Member Info for Charlie1984

Usual tree shake on opening, closed 2.25, bought this morning at 2.20, flushing out the the bed wetters and perfect time to buy - GLA

Please let the trolls keep talking BS, I have actively kept quiet and just keep buying at these stupidly low prices. Production up so should be a good day. Not to bad just swooped a few more £0.022 340,909 for £7500 GLA

More guess work, lick your finger and stick it in the air, what BS can I spout next ?

Lets spin this on its head Fish123 - has your reference to the comments "may not" affiliate COPL America may not meet its financial covenants pursuant to its Senior Credit Facility in February 2023 and March 2023 unless new financing is secured.

So where is it RNSed that COPL have failed in either February or March over its financial covenants to its senior credit facility.................... I can not seem to find that RNS !

Fish123 - bless you boy, under regulatory requirement the company has a requirement to detail worst case scenario, it doesn't mean it is going to happen!

You keep clutching your little straws hope you don't get burnt to much.

Ourjambo1985 it is surprising the selectivity of the paragraphs these guys select in order to portray the scare factor. Like reading a book but only looking at the cover. Little sad really.

Fish123 - $1,7m secured and production still bringing in some revenue so start to crawl before you jog fella.

Ongoing talks in the background with up dates due so you go jog on and try to stop scaremongering PIs

affiliate COPL America may not meet its financial covenants pursuant to its Senior Credit Facility in February 2023 and March 2023 unless new financing is secured. - very good Fish123 now lets look at the wording "may not " this statement needs to reflect worse case scenario as per the legal requirements. Does not say "will not" so you insinuation is to reflect on the worst case scenario and that your basis for scare mongering and de-ramping. Of course you point out he obvious as you have no other substance to be negative.

Fish123 - "Now am I wrong when I say dosh is needed by march 2023" I would say you are optimistic to suggest that they will need as you put it dosh, then that optimism is likely fueling your want to short this share then follow up with your continued negative posts. as you clearly have an agenda.

Canadian Overseas Petroleum Ltd
February 24, 2023·3 min read

Canadian Overseas Petroleum Ltd
In this article:

VELXF
-1.23%

CALGARY, AB / ACCESSWIRE / February 24, 2023 / Canadian Overseas Petroleum Limited ("COPL" or the "Company") (CSE:XOP)(LSE:COPL), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona Counties, Wyoming, USA, has issued 20,390,014 common shares (the "Shares") pursuant to the share settlement option exercised by certain Bondholders for settlement of approximately $1.7 million of Conversion Payment amounts.

So as per the latest RNS we have that dosh you are referring to as requiring, even if production figures dropped slightly the $1.7m should cover the repayments till the WTI price and production number pick up. Expecting an update by the 14th March so lets wait and see shall we. We are also waiting on the update from the JV talks again something you fail to mention or touch on.

Some PIs must wonder why these guys are here, post negativity all day and claim not to have any arteria motives just looking out for the better good of the PIs they want to coax into selling their stock down here at these prices.

Not everything can go in a straight line, no everything is perfect or simple but the team are working hard behind the scenes, a little like you and your team on this BB .

GLA little more time required, excuse the noise and stop feeding the seagulls as they will never leave.

Seeing who the traders are this morning !

Why you quote the worst case scenario from the RNS you also do not highlight this as the worst case scenario was required by the regulator to be worded as such within the RNS.
So you are selectively choosing to try and mislead others by quoting a section of the RNS that was a worst case scenario requirement of the regulator and might not even happen!
So not trying to scare PIs or mislead them in any way guys ?

The Prospectus has been approved in connection with an application to be made shortly for the admission (the "New Shares Admission") to the standard listing segment of the Official List, and to trading on the London Stock Exchange's main market for listed securities of "113,589,348" common shares of no par value in the capital of the Company (the "New Shares") that have been issued since December 2021. The New Shares Admission is expected to become effective at 8:00 am (London time) on or around 7 February 2023.

The Company has a total of "277,858,812" common shares issued and outstanding including the New Shares. There are no Common Shares held in treasury and therefore the total number of voting rights in the Company is 277,858,812. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

So the shares in issue haven't changed 277,858,812 common shares of no par value in the capital of the Company (the "New Shares") that have been issued since December 2021.

