Member Info for BigBear2

Half the fed deep is still 500 mill barrels.
Still MASSIVE for a company the size of COPL. Plus we know the oil is coming out of the ground pronto.

The kernumdrum facing Exxon is as soon as the deeps flow we may see other parties come to the table.
To me they need to take the WI to a decent amount and offer enough cash to persuade COPL to let them have first mover access

100 mill, not out of the question IMHO and is just Xmas party money to them

To me if there is no cash component there is no point doing a deal. Exxon have cash coming out of their ears , as I posted before on the last JV they had no issues ponying up 120 mill.
The only question assuming the deal goes ahead is how much?
Small cash , small WI but I think they would want a decent chunk of the WI.
I would like also like to see the lot cleared but I think they will leave COPL with some smaller debt to manage.
Let’s not forget when we wipe the hedge Breakeven is lower.

Let’s assume

1. JV Cash component wipes out the loan and covers the hedge leaving just the bond
2. JV is with Exxon and covers deeps only leaving COPL with say 30 percent Wi
3 copl retains WI on current proven producing assets

I see something like the above as entirely feasible.

Point the numb nut to this from the Rns

Total net risked Contingent Resources 1C, 2C and 3C Recoverable

o 4,079,000 Bbls.

In other words it’s a fookin joke our mkt cap….

I am finding it quite staggering that we are not seeing the herd pile in here fully
We have
30 odd million proven producing paid for infra and just been told could be 30 percent more
Likely in excess of a billion barrels DISCOVERED
One of the largest oil companies in the world chomping at the bit to do a JV

What more do you need?

All ducks lining up nicely bring it on…

The timing of the recompletions is as you say likely to emphasise to JV partner and self fund a couple of horizontals….but once they flow you would think that the asking price would go up substantially.
So the message is clear, give us a sensible offer for first mover advantage.
Can’t wait for the day we get the JV red dot

I’d actually say it’s the opposite many have not actually grasped we are on the verge of a company making transaction…

I’d like to see the current debt wiped and then a smaller revolving facility agreed

Sooner the better we hopefully get confirmation Art has hooked up with his old pals at Exxon.
They literally have so much spare cash they would not even
Notice wiping our debt as part of the JV

Maybe if this rockets but we are still at the derisory sp of 15p

As a reminder EXxon JV’d with COPL and ponied up $120 mill on a wild cat. I wonder how much after eye watering profits they are willing to pump into a 1 billion barrel discovery onshore US??

CVE:XOP), as the name suggests, is based in Canada but focused on exploring in emerging regions, particularly those that hitherto have been lightly explored. Chief executive officer Arthur Milholland explains why the primary focus is currently on Liberia, where it is possession of “state-of-the-art” seismic data.
The Ebola outbreak in the area gave it plenty of time to exhaustively examine that data, and it is now very confident in the prospectivity of the area it is targeting, along with its partner, oil titan Exxon Mobil.
“We feel quite confident there’s hydrocarbon there,” Milholland told Proactive Investors. The first well will answer a number of remaining questions, such as the quality of the reservoir.
COPL believes that it is a low risk, high impact prospect, not least because Exxon has agreed to stump up the first US$120mln on drilling. If it is a success, it will “ring Exxon’s bell”, which, given the disparity i

Copl have had a JV with Exxon before….has Art been on blower to his old mates?

Calgary, Canada, Tuesday November 27, 2014 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: TSX-V) & (COPL: LSE); along with its partner, ExxonMobil, remain committed to completing their work program and obligations under the LB 13 amended and restated Production Sharing Contract ("PSC") dated March 31, 2013 when the situation in Liberia improves. NOCAL and ExxonMobil, the operator, continue to meet regularly to discuss CSR activities and the fulfillment of the LB 13 work program. As part of that interaction process, the government of Liberia has provided its assurances that it will act under the terms of the PSC to provide NOCAL and ExxonMobil sufficient time to complete its work program, extending the current exploration period if necessary. COPL will provide further information as future events may require.

Proved and probable 15 million barrels…..$245 mill t/o price….

Worth pointing out that would be based on reserves we would also attract a substantial premium for our deep discovery…in fact I would go as far as to say that is primarily what the larger companies are interested in.
IMHO the end game here is for COPL to be left with the current producing reserves and a major to take the lions share of the the deep for the required coin leaving COPL with either a carry or minimal expense on the drills whilst getting production kick back..

Cheaper conversion rate in December is interesting…
If you are a BH and think no RBL coming why not just wait till Dec??
Seems they are in a hurry to convert now

400 grand for delivering zero…..unbelievable.
Much as I am a fan of COPL assets sorry to say this guy has delivered ZERO….

50 mill cash as a carrot is barely Xmas party money for the likes of Devon or Continental when you consider they will be getting in on a slice of one of the biggest on shore US discoveries for some time