Member Info for Daceon

Hi folks,
WE have maintained a very civil tone on this board and intend to keep it that way. For example, Tiburn has provided excellent research for many of us over previous months. He's a big boy, and doesn't need defending by me. The post which was shared on HSBC yesterday was in fact me summarising his research and no doubt aided positive sentiment. I do recommend that we en-masse report every post which clutters up the board with insults or attempts to obfuscate. That includes a couple from this morning.

Good morning everyone. Things are certainly looking very positive. The new presentation has the tone of a done deal.

"• COPL’s acquisition of Atomic Oil and Gas LLC (“Atomic”) is a result of the challenging Covid-19 environment and
the drop in oil prices during 2020. COPL will close the acquisition on March 15, 2021.
• COPL has secured a $65 million Credit Facility from a large US Credit Fund to finance the purchase."
http://www.canoverseas.com/wp-content/uploads/2021/02/COPL-Atomic-Corporate-Acquisition-Presentation-02-21.pdf

It just my own thoughts, but I get the feeling that the previous sole owner of Atomic is well aware of how the company he built may prosper in this new set up free of debt and with cash to propel the company forward. His 7-10%ish interest in COPL (which he could be adding to on the open market), will give him a good stake in that success. I love a good recovery story. GLA!

Yes Shaa, we can guess why. Last chance for anyone to get in here sub 1p if we 7.00am RNS

The pressure is building. All we need is that one RNS and we will never see below .5 again and can say goodbye to the day traders until we settle into a new range post takeover :-)

Welcome! A summary of why HSBC have reported a 5% holding here.
THE ATOMIC DEAL
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.
The final possible completion date is 15/3
From the latest RNS Thursday 18/2 “we are working with the Lender to complete loan documentation in the coming week." – Ryan Gaffney, CFO.
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. $60 per barrel

This is our time. Go shout it from the rooftops :-) Every piece of evidence says this the real deal - a proper transformation with an experienced team with something to prove and the assets to do it. I like the story, I like the deal and I like the projections. This is legacy building stuff for AM, his team and our portfolios.

Welcome to the LSE Board for COPL!
THE ATOMIC DEAL
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.
The final possible completion date is 15/3
From the latest RNS Thursday 18/2 “we are working with the Lender to complete loan documentation in the coming week." – Ryan Gaffney, CFO.
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. $60 per barrel

What an unexpected RNS. Who would have thought?

Aye it feels eerily quiet, like the calm before a storm.

Lots going on with BITCOIN etc, catching many an eye with glittering short term gains on the roulette wheel.

We sign, we transform, we put out production figures, we grow. Nigeria happens later in the year, we transform again, we continue to grow.

All very boring in comparison.

Thanks for the feedback folks. I just wanted to be a bit of a help to the many people here who have put in a good deal of work keeping us updated and informed.

So if at any time the board starts getting clogged up or someone is asking for a summary please feel free to copy and paste that post with any welcome updates such as... Ownership COMPLETE :-)

Same to you Bolton.

Here's to a very successful week ahead.

Haha thanks! Yep, that's not a convincing statement at this stage lol

Just to say all I've done is collate the posts of others - particularly some of Tiburn's excellent research.

Welcome to the LSE Board for COPL!
THE ATOMIC DEAL
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.
The final possible completion date is 15/3
From the latest RNS Thursday 18/2 “we are working with the Lender to complete loan documentation in the coming week." – Ryan Gaffney, CFO.
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. $60 per barrel.

Welcome to the LSE Board for COPL!
THE ATOMIC DEAL
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.
The final possible completion date is 15/3
From the latest RNS Thursday 18/2 “we are working with the Lender to complete loan documentation in the coming week." – Ryan Gaffney, CFO.
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.
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 are looking to fast track production - need to expedite approvals and make it easier to do business
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. $60 per barrel.

Hi Folks
I am a newbie here but I cobbled together what I thought might be a useful post to develop and polish up to give a useful summary of the prospects here to anyone popping in based on the growing awareness of what is happening here. If you think it's pointless, don't worry I'll not be offended if you say so! But if you felt that something could be added/taken away/ clarified to make it a useful tool for us to use in the coming weeks go ahead!

Yes I have found LSE are quite quick to remove disruptive posts. During the coming weeks constantly reporting people who are making clearly disruptive, non-fact based/cross ramping/deramping/baseless 20p ramping posts and reposting the superbly imformative posts from yesterday is the way to go. Replying to them and getting into arguments is exactly what they want.

Having seen how other BBs like have worked they can just get completely swamped with trolling/ramping. I think that next week is such a key week for those have serious money in here, a wee bit of coordination would be great. A single post, with the general consensus of the community here, would be much better than lots of short responses cluttering up the board. Any one of the regulars could post that standard, detailed and measured response when it needs to be done. There's a lot to play for next week and although these boards don't directly affect share prices I am certain that anyone investing serious money will DYOR and look in here to get a feel for the mood of the investors and some background.

Apologies bpd not bopm. :-)

Great Post Tiburn.

There has been so much great research done here. Perhaps it's might be a good idea to come up with a post which could be like a sticky - to be posted regularly next week when interested parties want a quick summary of the case for investing?

For example I think that new visitors to the board would appreciate a sensible estimate of the mcap and associated sp should COPL get to the 5000bopm.

Another good day at the office folks.

Enjoy your evening.