So the new shares issued since December 2021 -
30,250,000 December 2021 - Placing
49,930,000 April 2022 - Placing
5,895,000 July 2022 - Placing
27,514,348 Conversion of bonds

113,589,348 Total which is the same number given in the prospectus, is this why no SP was given on the value of shares and the share in issue haven increased from the 277,858,812 we already know about, the same number we are told to calculate the value of our holding from?????

If this is correct has the LSE over reacted. within 6 trades the MM dropped the SP causing a mass panic sell off where most PI follow the hurt causing confusion as PIs are selling rather than reading and understanding the complicated and badly presented RNS !

Current MC of £16m. PIs have been mift for months that the wallowing SP and market cap didn't even cover the costs of gas injected into the ground, never mind the
- Current MC doesn't even cover the purchase of Cuda !
- Current MC doesn't even scratch the surface of Atomic purchase!
- Current MC currently values FD and the 1billion barrels plus at zero!
- Pipe line infrastructure no value ?

Previous RNS like 15.11.212 seem to be contradicted by yesterdays RNS -

The Company is pleased to be evaluating debt facilities with multiple US and International Banks to secure a term sheet to refinance COPL America's US$42 million Senior Credit Facility and close the outstanding hedges, which run to February 2024, currently estimated to cost US$11 million. A term sheet from a bank is the first step in the process and COPL and its advisers are focused on securing terms that provide increased operating flexibility and improved cost of capital. The Company looks forward to providing updates on this process.
Operations Update
The Company continues to make progress in its Wyoming operations as outlined in its November 1, 2022 Operations Update.
· The re-simulation of miscible flood at Barron Flats is progressing and should be completed by the end of the month to early December. The objectives of the re-simulation are to plan for the resumption of enriched gas injection at the field in 2023 by targeting the western injection patterns which are currently under injected in addition to providing an updated reservoir model to more accurately forecast future field production volumes. The new simulation appears to be able to match production responses observed in certain high-pressure wells as well as further outline possible high pressure/productive trends observed in the field.
· Flaring gas has commenced at Barron Flats with production from restricted wells continues to be brought up incrementally post approval of the flaring permit on October 11. Oil production increases are slowly increasing as the process proceeds. Flowing wells have exhibited additional paraffin plugging issues through the process which require higher frequency condensate treatments and more incremental drops to flowing production pressures.
· Six wells have currently been identified for recompletion in the Frontier 1 at Cole Creek offering a near term low-risk opportunity to materially increase oil production and reserves. The Company is in the process of lining up fracture services to re-complete the first of the six wells. While the Company hopes to secure all of the services required for December operations, the tight oilfield services market may cause field operations to be initiated in January.
· Due diligence and discussions continue with respect to a possible Joint Venture on the Company's deep oil discovery by a large oil company which approached COPL's COPL America Inc affiliate. The Company will provide an update at the appropriate time. The Company is encouraged by

Clearly AM needs to address the Market and explain his reasoning and wording in its complete context of yesterday's RNS, we have had nothing but the juicy carrot dangled here for some time with hints of greatness and AM falling off his chair, Fonteir 1 production a "game changer" (as per my original post) only 9 days ago this was issued via a proactive investors interview.

We then read in the RNS
"The Company does not currently have sufficient working capital for its present requirements and the Company believes that additional financing will be required by March 2023. With no assurance that further financing (by way of equity and/or debt) will be obtained, there is material uncertainty that casts significant doubt the Company's ability to continue as a going concern"

Why, Why, Why AM put this in the RNS if COPL are raising finance via a placing?

Just trying to get my head around what the hell the BOD are doing here....................

Canadian Overseas Petroleum Ltd (COPL) has warned it needs to raise new funds by the end of March after disruption to its Wyoming and Barron Flats Shannon unit (BFSU) operations hit production at the start of 2023.

BFSU production only re-started on 30 January 2023 and COPL said a result of the interruption its US affiliate "might not" meet the upcoming covenants on to its senior credit facility unless new financing is secured.

In a statement, COPL said it does not currently have sufficient working capital for its present requirements and “additional financing will be required by March 2023” for it to continue trading.

“COPL is working with its advisers to secure a new senior debt facility before that time, it added”.

The company said it is also actively negotiating and “intends to issue additional 2025 bonds and warrants for a second tranche of Winter Bond financing, which is expected to close in February 2023 to support its near-term capital requirements”.

Shares fell 66% to 5.5p.

