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If the Senior Lender senses Copl at its weakest point and wants the Assets then it’s going to enforce binding Terms. It’s bent over backwards already. All the while they signed off on infrastructure upgrading. Clever.
This is their opportunity. The original Terms were unbelievably restrictive to start with so they knew high chance of this outcome and rising interest rate environment ensured they had maximum control.
Cowan will just say he was focused on production but that the debt burden was the reason for SP decline. Art will say he found the Asset and it would have been his proudest moment should it have been commercialised. Ryan will be sucking up a slush.
Tico. I suspect the billion barrels is there. There is 16 billion barrels a few hundred miles north in a cross USA/Canandian field but they cannot get more than 10% out. There is hundreds of billions of barrels all over the World. China have massive reserves but are Worlds Biggest importers. The reason ? It is not cost effective to get it out. I suspect this is the case for Copl. I found it strange how Art just announced it. No warning whatsoever. He needed something. Probably had prior knowledge it was there but aware it wasn’t coming out. I always said if we had a billion barrels - why not drill just 1 Well and slow grow ? The whole thing is a story to entice the Private Investor.
Shareholders back of the que. Someone’s going to get their hands on brand new infrastructure for a song. It won’t be Shareholders because the cash injection required to stabilise the debt will be too great. We have $2m in cash. Directors not being paid. Debt not being paid. Art on Big money bringing nothing to the party. They’ve delayed and delayed the GGS injection. They were in no hurry.
Unfortunately Stas bankrupt scenario is much closer to reality / Don’t fancy that the Asset valuation will cover debt ? And all the while the BOD know what current production is but WILL NOT inform shareholders / or should I say Private Investors ? Completely corrupt. Cowan gone ?
Lest not forget they raised $4m at 30% premium of 2.6p on 5 OCT. Yes the process did support their own shorting as delays drove SP down from 4p. But still. Here we are… Pivotal… it certainly is right now..
“The Company is excited by the high degree of support and mutual alignment it has achieved amongst its leading capital providers and stakeholders enabling this pivotal financing and restructuring package:
Upsized equity financing of $4 million at a price of 2.6 pence per share, or +30% premium to the closing share price on 5th October. The funding was provided entirely by the Company's leading equity and convertible bond investor Anavio Capital Partners LLP”.
Ok Stas. “Is limited to disclose identity and nature”. Let’s see what they reveal ? I stand corrected but yet to believe they will reveal anything of merit. We shall see. We need one mighty RNS that de risks the whole year.
Give it a rest Panama. I’m 65% down. Sharebel has 100 minutes to break through 1p. Not hopeful despite my Averaging down. We need the RNS2000. Is it too much to ask for after 5 wk of injection ?
The BOD absolutely are Not going to declare who the JV LOI was with. When you look back / They could have committed to declaring such if JV failed to complete / thus giving credability to the process. But they never did. They never committed to ever revealing who it was / so why are they going to reveal who it is now ? No chance.