Member Info for ART123

Yes he is. From CORO website:

Tom Richardson

Non-Executive Director

Tom is an experienced Director of listed companies. He is currently Chairman of Fenikso Limited and an independent director of Canadian Overseas Petroleum Limited.

https://www.coroenergyplc.com/board-and-management-team

I think that the outstanding Bonds are meant to be covered/even repaid from the sale of the Mako Gas asset, which will more than cover the debt. Unfortunately, this sale has now dragged on for months and months and even now into years with still no immediate sign of completion so the Bonds might now become an issue though as long as progress is being made with the GSA then they should just get rolled over until completion.

Is this the Mr Tom Richardson who is the Chairman at COPL?

I'm not sure who is selling. The share price has never been lower, in fact, it's never been lower than 5.75p by the looks of it so to sell now seems to be rather rash.

The company have explained the discrepancy, they don't need any funds at the moment and they are happy to face the shareholders tomorrow with their Investor Meet presentation (which they are not obliged to do but are happy to do it).

Average net selling price: c.$145/prescription in H2 2023, an increase of c.21% compared with H1 2023

Obviously this helps to offset "the projection methodology used by its third-party data provider" which "resulted in an overstatement of total prescriptions in 2023".

Lots of buys and very few sells. 3.1p to buy and 3.08p to sell.

It looks as though the LTH's are disgruntled with today's fall and are posting multiple times about the overstatement of figures making the situation look far worse than it might be.

"Shield has recently identified that the projection methodology used by its third-party data provider resulted in an overstatement of total prescriptions in 2023. This development was partly responsible for the Group not achieving previously indicated guidance of total prescriptions in FY23 of 100k to 130k. Revised prescription numbers and quarterly growth rates are included in the table below. Previously reported Group financials including revenues, net revenues per Accrufer® prescription, and compliance with financial covenants on the Group's debt instrument are not affected by this change. The Company is working closely with its third-party data provider to ensure future consistency of data reporting."

It looks like the management are quite happy to face the shareholders tomorrow and will have a chance to explain today's large drop in share price.

Investor presentation

CEO, Greg Madison, and CFO, Santosh Shanbhag, will be hosting a live online presentation relating to the trading update via the Investor Meet Company platform at 14:00 (GMT) on Thursday 22 February 2024.

The presentation is open to all existing and potential investors. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 09:00 (GMT) the day before the meeting or at any time during the live presentation.

Shame really as I was hoping for a much bigger fall. I was just checking and just over a year ago - 25th January 2023 to be precise - I was picking these shares up for sub-4p. More of that would be nice please.

Oh well, at least PRD has Trinidad to fall back on. That might suddenly become the number 1 prospect.

Alternatively, they can scrap Mou1-4 and just get on with drilling Mou-5.

I love the way that Paul and Lonny recently awarded themselves a £250,000 bonus each for the successful drilling campaign! That just about says it all.

'bedwetters' indeed. I'm lucky I wasn't holding here. I was waiting for the testing results.

Sandjet technology doesn't appear to be an alternative way of testing flow rates but rather a means of unblocking a badly blocked well before conventional testing can be done.

PRD certainly haven't replicated the huge success of Sound Energy who drilled and tested their gas prospect in Morocco within a matter of months in 2017.

Beacon Energy have recently used Sandjet to clear a blockage in their oil well that was flowing at 40bopd instead of the predicted 250 -900 bopd (but at least they got it to flow at all). The process took for ages and despite the process being finished it still isn't known if it was a success as yet.

I think that plenty of honest posters here were expecting Mou-1 to possibly fail to flow but not Mou-3 as well.

Nevermind, undoubtedly a good top-up opportunity for the LTH'S/EXPERTS/RAMPERS that dominate this board.

Not only the ramping - some posts by the 'beloved experts' on here have been getting literally hundreds of Recommends in a manner that is/was truly bonkers.

They seem to be covering themselves in the event that the Sudan deal fails to materialise. From the 5th January newsletter:

"Although the Company is fully committed to establishing profitable Sudanese oil production in 2024, it will however pursue any attractive opportunities that present themselves in neighbouring countries such as Chad, South Sudan, Niger, Ethiopia, Eritrea and Libya."

The problem is that alternative deals in other jurisdictions might not necessarily be as attractive.

Lots of moaning minnies on here today. Blimey the share price was 0.15p less than a month ago so to get a placing off at 0.275p seems to be pretty good going as that is almost 100% above the recent lows. Also, I note that the m/cap post placing is a healthy £76.5M which makes the placing dilution about 3.5% which is not a huge worry or cause for too much bellyaching.

The 93 bopd gross production will equate to about 35 bopd to MSMN.

Sweatysock

I think you'll find that MSMN has a working interest in Stanley of between 34.85% to 38.5% - their figures - (and from the last set of results seems to work out at about 37%) so those figures need to be reduced.

Not much free float because Tekcapital (TEK) holds a 77.24% interest in MicroSalt.

Alongfortheride

That was the problem. Mr Millholland was just too full of himself and his ability - even though his previous efforts had been equally disastrous (North Sea and Liberia). If COPL had accepted that they would have to give away 50%, or even more, then they would have got a deal done I'm sure. Too late now though as there's no-one left to care or bother.

Besides which, despite this looking a cracking deal, the partners now need to get the gas to flow in commercial quantities - which is something that SYN have not managed to do so far. But the fact that the flow rates have so far been pretty dire does make this deal look even better, again provided they can get the gas to flow in commercial quantities.

AJMHO