So take from this what you want - but the fact is - Art was very clear that Essar was not a problem as of the last AGM. If Essar really isn't the problem, then we don't have delays related to Essar or pressure to sell back any of our interest to them. Just saying - if what Art said at the AGM is true, this delay and silence is not being caused by Essar.
I agree that no news doesn't necessarily mean bad news. But my concern is that the way this CEO burns through money, he has lost all credibility with the lending community. Who would want to loan money to someone that has demonstrated the last several years that he has no interest in controlling expenses? And I agree with you that we are looking at another placing and probably at the price point you predict. I said the same thing earlier - last time we had an uptick in volume and price it was just before a placing. Seems to have the same look to it here.
If you look at prior trading patterns on this stock, in the past, a lot of activity preceded a placing announcement. The stock price was moved up just prior to an announcement of a placement, to cover operating expenses. We are pretty close in time to having to do so, if alternate financing is not arranged. Not that we can put a lot of stock in what Art said at the AGM in May of this year, but he announced at the AGM that COPL had an alternate financing arrangement with Shorecan to cover moving forward. If that is not the case, this could simply be the precursor to a new raising.
I agree with Oilberta. The irony here is that the only hope we have that this company actually has any intention of following through with Nigeria or Mozambique is if they do another placing. If they are not doing a placing, then Art is letting it die.
Berta, we have to start asking what shareholder value is left? Art destroyed it with his bloated overhead. No disclosed income from them doing any contract work, if they did something other than sit on their hands for the last 5 or 6 years. Just years of this company raising money to cover overhead. With nothing to show for it.
If the dispute with Essar is still ongoing, that is in direct contradiction to what Art said at the last AGM in May of this year. So sub, not calling you out on anything, but where do you get the basis of your information that the dispute with EM is still ongoing? I am just trying to figure out what has really been going on, as compared to what Art told us at the last AGM.
Bonum, you hypocrite, you were hardest on me to talk about what was said at the AGM and were mad I refused to disclose something said in confidence at the AGM that I was told would hurt the process if it was disclosed. But everything else I did relay was said in front of all his staff and management. You have a lot of nerve to hide on this board and accuse me of being a dupe to help Art mislead investors. According to you, Art had all of his staff and management at the AGM in on this scam, so they could all listen to all these lies at the AGM, just so the two outside investors at the meeting could be duped and then could pass it on to everyone on this board? You keep telling us all here how smart you are. My experience with people like you is that people with deep seated insecurities need to tell everyone how smart they are to try to feel better. Get a therapist. Art won't make timeline promises in writing any more - he has burned us all, and himself, a number of times doing that in the past. If you want to blame someone, bonum, write or call the investment relations people, or Art himself, and see what he tells you. Good luck.
Art’s comments at agm were that essar was NOT an issue. As I said, he told everyone there, Which included his staff, that things were close to completion and we would be drilling shortly. I figured it had to be true because I didn’t think he would say anything misleading in front of his staff.
Art is evidently dealing with a personal loss, so rough times. He reads this board and takes it all personally, so like any of us, nobody likes to see themselves get ****ged on these boards. He mentioned a specific poster by name the last AGM. So I am not defending Art, but we don't need to personally **** him, or each other, on this board. Expressing frustration with his failure to account to shareholders, and his high overhead can be expressed without personal attacks.
Clearly what we were told at the AGM didn't come to pass, but as some posters below say - there is no news so we don't know yet if this is going to end up going bust or still has hope. We all have the same frustration - we need a release. But we all get the same publicly released information. There was something told to me at the last AGM, that I was asked not to put in the public realm. I respect that request, even though Art has ignored my calls and emails. It doesn't change the fact that I relayed his optimism. At the AGM, he was essentially telling us that the Performance bond was going to be announced shortly. It didn't happen. Nobody knows why. So until we get news, we are in the dark.
Long and short - we don't know what is going on until something is announced. But like all of you, I will be very upset if he does another financing without disclosing what the holds up have been to justify this situation to us.
What I feel comfortable saying is Art went into great detail. An explanation of why Essar was not a problem was explained in a way that made sense. But now we don’t know if that was truthful because I was also told the performance bond was going to be announced within days. The story was steps were underway and drilling was going to start very soon.. I didn’t want to post that story in case it was misleading. But Art had been very optimistic and used great detail.
