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https://zakmir.com/stock-market-watch-aal-copl-eua-fpp-i3e-nsci-orph-rms-vela-xtr/#gs.vcjkvg

TR1 excitement was provided at Canadian Overseas Petroleum (COPL) where the highlight earlier in the week was how well the stock swallowed the latest placing. Part of the evidence for this was delivered by Clarendon Trust, which disclosed a 3.87% stake in the forthcoming owner of Atomic Oil & Gas. Clearly, the investment was taken by the market as a vote of confidence on the imminent deal, and prospects for COPL post this event.

https://www.marketscreener.com/news/latest/Towing-the-path-to-successful-marginal-field-bid-round--32146675/
Excerpt:
Indeed, previous rounds gave the opportunity for local players to make a difference in a sector that had been hitherto dominated by international oil companies and international independents.

Specifically, Nigerian marginal players such as AMNI Petroleum,

Shoreline Energy

Aiteo, Neconde Energy, Seplat Petroleum or Belema Oil, among others, are now strong operators able to develop technically challenging fields; even as many featured in the on-going bid round....

According to the DPR guidelines, wholly-owned indigenous oil companies and investors with substantially Nigerian interest operating as oil exploration and production businesses would participate in the bid for 57 oil fields put up for auction.

Department of Petroleum Resources of Nigeria published this content on 08 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 January 2021 10:25:00 UTC

This is much more fun than yesterday. May as well have a laugh while wait.

Tom Pearce (770K followers) Tweeted 30 mins ago

COPL LN- Added at current lvls on placing weakness. ATOMIC acquisition on track for completion on 15th and £13m cash in bank to ramp up production in April. A great buying opportunity IMO as we may not see SP here again after next week. I believe 1p achievable in near term. #COPL

hahah Shaa I'm turning into you!!!

It looks like Mr Pearce's friends know a bargain when they see one.

And we are blue

Yep 770k followers just bought in suggesting an SP of 1p near term

Yep volume is growing

I think this is looking soooo good for the next 12 months. Big rise next week. Another 25% on production figures. II's coming in. Stockopedia changes us from sucker stock to turnaround/high flyer. OLP226 news. marginals news.

10 bags indeed.

I'm in up to my neck. I can't see a single indication, with all the money that has changed hands and the unchanging commitment to the 15th, and yes that shocking, painful placement, that this is not going to be RNS'd Monday or Tuesday (due to timezones)

From Q3 results

At September 30, 2020, the Company had USD $7.4 million in outstanding joint interest billings and accrued interest with the operator of the Wyoming properties. On July 22, 2020, the Company received formal notification it was in default of its payment obligations under the Unit Operating Agreement. On August 26, 2020, the Company received notification from the operator that it granted the Company a 60-day extension to September 20, 2020 to cure the default. The Company has been unable to pay the outstanding amounts in the time period set out in the notice. A further extension to cure the default has not been obtained. The Company is working with the operator to cure the default.

Further rationalization of assets and/or funding through share issuances, private placements, restructuring of existing or new credit facilities, non-core property sales, increased production from core properties combined with improvements in realized oil and gas prices received and/or a combination of these alternatives will be required to continue as a going concern.

Hello Jiff.
Thanks for the heads up.
Do you mean the $331m estimated MC?
That is based on the OLP field going into production alone I believe. Based on today's prices it should probably be closer to $500m but the more knowledgeable folks here could clear that up.

With regards to Atomic I reckon we are looking at £150m-ish with their 57% holding. 28% of Cuda add 75m. CNOOC 45m.

Increase production x3 holding 100% in 12 months and olp226 online?

Let's go nuts and say $1bn. Yep it’s optimistic. I actually believe Art will be aiming for that. Being a $1bn dollar company will be a suitable legacy for a man who has been there before.

Will Art keep diluting us?
I think what has happened recently had to happen to get the deal done. I also think he owes a lot of proper money to a lot of people. The finance wouldn't be happening at all if the business case wasn’t convincing. So yes I think if it helped Art grow the company he would dilute us again without hesitation. However I suspect with the REAL REVENUE that will be coming in there will be no need and even less justification. Like gas been said before - right now the deal needs to happen. We might even find out that we are finalising the rest of the 100% and that is what the raise was for. Again optimistic I know.

Welcome to the LSE Board for COPL!
THE ATOMIC DEAL
Over 5% being held by HSBC
COMPLETION DATE 15/3 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 : 1-2p
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 Atomic deal came as a huge and very welcome surprise to the shareholders. 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/b
tax 70%
lifting costs $20/b

This equals $19.4m net profit p.a
mc $331m
Note: Oil is currently approx. $64 per barrel.

I'm really saddened to read today of the difficult times that some people have had over the years here. It must be hard to have people just come on board to make a profit because of recent changes and opportunities and enthusiastically talk about a company that has been a tough place for you for years.

Even so, now is not the time to cutter up this board with emotional outbursts folks. People will check in here to get info - is it in anyone's interest for them to find this? Some of the people starting arguments could be getting paid to do it. It's the people who are the best at hiding it will be the ones with the most to gain from causing it.

Less than a week to go everyone. Take care and be kind to each other. It won't make a jot of difference to how much money you make or lose here.

I'm very optimistic about Monday. I can't see how we could have got here, fast placings with both mates and IIs, without this looking pretty certain.

Can't wait to see what the next weeks and months have in store. By the end of 2021 MCAP 500m?

lol CawCaw you loveable big bear lol

A very funny disclaimer.

All is fair in love, war and small caps.

Large shareholders which may push to be on BoD?

Yeah I bit the bullet and took another 3m.

0.344 seems a solid buy based on what is happening here 3 days and a weekend away and only a couple of % over what the placees have paid. Every indication that will pay off.

A trading update says hard figures to me not estimates.

I know mate but there is less than nothing that can be done. I'm perhaps being selfish but my average is 0.25 and I'm 50% up. It's hard to see that as bad when a few months ago we were looking at .17 and a total collapse waiting for Nigeria which still hasn't happened. I do appreciate this has been a long journey for you - i just don't have that history.