Member Info for Bridgedogg1

Yes afternoons are great for copl

Good to see this top 9p. conversions should come through and sufficient buying volume can see them absorbed.

Getting rid of a large batch of sellers/seller. Usually the selling dies away late morning and buying kicks in in the afternoon. Should be an interesting day.

The bid is actually increasing as the normal morning sells go through-an indication of background buys? The large UT yesterday could be suggestive of a large buyer. Could be a strong blue day once the buys kick in if they let it go.

I can certainly see a JV in Cameroon but not yet. Not enough results to get a partner interested in a new gold district. There’s no infrastructure on the ground in terms of equipment or trained professionals. Sure we could get someone to pick up some of the cost but at what price? At this stage it would be giving up half of the best prospects for a few million towards drills?

Derrik "Nearly all of shares provided for trades over 8p will come from the CLN. Usually the CLN holder will instruct a market maker to forward sell all the shares as quickly as possible as long as they average ~5% profit. Some of the CLN shares sold above 9p so we may soon see CLN shares selling for slightly less than 8p to clear."

They will sell at over 8.8p, if that isn't breached they will hold for the repayment due in December. I assume there is a calculation that can be done which makes it more profitable to convert and sell at say 8.7p but anything less that that is very unlikely.

Not a bad bit of exposure from that article. The guy also writes analysis for funds.

I wouldn't argue that this isn't manipulated but I think it is manipulated both up and down within the range. Once they decide to move it up it moved quickly and visa-versa. All about generating volume. We will see a little more accumilation then its back up we go.

We need Cuda news to break us out of the range, then its pipe to maximise MF and a few recompletions to get to 7k bopd, drilling plans om 1.6bn discovery and its to the moon.

Actually CLN holders dont hold shares until they are converted. If the price remains at this level they will just take the interest and payment in December. If this pops above 8.8p they will convert and sell for a >10% turnaround. We need that to happen asap before spud so that they get converted and the brakes come off.

The upside here is they drill and test and fund hydrocarbons. Not very exciting is it? How many times has 88e been here before?

Just to balance views and air concerns over the weekend… if the share price isn’t consistently over 8.8p over the next few weeks so the LN isn’t converted we face going into the drill with that over our heads. With a 41% cos it’s more likely than not that we then have to raise to pay that off and fund topaz at a much lower share price. Alternatively we hit hydrocarbons and have to raise $8m to test it. If that happens and it’s not commercial then we are in a bit of a state. I’ve been invested in drills like this before and it’s a huge risk and more often than not doesnt pay off. The upside is huge and regional drilling is positive (which has already upgraded cos to 41%) so could be a huge success story. How much would we have to give away to fund development? Maybe half the 49% we own? So upside is say 25% of 400m bbls fully funded. Value then at say $20/bbl that’s $2bn. Not bad for £55m MCAP, but still a big risk. Lots of assumptions made there on both sides but that’s my thoughts.

Petrus*

Perry’s paid $11m usd for Cardiums Stable base production of 425 boe/d2 (83.0% conventional natural gas, 13.5% NGLs and 3.5% light oil) with an estimated annual decline rate of 10%3

Seems like it’s being dropped on buys, holding it back in the hope of some more volume. 5% rise should see strong buying kicking in. Plus it’s Friday. I’m going for at least 15% up by close.

Looks like they have triggered what stops they can squeeze out. of the 31s. Now the buys will come in. Same pattern playing out over the last few months.

;-)

Feels like a coiled spring today. I’ll check back later, when we’ll be strong into the blue!?!

Thanks noob, good point about the gas, seems obvious now you’ve said it. We must be making a fair wad on the hedge.

Best outcome for me is a large buyer pays over $20m. As well as implicit value for our WI, we get to share some costs, money in the bank and potential partner for discovery drilling.

I don’t think it’s too much of a bad deal, we needed money and fast. A younger more dynamic CEO might have gotten a better deal, sold it off or given up operator-ship and put some time into other projects. I just think George wants to be CEO of a producing mining company with the pay, pension and share options that go with it. AIM investors have a short term outlook, not much TK see here until DFS so money will drift away for a while.

The fact is - development of EUA assets will provide revenue to Russia and therefore support their war in Ukraine and general aggression in the region. No getting away from it.

In the December sakes doc it states “ COPL has shifted short-term operational focus to re-completing up to 17 existing cased wells in the CCU.
36N-7”

I wonder how that’s going…

A few other points:
We paid $28m for 58-66% WI
We have hedged gas for MF, does Cuda?
Chinese WI - are they paying their way?
Operator hasn’t be releasing data to Cuda due to failure to pay monies owed
additional capital requirements (pipe)

I think these things will serve to put off other bidders. Even a big player might get out off by the Chinese involvement. Whatever happens I hope we don’t pay too much for it, for me anything >$13m wouldn’t be a good deal considering it will be a few years before we get return on investment and we could better use the money now.