Member Info for Edgein

Hi Luke,

No worries copy whatever you wish.

Regards,

Ed.

Eazy,

He sure is. Some like to spread doubt about the oil that's there at CCU even though the company has multiple wells drilled through the Frontier-1 and have now established an oil down to point. People will be aware of the phases of hc's in an low pressure anticline such as this, its gas above oil above water, with little solution gas as its low pressure. So we can have a pretty good idea of what lies above the oil down to point and so will both companies, they'll have gone over all wells logs in fine detail. The industry leader will also be well aware of what our neighbours flowed from nearby horizontal Frontier wells.

Yes Eazy it sure does flow from both the Frontier-1 and Frontier-2 formations at Cole Creek. It'll be interesting to see what these wells can do with 1-2 mile horizontals down there, we've see what a few hundred feet of damaged pay can do. Just imagine if there wasn't lots of drill fluid, emulsion and sludge from the old wells in the way. Even with all that yes the wells are flowing. Just imagine what an industry leader could do, a lot of things have more on from the 1980's in terms of drilling, completion and well stimulation.

Yes true, Carbon Capture is big business, Exxon will have their Wyoming CC project in full swing by 2025, anyone know of a very large oil prone anticline they could use? :)

Regards,

Ed.

FF,

Keep up man, what do you think the JV discussions are all about? And the make whole payment discussions with Anavio pending the JV? A respected industry leader would have the assets and equipment to exploit an oil prone anticline this size, perhaps that's why they signed the LOI and are still in talks over 12 months later perhaps?

Regards,

Ed.

Eazy,

Exactly, the companies involved will be well aware of what these wells would be capable of with modern completions through undamaged reservoirs using oil based completion and potentially HC based stimulation. They're already capable of flowing though damaged vertical completions they're sure as heck likely to flow when completed properly. As you say Frontier-2 is already developed at CCU, it'll be interesting to see what EOR does to those flow rates too.

Regards,

Ed.

No its not, its unproven if it hadn't be drilled and logged, its been done so at least 18 times, showing oil each time. There is a difference between unproven and undeveloped. Cole Creek Unit was already developed and has both reserves and contingent resources. The company has shown there is live oil over a significant area, why else do you think that the large company approached them? Its certainly not because its prospective (unproven).

Regards,

Ed.

It has 17 cased oil wells drilled to the Frontier 2 (having passed through the Frontier-1). The discovery well that COPL drilled logged oil in three Frontier formations and the Dakota (flow tested from the Dakota). The CCU wells all logged oil in the Frontier-1 and those that have been completed so far have showed that they can flow oil through drill related reservoir damage. That is an oil down to point covering an area of 8000 acres or about 32.3 sq kms. So live oil over a vast area as shown by the company. The large industry leader will know very well what that means for drilling horizontal wells, that's why they approached the company last September. COPL has shown what's down there during that time and that's why they're more than happy to stick with the previous guidance. They have the logs from 17 CCU wells and 1 exploration well to show exactly what's down there (possibly two confidential wells too). Some might even think that proving live over that 32.3 sq kms is a game changer.

Regards,

Ed.

Hi Nige,

With oil heading towards $100/bbl we sure are in the right place at the right time. I would imagine that yes CRCL will likely take part in the ongoing onshore bid round, many of those licences are adjacent to our current blocks.

Regards,

Ed.

ALB,

You're welcome. Yeah fingers crossed we'll get lots of news not only from the well but also the forward programme for Angola, like further seismic and any near term drilling plans. That could be as interesting reading as the well outcome itself.

Just to further add about the prospectivity of the assets if you google how much oil does Germany, Mongolia and Angola produce you get: 211k bopd, 23k bopd and 1.16m bopd respectively. Angola's GDP much like Nigeria and Saudi is almost entirely oil reliant, no wonder they're so keen to get their production back towards the 2m bopd they used to do. But those statistics speak volumes about the prospectivity of those nations in terms of oil. We have interests in three very large under explored blocks.

Regards,

Ed.

Laronde,

Well so far we've sen the company mention that the JV negotiations are for CCU, LOI etc with the agreement expected to be completed around or before Q1 24. Although Art to let it slip the intent of the industry leader when he said in an interview "they want the whole lot". One of the above suggests we're almost at the beginning of the journey, the other suggests we're almost at the end. Personally what I would do if I were on the side of the industry leader and wanted the whole lot, I'd take the whole lot and sell off the BFU to reduce the cost of the acquisition. I3E did that with the Toscana/Gain acquisition, immediately sold off the parts they didn't want and brought the acquisition cost for them down.

Regards,

Ed.

Fellas, not only for the production but the current oil price and future oil price predictions are also a key part of any late stage JV or TO negotiations.

Regards,

Ed.

ALB,

Its hard to predict what the share price will be until we see the net vs gross pay of the well and how much it flows. But if you look at some companies with imo much lesser assets you'll see what they're capped at. MATD capped at over £30m and BCE capped at Circa £20m. Both have much smaller developments than Tobias and nowhere near the potential upside from exploration either. Should the Tobias development be successful at its current size I would anticipate we'd pass both of those market valuations. The company has hinted that the oil in place may increase with horizontal wells.

