes you feel any better.

ATB

The last time that the power plant was being discussed seriously the share price was in the 2.5p/3p range. That was back in 2017. Blimey, I'd even exit with a profit!!!!!!!!!!

Bring it on.

'Come on Naheed' - that should say...................

GCM is up 40% and the RNS was just essentially waffle, with no real progress being reported. Maybe we could do with some 'waffle' here. Come of Naheed, spin us some b*llsh*t and the share price may rise by 100% or more. That would certainly see me away and quite happy!!!!!!!