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Bladderman. Nobody buys CC for £150m. With respect - Get real. If a Fire Sale goes through / it will be peanuts and most likely £10m. People only buy at bargain prices as we did $2 per barrel ? Nothing is de risked. It would go for Peanuts.
If Copl need $2.5m in cash on Account by Jan 1 and are at least $1m short but had ability to get there then they wouldn’t need this RNS. So they absolutely do need the Finance of say $1m and may well get it if GGS performing near 2000bopd / prob need 2500bopd now. Big ask given Cowan the production man AWOL and YellowJersey PR AWOL. If the Bondholders do stump up from there previous Shorting accumulation, then it certainly won’t be at current or premium to Todays SP. 0.3p MCap £2m ? Need £1m =75% Dilution at best probably. SP can rise thereafter so I will wait but not convinced and Senior Lender still remains unanswered Terms due up 2025 so …
Not me Pilot. They need Finance unless they can get cash back above £2.5m. Even if they do get cash above this level / then it spells corruption given CFO lack of input re failure to RNS current trajectory to achieve £2.5m cash Year End. Absolutely and completely corrupt. Always buying themselves time. Cowan ”Focused purely on Production” and yet No update despite the need to know right now.
You can just imagine Art in endlessly long meetings with JV discussions ? Yeah I bet. Held onto it long enough to justify his non existent made up role in Copl America. 40hr working week for $$$ ? I think not..
Leew. Cash position as of 30 Sep was just $2.2. That was then and production hadn’t increased following month. That’s less than £2m and must have fallen since ? Also they were not paying BOD and looks like Cowan gone ? Any News from yellow jersey PR ?
· A cash position of $2.2 million as of September 30, 2023 compared to $4.0 million as of December 31, 2022.
Agreed Stas. The LOI was just another vehicle for the Bondholders to have greater liquidity and ultimately cash in as much as possible and as soon as possible. Lie upon Lie. Meanwhile / Massimo and Ludwig in Bahamas awaiting Art.
I often wondered how Art got production to 2700 with risk of a blow out with plastic pipes. I wouldn’t put it past him to Stockpile Oil and mis report before supposed Wells had downtime skewing production.
So let me get this right ? The only logical way to obtain Finance may be via the Bondholders whom have Shorted the Stock to High heaven / as they will risk loosing their remaining, should Administration occur and Offer only sufficiently cover Senior Lender ? Senior Lender stroking the cat Mee Awww..
Sham89. No way are we going to get Finance that is accretive to current SP. Best case is that Finance is delivered (run if it’s via Primary Bid) but cannot see SP rising in meantime and only dilution and consolidation will follow. At this time of year / the shops are closed for High Risk knocking at the door. Ain’t gonna happen.
Edgein. Angs have sufficiently de risked Saltfleet to be able to obtain lending facility. Copl would not even release RS Report. We are Valued much less for obvious reasons ie : No one can believe a word the BOD says (No Credibility) and no one can certainly see a pathway to printing money for more investment in production. Add on the already poor Finance structure and le viola. Best left alone. Lenders have a strict Risk Profile and this is …
Stas. It makes sense to me that even if the Billion Barrels is wanted by a Big Oiler / then they would look at the SL Terms and make an offer to them / if they knew that the Asset could realistically be transferred to SL due to suffocation Terms causing illiquidity.
SteveV. All very possible but the point is / at what price does the necessary Funding arrive at ? Given that the Senior Lender now will accept no future Waiver to Terms ? For all we know they might have it in Terms that Balance in Full be paid to them by 2025 - Who will refinance that ? Current Shareholders will be diluted to oblivion should Finance be delivered. I cannot see any other way..