Member Info for Edgein

Duster,

You need to go back to the presentations given about the large discovery. The RS report and the presentation given by the company at the time detailed the area of the deep discovery. The maps in that were quite clear. Its the CCU anticline and it continues over into the western BFFDU (only a small part of it so far lies under the BFU. The exploration well they drilled show oil in the extension towards the BFU. The need to delineate to find out how much is in the BFFDU, but they have a much better idea how much lies in the CCU (F1-3 +D). That is why RS report suggested 993mmbbls in place whereas COPL was around 1.9bn for the CCU and BFFDU (a much larger area).

Regards,

Ed.

Bob,

Well if you look at the Anavio filing recently on Sedar you'll see the amount of principal converted and the amount of cash they received from selling their shares between March and June. Since then the way the shares were dumped they were at a discount to the VWAP. So they'll make much much more by selling their shares at multiples of the $0.08 principal. So perhaps they'll wait until the conclusion of the JV or the unrestricted production.

Regards,

Ed.

Good afternoon Tiburn,

I would say that the answer to your question is likely yes, those 6 or 7 wells that are suitable for recompletion should be suitable diameter for sidetracking and horizontal completion, good enough well condition and integrity for drilling and completion operations. Art did say in the interview some of the other wells were in poor condition so I'd imagine not good enough for sidetracking. I would imagine that the company deepening or doing their own work on these wells will be in conjunction with the JV. Upon possible completion of the JV I cannot see the other party wanting anything other than new wells as that would avoid possible casing failures or other integrity issues in wells drilled prior to the 1980's. I COPL wanted to do a cheap horizontal I couldn't see why some of these wells couldn't be sidetracked into either F1 or F2. Also Art previously mentioned in a vid that they were going to do short laterals to begin with, perhaps 1/2 mile (rather than 1-2 miles).

Technically they could pull some of the casing out of the poorer condition old wells and revamp those but there's risks in doing that too. If we get the JV partner that we think is being lined up there's going to be a lot of new wells drilled given their likely budget for CCU. So it all depends on whether you think COPL are going it alone or not.

Regards,

Ed.

The previous mentions of JV give some indication as to where we are now:

5h June, CCU well recompletion number 2:

"The well has been perforated with oil inflow observed on perforation. The Company is evaluating options for stimulation of the perforations, and the timing of these, in conjunction with its JV discussions."

20th April:

"Frontier oil Joint Venture discussions are continuing, now focused on commercial terms."

Joint Venture Discussions

Discussions with a large oil company who approached the Company regarding the exploitation of its Frontier oil resources are continuing with current focus on commercial terms. These discussions, as well as the identity of the party involved, will remain confidential until their disclosure is appropriate by agreement. Substantial additional technical evaluation has been undertaken during this period, which has led to a better understanding, and increased confidence, of this resource."

So commercial terms being worked on back in April after they did substantial additional technical evaluation which increased their confidence. So I agree fellas this is the beginning of the end now that the large company wants exclusivity. Tech work has been done, they're now even more sure of what's down there, they're also planning ops for stimulation of CCU as of early June. As Tiburn said it was good that Art updated us at this stage as he could have just waited until it was all concluded.

Regards,

Ed.

RB,

I wasn't so much referring to the 100% today as to the multiple bags posted in the message. Since we've a £14m cap approx and 40mmbbls of 2P (plus the other assets, all the wells and gas plant at BFU etc etc). There's plenty of room to multibag on that alone, let alone a possible JV on the large discovery which isn't priced in either. That was along the point I was making. The reason we got oversold was a spreadbet company and bond holders were dumping regardless of the price, therefore created a disorderly market. That is in the process of righting itself with the volume of buyers coming in due to today's announcement. Its just starting to come out of its oversold status. GGS completion should continue this trend.

Clearly this large company wants exclusivity on the large oil bearing anticline at CCU. Structures like that can be very useful at producing oil and storing gas. :)

Regards,

Ed.

RB,

Well Sharebel's prediction looks more likely than not. COPL is still priced to go bust even though they've now entered into an exclusivity agreement with their company of choice on a potential JV and are imminently commissioning the GGS upgrade (only slightly of lesser importance to the JV). How could the market price it so wrongly. Its insane.

Regards,

Ed.

In just 5 minutes from opening, going to be a really high volume day for some reason. :)

Regards,

Ed.

Charlie,

The derampers sure were wrong, time and time again they said there was no JV and we now have exclusivity with COPL's company of choice to develop the reserves and resources at CCU the large discovery. Good stuff. Hopefully get detailed terms within the exclusivity preiod, clearly the other company didn't want to miss out/JV talks moving into a critical stage. BFU isn't even remotely priced in down here let alone a possible JV on CCU.

Regards,

Ed.

LLP,

BFU 34-20V 4895, -850 on May To be connected to the end of the Phase 1a pipeline (due to be completed this month)

BFU 44-21V 1972, -613 on May Also connected to the new pipeline but much closer to the gas plant

BFU Fed 11-22V 3279, -505 on May Slightly to the east of the new pipeline, but perhaps could share infrastructure with nearby wells.

