Member Info for Edgein

Careful,

Is it still the same address for Cathy that you're getting replies from? cathy@chfir.com

If so, I've 10 questions in and we'll see if any of those get addressed tomorrow.

Regards,

Ed.

Careful,

Interesting. I'll send in some questions and see if they tackle them in the Q&A.

Regards,

Ed.

Speel,

Hardly, if I were part of Cathy's company perhaps then I'd get an email response. I've not had an email response from her or COPL over the last couple of years. I guess I just asked the wrong questions. I've not tried since Mr Cowan took over the company. My view on this company hasn't changed, I'm still waiting for the small cap to reflect the large assets and until it does I'll still be here and still be posting. If you want to filter my posts by all means do so.

Regards,

Ed.

Goodshare,

Welcome aboard, interesting, seems like our seller is gone for now.

Regards,

Ed.

Mike,

That's certainly an interesting link, hopefully they'll get back and get a hole or two at T1 target as its unfinished business according to that article. There may be something of significance there yet.

Regards,

Ed.

TLM,

That could be the reason its taken so long for sure. Last we heard was RGL predicting assay results in H2, so may hear something before year end.

Here is the latest I can find, from Oct 31st:

https://www.riversgold.com.au/wp-content/uploads/2023/10/61178097.pdf

"Following the very encouraging total rare earth oxide (TREO) assay results from four composite RC drill

samples from the drilling program in Q2 2023 (Table 1 and Figure 4), the Company has embarked on a

metallurgical exercise to assess the recoverability of the rare earths. Results are expected in Q4"

So something is happening at least. I'd like to see this one chopped in favour of Angola or Brazil. I would like to see some drilling on Canegrass at some point though, if they could establish commercial grade lithium at Canegrass and demerge or sell that it would be great. I hold another gold company talking about demerging their Pilbara lithium assets in the future, its a great way to add value to shareholders. Australian lithium assets are popular at the moment.

Regards,

Ed.

There is pretty much no comparison to be made to HZM. Different sectors to start with. HZM are in excess of $100m shortfall to production, possibly closer to $200m. COPL on the other hand have the GGS upgraded and are in production. HZM are 100% liable for the costs of their large project, COPL are at an advanced stage of farming out theirs to an industry leader/major mitigating costs and risks. Pretty much like chalk and cheese.

Regards,

Ed.

Lsetown,

What we do know from the company is their Angola/Brazil strategy started for CRCL in March and they've been looking to acquire and consolidate there. It would seem logical for the company to have applied for blocks next to their current interests but we've not had that confirmed as such. I'm not overly shocked that the company hasn't said much as companies don't tend to highlight bids before being awarded, so I would assume they have applied. They are still looking to consolidate in Angola and acquire in Brazil. Mr Karam doesn't strike me as someone who likes to sit on his hands from the pace we've had since acquiring in Angola, so we're strapped in waiting for further developments.

Regards,

Ed.

Hi TLM,

Yeah fingers crossed we'll get some good flow rates from the testing of these wells and a continuation of further wells. There is the possibility that Tobias may turn out to be bigger than first expected by Sonangol. It was an interesting choice of location for TO-13, downdip of the other previous producers. So far so good though and as its not priced in, so that's why I did a relatively small top up yesterday.

True Mike, we may hear more about the assays for Mt Weld soon, its taken quite some time so far. Would make you wonder if they're assaying for more than just REEs.

Thanks guys and gals, always happy to share my views on stocks that I hold, if it helps to figure out what's going on all the better.

Regards,

Ed.

DC,

Its a large field for sure. When you covert 3400 acres into Sq Kms its over 13.75sq kms. The field isn't square either from the diagram on the CRCL website its oblong. So there's little chance that the 7 producers and one injector drained the whole field, hence the current 65mmbbls contingent. From the results of TO-13 then clearly they didn't. :) TO-13 showed there's a lot of oil down the flanks of this large anticline (large fold). Just how much we'll find out in due course.

https://www.sciencedirect.com/topics/engineering/drainage-radius

Above is a link to a guide to drainage area per well, the oil well example looks like a good quality sandstone, whereas we have carbonates/limestone. But look at oil well performance from vertical to horizontal and from 1000-2000ft horizontals. So far the only wells on Tobias are old vertical developmental wells. So bags of upside on Tobias and probably the reason for the confident TO-14 spud RNS.

Regards,

Ed.

TLM,

Very true chap, market hasn't caught onto the significance of the updates on TO-13 and TO-14. But this will be hammered home on further updates. We now have oil from the top of the structure around 700m down to 958.5m, down from the previous production wells, that is a highly significant result. Not just the extent, but that they were getting oil throughout the target formation in TO-13. That means that the oil column likely continues further down the anticline beyond this point too. So hopefully we'll get as detailed an RNS from TO-14 too as this is currently shaping up to be a game changer for little CRCL.

