Member Info for Edgein

Hype? What hype, COPL trades at a discount to the value of its gas gathering infrastructure let alone its oil reserves. Imagine if the market tried to value in its current reserves and the beast discovered in the deeps it would go through crazy bags before it even started to see hype. Come on Art get that JV done and start to force the market to value in the basics.

Regards,
Ed.

Tiburn,

From your post earlier:

"I think your right, some interesting timing on these 6 CC wells hard data suddenly found in a cardboard box in SWP warehouse and assessed?

This small team (highlighted by AM) should be maxed with day to day field work but found time to do this audit of past data, at the exact same time and announced in the exact same RNA as the JV due dilly........"

Yeah it certainly seems like quite coincidental timing for sure that the work is about to start completely out of the blue on CCU. IT certainly didn't get nearly as much attention as the BFU/BFFDU before the RS report came out. Its certainly important for COPL to habe all that wellstock on those Frontier wells as I'm sure some could be sidetracked or deepend to the Dakota if necessary. But very interesting timing to be doing a trail frac on a vertical section of the Frontier just when that company is doing their DD. Trying to prove a point from the looks of it.

Regards,
Ed.

Why does BOIL have almost 40mmbbls of 2P, and oil field in production and a major oil discovery with DD for a possible JV? No! They have no reserves, np production and no cash to drill. Its like chalk and cheese.

Regards,
Ed.

John,

That is exactly why some of us think he should suspend the share if he gets that close to signing on a deal that could be worth potentially several times the current company value. Easy suspend pending a material announcement (if he gets that far). During which time he can release the details of any potential deal before lifting the suspension, giving all holders time to fully understand the implications of the deal on the future of the company and its significant assets.

Regards,
Ed.

Treefern,

I don't remember Oilexco having any waxing issues on their North Sea assets. I believe he was referring to his days before Oilexco when he worked in Canada.

Regards,
Ed.

Brel exactly, the fastest and cheapest development on the deeps would be FO, as confirmed by RS the parts of the licences covered by that report is huge in terms of OIP. But the holders here would also like to know if that extends beyond CCU and BFFDU into our 100% owned non-unitized lands. Clearly the fastest way to get there is with a carry with a jv. COPL also do have their hands full sorting out the BFU. With a bigger and better reservoir than expected and the operational issues so far there's plenty for them to get on with and let someone else help out with the deeps.

Regards,
Ed.

Man this bb is hilarious at times, we knew the wells were restricted (September) before some were to be tied into the gas gathering and before the flaring application (October not September). Even in October the flaring has only been conducted in a very modest way, less than 1mmcfd compared to the 3.5mmcfd permit. So getting these wells boosted up will take time. But what's the big deal in that for those that are invested for the development of the deeps discovery as its gonna take even longer. I wonder will there be such a fuss when the production goes up by 30bopd per month or even 100bopd or 500bopd, or heaven forbid even more.

Regards,
Ed.

Tiburn,

Yeah these first 6 recompletions of the Frontier at CCU are a cheap entry into stirring the beast.

Regards,
Ed.

Shaa,

I'm thinking one with deep pockets. They cannot buy into reserves and massive potential without a hefty price tag attached to it, cash element/carry element. There are lots of companies operating in the PRB that could fit that bill, we'll hopefully see which one in due course.

Regards,
Ed.

Good morning shaa,

Don't mind at all. Lots in the pipeline between now and the year end. Be interesting to see which comes first, fingers crossed that its the jv deal.

Regards,
Ed.

waddaweknow,

Yup that's the guy, he had one more mint and then exploded over everyone in the restaurant. :)

Regards,
Ed.

Til21,

You do know that Cuda only completed in July and before that COPL were having to carry them? So how on earth could they have concluded a new RBL in the middle of all that with the uncertainty of Cuda? RBL would be based on the combined reserves of Atomic and Cuda acquisitions. Also to be on the verge of an RBL just 3 months after acquiring Cuda is quite impressive, its the strength of the assets and oil price that has allowed us to get there so quickly.

Sure things could have been different if we didn't have the pressure issues due to field performance much better than expected, or no wax in the wells etc. But in the real world things like this can happen, but Art and co have been sorting them as they go. We're now in a direct path of a tsunami of news, from reports on BFU, CCU well workovers in additional frontier reserves to possible RBL and jv. I'm fully loaded, but might be able to squeeze a few more in like the guy in the meaning of life with that one more mint.

Regards,
Ed.

Great stuff in that release, BFU is thought to be much bigger than first thought, perhaps even as much as 30% bigger. What's down there is also responding much better than expected to the gas injection too.

