Member Info for Charlie1984

Arthur Millholland, President & CEO, commented:



"With the acquisition closing on 16 March 2021, the Company's production averaged 1,220 bbl./day oil (gross) 706 bbl./d oil net for the term of 16 days until 31 March 2021. Current oil production has increased 50% to approximately 1800 bbl./d (gross) due the commencement of increased gas injection volumes on April 1 at the Company's Barron Flats miscible flood project.

Q1 is up to 31 March
Q2 is up to 30 June (extension to submit up to 31 August)
Q3 is up to 30 September

Exactly Shaa, the re-list will not reflect the position we are in.

We know it’s based on the production figures of 1800bopd stated in Q1 accounts.

As you say the profit takers will be out, Q2 accounts will land and show the extent to which miscible flooding is reacting positively.

We seen an instant 50% uplift from the introduction of miscible flooding on the 1st April.

Given this they will be 3 months figures showing the increase in bopd and response to miscible flooding within Q2.
We are now into month 5 there could be another cheeky one liner telling the market the current bopd as seen in Q1 accounts again showing a higher bopd than the end of Q2.

I also believe there to be other updates that will strengthen then SP rise.

If you line the dots it doesn’t take a rocket scientist to work out there is much, much more goi g on behind the scenes which will also be updated in detail upon re-list.

Good posts as always Tiburn, fantastic to see such knowledgeable posts from familiar faces.

Excellent for those PIs holding or PIs sat on the side lines waiting for re-list.

Some great in sight and research.

Keep up the good work guys - can really start to feel the positivity, sentiment and excitement building.

As pointed out other shares have been to over £600m MC with no Oil.
What can COPL do with oil production, a steady stream of positive RNS updates and company developments and that all important rising WTI oil price.

As we keep trying to explain we haven’t seen what we have in it entirety.
Neighbours are sat on multiple layer resources - this is yet to be confirmed at our projects.
There is huge acres to explore with the potential to increase know reserves.
Additional licences have been applied for and granted.

I’m sure Art and the team have a lot of plans and will share everything in due course:

Updates

Approval from FCA on prospectus
Date issued for the-list

No order

Q2 accounts issued
Update on miscible flooding
Update on potential ownership increase
Update on drilling program schedule (additional rigs)
Update on Cole Creek (can this be brought forward)
Update on potential additional licence / venture
Update on OPL226
Up to 100:1 consolidation

It’s not a case of IF it really is WHEN and that when will news flow start to drop, straight after re-list.

Lots to get excited about here folks, WTI oil stabilising above $70 forecasted to break $80 in the coming weeks.
Unrest in Iran, global restrictions lifting and demand set to continue to grow, can only strengthen the oil price.

$1.5m paid to increase gas storage capacity and 5 year contract in place. Which to me suggest there is a big plan in place too.

Back to waiting for that red dot to start flashing GLA

Your a funny guy LB28 you just cannt help yourself can you:

Charlie1984 - your rude then to quote

“I think you are naïve tbh”

“ Of course i know we are suspended you muppet you need to learn to read properly”

………. I’m getting the impression you and your pal just don’t like being called out ?

Firstly LB28 let’s be straight here - no one is selling we are suspended.

Secondly no one is bothered other than yourself and Jamie414 who is buying or selling.
Everyone is entitled to do either. With your permission maybe the guys could hold?

You guys have become fixated on this “if they say don’t sell, it’s because they are selling” - it’s clear LB28 & Jamie414 have an agenda here folks. It’s called reverse psychology. Only thing is they aren’t very good at it.

PIs are asked to DTOR and make a financial decision based on what suits them.

Myself and a few others doing research and posting it along with calculations and both workings out / findings if for reference only.

If I say I’m not selling it’s because I have arrived at my only conclusion that due the this share being at the early stages of its life cycle, on an upwards curve and using miscible flooding to increase bopd. The outputs will grow, increasing revenues and with it the value of my holding.

I am not to sure what more I can say? I just don’t get what you two fools don’t comprehend!

I’m also interested in what Jamie414 does for a living as he offers nothing in way of research or experience in the sector.

I don’t claim to know everything but have over 20 years experience working globally in the O&G industry.
Offshore, onshore, pipelines, FPSOs, drilling, light oil, heavy oil, gas capture and re-injection, miscible flooding, sour gas etc etc

Any way folks I will let you decide if you listen to those with experience on the BB or the two resident chuckle brothers……..