BFU 44-22V 1964, -421 on May. On the east of the field and to be connected to the Phase 1b pipeline, but production may be down as a result of lower gas injection rates as most of the injectors are in the central and western areas of the field. Also quite close to the gas plant.

Once the upgrades are complete there shouldn't be any more need to flare gas from these wells nor should they need to be restricted. Phase 1a of the GGS is due complete within the next 10 days according to the schedule given by the company.

Regards,

Ed.

Confounded,

He's now our exec Chairman so there will be conflict of interest rules that would prevent such a transaction. However he could use some of his 187+ contacts with financial institutions, banks and central banks to help fund acquisitions or reversals into CRCL that he has no personal interest in. Such as further oil and gas acquisitions in Angola or our first Brazilian assets. It will be interesting to see in due course if any of those advanced stage acquisitions previously mentioned now complete under Mr Karam.

Regards,

Ed.

Board Member and Advisor

Openway Group

2016 - Presente7 anni

Brussels Region, Belgium

Global Advisor to the board since 2016. Group composed of 187+ financial institutions, banks and central banks around the world. Promoted and facilitated international strategic partnerships on behalf of the group.

Regards,

Ed.

TLM,

I agree I believe that Mr Karam is behind the change in CRCL that I welcome very much. If you look at the sequence of events this year. End of February CRCL announce switch to oil and gas as well as the mining, They say they are at an advanced stage looking at acquisitions in both sectors in Brazil, no mention of Angola. The all of a sudden comes along this Italian guy to represent a group of HNW investors. This guy has links to an number of international pools of cash, if you look into that they're African banks and contacts in the middle east. Then all of a sudden out of the blue comes along an African deal. That imo was Mr Karam's baby. Now that its complete and funded by Corcel then JP moves aside, coincidence or not, folks can decide (signing bonus was paid by Mr Karam's investment in Mt Weld) . Since then we have more talk of consolidation in Angola etc. Angola like Brazil are keen to get smaller diverse players in to grow their onshore production. This looks like it has been brewing since March and Mr Karam coming in for a large chunk of the company then taking a personal interest in Mt Weld (paying for Angola).

Imo it will be interesting to see how they fund progress and consolidation in Angola, wouldn't be surprised if its one of those African banks. Will the focus turn now more towards Angola rather than Brazil. When Mr Karam has come in they said he was supportive of the new strategy, now within a few short months he's taken over. This is a successful guy at the helm and I'm quite interested to see what he brings to the table over the short term in Angola let alone next year etc.

Regards,

Ed.

FF,

They're questions that you should be asking Art not shareholders. I have no idea what he's going to do next regarding the funding or bonds. We'll just have to see what happens with the BFU production and outcome of the JV. I would imagine that he's in a closed period at this late stage in the JV so cannot buy or sell.

Regards,

Ed.

Douggie,

To sink more of your conspiracy theories I still have the same user name that I use on ADVFN. I just started to post on this board due to the fact that ADVFN had been taken over by multi account users all posting to themselves. Any more wild theories that you want me to shoot down? I knew I had triggered you earlier but now I know to what extent. :)

Regards,

Ed.

Doug,

Man your can has been rattled now for sure, interesting. Rather than suggest that my comments are pure speculation, perhaps you should read the Sedar document on Anavio posted recently.

Regards,

Ed.

Douggie,

Thank you for replying on FF's behalf. But its not an assumption that that post is libelous, it clearly is. The thread that it belongs to is still there. Its time for you to have another coffee as the last one has worn off it seems. I didn't reply to it due to the contents of the post. I hope that you realise that copying the same libel also implicates you too. And that my dear chap isn't speculation either.

Regards,

Ed.

FF,

Perhaps if you ask LSE nicely they may remove your libelous post earlier (8:47am) about the CEO and another BOD member.

Regards,

Ed.

LM,

I've been posting on these boards for over 20 years, iii then ADVFN and now here. Its not changed much in that time, it brings out all sorts. But its always been the same MO, their quest isn't nearly as charitable as they pretend. :)

Regards,

Ed.

LM,

Absolutely. How they handled things this last year has been very poor. They should have taken notes from PANR and 88e on how and when to raise money. But at least in comparison we have the reserves to back us up. But the opportunity is there now to turn the corner and rectify the situation. Due to the climate change rhetoric that goes around these days oil companies are a bit overlooked. But its not stopping the oil price though (I see anything over $65/bbl as strong). I do lean towards seeing $100-120/bbl in the comping years as shale oil passes its peak. So hopefully right place right time for COPL.

I hope this plays out for all of us holders and that a combination of future BFU and JV production can bring in share buybacks and cancellations, something that a lot of the successful production companies do. BFU first though, apparently greater than 300bopd restricted, that will hopefully see us over 1600bopd fairly quickly.

Regards,

Ed.

In that case wasn't an assumption. We both know what ya posted before someone had it removed and accused me in the wrong for doing so. Deary me Doug. At least you're able to laugh about it with your coffee now that you've settled down.

Regards,

Ed.