Member Info for dougb189

Lol, so you’re no a fan of AM then Mr.P ?!
Nice asset but total shame about the management.

Invest4., thanks for highlighting that. Makes it much clearer.

‘’Breach of Listing Rule 14.3.4 and Listing Principle 1
The Company is in breach of Listing Rule 14.3.4 and Listing Principle 1 as it failed to make an application for admission to listing of the 30,250,000 Common Shares issued on 3 December 2021 pursuant to the December 2021 Placing within one year of such allotment.
The breach of Listing Rule 14.3.4 and Listing Principle 1 occurred due, in part, to the Company dedicating its resources to the Cuda Acquisition and its equity financings in 2022, including the April 2022 Placing, the July 2022 Placing and the Winter Bond Financing. As a result, the Company did not have sufficient resources to devote to the admission of the Common Shares issued pursuant to the December 2021 Placing within the required timeframe.
The Company intends to rectify the breach, and an application will be made for the New Shares, which includes the 30,250,000 Common Shares issued pursuant to the December 2021 Placing, to be admitted to the Standard Listing segment of the Official List and to trading on the main market of the London Stock Exchange. It is expected that the New Shares Admission will become effective and that unconditional dealings in the Common Shares will commence at 8:00am on 3 February 2023..”

Lol, but can still vaguely remember querying the lack of market notification at that time, then of course quickly forgetting it, as similar to how AM explains, was then forgotten when the Cuda acquisition started taking off.

It was memorable on several fronts, the notorious being the 2 weeks of forward selling immediately proceeding that placing. There was a theory floating around at that time, and was to do with AM’s purchases as several thought he wasn’t taking any payments at all from COPL, that he was simply converting owed salary, into yet further share acquisitions ( in addition to options) ie. a short time after the July 2020 placing of c.£1.3M for ‘general admin costs (staff wages) & the costs of professional advisors (probably the initial RS report)’ there was then a purchase from AM in January. Which was not too dissimilar from the above 1st Nov. 2021 placing & the repeat AM purchase. Was reckoned that he simply didn’t need the funds, personally, hence the further acquisitions.

The prospectus perhaps sadly reflects on their being poor connectivity between the COPL admin & their FCA responsibilities. Would surmise that AM is indeed expectant of a good result but that the management of is just ‘left to chance’. Again, hopefully the BH make comment.

There was an explanation given that the reason for prospectus was that the dilutions (113M plus a further planned c.150M July 2022 Bonds plus another c.30M Jan.2023) achieved since the last notification (164M shares total, Sept.2021) had then somewhat exceeded the threshold datums and for which the FCA allegedly demanded a revised prospectus.

Was a fairly reasonable explanation imo, although I much prefer the theory of a JV carrying out due diligence. Certainly plausible. But.. One is perhaps as plausible as the other ?

Which then leaves the average shareholder justifiably believing any said rumour/s.

& Anyone remember the technicality that TW spelled out to the FCA that was then used to force AM to release a ‘clarification RNS’ 10 months ago ?

I like Shouston’s ‘stepped placings’ scenario IF a placing is required.
It then hopefully gives a breathing space for the unhedged oil flows to offset any further dilutions.
As to an earlier poster lamenting ‘..it’s not £16M that is required for gas plumbing,it’s $16M..’ totally misses the point… Either of, is simply the Principle pre-conversion amount. Now add another 20%, as per 3rd Jan and the new rates being 80% principle 2023 v. 78% principle 2022.
It is still a significant amount wether it’s £’s or $’s.
Reckon there is enough in the kitty to see the 3 wells at CC updated,
But reckon then might need a similar small placing again c.$4M ($5M after the 80% ‘principle’) which will in all likelihood be needed for a horizontal.

* borderline r.e.t.a.r.d.e.d

You need to be more versatile Treefern in your reading.
Some peeps might have a dozen or so RNS’s which usually get delivered at 7am & so need to be deciphered within a 50 minute period before the market opens.
For a modest fee some service providers supply algorithms where you then insert either negative or positive search words which then get triggered if they are seen in any of the RNS that you are monitoring.
A very quick read though of AM’s RNS then shows there are multiple negative keywords ‘implicated.. challenged.. interruptions.. delays.. bottlenecks… impacted..’ which would then necessitate a further read.
Should chains of negative keywords arise, treat as the equivalent of a significant red flag eg. ‘material uncertainty.. adverse weather.. significant doubt.. does not currently have sufficient working capital for its present requirements..’ and you should by this time, be running for the exit.

