Member Info for BigBear2

Bench personally hoping for JV news after meaningful production increases. Need this back mid teens pre JV RNS to get proper value when it drops

Bladder a Deep well would change everything here by the sound of it they are not waiting on the JV partner and want to do it as part of RBL. Waiting game to get out of these derisory levels.

The RNS was pretty basic it would have been nice to at least have a current production update

Seems to me that although post reporting events (eg new bonds) are mentioned in the accounts the going concern status is for the 12 months as at 31 dec 2022, so as we had not received our new bond funding till recently the going concern status must remain as is.

Yup just cut and paste job will do please

Mkt currently valuing COPL assets around 4 million quid (if you take cash raise from bonds into account)
Nav for producing assets around $380 mill and will increase on reserve updates
Around $100 mill for gas injected
ZERO priced in for 1 billion barrels in the ground DISCOVERED
Going concern status about to be reversed

Has there ever been a greater mismatch of assets vs mkt cap

Am I the only one finding it beyond irritating that COPL have not amended the going concern status?

That’s why Art has given Anavio controlling interest to block any offer deemed unacceptable

Tilburn 88e have alaays been great at comms but terrible at discovering commercial oil, copl are the opposite!
We are sat on a mountain of it and yup we need our case to be put across far more eloquently in RNS announcements

Seems to me this has been orchestrated to Allow Anavio to have a holding large enough to block and bid deemed low by Art. The market cap had to be this low to allow them to have a big enough holding to essentially veto any low ball offer.
Cash is provided to wipe the going concern status issue and fund the pipeline Art and Anavio fully in control of any bid that may come in…

Bench until our bh buddies quit dumping their fee shares for chump change we are pinned here..

Much as I am dissatisfied with the Sp disagree there.
Imho we let cash get too low and so both JV and RBL took the p9ss with terms offered. Now we have essentially funded ourselves for the year we are not discussing terms with the begging bowl out.

We need to hear from Copl the plan for increasing production incrementally now they have funding in place.
Plus if Art can be ****d to update the going concern status that would be highly appreciated

Churn pretty irrelevant this is either going to 3p or the usual 80 percent drop if duster. U would think due to proximity to pantheon drill this has best chance yet

Nothing I would say simply placees de risking

Bladder many are in the same boat. At 19/20p at the new year you would have thought especially with the Cole creek news and JV seemingly near we were on our way to 30 and beyond.
I doubt you will receive a reply from Art as no doubt his priority is that COPL are funded to so the pipeline improvement work. What is inexcusable is putting equity to the sword and giving the keys to the safe to bond holders for chump change. We have known about the pipeline for ages and the cost of it. It is just knee jerk reaction financial planning that is poor to say the least. If we had PROPER Institutions with a significant equity stake he would never have gotten away with it.
All we can do now is he gets a shift on with both the recompletions and the pipe work and gets us to the predicted 5,000 bopd in the shortest time possible.
Never should have been in this position but it is what is is. See what he has to say next Fri.

Thx for that

Jiddy much as I would like this to be true how do you come to this conclusion?

People seem to forget we were happily sitting in the mid 30s without our $14 million in the bank that FULLY FUNDS us for the calendar year.
Although the sp is in the toilet(much to the delight of many) operationally we are probably now in the best shape we have ever been.
As soon as going concern status is restored plus the fact we have the full support of our current lender we are so far off fair value it’s a joke.
Once we are above 2,000 bopd there is a massive correction due here and if Art finally delivers the JV all bets are off.

Personally I think the value of a JV goes up markedly as soon as COPL flow a horizontal and prove the concept.
JV partner either ponies up now or later for more $$$ if we flow a horizontal