The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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..
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 ?
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.