Completely agree haven’t been posting as frustrated with the market.

This should be 7.5-10pps all day long and even in current market should be seen by Q1 imo

Ok Jamie.

Bringing a lot to the BB I see.

Selling a share that has an upward curve at the beginning of its life cycle - not a chance.

PREM have a massive lithium deposit Elon needs batteries dropping tweets is banter don’t think a billionaire is going to take investment advise from an average PI or sway PIs to buy.
Next you will be saying all the research and calculations and excel spreed sheets are BS.

I couldn’t give a toss if PIs want to buy, hold or sell. That’s their business.
Actually all anyone that’s thinking of selling please do so, in fact the more the better as I’m looking to add so will ensure I get a top up at the best possible price.

Please follow Jamie’s advice you will be doing me a favour.
I have posted my calculations and stand by them. I have also offered breakdowns and research.

Over to you Jamie what do you offer this BB ????

Do you know what I find more amusing is this suspension wasn’t thrown upon us.

You where not caught out and locked in!

You made a decision to hold or buy in before suspension as you understood the rewards.

There was no risk as it was a RTO.

The value of this company will multiply your investment.

To top it off most shares have lost money for a lot of PIs even crypto crashed so in all honesty having your investment tied up has been a safe haven for many.
(Before you tell me some BS and pluck a couple of random shares that have went up out your ar53 that you would have made money on had you invested in them, it’s all in hindsight and your only kidding yourself)

If you have funds available vested that you cannt afford not to have access to, guess what? Your investing more than you can afford.

It’s hard to contemplate that PIs feel badly done to and we are days away from possible prospectus agreement and update on re-list.

Suck it up buttercups and grow a pair.

Very much so. This share will continue to grow and add shareholder value.
The random poster turns up that doesn’t hold to pass comment and negative judgment.
Little sad really.
Let’s see how long it is before these “loons” are buying in when they digest what all the hype is about.

Expecting re-list by next week

…

Few sour grapes on this board.

Suspended maybe. Not for long though.

Suspended for a RTO, so these loons keep talking about it because the excitement is to much.

If you think the share chat is high now, wait till we are re-listed and the SP is going mental and updates are flying in left right and centre

I am not to sure how much more clarity the company can give.

The prospectus has been back in forth "they have had to jump through hoops" or words to that effect where used by Art.

Prospectus needed figured from accounts. As per Q1 account the completion of Atomic DID NOT take place until the 16th March - hence the accounts only showed 16 days up to the 31 March.

Those same accounts have been added to the prospectus and given to the FCA. The company is now waiting on FCA approval and acceptance. Given the back and forth of the prospectus to date I expect this to be a fairly straight forward process as everything else is agreed.

-$1.5m paid to subcontractor to increase gas capacity
-5 year Contract in place for gas
-Additional $150k paid for licencing
-OPL266 update due (out of our hands *Nigerian government)
-Miscible flooding 4 month in (*started 1 April)
-Q2 accounts will be completed but delayed till no later that the 31 August as not to effect prospectus.
-Revenues increasing
-BOPD increasing
-Additional drilling rig

Seems to me the company is informing us as much they can without effecting the prospectus. They are giving us update and insights without saying to much. This is the problem with many posters they dont know enough about the process and restrictions during the RTO and agreement of prospectus with the FSA, so much so they interpret the process as delays when in fact its formality.

Unfortunately the ability to line the dots or not in some Pis cases my draw on the level of understanding of the market in which they invest.

Dough - I have a feeling there might be a few cards up Arts sleeve and these will be disclosed after re-list.

A 3 month period of miscible flooding is a decent period.
Given the Q1 report of a 50% increase I believe that Q2 accounts will also show an increase and going forward regular RNS updates possible monthly will be issued to support the miscible flooding increases so the market can keep track of things and feed the sentiment.

Initial jump would suggest field is responding better than anticipated, such words RNSed will get the market very excited

The FSA will have required figures for the prospectus.

Its going to get very interesting here imo.

Re-list and prospectus will be either based on the 1200 bopd figures for the 16 days to the 31st March or the increased 1800 bodp figures as a minimum output.

Interestingly we now see that accounts for Q2 can be filed any time up to the 31 August.

The reason for this is simple, if the prospectus is agreed on Q1 figures you cannt add Q2 figures without a full review. It is much more simpler issuing Q2 accounts after re-list.

Sentiment will be high on anticipation and positivity. Given we should hear something this week in relation to prospectus being accepted by the FCA I would have hoped by next week we will have also received an update on a re-list date.