Regards,

Ed.

Hi Nige,

Yes there are going to be mixed views on this infill well. Initially I too was in the 2-3 week drill time camp as the well is so shallow. But Sonangol will be the ones with the previous well data for the field, know the pressures down there and how complex the geology might be. Also this is a very important well to Angola as they're looking to revive their onshore production from this well, so carefully drilled. So I imagine that the reference to October on the company website is guidance from the operator (Sonangol). So yes its very much looking like an October update on Tobias-13, only a couple of days left of this month so eyes still peeled for that RNS.

Agreed, its great to have a clean balance sheet that will hopefully be funded by the recent agreement with Extraction Srl at a large premium. We are in the enviable position that if the Tobias results are as expected we have the money there for one or more wells (possibly including horizontals) to bring Tobias back into production. So exciting times and market is largely unaware too (daily volumes still pretty modest), so traders appear to have moved on for now. Exciting few weeks ahead and hopefully after that a full on field development and first production looming, fingers crossed.

Regards,

Ed.

Morning Nige,

I only pop into these BB's from time to time so prefer not to have more sources to read/contribute to. But happy to keep posting here as developments unfold. Should get Tobias well results and the funding draw down next month, so should be plenty to discuss.

Regards,

Ed.

Nige,

Its cleaning up the books, getting rid of all the old legacy debt. Now for the development of Angola and Brazil it will be from one Creditor, Extraction Srl, 45% owned by our Chairman Mr Karam. All ducks aligned now, its in Mr Karam's best interest to make CRCL very successful like his other ventures. We're just along for the ride now, bystanders of what will hopefully be a very successful company. He's set the tone with the new funding set at 0.8p per share, almost twice the current share price.

SP71 exactly, agree 100%. Since they picked up Angola and Mr Karam took charge look at the speed of getting things done. Angola approved and completed very quickly and drilling near completion already. Its like a new company, all they need now is a new name to match our oil and gas strategy. Redevelopment of Tobias and Galinda will be the first steps, but looking at the current three blocks there's massive upside beyond that, these block are relatively undrilled, especially the very large pre-salt targets. So great redevelopment and exploration potential of these assets, we've yet to see what's in store from Brazil.

Regards,

Ed.

Very good news guys, YA and Riverfort out of the picture now with the retirement of this facility. Now CRCL has a clean sheet as Mr Karam mentions to get on with transitioning the company into an oil and gas producer.

"Finally, the Company announces that it has formally notified YA II PN Ltd and Riverfort Global Opportunities PCC, and has now repaid the balance of the corporate debt due following today's conversion notice. This payment fully retires the facility, most recently announced on 30 January 2023.

Antoine Karam, Executive Chairman of Corcel, commented: "The retirement of this legacy debt position alongside the convertible loan facility recently announced, continues the Company's transition to a new framework of funding our development. We thank our warrant holders for helping facilitate this process through their conversion and for demonstrating their material support for our ongoing development."

Its good to get these cleared out before we get an update on Angola, it also account for a lot of the bulkier trades we've been seeing the last few days.

Regards,

Ed.

DC,

Yeah we got some preliminary assays for the first part of the drilling and nothing since. Maybe find something in the second half of the assays and perhaps not. I guess we wait for RGL to announce first. If Angola comes in as expected I don't think too many will be bothered either way about Mt Weld. If we had grades similar to Lynas I reckon we'd have heard by now. Might hear something from Angola next week though.

Regards,

Ed.

It really has gone as quiet as a mouse on here as we approach the final stages of the well. I guess those that wanted in for T-13 are already in and some of the nervous types have left the party early.

Regards,

Ed.

Shouston,

Exactly, raised a substantial amount twice for Cuda and then ended up funding that with bonds.

Regards,

Ed.

Seahawk, Tiburn,

True there is the other work that has gone on outside of the CCU, yet we're told that the JV is CCU only. It does seem an awfully long time just have the focus of the JV talks solely on one of the three assets. As Shaa also points out there are those with an M&A background involved with the company.

Regards,

Ed.

Property,

Toy could be into something regarding the takeover buyout angle. The length of time this has taken could suggest its more than the JV going on here, if its early Q1 then that's about 15 months total. We know the oil down to point of CCU currently and that could be extended into the BFFDU. But the oil down to point covers some 8000 acres that's about 32.3 sq kms. That is a large area for oil pay and carbon storage, so its large in size for an anticline and could get bigger once delineated properly, moreover 100% owned by COPL.

When you add in the total assets of 40.5mmbbls gross, plus infrastructure, plus injected gas and then some of the contingent and prospective at BFU and BFFDU it adds substantially to that. I personally would class a bare basic offer for USA light oil to be around $405m for those reserves, many acquisitions are on metrics far beyond $10/bbl, some I've seen go for $20/bbl+. So even a bid on the basics could get interesting, as the company has pointed out too our GGS could also be used on the BFFDU so we're well ahead of undeveloped rivals. So interesting times lie ahead for sure. Good timing for the make whole negotiations for those bonds.

Regards,

Ed.