"COPL has provided its internal evaluation to International Reservoir Technologies ("IRT"), its specialist reservoir engineering firm. In late September IRT tested the internal evaluation which resulted a field wide re-simulation of the miscible flood in early October. Completion of the field-wide re-simulation is expected this month with the objective of allowing the Company refine its future injection strategy, better predict the high-pressure trends and provide a refined model for future production forecasting."

Looking forward to seeing this mentioned again in the future as the production profile and ultimate recoverable is likely to change after this report. Hopefully the jv won't also include the BFU as this is a material asset in its own right.

As for those that have been dismissing the CCU have gotten a wake up call today too. Cheap workovers to access more of the behind pipe in those current wells, a very cbeap way to add more production bbls. Also results of that would also help out in the JV negotiations that may also include CCU as well as BFFDU.

RBL negotiations and JV continues DD, marcellous news, hopefully complete both of these soon (Art did suggest October so both well advanced). First time that Art has revealed the possible JV to the markets, so imo we're close on that. Best of all Art has come out with the comms when needed bot left folks hanging into November, so thumbs up on that too.

Regards,
Ed.

Unnd,

Well those that live in the real world will be happy with that. Whether its a miner or an oil and gas company, no one goes from first discovery to full production without dilution. There's plenty of companies on AIM that have discoveries and would love to have dilution to get them to production because they can't get any form of finance either debt or equity. There's way more than that have dilution only and no reserves. So yeah I'd rather have half a skyscraper than the plans for a skyscraper lying on a table without the ability to fund it. :)

Regards,
Ed.

Unnd,

I don't believe that he is, no such thing as free money especially in this market. A bridge loan had to be secured against something. Would those three commercial banks been as keen then, hell no. So its more like selling half your house to find out that you actually own a skyscraper and not a house. Its lala land if folks think they can get assets this size developed without debt and dilution it doesn't happen. We'll see who is left complaining about dilution if Art gets the RBL and JV.

Regards,
Ed.

Secured against what? Our reserves, making a senior loan for the development of BFU and cancelling the old hedge much harder or impossible to achieve. No thanks, I'd rather see him go down this RBL route instead. Because if it goes the way I hope it goes with the RBL and JV it should leave COPL fully funded on all assets.

Regards,
Ed.

LT,

Spot on without the convertible bond we wouldn't have been able to pick up Cuda's assets at less than $2/bbl. But way more significant than that we wouldn't have been able to get 100% of CCU and non-unitized lands (Frontier/Dakota) and 85% of BFU (Shannon) and BFFDU (Frontier/Dakota) worth way way more than that bond. Off the chart accretive.

Regards,
Ed.

Shaa,

Need to be something like that to get my shares too. But one stage at a time, lets see if he can bring home the bacon with a jv and what that brings to the table for COPL.

Regards,
Ed.

Shaa,

Absolutely, Art has achieved a lot in a short space of time. For a while COPL was teetering on the edge, now the worst that some can come out with is timing and dilution. Very true, BFU performing better than expected and caused its own issues as a result of the infrastructure not being able to handle all the gas. But he's getting is sorted as he goes in one of the worst markets I've seen in over 30 years investing.

I agree on that point too, he's not getting any younger, but there are older CEO's around and Art will want the fed deeps to be his legacy. So I can't see him flipping it that quickly, we know what he's went through to here, from the Essar issues and fund raising to keep the lights on to a company with large reserves on the verge of a mammoth discovery. He'll want to milk that as much as possible imo.

There are multiple viable recognized companies that could be in the running. The fact that Art slipped it into a presentation could be, like others have said, to smoke out a few others.

Regards,
Ed.

Turvok true, but you want that to be worth the wait. Opportunities like this don't come around very often on the small caps so you want to make the most of them when they do. The highest price for this asset will be achieved when its fully delineated, so there's a lot of drilling ahead. You can tell from the posting from some on here with 50p and £1 price targets that they have a short-mid term goal here. The ones that make the real money will be those that stay for the duration and it will be interesting to see who makes it that far. I remember back in the dark days there were about four of us posting on the COPL ADVFN board with a handful of daily or even weekly posts. How things have changed with the US acquisitions.

The scope with the fed deeps is the scale of numerous mid caps put together, like I said earlier we're in a similar 2P reserve position to some of those already (production is less, but its got the potential to get there too). In the years I've held these COPL has never been in a better position than its currently in and any one of those pieces of news could propel us towards a realistic value. Something that we've yet to see since they acquired Atomic. Which straw will break the camel's back, the unrestricted production update, the RBL or JV update.

Regards,
Ed.