Sadly we are not assisted by a CEO, who’s market acumen is borderline ******ed.

Need to prioritise what to read.

Lol, but i always get a wee bit concerned about that cloud computing technology :

“..Meanwhile Woodside re ran sunrise full license 3D in 2020 in a few hours of a single day ,
with AWS Amazon support available to the sector and others then a brief analysis.

AWS , the equivalent of a stack of laptops 4.2km high…”

Not owning a telly but use a monitor for Amazon Prime & will occasionally binge watch 2 movies back to back. Problem then arises that the fairly new 4k receiver has to be shut down & restarted after watching the 1st movie (usually just normal HD size) as the 2nd movie (again normal HD) then takes forever to load. As if the receiver is working on somik else.. similar to Woodside’s calculations. Mischievous mind then sees a stack of laptops 4.2Km high, with my laptop/receiver at the bottom which then gets pulled out (switched off) & the computation has to start all over again ?!

It sounds very good Eazy, but it is rather meaningless to investors until there is a radical step-change in the presentation.

Currently all that we can expect is that Wyoming post the flow rates on the last day of the month. Atomic Senior had the results posted within the second week of each month. It was not until AM took over that the results were then delayed, until the very last moment.

We know that January was dire, that the operation was shut down for 3 days but as you pointed out there was some very good results obtained from individual wells. Investors could then extrapolate those results into 24/7 operations with normal seasonal weather and gain some much needed confidence.

On the plains tonight & it’s -1c, blowing at 24knts, with a windchill of -9c.

So we could have February with a similar scenario & for which the investors again have to wait till March 31st to receive meaningful updates. & investors kept in the dark are only going to think the worse, as seen in today’s sp.

The presentation needs a radical step-change.

Would totally agree that the next conversion will be very interesting to see.
Several points..
1. The BH have not converted since December, so there is faith in the programme of oil recovery.
2. The fund manager will now be drawing up a lot more intel on AM behaviour patterns.
3. They are very close to having a majority holding.

Second time in 10 months that AM has been incredibly, stupidly ‘clumsy’.

April 1st 2022 & sp 32p, then RNS for Annuals released (in very small print was ‘fined for broken financial covenants’) & the price quickly went south towards 22p. For 4 days there was no statement from AM. At which point on the 5th day, TW emailed the FCA who then ordered AM to release a clarification RNS, which was duly delivered 6th April & so the sp recovered back up to 24p.
The damage though was irrevocably done.
& so on the 19th April the next RNS for yet another placing / bookbuild of £13M at 20p.

Then 10 months later and yet again we see a very ‘clumsy’ RNS.

So would strongly suspect that the BH fund manager has probably had his ass kicked by the directors / partners upstairs demanding to know why their remaining c.£20M of bond securities that are sat with a conversion price of c.13p were then temporarily sitting with less than half the conversion value, courtesy of a repeat clumsy news release.

Lol, but can’t help but laugh at the ineptitude shown.

Suspect that the small European trades are just a couple of the regular European chaps who enjoy the brits TG groups & can perhaps see a worthwhile punt. Previously was Clarendon Trust operating out of Jersey (international banking set up) who then acquired c.5% but those small trades tonight don’t seem to fall within that remit.

Imul., I picked up on your explanation of the use of trading between different classes of shares (thanks) and was that I then ‘liberally’ extended that definition , to possibly include someone having set up the algorithm & was then hedging long against short & picking up on the fine margins (it was the end of a long day). Appreciated thanks.

WiseOwlSpeak
Dying or has life? 30 Jan 2023 11:57
Genuine question from new poster.
Thank you

Lol indeed, some might even say, hysterical.

His very 1st post on COPL, 3 days ago :

WiseOwlSpeak
Dying or has life? 30 Jan 2023 11:57
Genuine question from new poster.
Thank you

One of Robbie’s better Shorts :

Cineworld CINE 350 37.00 10 46 01/02/2022 4.50 02/09/2022 11375

EPIC. CINE
Quantity 350
Price. 37.00p
Target. 10
Stop. 46
Buy date. 01/02/22
Sell price. 4.50p
Close date. 02/09/22
Profit. £11,375

https://www.nakedtrader.co.uk/trades.htm?type=sbs
& check out his Aston Martin takings.

