Member Info for BigBear2

They have not increased the injection rate enough to get to that level

As I understand it Anavio and other BH will get nowt if COPL go into admin as loan provider gets first dibs.

We may see a hugely dilutive placing plus consolidation to keep us out of covenant breach and allow BH to convert as many as possible in meantime.

It’s pretty simple what ever the JV offer was it’s better than this.

Chimps could run the company better than this shower

Stas it’s game over mate sadly. Just like Xcite the bh or in this case the senior loan provider puts the squeeze on the finance and then is given the asset. After which they will be free to sell to whomever they want.

What a total utter mess, this needs investigating big time….

All I know is the way this has been financed at the same time as outrageous pay increases is seriously dodgy

Bladder there is no nda now JV is terminated

Cowan needs to grow a pair and update shareholders he should have done that immediately with the car crash RNS

Bod is a total joke they could have softened the blow with rationale for termination but nothing…

Imho both art and Ryan need to go pronto art has failed abysmally to deliver the jv, Ryan has overseen some of the most dilutive financing deals ever, whilst both trousering 50% pay increases over already inflated salaries

Every RNS from Cowan so far has no meat on the bones whatsoever.

If the offer was below what was expected…..say it.

We have had nothing of any value whatsoever since he took the reigns to indicate he has a grip on turning this around.

Any potential JV is based on 2 things - carbon capture and deep drill neither of which has been done as yet so how are you saying no one can get oil out?

All copl have done so far is very gently up the injection rate….

We essentially have a $2mill placing done at 0.5 so no reason why this cannot tick back up to that

JV is at Cole Creek only where there is no production.

I am wondering if the JV partner may not just pony up cash for 100 percent of CC.

This would still leave copl with the deeps at BF and would eliminate cash concerns….thoughts anyone?

1.6 million sterling that should easily fund for 2024

As I posted the other day this is not just a good results it’s fantastic if rock get the funds back as it’s at least double what they usually raise in a placing, so well funded.

Considering the equity placing for this was as 0.5p I would say this would be a very nice result for rock and should provide a very nice shot in the arm for the balance sheet.

Required here IMHO to re baseline COPL as a serious investment

GGS successful production rising and further increases expected as injection rate jakked up further

Production at sufficient level to service debt

Closure of JV with cash component to clear some of debt (ideally the bonds, not a big ask only $20 mill which is Xmas party money for the likes of Exxon)

Yup that why it’s imperative we get to a level of production asap where we can service debt.

Must admit whilst I understand they are being cautious with the injection rate it’s frustrating it’s not immediately raised to the old max level of 8 so we can get above 2k bopd asap and stop paying BH in shares for interest payments

Note it references positive cash flow ….so another production opportunity?

Good point Stas

It’s staggering how many people on here think oil fields are developed for free

All fields require capex which is funded by debt. We just need to get our production to over 2k for a start then hopefully if everything is stable increase the injection rate further.

Eazy where was the production update posted did not see an RNS

That injection rate us still very low we need it to,at least 8 to match the 2700bopd seen initially