• Couple of point “might not” meet upcoming covenants of its senior credit facility………… so are these funds a back-up plan just in-case?
• “COPL is working with its advisers to secure a new senior debt facility before that time, it added” ………. So if they secure a new senior debt facility before March 2023 funds are not required?
• “intends to issue additional 2025 bonds and warrants for a second tranche of Winter Bond financing, which is expected to close in February 2023 to support its near-term capital requirements” ……………. So they are issuing additional 2025 bonds and warrants as part of the financing so again is this all an ar5e covering exercise. If they don’t get additional financing, if they do not secure a senior debt facility.

Statement taken from https://www.proactiveinvestors.co.uk/companies/news/1004971/canadian-overseas-petroleum-tumbles-on-covenant-warning-1004971.html

I think I need to dig for more change and average down considerably at these levels it all looks like Art and the team are playing hard ball, are they also not happy with the JVP offer or are they wanting to accelerate drilling to prove the aset and reserves up quicker thus creating more value, we had cash in the bank and we seemed to have enough to progress drilling with the current BOPD breaking even. We have even seen the additional BOPD from the existing wells they revisited so unsure how they can now be operating at a loss?

Fontier 1 production a "game changer" posted 9 days ago so are they falsifying information https://www.proactiveinvestors.co.uk/companies/news/1004055/canadian-overseas-petroleum-frontier-1-production-a-game-changer-1004055.html

There is every possibility that Wyoming is the key the BOD need to unlock OPL - 266.

I reference the placing from Thursday, June 25, 2020

"Canadian Overseas Petroleum, the international oil and gas exploration and development company focused on sub-Sahara Africa, has entered into agreements for a £700,000 common share placing with three (3) investors at 0.3 Pence per common share. The funds received by the Company from the Placing will cover general working capital and enable the Company to continue focusing on its Nigerian OPL 226 project as disclosed on June 4, 2020."

We know from what AM has said that OPL-266 is not a dead duck. Given that we are financially in a much better place cash generative will the strength of this give us more fighting power to push Essar with them now knowing in the coming months we are financially able to take them to court if necessary.

Have had a number of discussions on this subject matter one quote that stuck I would like to share with you " Art is playing 4D chess whilst everyone else is getting confused with checkers".

Everyone been guessing on the BB - time will tell once this starts to play out how BIG, big really is - GLA

Half the PIs haven’t even done their home work here they don’t know the full history or story.

Let me get myself sorted and I will revisit this spreed sheet.

Once we start making these increased sales we should start to see the market forecasting with a PE ratio.
We have Atomic /Cuda and now FD . could be over 10£ easy this year if a JV moves in and production ramps up with any windfall paying off all the debt.

Strangest thing about this share Shaa everyone has forgot about the original OPL226 in Nigeria.
IMO the partner will start to buckle as we will have funds, we were in a situation where by we couldn’t have afforded to take them to court etc so I am expecting something in way of an update in the next 6 months. OPL 266 is not a dead duck by any-means.
Who is going to ask the question first! What is OPL266 ?

Mal defo will be here all year with and extension till October and possibly beyond that and the potential to be part of the next topsides for the second FPSO

11.7 to 19.2 maths must be slightly off with the 80%

7.5p gain from 11.7p

100 / 11.7 x 7.5 = 64%

Will continue to take these blue days regardless of how big or small they are GLA

As long as it’s blue we are making gains from the lows as I pointed out after relist this opened up and peaked at 60p no news dropped this down and a potential shorting group which is evident by the dross posted across the BB.
Given what we have found since then the SO should be north of a £ already, every blue day is a good day as it’s flushing out the traders, shorts are being closed. When news drops on a JV and China opens its doors the WTI rises and creates the perfect storm.
Don't listen to the noises follow your gut, believe in AM he and his team work hard behind the scenes and will deliver. Like the SP doesn’t go up in straight lines securing the best deal is not as easy as going for. A-B so sit on your hand and relax. SP jumped over 80% over the last few trading days and this isn’t even scratching the surface of what’s about to land, way undervalued and still the MC doesn’t match the gas cost injected into the ground without the infrastructure and proven reserves or possible reserves on the 48k acres - ATB for 2023

Guys and girls. Please feel free to speak up if a post isn’t clear or can be miss interpreted. There are a lot of exceptional posters who are very knowledgeable and will gladly clear things up.
If it’s not clear to you likely not clear to other so just ask… No one will shoot you down and if they do filter them.
All the best GLA