Member Info for Edgein

Well I would imagine the best time to get an annual reserve audit done would be after Cuda has been resolved and the restraints been lifted from the BFU. Also any wells to be drilled into the Fed deeps and any more planned drilling this year into the BFU. We are told time and time again in multiple news releases and interviews that the BFU is outperforming expectations and is responding better than expected to the MF. That is highly likely to lead to increased 2P when the reservoir is responding beyond expectations. So sort all that out, get the wells drilled, get the report done and do that. That's my view as a LTH rather than a trader.

Regards,
Ed.

Oh I would imagine that Art has been in touch with the receiver since day one and throughout the recent litigation process.

Regards,
Ed.

Yeah I certainly wouldn't rule out an announcement tomorrow or early next week if it turns out that COPL is the only bidder or winning bidder for the Wyoming assets. If they win its still a material asset so will have to make an announcement, thankfully not big enough for RTO this time. Also any other company that bids will be playing second fiddle to COPL who are operator. Intriguing to see how this plays out in the really near term.

Regards,
Ed.

Yeah I would imagine there could be speculative buying coming in especially tomorrow afternoon ahead of the Cuda bid close. Certainly not imperative that COPL get it, but a nice bonus if they do.

Regards,
Ed.

Those 665k shares weren't his first buy though. He was very active on the recent placings to acquire Atomic. As far as I can remember he already held something like 3% of the shares before this. Its likely in the recent prospectus if you have the time to check it out.

Regards,
Ed.

Definitely shocking that we are trading at the same price as we suspended pre-Atomic acquisition and are now within days of knowing about the Cuda bid situation. If COPL are successful they'll have to announce. Underlying value of Cuda would be abut 1/3 of Atomic in size of production and 2P reserves so about $100m (NPV of Atomic over $300m). So Cuda 30-40p per share, Atomic £1-1.30 per share and the monster (depending on EUR could be £10-40+ per share). It'll be fascinating to see how this plays out over the next couple of days let alone years.

Regards,
Ed.

Noob,

True, there will be some at significant profit on 88e regardless of discovery. Likewise if you had been lucky enough to buy here at the low you'd be more than 400% up here. My average here is 9p so I've no complaints here at present. I'd like to see the market value start to price in the Atomic 2P and production regardless of the massive new discovery or what might happen with Cuda. First things first, but today's news from Art is what he needs to keep doing. Hammering home the news of the production performance and new discovery until it sinks in.

It took EUA 14 months to go from 0.4p to 44p and that also included a period of share price suspension too. During that time they didn't add a single new ounce to the MT reserves through drilling, but constantly repeated a threat to sell off the asset at fair value. So it took months of hammering home that the share price should have been much higher. I'd expect Art and multiple wells to have a similar result here.

Regards,
Ed.

Noob,

Well for their shareholders sake I hope they manage to find something that flows to surface before reality catches up with them. They'll only have a limited amount of tries before interest and cash runs out. There's been countless companies over the years with large prospective resources that found nout and disappeared. There used to be a flock of little Falklands hopefuls and now after all those years only one remains and its still not in production.

I'll finish with this, I rather have 1.9bn bbls of oil in place discovery (especially with what our neighbours in the PRB have achieved) than 30bn bbls of prospective hope.

Regards,
Ed.

Star,

Yes and it will take years to drill those 150 wells into the Frontier that Art mentioned in the discovery RNS. The party is only getting started here.

Regards,
Ed.

Noob ,

Nope 88e do not have any 1P proven oil reserves, to get that they need flowing wells. No wells have returned commercial volumes of oil to surface for 88e. Little samples etc don't count that's why they and PANR keep drilling a series of exploration wells, not appraisal or development wells. Might they eventually get something that eventually flows (likely after serious frac jobs, who knows). But alas for them not to date.

Different scenario here though, Art has identified live oil from a number of wells across these licences into the frontier, historic wells into the Fed deeps, new discovery well with live mobile oil, CC wells into the Frontier etc. Its also going to take some time for COPL to establish 2P proven and probable from the Fed deeps, but that's what the 4 horizontal development wells plan to do from August. Chalk and cheese with 88e's plans.

