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Welcome to the LSE Board for COPL!
THE ATOMIC DEAL
Over 5% being held by HSBC
Clarendon Trust 3.87% position TR1 Friday 12/3
£1m in a single transaction on the open market on Friday
Company has £13m in cash and finance approved.
COMPLETION DATE ##TODAY## AS STATED IN THIS INVESTOR PRESENTATION:
http://www.canoverseas.com/wp-content/uploads/2021/02/COPL-Atomic-Corporate-Acquisition-Presentation-02-21.pdf
Two operated oil fields: the Barron Flats Shannon Unit (57.7% WI) and Cole Creek Unit (66.7% WI) located in the Powder River Basin in the State of Wyoming, USA:
· Current production rate of 1,400 bbls/d (gross) rising to 5,000 bbls/d (gross) in 2022 and c.7,000 bbls/d (gross) in 2026 (2P reserve case, Ryder Scott Report).
ROAD MAP TO OWNERSHIP OF ATOMIC
• Deposit (non-refundable): $1 million - COMPLETE
• Initial Debt-Financed Payment: $8 million for 15% of Atomic's Working Interest in all of its leasehold on or before December 31, 2020. - COMPLETE
· (Note: If the acquisition does not complete, the Company will retain this interest)
• Assumed Debt: $26 million at closing – FINANCE APPROVED PENDING COMPLETION OF AUDIT
• Total Additional Debt and Cash: $15 million at closing – FINANCE APPROVED PENDING COMPLETION OF AUDIT
• COPL Common Shares to Atomic Shareholder(s): $4 million priced at closing – TO BE ISSUED AT CLOSE OF DEAL.
VALUE TO COPL
Total Cost $54m
Estimated SP on completion of purchase of Atomic : 0.75p-1.5p / further news incoming 2-3p +?+
DEVELOPMENT OF THE ASSET
- Roll out tripling of the gas injection programme at Barron flats
- Drilling cole creek plans
- Production ramp up - monthly updates expected all positive incline
WHAT ABOUT THE OTHER OWNERS OF THE OIL FIELDS?
There are good reasons to believe that a 100% purchase the asset is possible.
- NOP (in financial distress) buyout would take us to 85%
- Chinese own 15% (being forced to sell by US Govt)
There is a $20m accordion facility built into the finance agreement which may be earmarked for this very purpose.
DOES COPL HAVE ANY OTHER POSSIBLE REVENUE STREAMS?
The main reason that we had been holding was for the expectation that COPL’s interest in OLP226, a large offshore asset in Nigeria, being developed.
1 - PSR is assumed - no evidence to state it will not be agreed. It has been delayed several times however most shareholders would agree that it is likely to still occur.
2 - Oil is found already, next to a producing prolific field - drill planned is appraisal not exploration
3 - Essar want a rapid ROI to date on $70m exploration spend - can spend a lot, drilling costs very low and would want to capitalise on that asap - COPL are carried
4 - Nigeria have much to gain from their oil assets getting to production.
With 60k bopd assumed production
COPL share at 15% (5% with option to increase)
Oil at $40
This equals $19.4m net profit p.a
mc $331m
Note: Oil is currently approx. $70 per barrel.
Same to you Bolton and all holders. Great song BTW. All the best everyone!
https://youtu.be/m97WlpsuU74
Welcome to the LSE Board for COPL!
THE ATOMIC DEAL
Over 5% being held by HSBC
Clarendon Trust 3.87% position TR1 Friday 12/3
£1m in a single transaction on the open market on Friday
Company has £13m in cash and finance approved.
COMPLETION DATE THIS MONDAY AS STATED IN THIS INVESTOR PRESENTATION:
http://www.canoverseas.com/wp-content/uploads/2021/02/COPL-Atomic-Corporate-Acquisition-Presentation-02-21.pdf
Two operated oil fields: the Barron Flats Shannon Unit (57.7% WI) and Cole Creek Unit (66.7% WI) located in the Powder River Basin in the State of Wyoming, USA:
· Current production rate of 1,400 bbls/d (gross) rising to 5,000 bbls/d (gross) in 2022 and c.7,000 bbls/d (gross) in 2026 (2P reserve case, Ryder Scott Report).
