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Do you read what you post or is it automatic writing and you are in some kind of trance .
Let me spell it out for you
The global financial markets are littered with thousands of companies that have invested VAST amounts of money and have failed . Clear .
26 Oct 2020 16:47
In an ideal world every investment makes a return ...... it’s not an ideal world.
It’s not unknown to sink billions onto oil rights and surveys and walk away . Many exploration wells fail .
Bloomberg reported 2016 that collectively the companies( Shell Bp plus others) have surrendered the right to drill in 2.2 million acres of the Chukchi Sea. They spent more than $2.6 billion to obtain those licenses, and Shell ultimately poured in about $8 billion in its disastrous drilling campaign, walking away with little to show for its struggles. Shell also gave up on drilling rights in the Beaufort Sea. Oil price Max was over $40 a barrel .
No Its the company Essar Nigeria . The OPL226 PSC Licence is an assett of Essar Nigeria (EEPLN)
Ownership of Essar Nigeria is today:
Shorecan 10% (5% Shoreline + 5% COPL)
Essar Mauritius 90% (20% previously owned plus the 70% returned under the Definitive agreement.
As previously stated Shoreline has an option to buy a further 20% for the historic expenditure of Essar Nigeria which was it 62.5 mill plus any recent costs.
Where is that figure of Essar will pay 50 mill to drill from ? I can't see that anywhere - all I can see is that Essar will carry Shorecan up to 5 Mill (max 10%) is it derived from that ?
-Essar Mauritius From the Dispute Resolution Release.
*******• A Share Transfer Agreement in which ShoreCan will return 70% of the shares in Essar Nigeria
to Essar Mauritius *****
• An amended Shareholders Agreement, the highlights of which as follows:
Essar Mauritius to carry ShoreCan for a 10% carried interest (capped at US$5 million
net) on all costs relating to the drilling of the first Well to be drilled under the terms
of the OPL 226 PSC
Morning.
With respect I’ve not missed the salient points . I think you have .
So 50 million in exchange for what 70% of the company ............ thats a really good deal for Essar .
It puts the emphasis on Kola to sort out the extension by Xmas or all bets and the agreement are off . The Definitive agreement ........
Let’s not forget if as you say it’s a billion barrel well then that’s a crap deal for COPL .over the years Schlumberger interest Trafigura and various other big players being interested all came to nothing but a momentary spike in sp before a placing and call for more money. Remember - I do .
Still 5-15% of something is better than 80% of nothing . Deadline is really 31st December literally .
Many will remember all the Rubbish stated on here that Essar had no claim ..... How did that work out for you . They got 70% of the business back . Why ? Was it because Shorecan was not holding up their end of the deal ?
That means Now Shorecan has only 10% COPL has 5%
I agree with Sub-Mariner . Kola has not delivered the goods. This new agreement basically says to Kola sort it or lose it.
"Essar Nigeria, has applied to the concessionaire and the regulator for an extension of the exploration period under
the OPL 226 PSC beyond the current term ending September 30, 2020. Completion of the definitive agreements
outlined above is subject to the grant of such an extension and other customary completion conditions." We now know its end December ."
So if that extension is given the price will rocket imho and the new agreements stand. Albeit Shorecan has a reduced stake but can increase that from 10% to 30% (COPL 15%) . What happens if by Dec 31st the extension isnt signed does that mean Essar get the whole lot back or everyone goes to court again. Its not clear.
Again I say if the extension is given imho the price will rocket.
This is not ****ging off COPL its stating the facts.
Oh and Shaa , if you continue to make statements about Reds being being blue buys, then back them up with your data rather than vague statements. You are not fooling anyone. You are not the only one with live trading data.
If a certain individual or group of individuals can't handle the truth then that's really their problem. If they continue to misrepresent/ deny the truth and attack those attempting to present a balanced view of the FACTS ( COPL Quarterly Report), News Bureau Articles, Written Reports, Stock Quotations, Nigerian News Articles, LSE Buy Sell Status for example then its up to all those on this board to consider what their ulterior motives are in inflating the positives and denying and shouting down the potential negatives in any given stock.
Rather "Trumpesque" criticising a poster and resorting to abuse when facts are not accepted.
Nice One " must be stopped in its tracks "
If anyone disagrees then please put forward a reasoned rebuttal. I'm all ears. A certain individual can't resist resorting to expletives and obscenities albeit crudely camouflaged when they have no ammunition.
One last thing. If the inherent value in this or any other stock is sound then nothing I say or do will affect it. Those people who are invested , and have gained a low price will achieve a nice return. If however multiple posters continue to harass alternative view points and attempt to hound those points of view out, resulting in a purely positive board and new investors buy on that premise then whos' acting fraudulently and for their own benefit?
By the way I've not overly dramatised the Covid situation in Nigeria. I stated the rainy season was nearly over 9Fact end Oct) and the situation should improve (fewer people indoors) and correctly pasted the rules for travellers to Nigeria being a negative test and 7 day isolation. Which means there is no real reason why anyone couldn't go there and finish off the paperwork face to face.
Loans - Page 13 Section 9, Last COPL Quarterly Report.
For example a good investment would be to make a loan say to the company you work for when they are strapped for cash for $200,00 dollars with an interest rate of 10% pa repayable initially in 6 months but then extended to December 21st 2020 with a conversion option at a share price of £0.003
Making a profit from the loan itself of under $20,000 -but invoking the option of taking this in shares at a nominal value of £0.003 when the share price is now lets say £0.24 value of converting the amount now at $220,000 lets be charitable and say $210,000 at a share price of £0.003 thats an 8 x multiple which the company pays for - or rather the other shareholders . So if the price stays roughly where it is $20,000 becomes 220k x 8....... Theres quite a lot of incentive big up the share price of the company as much as possible before December 31st 2020.
In an ideal world every investment makes a return ...... it’s not an ideal world.
It’s not unknown to sink billions onto oil rights and surveys and walk away . Many exploration wells fail .
Bloomberg reported 2016 that collectively the companies( Shell Bp plus others) have surrendered the right to drill in 2.2 million acres of the Chukchi Sea. They spent more than $2.6 billion to obtain those licenses, and Shell ultimately poured in about $8 billion in its disastrous drilling campaign, walking away with little to show for its struggles. Shell also gave up on drilling rights in the Beaufort Sea. Oil price Max was over $40 a barrel .
Nigerian oil typically has a cost of $28 a barrel . Global oil demand down people moving out of fossil fuels into to other investments . Anti plastics movement and electric cars . Kinda makes you wonder ....
Can someone contact Cathy or Art and let them know there is an amazing new technology that’s out there called “Zoom”. It lets you talk Face to Face - I know it’s hard to believe isn’t it ? Really, you can talk Face to Face with someone on the other side of the world , in real time and the. Using another new development you can take pictures of documents and the. Send them over the air . I know it’s mind blowing . The. Send the paperwork via FedEx . Technology eh ! Who would have thought it .