Imul., there’s an interesting trade at 16:40:52 reported as an ALGO / algorithm. Would / could this be tied into your previous links to ‘arbitrage’ trades ?

01.02.23
16:40:52
3.90
GBX
96,402
3,759.68
AT
P ALGO
-
XLON

Suspect that the Avatar 2 data is indirectly tied into Disney.

With its great success then the streaming was delayed. Sadly for Disney & who extensively utilise the Avatar franchise in their theme & parks & on their cruise ships (the most recent costing $1.25B and there’s another 4 been ordered).

James Cameron then loudly stated ‘enough of streaming, i’m tired of sitting on my ass’ (as per Sunday Times last weekend) & he has totally endorsed the crowd ‘immersion’ of cinema houses. Now accredited with $8B revenues from all his box office successes and being the only director to have had 3 movies each pass $2B he is now in production for Avatar 3: The Seed Bearer & has Avatar 4: The Tulkin Rider & Avatar 5: The Quest For Ewya all earmarked. So a lot of future business for all concerned.

Best summed up by Matt Damon interview lamenting the loss of quality movies.. ‘if it costs me $25M to make the movie, it then costs another $25M to advertise it and Then the cinema houses take their cut, do then requires $100M to breakeven’.
The listener/reader then has to do the maths & pick up on that 50% slice the cinemas make. And tie it in with the Disney studios successful run of franchised movies over the last decade & see how much they could have saved with ownership of the cinema.

Or it could just as likely that Avatar been aired in the update to dig at the remaining streaming operators..

Suspect that the 2.5M fill/kill for 5p went in at 16:10
Was very few sells but the sp was being placed slowly further south every few minutes by the MM, which then started some small panic sells down to 4.8 & the order then filled 16:24

Shouston the figures are as follows

164,269,531. Sept 2021 after market approval for Reverse-Split
277,858,812. Today.

113,589,348 subtract from today & gives the initial reverse-split figure.

& today’s nicest figure…!
that 2.5M shares bought when sp dropped to 4.8p
Suspect it was done via fill/kill,
closest I could get was 5.45p so pleased with that.

Jhongua Ren, the 133M ordinary shares are the ‘backlog’ of shares that have been slowly added since October 2021. At that point we were 16.4B shares then reverse split 100:1 gave a total of 164M shares in circulation. The additional 133M shares then brings that up to today’s total 277M.

Was posted earlier that the reason for the Prospectus is that AM had apparently exceeded the limits on dilutions. It was mentioned that if exceeding the shares in circulation by a certain % then you need to re-notify the market what it is that the company hopes to achieve.

Hopefully AM pulls his finger out & explains to all & sundry exactly wtf is going on..

Does indeed sound positive Yankee., and I particularly like the conservative estimate of 2500bopd by end of 2023. I like it as it actually sounds quite honest, which is an unusual move for AM.

Earlier was posted :
‘..The downfall is AM’s ‘ego & greed..’
And I would refute that as I suspect it could be a lot lot deeper than that.

There is a litany of failures, ranging from AM’s treatment of All investors including the ii’s in addition to the engineering failures, ranging from those ‘unexpected high pressure settings’ all the way through to multiple installation ‘set-backs’.

The bottom line… & should AM resort to try & raise a Chapter 11 then the BH could easily cancel that, as it then necessitates showing a level of competence being needed to progress it. Multiple failures across multiple disciplines? & the BH would have plenty of evidence to refute any competence. So biggest fear, is that if AM continues to misbehave, the BH could easily call in a Chpt.7

Sure the prospectus has some good positivity but historically there is a different picture. Hence start looking at (A) a minimum price that would be needed to keep the BH onboard or (B) some regular, truthful, daily progress reports. Imo.

The prospectus seems to go off at a crazy tangent..
The additional BH shares / warrants / options then create a total of c.500M OS.
But No One is currently going to purchase the bonds (12.5p+) the warrants (16.75p+) or their options (35p+).

Perhaps the relevant figure for any buy-out / offer, would then only include the outstanding BH shares, which is what ? …guesstimate approximately £20M when done at the existing conversion rate US$ 0.1538 (c.12.5p). And the BH will want to see that honoured.

Which then puts a benchmark of 12.5p on calculations , slightly more than double tonight’s closing price. So then an offer of approximately £50M would be needed to entertain the BH.
Is Within reason ?

Failing that & guessing it will be Chapter 11. Again.
£50M though sounds… doeable.