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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.
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….
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….
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?
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
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.