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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..

Don’t forget your £100 to Registered Charity for No JV. Sorry about that Pilot. You’ve been a Poster whom I trust and knowledge on the Bonds / Of which were disastrous terms.

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.

RBL Stas ? No chance. Behave..

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..

Not too many decimal places to play with.

And if it was cost effective to Extract / you’d have a que of Lenders offering cash. Which / the exact opposite happened. Insufficient cash raised for maximum Share dilution. There was no competition to Finance Copl. No que. Multiple Lenders not interested. I think Art said they’d all gone on break last Christmas. Art dealt with reality as per usual.

Stas. I never believed that the Billion Barrels was cost effective to extract. If it was / being a small Oiler you’d simply drill 1 Well and raise a bit of cash with a higher SP. De Risk the Reservoir and then wait for a JV to add value. Even releasing the RS Report would have De Risked it ? Unless the RS Report had reservations re cost of extraction ?

Art talking about a 100 Well campaign. Based on what ? He wouldn’t even release the Report.

I just think the 2 RNS are connected. The Senior Lender wouldn’t budge on it’s own original Terms of the SCF and thus now plays hardball with No more Waivers during this period of GGS outcome.

If they can get the Asset now that all the infrastructure has been done / then they will force Copl’s hand and take it to Administration.

No one will fund this imo. The money required will be too great to achieve and maintain sufficient production to in effect pay back the Senior Lender in Full before 2025. And that’s before you see a Return. To best of my knowledge the Senior Lender gets all the Profit to pay down the debt prior to Expiry date. Potentially the Senior Lender would not budge on this regard JV discussions and may have proved to be the stumbling block ?

If there’s an Asset and you want your name on it / then ask yourselves who wouldn’t ?? It was my Biggest fear of all and I Posted many times on this scenario.

The Asset remains. The game is who owns it and at what price ?

I don’t think he was receiving a Salary was he ? That will need to be paid up out of the $2m cash..

The Senior Lender are like High Cost Credit providers. They basically make their own customers Bankrupt via the exhaustive Terms to start with. All the Risk is left with the Company / Lender just lets it play out. They know problems will arise.

The problem is if you are a Financier and you fund this through to Financial Stability vs Current and future guidance on Production / then by definition / you are tied and bound and at the mercy of the Senior Lender - whom hold all the cards due to SCF Terms expiring in less than 18 month time. I don’t think they’ll be an orderly que waiting to hand over the necessary ?

The Senior Lender will play hardball and no more Waivers.

I think £37-£40 million and Terms expire 2025 - Art123. Then there’s the outstanding Bonds.

$2m cash left is poor. They are breaking Covenants set by Senior Lender. More Finance needed. Cowan bailed ?? Who will fund this without more massive Shareholder dilution ? Diluted to oblivion.

Copl must confirm whether Cowan still here due to his name being omitted on RNS. Trainwreck.

The Lender happy to sign off on new infrastructure and let Private Investors pay for it. They even got the Roads re done. Just in time.