The updates to come on TO-14, flow testing of both wells, details of the EPS and implications for the oil in place given the results of TO-13 will make for fascinating reading, In anticipation of the above I've been adding a few more.

Regards,

Ed.

Eazy,

Agreed its clear evidence that the miscible front has reached this well. Looking to flare off the excess gas from the well so they can activate another nearby injector. Doing that and installing the high pressure valves to the tweeted well looks like its to be brought online as a producer as you say. Its certainly telling the story that the miscible front is on the move and spiking casing pressure as it goes and they're on top of the well conversions. Hopefully the Q&A will tell a similar story.

Regards,

Ed.

Ash,

Also interesting that both threads that were active this morning about the email and the tweet have both been deleted. Didn't suit some agendas to have them remain it seems.

Regards,

Ed.

Hi Nige,

I sure did have a good one, hope you did too!

Yeah no ambiguity in today's statement at all. Previously is was based on the outcome of TO-13 they would do this and that. Today we get TO-13 again similar to previous wells, both will be tested after TO-14 gets to TD and already making preparations for the EPS like you suggest. Speaks volumes about their confidence for sure as the well has only spud. There were other clues in the last Angolan update too about their belief of significant hydrocarbons remaining in Tobias.

Given the sale of the mining assets not much priced in for Angola at the moment.

Regards,

Ed.

Good morning guys,

Great to see the next well going into Tobias and continuing confirmation of how TO-13 matched previous wells into the large field. Looking forward to the result of TO-14 already. Clear plan in place already to test both wells after TO-14. No ambiguity there and good confidence in the result. Already taking steps to implement the EPS too as a result. We're looking forward to those further announcement already Mr Karam!

Regards,

Ed.

Nige,

Cheers for the link. Interesting stuff for sure. Sounds like they're going after multiple new refineries. I'm had just really looked at the Angolan upstream oil and gas rather than their downstream developments. Its interesting timing as Sonangol also divests offshore to start to develop onshore, plus now the refineries too. Looking like right time and right place for CRCL.

Regards,

Ed.

Interesting guys. Shows that there's big bucks still being invested into Angolan oil. With the development of these onshore basins there's likely to be production for many decades to come to supply these refineries (the current one and the new one).

Regards,

Ed.

Nige,

As far as I know they are looking at producing gas wells in Brazil, so if they're producing assets they will have reserves.

Hopefully they may pick up some oil there too, but I think on the presentation they mention gas.

Yeah SRSP are on a similar time frame to AET, they acquired several blocks offshore Angola last April and are, like AET, awaiting completion. As they are currently delisted they don't update shareholders nearly as often as AET do.

We now are partnered with Sonangol on other licences, so you never know what may come across Mr Karam's table and he sure has a lot of financial contacts with African banks etc. So the fact that the interview mentioned looking offshore Angola, given what other companies have done is very exciting.

Is Angola building a new refinery? Not seen that news so far. Given the volumes they produce I would imagine most of their oil will still be exported. Especially if Sonangol really goes to town on these onshore blocks.

Regards,

Ed.

Hi Nige,

I would guess so, but will be determined by the flow tests of TO-13, TO-14, one or more wells including horizontals then they could establish 2P over an area, plus they'll have all the old historic data from the previously producing wells. So yeah they are likely to get an independent reserve report sometime next year if all goes to plan. Acquiring producing wells in Brazil would bring instant 2P reserves, acquiring offshore assets also likely to have production and 2P (perhaps something similar to what AET acquired). Establishing production and reserves at Tobias and a good working relationship with Sonangol would be a good step towards that. The acquisitions announced by AET and SRSP have both been Sonangol offshore interests and they've got plenty more where those came from.

Regards,

Ed.

Hi Nige,

While I'm not an AET holder I guess the completion RNS will have a higher impact than the gov approval has had as that will bring in that production, reserves and the cash generated since the effective date. What CRCL need to do is establish production and 2P reserves and acquire more of the same. That's where the real launch will happen. But we're heading in the right direction imo. We're underpinned by the selling of those mining assets and I'll certainly be voting for their disposal after seeing those results of TO-13.

Establishing 2P reserves and production would be a material milestone for CRCL, don't think we'll have a £7m cap then! Also the recent interview from Dicko suggested that Mr Karam is also interested in offshore Angola, well there's some mighty large production and exploration assets out there, game changer if CRCL get involved like that. Great uspide to our current blocks but they're not finished acquiring yet by all accounts. What the share price does in the mean time will only dictate whether I buy more, market will eventually realise the upside here, perhaps even after TO-14, lets see.

Regards,

Ed.