ROAD MAP TO OWNERSHIP OF ATOMIC
• Deposit (non-refundable): $1 million - COMPLETE
• Initial Debt-Financed Payment: $8 million for 15% of Atomic's Working Interest in all of its leasehold on or before December 31, 2020. - COMPLETE
· (Note: If the acquisition does not complete, the Company will retain this interest)
• Assumed Debt: $26 million at closing – FINANCE APPROVED PENDING COMPLETION OF AUDIT
• Total Additional Debt and Cash: $15 million at closing – FINANCE APPROVED PENDING COMPLETION OF AUDIT
• COPL Common Shares to Atomic Shareholder(s): $4 million priced at closing – TO BE ISSUED AT CLOSE OF DEAL.
VALUE TO COPL
Total Cost $54m
Estimated SP on completion of purchase of Atomic : 0.75p-1.5p / further news incoming 2-3p +?+
DEVELOPMENT OF THE ASSET
- Roll out tripling of the gas injection programme at Barron flats
- Drilling cole creek plans
- Production ramp up - monthly updates expected all positive incline
WHAT ABOUT THE OTHER OWNERS OF THE OIL FIELDS?
There are good reasons to believe that a 100% purchase the asset is possible.
- NOP (in financial distress) buyout would take us to 85%
- Chinese own 15% (being forced to sell by US Govt)
There is a $20m accordion facility built into the finance agreement which may be earmarked for this very purpose.
DOES COPL HAVE ANY OTHER POSSIBLE REVENUE STREAMS?
The main reason that we had been holding was for the expectation that COPL’s interest in OLP226, a large offshore asset in Nigeria, being developed.
1 - PSR is assumed - no evidence to state it will not be agreed. It has been delayed several times however most shareholders would agree that it is likely to still occur.
2 - Oil is found already, next to a producing prolific field - drill planned is appraisal not exploration
3 - Essar want a rapid ROI to date on $70m exploration spend - can spend a lot, drilling costs very low and would want to capitalise on that asap - COPL are carried
4 - Nigeria have much to gain from their oil assets getting to production.
With 60k bopd assumed production
COPL share at 15% (5% with option to increase)
Oil at $40
This equals $19.4m net profit p.a
mc $331m
Note: Oil is currently approx. $70 per barrel.
Welcome to the LSE Board for COPL!
THE ATOMIC DEAL
Over 5% being held by HSBC
Clarendon Trust 3.87% position TR1 Friday 12/3
£1m in a single transaction on the open market on Friday
Company has £13m in cash and finance approved.
COMPLETION DATE THIS MONDAY AS STATED IN THIS INVESTOR PRESENTATION:
http://www.canoverseas.com/wp-content/uploads/2021/02/COPL-Atomic-Corporate-Acquisition-Presentation-02-21.pdf
Two operated oil fields: the Barron Flats Shannon Unit (57.7% WI) and Cole Creek Unit (66.7% WI) located in the Powder River Basin in the State of Wyoming, USA:
· Current production rate of 1,400 bbls/d (gross) rising to 5,000 bbls/d (gross) in 2022 and c.7,000 bbls/d (gross) in 2026 (2P reserve case, Ryder Scott Report).
ROAD MAP TO OWNERSHIP OF ATOMIC
• Deposit (non-refundable): $1 million - COMPLETE
• Initial Debt-Financed Payment: $8 million for 15% of Atomic's Working Interest in all of its leasehold on or before December 31, 2020. - COMPLETE
· (Note: If the acquisition does not complete, the Company will retain this interest)
• Assumed Debt: $26 million at closing – FINANCE APPROVED PENDING COMPLETION OF AUDIT
• Total Additional Debt and Cash: $15 million at closing – FINANCE APPROVED PENDING COMPLETION OF AUDIT
• COPL Common Shares to Atomic Shareholder(s): $4 million priced at closing – TO BE ISSUED AT CLOSE OF DEAL.
VALUE TO COPL
Total Cost $54m
Estimated SP on completion of purchase of Atomic : 0.75p-1.5p / further news incoming 2-3p +?+
DEVELOPMENT OF THE ASSET
- Roll out tripling of the gas injection programme at Barron flats
- Drilling cole creek plans
- Production ramp up - monthly updates expected all positive incline so no surprises but each one adds to the market cap and net worth
WHAT ABOUT THE OTHER OWNERS OF THE OIL FIELDS?