The service provider and drill have been promised for more than a year. I think that it has been more like 2 or 3 years oilberta.
Another interesting thing is Mozambique. Nobody is talking about it anymore. We were told at least 2, if not 3, years ago that this was a no-brainer - Exxon was going to get a contract in place and all other companies would get contracts that were based on the Exxon precedent. Exxon got theirs 2 years ago, from what I understand. This was supposed to be immediate positive cashflow. Why haven't we heard about it? What did COPL do with this asset?
I had called. Art several weeks ago on a Friday late afternoon our time on his Canadian cell number. He picked up and then told he was in London and was dealing with a personal matter and he would speak to me the following week. I called him twice on each contact number I had and left a message again and no response in the week following. Or ever. I agree that his personal issues shouldn’t be publicly discussed. We need something because our stock price reflects what little confidence the market has in our management team. Hopefully we see something soon. Gita
In terms of Art responding to investors, when he spoke to me at the AGM he told his assistant that if I called to put me through to him. I have phoned him twice now and he hasn't returned my calls. I spoke to him last Friday and he answered his Alberta cell and said he was in London at the hospital with his wife. I don't know what her sickness is, but I said he could speak to me later and so he said he would speak to me last Monday. I called his Alberta cell and it would not accept messages this last Monday. And I called his UK cell and left a message. no response.
It doesn't sound like anybody is getting answers from Art right now. The only fact you get from that is that Art clearly doesn't think he has any obligation to report to shareholders.
If I were in the UK and saw someone post about the AGM but say they want to protect a confidence, I would be frustrated too. But the fact is, when the meeting is closed, Art is capable of saying things a bit more loosely knowing that they don't make it into the public realm. For example, the details about the Agamore drama, and how it settled. I can't post what he said. I can tell you that the AGM was basically 3 outside shareholders and all of the COPL staff, as it was held in the meeting room on the main floor of their building. So if Art was bull****ting, he was saying it in front of all of his staff that would know better if he was lying. So why would Art bull**** to mostly his own people? There are many things about this that frustrate me too, but you can't blame Art for every delay. If a third party is delaying signing something, either that is because they need more due diligence, or something, but you may not always be able to blame that all on COPL.
Big plays take time - unless you want to pay bribes to cut corners. And we have seen what happens to companies that pay bribes to cut corners. The fact we don't cut corners is why we get companies like Exxon being willing to do a JV with us. So all we can do is wait to see when this will proceed and all figure out when our risk tolerance runs out.
I do try to take a peek here every day or so, when I have time. Art said this at the AGM - in the past, he made time predictions and then felt like he got his head bit off because the timeline he predicted didn't happen. So he says now - he won't give predictions so he doesn't have to explain why his guess was wrong. So he will only make an announcement when he can say something definite. I am just as frustrated as all of you. But I asked at the AGM - why did you raise so little the last time if you don't know when things are going to happen? He told us that he has an alternate financing arrangement that will be announced at the appropriate time. GLTA
It is very easy to be frustrated here because there is no news. We do know that Art does have plans to use alternate financing going forward, as that was discussed at the AGM. We just don't know what that looks like because the framework of it hasn't been announced. We could all guess and speculate, but that doesn't help. The big takeaway is that clearly there is enough confidence here somewhere that alternate financing is viable. But we have no clue about further raisings here - we didn't raise when the Liberia drill was happening and before the result was announced. We could have raised anywhere in the lead up to the drill - but they didn't because they expected Liberia would be a success and they could raise at higher levels. And we had the dilution when it wasn't at much lower levels. That seems to suggest we are going to be doing the same gamble with Nigeria. For me this is a coin flip right now on what happens next. It isn't clear what this alternate financing is intended to cover and what are the contingencies for it to happen.
Jiving, that would be self defeating because the more shares out, the harder it is going to be to get the price to adjust upward. And more importantly here, Art values his reputation and his team expertise at finding oil, so he has a personal interest in making this succeed to prove the doubters wrong. And in Canada, if these directors exercise a boat load of options just prior to great news coming out, there are legal options available to shareholders for diverting shareholder value. GLTA