So best case scenario, we are re-listed by or between the 9th to 13th August. We then see the markets reaction to the re-list PIs out with a profit PIs, traders and ii taking positions for the Q2 accounts and long term hold.

The SP on open will not be reflective of reality or current situation. if based on Q1 accounts it reflective of output not inclusive of miscible flooding. Interestingly though the Q2 accounts will be. As we have just had audits on our accounts and Atomics accounts everything should be (imo will be) ready for issuing Q2 at any point after re-list before the 31st.

The miscible flooding and field being at the beginning of its life cycle means that out put and profits can only grow as they follow the upward curve.

The markets have been very unstable and stocks pumped everywhere, even those that are not producing (88e for example) have seen a MC of over £600m. Given we have oil and proven reserves, in addition miscible folding increasing bopd and approved licences and more than one project to go at, this will be come a case of how high can this go.

Interestingly why there is all the noise of Atomic many forget about the real reason PIs bought into COPL. OPL266, given changes in government and issuing of licences this could be close. There are some that will argue that its taken years to this point but there are those that can also see what is going on globally and know that Nigeria is looking for investment as the government relies on the taxes generated from the O&G to support some 80% of their income.

COPL are now a fighting force and have shifted from an explorer to producer.

What is scary is some still think the delays are unjustified and things like a RTO or the legal aspects of a RTO on LSE and dealing with the FCA happen over night. Unfortunately you guys are wrong and I question your motives and certainly your degree of knowledge and understanding of how markets operate.

For all the genuine holders out there, congratulations, the time has come to shortly re-list. This certainty is going to be one hell of a journey. In many instances life changing money will be made especially for those that have done their

In a large number of cases there is pressure in the wells but not always. The pressures at Barron Flats was low and only producing 1200 bopd with out miscible flooding.
If you look at Q1 accounts we jumped more or less instantly to 1800 bopd with the introduction of it.

Miscible flooding normally requires a period for pressure to build so input initially isn’t equal to output. So normally you will not see anything. To achieve 50% instantly shows that the field is reacting very, very well.

I am expecting there to be a massive increase in Q2 accounts.
Miscible flooding would have had a full 3 months ramp up so they will be able to offer details on how well it’s performing and if it’s exceeding expectations (which imo it will be beyond expectations and far better than simulator)

Evan - Atomic and Cuda where in financial difficulties.

They had no money to fund miscible flooding. When we stuck a deal to buy Atomic the oil price was at $39 per barrel.

Given the global pandemic and prove wars between Saudi and Russia which at one point has crude in a negative the partners found them selves on financial difficulties.

As we keep saying Cuda currently owe $64m a d Cannt pay their share of the costs.

To make the Wells viable miscible flooding was needed which they simply couldn’t afford to do. If they could we wouldn’t have got to buy Atomic

Evan

Cole Creek Unit (66.7% WI): Current field limits defined by drilling, Miscible Flood to be commenced upon plateau of Barron Flats Shannon Unit production. Forecast production rate plateau of c. 3,500 bbls/d (gross) under the 2P reserves case (Ryder Scott Report) in 2026.

Taken from:
https://www.londonstockexchange.com/news-article/COPL/term-sheet-for-us-65m-senior-credit-facility/14834804?lang=en

Given the latest $1.5m to increase capacity of gas for miscible flooding and contact for supply for 5 years I am anticipating that the additional gas will be utilised at Cole Creek.

I see no reason to wait for the Barron Flats to plateau before starting as per above. Unless I am missing something.

As my interpretation Cole Creek current limits defined by drilling. Suggest that drilling has already taken place.

I suggested last week:

Possibility of accelerated miscible flooding program at Cole Creek.

Drilling of licence areas ahead of schedule

Additional rigs could as you could be a massive ramp up.

My point highlighted last week Cuda position. If Art accelerates everything we are getting back 27.7% costs from them, as they don’t have the find to pay up front COPL will be adding this to the loan account, admin fees etc at and additional 18% interest charge.

My thought process would be to increase the debt owed to COPL. Already $9m plus $410 (+extras) for the $1.5m tp the gas company to increase capacity.

Even if we are getting paid back before the split of equity this will mean Cuda will be receiving nothing.
My rational is they still have over $64m worth of debt to pay and no funds to pay it.

You can see where this is going.

Art is forcing the hand of Cuda imo but o stand to be corrected