There are good reasons to believe that a 100% purchase the asset is possible.
- NOP (in financial distress) buyout would take us to 85%
- Chinese own 15% (being forced to sell by US Govt)
There is a $20m accordion facility built into the finance agreement which may be earmarked for this very purpose.
DOES COPL HAVE ANY OTHER POSSIBLE REVENUE STREAMS?
The main reason that we had been holding was for the expectation that COPL’s interest in OLP226, a large offshore asset in Nigeria, being developed.
1 - PSR is assumed - no evidence to state it will not be agreed. It has been delayed several times however most shareholders would agree that it is likely to still occur.
2 - Oil is found already, next to a producing prolific field - drill planned is appraisal not exploration
3 - Essar want a rapid ROI to date on $70m exploration spend - can spend a lot, drilling costs very low and would want to capitalise on that asap - COPL are carried
4 - Nigeria have much to gain from their oil assets getting to production.
With 60k bopd assumed production
COPL share at 15% (5% with option to increase)
Oil at $40
This equals $19.4m net profit p.a
mc $331m
Note: Oil is currently appro
Welcome to the LSE Board for COPL!
THE ATOMIC DEAL
Over 5% being held by HSBC
Clarendon Trust 3.87% position TR1 Friday 12/3
£1m in a single transaction on the open market on Friday
COMPLETION DATE TOMORROW AS STATED IN THIS INVESTOR PRESENTATION:
http://www.canoverseas.com/wp-content/uploads/2021/02/COPL-Atomic-Corporate-Acquisition-Presentation-02-21.pdf
Two operated oil fields: the Barron Flats Shannon Unit (57.7% WI) and Cole Creek Unit (66.7% WI) located in the Powder River Basin in the State of Wyoming, USA:
· Current production rate of 1,400 bbls/d (gross) rising to 5,000 bbls/d (gross) in 2022 and c.7,000 bbls/d (gross) in 2026 (2P reserve case, Ryder Scott Report).
ROAD MAP TO OWNERSHIP OF ATOMIC
• Deposit (non-refundable): $1 million - COMPLETE
• Initial Debt-Financed Payment: $8 million for 15% of Atomic's Working Interest in all of its leasehold on or before December 31, 2020. - COMPLETE
· (Note: If the acquisition does not complete, the Company will retain this interest)
• Assumed Debt: $26 million at closing – FINANCE APPROVED PENDING COMPLETION OF AUDIT
• Total Additional Debt and Cash: $15 million at closing – FINANCE APPROVED PENDING COMPLETION OF AUDIT
• COPL Common Shares to Atomic Shareholder(s): $4 million priced at closing – TO BE ISSUED AT CLOSE OF DEAL.
VALUE TO COPL
Total Cost $54m
Estimated SP on completion of purchase of Atomic : 0.75p-1.5p / further news incoming 2-3p +?+
DEVELOPMENT OF THE ASSET
- Roll out tripling of the gas injection programme at Barron flats
- Drilling cole creek plans
- Production ramp up - monthly updates expected all positive incline so no surprises but each one adds to the market cap and net worth
WHAT ABOUT THE OTHER OWNERS OF THE OIL FIELDS?
There are good reasons to believe that a 100% purchase the asset is possible.
- NOP (in financial distress) buyout would take us to 85%
- Chinese own 15% (being forced to sell by US Govt)
There is a $20m accordion facility built into the finance agreement which may be earmarked for this very purpose.
DOES COPL HAVE ANY OTHER POSSIBLE REVENUE STREAMS?
The main reason that we had been holding was for the expectation that COPL’s interest in OLP226, a large offshore asset in Nigeria, being developed.
1 - PSR is assumed - no evidence to state it will not be agreed. It has been delayed several times however most shareholders would agree that it is likely to still occur.
2 - Oil is found already, next to a producing prolific field - drill planned is appraisal not exploration
3 - Essar want a rapid ROI to date on $70m exploration spend - can spend a lot, drilling costs very low and would want to capitalise on that asap - COPL are carried
4 - Nigeria have much to gain from their oil assets getting to production.
With 60k bopd assumed production
COPL share at 15% (5% with option to increase)
Oil at $40
This equals $19.4m net profit p.a
mc $331m
Note: Oil is currently approx. $64 per barrel.
