Member Info for ART123

Of course, the other question we all need answering is:

Is Nigeria still going? Do COPL still have an active licence there?

What has always baffled me here since Atomic was acquired and then Cuda is what has happened day after day, week after week, month after month to all of the revenue. COPL has always produced more than 1000 bopd (and a year or so ago more like 1500 bopd or more) and the price of oil has almost always been higher than $70 barrel and at times nearer or over $90. That makes a fairly substantial revenue, say between $25M - $50M per annum - which should have been quite enough to pay the costs, service the debt and keep the business ticking over with even a small profit. But it has never been enough. Even before the bonds there were placings but where did all that money go?

No trades is just a blip on this website. My live prices data on another site gives a volume of 19,398,490 traded so far today.

If it opens at 0.15p that's fine. It was as low as 0.215p on Friday. It might go lower. Personally I don't care how low it goes as the lower it goes the more chance I will have of making a trade to get my losses back. The m/cap can go as low as a few hundred thousand pounds if it wants. As long as it doesn't get suspended there is always hope.

If the price of oil hadn't dipped then the default probably wouldn't have happened and the CEO wouldn't have resigned and the share price would still probably be at 1.5p. Oh no, but then I forget it was the failure to secure the JV that really caused the collapse.

Even so I had already sold most of my shares at a huge loss nearly a year ago. I have also watched the share price and read every RNS and followed this board since in the hope of making my losses back if production had increased or the JV had materialised and the share price had shown any signs of recovering. But it just never happened.

I still haven't given up now. That is why I have been seeking confirmation that the share is still trading. As long as COPL is still in business there is hope I can recover every penny of my losses (which again were not huge, but still serious enough to make me very wary of this share/company, hence my caution and possibly negative posts}.

ATB

I say I sold most of my shares. Unfortunately I didn't sell all of them and still have 40,000 which will be worth about £60 tomorrow. I'm not even going to check or work out exactly how much I paid for them.

By the way, if my posts have been negative here it was only because I had already lost far too much money on this share a year ago - and it hasn't got much better since I sold most of my shares. I took a big hit. I could then see further doom and gloom and I posted accordingly, only to be abused and filtered.

Do I really care? No. While my losses were annoying they were never to anywhere near bust me and I don't have many bad trades anyway. They are few and far between even in this difficult market.

If my information isn't up to date it is because I sold most of my shares here back in February at 7p at a nasty loss. By way that is 46 times higher than the current placing price. And 0.15p isn't the bottom so I wouldn't complain too early - I've seen it all before, they will just stick another 0 in and it will be 0.095p and falling.

I shall repeat my disclaimer that I first posted on 20 Dec 2023 before I get any of this abuse directed at me:

Just for clarity to make sure that there is no misunderstanding or confusion I wish to point out that my username on this website - ART123 - is derived from the initials of my name. I do not or have not had any association with the Chairman of COPL, Mr Arthur Millholland. Any reference to posters referring to him as ART is nothing to do with my tag and posts. Thank you.

The recent dip in the price of oil hasn't helped. It was over $80 and even over $90 a barrel a few months ago. Are COPL management or the bondholders responsible for that? No, of course not. The bad abuse towards the management on here needs to stop. The fall in the oil price probably was reason for the default.

I'm assuming that it will be trading as usual tomorrow after the placing RNS comes out and that the suspension in Canada was only as it said 'to maintain an orderly market'. Can anyone confirm this. If not we will know in the morning anyway.

As long as COPL are still in business and trading anything could still happen!!!

While everyone on here seems to be blaming Avanio, it looks like they've been stuffed along with everyone else. They put in £3.5M at 4p a share just a few months ago (Sept). and now they are having to stump up another £2M at 26.66 times less.

The real problem here has always been the bloody wells that have never flowed increased production rates no matter how much money AM and co. have chucked at them. They have just defied logic and reason.

10 billion shares at 0.15p = a m/cap of £15M - back to where it was a week or so ago, when there were 950 million shares at 1.5p.

Mind you what has happened does reflect the total incompetence of the management, which is actually the one and only issue that I've always had with this share anyway.

Maybe it's time some of the idiots on here looked at the bright side of life. Who knows, oil may suddenly hit $200 a barrel next week and even COPL might just mange to stay ahead of their debt. Look at what happened at Hurricane. They were just about to hand the assets over to the bondholders when oil hit $20/$30/$40 barrel but then the price of oil suddenly recovered and the bondholders were all paid off in cash. Anything can happen.

Maybe you should just trust, or at least bother to read the posts from the so-called derampers, who have been predicting problems here all the way down from the relisting after the suspension at 60p. Instead of filtering them, or letting the mad rampers lead you astray.

You can't include the Bond conversion shares, unless they all get converted on Tuesday, which is probably unlikely. Besides it will be worse than that because "the Company will grant the Purchaser warrants equal to at least 100% of the number of New Shares, with each warrant entitling the holder to purchase a Common Share at the Subscription Price, expiring 26 August 2028" so that will be another 1312M shares as well.

Sorry make that £3.525M for the m/cap, at the placing price.

On checking it will be 2350 million shares for a m/cap {at the placing price of 0.15p} of £3M.

This was the trading halt announcement:

Canadian Investment Regulatory Organization Trading Halt - XOP

December 29, 2023 at 09:03 pm

Share

VANCOUVER, BC, Dec. 29, 2023 /CNW/ - The following issues have been halted by CIRO:

Company: Canadian Overseas Petroleum Limited

CSE Symbol: XOP

All Issues: Yes

Reason: Pending News

Halt Time (ET): 3:45 PM

CIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. CIRO is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Canadian Investment Regulatory Organization (CIRO) – Halts/Resumptions

© Canada Newswire, source Canada Newswire English

This was only a temporary suspension.

And Canada did not say that the share was being suspended due to any financial matters, simply that it was being suspended pending an announcement. Also the RNS did not state that the share was going to remain suspended pending the outcome of the restructuring, etc. But then again it did not say that trading would resume but I think that it will.

Rubbish. Lots of people will buy this share if only because they believe that the net asset value is far more than the total debt. It might not be, but people will still buy in the hope of a recovery or whatever.