Regards,
Ed.

Yeah market is crazy at times. 88E and PANR built on hype and speculation, COPL built on oil production and a massive new discovery. Art just needs to keep hammering that fact home on every RNS just like today until the message sinks in. Be interesting to see what happens with Cuda when bidding closes this week.

Regards,
Ed.

Yeah its great to see Art add to his already large holding by adding these £225k worth of shares in the market. He clearly sees multibag potential from the BFU production performance and from the new massive oil field discovery. Can't blame him for wanting the same opportunity as everyone else, buy at the bottom with little or nothing currently priced in. Good timing Art, before news regarding Cuda.

Regards,
Ed.

Bargain hunters are around this morning.

Regards,
Ed.

Bob it sure will focus minds especially on Friday. Circa 500bopd and about 10mmbbls may not seem much in the grand scheme of 1.6-1.9bn bbls, but could certainly be a useful addition to COPL. Look forward to seeing the action on the build up to this. Even if COPL aren't the successful bidder they've still massive upside from the BFU/FDs/CC as they stand now. Interesting times ahead in the near term and beyond.

Regards,
Ed.

is required on their site sooner rather than later. Perhaps they're waiting on Cuda sales process. But the first place most investors look is at the most recent presentation. A new presentation could show the current production projections for the out performing BFU reservoirs and also give details on the new discovery of up to 1.9bn bbls. I hope they get to work on that soon and get it on the site soon after the 4th Feb as it should be quite easy to edit that once they know the result of the Cuda bidding process.

Regards,
Ed.

Cuda originally paid $37m to get their share of the Wyoming assets, so below that would be a good deal. However since they're in receivership they're certainly negotiating from a position of weakness rather than strength. We'll undoubtedly know the score towards the end of next week. Exciting times.

Regards,
Ed.

Bizarre line of thought that. Cuda is effectively a small version of Atomic, they've interests in the same assets. If he manages to get Cuda on the cheap its a huge positive not a negative. If he doesn't get it, Atomic/SWP are operator so the show continues regardless.

Regards,
Ed.

YM,

He doesn't need to buy Cuda as he's got between 55-85% of the new massive oil discovery, so the potential is off the chart here regardless of what happens to Cuda. Why might he want Cuda, well it brings in higher % interests in practically all the licences. So added cash flow and upside to BFU. But given recent news Cuda's also got an interesting wi in Cole Creek, its primary reservoir target isn't Shannon by the way, its Frontier. If I'm not mistaken that would take COPL's interest in Cole Creek Frontier to 100%. So while its not essential, acquisition of Cuda would add significantly to current cash flow, 2P reserves (BFU and CC) and exposure to more Frontier. I'll not argue with him if he successfully bids for Cuda. Gets it or doesn't its a win win either way. Its either a large interest in a massive find or an even bigger wi in a massive find.

Regards,
Ed.

this last numerous months:

"COPL is an international oil and gas exploration, development and production company actively pursuing opportunities in the United States with operations in Converse County, Wyoming, and in sub-Saharan Africa through its ShoreCan joint venture company in Nigeria, and independently in other countries."

Art has been hunting acreage for ages, apparently been approached as mention from some previous interviews, he's released the massive find news because he was ready to release it.

Regards,
Ed.

Yes indeed 4 horizontal Frontier wells planned to be drilled from August according to the recent interview. Yet Cuda's bidders are being told that they can expect an increase from the existing 500boepd up to 600boepd this year. Art is still operator of the BFU and CC so will be in full control of the budget for the Cuda asset, he'll set the pace of development and production growth. Don't be too surprised if most of COPL's budget goes into the Barren Flats Federal Deep asset where the highest bang for his buck lies. I wouldn't be too surprised if Art has more acreage up his sleeve too, but lets wait and see. I suggest the new holders go and watch the last year of so of COPL's video interviews.

Regards,
Ed.