Member Info for ART123

Yes, I see why you ask as I logged into my Hargreaves Lansdown ISA account and they will give me a quote for 100K but not for 500K or 1M. That is the beauty of IG Markets, who do ISA accounts alongside their other offerings such as CFD's and Spread Betting. They will let you buy bigger quantities but the price will be higher, which most of the time is where the price will end up once the smaller quantities have been taken up.

IG

Yeah, 0.52p for 100K. 0.535p for 500K and 0.5499p for 1M. Still very low volume for a 17% rise!

Ticked up again but the volume is still tiny which makes this look increasingly like a leak re-drill results.

Maybe COPL can take the creditor protection, set off the assets against the debt, and then come back as an empty shell and Mr Millholland can have a fresh start and acquire a new asset.

The share price is up by 15% on very low volume. This might just be a rise before the AGM or maybe another leak like last time before the drill results, which could come in anytime now. 0.65p/0.75p on a successful second drill.

It was okay when the m/cap was £20M or so but it has just fallen by nearly 10 times and is now about £2.5M. That just doesn't give COPL any bargaining power.

I can't see COPL being able to raise much in the way of cash to continue this debacle. The m/cap is only about £2 million, I'm not sure how much the Senior Credit Facility is but it must be quite a lot, there are lots of bonds still outstanding and the bondholders, who have been converting the bonds into shares and selling them as quickly as possible for any amount, will have had a bad fright from the latest announcement. And even if COPL do manage to raise a few million, it won't last long and they will soon be back for more. No, it is not looking good.

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.

I have just noticed that the StockBox Media tweet (link below) is from yesterday - 1.32pm 19th December - so that means that the interview should be out today. I have just checked and it is not out as yet. However, this means that it is unlikely to be discussing a signed deal as that would have to be announced first via an official RNS.

https://x.com/wcat_plc/status/1737103553083109851?s=46&t=dBEUr060C2V_rrjFRsmkxA

The management should have suspended the share before the drop and tried to raise some funds - not that would have probably saved them except in the short term.

They will have a lot of trouble raising funds now..........

COPL Announces Notice of Default from Affiliate's Senior Lender

London, United Kingdom; Calgary, Canada: December 20, 2023 - Canadian Overseas Petroleum Limited and its affiliates ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration, production and development company with operations focused in Converse and Natrona counties, Wyoming, USA, provides an update on its Senior Credit Facility.

The Company's indirect affiliate, COPL America, Inc., received a Notice of Default that indicated, among other things, the senior lender is unwilling to further amend or waive the terms of its Senior Credit Facility. Without an amendment or waiver from the Senior Credit Facility Lender, the Company's indirect affiliate, COPL America, Inc., will be in breach of the terms of the Senior Credit Facility on or before January 1, 2024.

The Company anticipates that it will require additional financing in January 2024. Should the Company be unsuccessful in raising the required capital, it would have to seek some form of creditor protection. There can be no assurances that financing will be found, or that the Company will not be able to avoid a creditor protection process in its principal jurisdiction of incorporation.

The Company is considering all of its options in relation to its future.

About the Company:

COPL is an international oil and gas exploration, development and production company actively pursuing opportunities in the United States with operations in Wyoming.

70% of the shares are owned by the CEO so with little free float it will move quickly anyway.

0.27p paid. This was 0.5p/0.6p in September. No reason it can't be back there in the next couple of days - and more if the deal is announced.

Stockbox interview tomorrow, AGM on Friday, deal due to be signed soon.

Up 25% - 0.0228p to buy and 0.21p to sell.

There was more than a warning about the 6p raise - we had news that there was a roadshow going on. Not from the management though.

But then I don't know why I even care or bother posting. I openly admitted to derisking at the time of the Tai-3 spud.

And, so what, the m/cap is still nearly £10 million so there is plenty of downside here yet. It's when the m/cap gets down to a million or two and they will need 5 or 10 times that to complete a drill that the stand-off begins.

And now to let this go on and on and on is even worse. It means that at the time they first announced that they would need to raise more funds they probably hadn't even started to get a placing done. So, so naive!!