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Mr Tibs. So it is your belief RBL coming before JV re existing Reserves ? I sincerely hope you are right / however I cannot share your confidence on this matter. We clearly had a default and not cash flow positive. We can become cash flow positive which inc scorecard on RBL. At best I foresee an RBL on anything but super low rates ie We are Higher risk as No Track record of Production / hence if RBL based purely on Reserves it will not be on most favourable rates. What I am trying to say is that any RBL may not be quite the golden ticket some think / However if achieved and accepted by new BOD must surely unlock Value via Production growth. My opinion is believe it when I see it and judge it when Terms disclosed. Tempered optimism best describes my feeling on the matter.

WTI $87. Couldn’t have timed that any better. C’mon new BOD / deliver production increase and disclose Injection Strategy to predict Guidance for Q4. Cash flow Positive. Debt down. SP up. 40 year life maintained because we don’t Produce nowt !!

Looking for 1750bopd (B/Even) for SEP. 2250 by DEC. Anything else bring it on..

Oh my goodness Wookie. 4years ??!! Art took you on one hell of a ride. He gone now and the right lads are in to deliver.

The Mars thing is a bit bizarre / given that it’s minus 60 degree C on a good day. But if people fancy a go then …

Send Shouston on a reconnaissance.

We ain’t getting no RBL Mr Tibs. Why would they lend it to us when they could lend it to the JV partner whom I hasten to add would not have defaulted and has all the expertise and track record ?

You don’t have to service debt in a T/O but it makes your position weaker the higher the debt servicing costs as it’s suffocating the Company. On flip side if your debts are Supportive to growth then you are in a stronger position to negotiate any JV terms. Simples.

FWT. Debt is under £100m. But I think you’ll find servicing that debt takes us over £100m (Even translated into $). But who’s to a few million eh ?

“Agreed to discuss possible reduction” Nothing definite there apart from Good intention / which I believe Anavio certainly do have Good intention / further evidenced by Full Market Price paid for 10% or so Equity.

Anavio goal (As is anyone’s) is to make Highest Return in shortest time possible. Like a see saw / They now hold the keys to

1 / Holding onto a long term share of the Asset with JV in tow.

2 / Partial Sale of Copl.

OR

3 / Full Sale of Copl.

JV party has Options as does Anavio. That’s a Positive.

Anavio do not want to run an Oil Company.

Panama are you thick ? Private Investors should have increased confidence to Buy anything they can below 4p. Because Anavio do not want to run an Oil Company and simultaneously want a return on their Investment.

Is it sinking in now ?? ..

Beesty. Furry friend. Of course it has to go to Shareholder Vote. PS : There’s $25m of Bonds Beesty. Plus they have $3.5m Cold hard Equity to land. Current MCap £23m. I’d say they’re firmly placed wouldn’t you !!!??

Sageman. Exactly the same reason why Art could not obtain RBL. He said they were all shut down for the Christmas holidays lol. As I say / as time goes on those behind Anavio will re set their margins of acceptance for any all out Sale. Let’s be honest .. They have work to do to get Copl to a point where by Various Parties would be interested in Buying us out. Hence I say they’d take 6p if offered tomorrow.

I just do not think we will ever see Fair Value in SP until an all out Sale occurs. Is 6p Fair Value ? Absolutely No. But they’d consider it if it was offered tmoro. 8p ? More likely Yes than No if offered tmoro and so on.

The multibag Dreamers are much quieter now as they know Share Count dissolved the cream off the Top and fortunately now we are in a place where we can base Copl success on actual delivery of numbers v “Nearly fell off my chair” followed by death spiral Financing.

Anavio want their money back and a margin gain and they’ve been aggressive in achieving thus far.

I wish to Point out they are doing it by the Book also. Doing the right thing as they want no controversy which could derail their plan. This will benefit those who choose to add imo. Assured returns with Risk as low as possible. Join the Anavio Train. I will Follow them.

I agree with Safetrader on that one. I do not see it all as Negative though. Previous LTH were completely in love with Art’s dreams but he had no real means or money to deliver it. LTH believed they’d get their money back if high average on a re rate but now we have over Double the Share Count and more to come thanks to Art being unable to set any Bond Issue conversion price.

Those behind Anavio bobbed in $3.5m for 4p and re set Bonds 4p on condition they no longer had to rely on Art to make decisions / waste money / to get their money back.

They will be on a strict Timeline and imo as soon as any offer comes in to take over the Assets on any scale that recovers their Investment then they ain’t exactly gonna be holding out for 10/20/30p are they ?

As majority SH they have cut costs / assumed almost full control and thus are firmly placed to recover their Investment.

10p by Christmas ? They’d bite your arm off to more than double their money inside 4 month. Ain’t gonna happen. Get real.

If someone offered them 6p tomorrow they’d probably take it. They don’t work on multibag margins like some dreamers on here.

As time goes on they’ll keep lifting their margin of expectation but I believe it is absolutely their aim that they Do Not Want to run an Oil Company. They want to recover their Investment at a decent margin imo.

Do we reckon the JV party helped us out with the speedy set up of GGS ? Cos I do. Art never stick to a budget or deadline in his lifetime of Copl. Apart from the GGS that is !!

For a person with 13000 Posts to insult a man like Pilot is very poor. Respect one another. Engage in conversation and share opinion to best navigate the journey. No need to insult.

On a serious Note Duster I would absolutely snap their hands off if there was a Sale of CC with a 10% Retainer. The amount of money being enough to become Debt free inc Bonds cancelled and Copl keep BFU.

And if they wouldn’t allow any Retainer then a bit of cash to distribute to the long suffering.

All just dreamland. The New BOD need to build Value around a sound FDP.

Re the potential JV / All I was looking for was our own ability to conduct 1 to 2 drills per year. A slow grow scenario. What this does is allow us to negotiate better terms should JV Partner want to move at scale because we could quite happily chug along ourselves and grow to 5000 not impossible and has to be the near term ultimate aim inside 12 month. If JV delivers 7500/10000 Net to Copl then the negotiated terms MUST Add Value to us on Top of the “Go it alone”. I do not rule out a Sale of CC $$$ with a small retainer 10 percent.

Either way / I do sense that the New BOD put in place by the Financiers will get moving fast.

I’ve spoke many times re i3energy experience re the Financiers effectively running the business and Majid CEO and Graham CFO (Both well capable and CFO was excellent) acting under their instruction. When Serenity went belly up / The Financiers had a plan B. Injected over £50m and SP 4 bagged. And that was during Pandemic. Basically the Financiers wanted their money back. And they got it. Since then (Financiers got what they wanted) SP retraced to a 2 Bag.

All about the Financiers. Anavio and more importantly those behind them set the bar at 4p.

Get Costs down / Boxed Ticked. Get Production on Incline / Box Ticked. Not hard is it ??

Another major Positive is that the Senior Lender supports the new BOD. This not factored in yet but adds Stability and will contribute to higher production and net back and ultimately SP. I’ve never subscribed here to multibag but I do see that every Investment below 4p is Solid and can deliver a low risk return. Anything else is a bonus to me.

Daniel it’s not a criticism. I’m merely suggesting your 1300 is cutting it a bit fine. And remember Art still on a Footballers wage. But / as I say / it does make me wonder with the severe Cost Cuttings (No one could dispute they were not severe) that the New way forward will be “We are Break even at xxxxbopd” and their aim being Copl were Break Even from 1st Sep. If they can demonstrate this in RNS together with slow grow Production / Then that would be an impressive start.

Art merely said “Ermm.. Hmmm… Too many variables to say B/E… We don’t know… Give us more money” Thanks.