Good evening everyone. I see the board is a litlle bit busier that usual. Can I just say hello to all newcomers and convey my hopes that we are all in for a very profitable week/month/year. I can certainly see COPL worth 2p this year easily. Whether the market decides to value it at that this week is up to the market. I'm am sure that everyone here is well aware of the investment case for the short term. Let me pass on some info as to why I think this is a long term hold.
Just taking a look here. It's an interesting looking company. I've looked over the company presentation and I'm wondering where you holders think we are going to start seeing some markers being hit? I saw someone mentioned the end of March?
You could be right but Mr Market looks at the world both now and a year from now. A strategic plan with some dates for miscible flooding, discussions ongoing re: further acquisitions could be built into the price so I think up to 1.5p I hope that Art will have a schedule of RNS releases next week to give the PIs who believe in the company a welcome SP boost and profits.
Hopefully that makes sense and helps you with your question.
BUT...
If it is meaningless to you please do not take the advice of anyone here. Everyone here will want you to buy buy buy including me. The case for investing here is fantastic but you must know why yourself.
Welcome to the LSE Board for COPL!
THE ATOMIC DEAL
Over 5% being held by HSBC
Clarendon Trust 3.87% position TR1 Friday 12/3
£1m in single purchase on the open market on Friday
COMPLETION DATE THIS MONDAY AS STATED IN THIS INVESTOR PRESENTATION:
http://www.canoverseas.com/wp-content/uploads/2021/02/COPL-Atomic-Corporate-Acquisition-Presentation-02-21.pdf
Two operated oil fields: the Barron Flats Shannon Unit (57.7% WI) and Cole Creek Unit (66.7% WI) located in the Powder River Basin in the State of Wyoming, USA:
· Current production rate of 1,400 bbls/d (gross) rising to 5,000 bbls/d (gross) in 2022 and c.7,000 bbls/d (gross) in 2026 (2P reserve case, Ryder Scott Report).
ROAD MAP TO OWNERSHIP OF ATOMIC
• Deposit (non-refundable): $1 million - COMPLETE
• Initial Debt-Financed Payment: $8 million for 15% of Atomic's Working Interest in all of its leasehold on or before December 31, 2020. - COMPLETE
· (Note: If the acquisition does not complete, the Company will retain this interest)
• Assumed Debt: $26 million at closing – FINANCE APPROVED PENDING COMPLETION OF AUDIT
• Total Additional Debt and Cash: $15 million at closing – FINANCE APPROVED PENDING COMPLETION OF AUDIT
• COPL Common Shares to Atomic Shareholder(s): $4 million priced at closing – TO BE ISSUED AT CLOSE OF DEAL.
VALUE TO COPL
Total Cost $54m
Estimated SP on completion of purchase of Atomic : 0.75p-1.5p / further news incoming 2-3p +?+
DEVELOPMENT OF THE ASSET
- Roll out tripling of the gas injection programme at Barron flats
- Drilling cole creek plans
- Production ramp up - monthly updates expected all positive incline so no surprises but each one adds to the market cap and net worth
WHAT ABOUT THE OTHER OWNERS OF THE OIL FIELDS?
There are good reasons to believe that a 100% purchase the asset is possible.
- NOP (in financial distress) buyout would take us to 85%
- Chinese own 15% (being forced to sell by US Govt)
There is a $20m accordion facility built into the finance agreement which may be earmarked for this very purpose.
DOES COPL HAVE ANY OTHER POSSIBLE REVENUE STREAMS?
The main reason that we had been holding was for the expectation that COPL’s interest in OLP226, a large offshore asset in Nigeria, being developed.
1 - PSR is assumed - no evidence to state it will not be agreed. It has been delayed several times however most shareholders would agree that it is likely to still occur.
2 - Oil is found already, next to a producing prolific field - drill planned is appraisal not exploration
3 - Essar want a rapid ROI to date on $70m exploration spend - can spend a lot, drilling costs very low and would want to capitalise on that asap - COPL are carried
4 - Nigeria have much to gain from their oil assets getting to production.
With 60k bopd assumed production
COPL share at 15% (5% with option to increase)
Oil at $40
This equals $19.4m net profit p.a
mc $331m
Note: Oil is currently approx. $64 per barrel.