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Agree with that Stas completely.

The Stars must align. It applies both ways. At the end of the day if there is an Offer on the table, then Art not happy with it or he would have signed. Unfortunately the more illiquid Copl become / then the deal gets worse. If Art resolves liquidity then he can perhaps shop around. But yes the deal will be complex.

But I maintain. No Oil Business hands over money on current data. At some point it will need Full Appraisal. Even if this is phased. And that means Drilling and acquiring more data to place the Wells at optimum points to best guarantee a return. This costs money.

Also as I’ve said before. Why didn’t Art just Drill if it’s that good ? Esp when we had lowering production. There are a few possibilities.

The North Sea field that required Appraisal was 200mboo and 4x10 mile reservoir. 3 We’ll Appraisal Cost £30/£40m (£35 fair estimate). Now. The FD covers a lot more than 4x10 mile. So once again / If it ain’t sinking in already / They gonna need multiple Appraisal Wells / Even for a phased development. Yes, some technical work is being captured in current works. But this is not the Full Appraisal required for any Oil Business to sign off on hundreds of millions.

So who gonna pay ?

I think Art trying to get Copl into a position where they can fund a 1 Drill Appraisal. This will not be enough stand alone but it will strengthen his hand in any Negotiation. Because once that Value is in his own hands / he can slow grow.

A way off yet. This GGS has to work. A Return to Fund raising if it does perhaps to speed up the Drill. At this point Fund raising should prove accretive to SH and 1 year away ? No multi bag if adopting slow grow but more secure. Takes time. Years. Patience run out on some. Art clever cat.

Of course it’s all connected. But you don’t sign off £500m or £1b Investment until you know what’s coming out. That will mean Full Appraisal. That costs $$$. In the North Sea a 3 Well Appraisal was £30/£40m for a proposed development 1/5 size of this. That’s $50m in real money. But of course this is not North Sea.

I can provide example.

Give me 3p Alan. No more Whammy’s please.

Oil has to come out Roxi to fund the next Well (Obvs). A slow grow method is what I think Art is adopting ? He has no other option.

He has to make Copl cash generative. If he does slow grow 1/2 Wells per Annum / Then JV Terms should improve or give higher chance to all out Development.

But can we trust Art ?? 2 Directors gone.

He couldn’t do anything else Bladders. The Underwriter had to stipulate that or no money coming. They needed that money.

Recent Buys are genuine imo because soon after the Sells have gone higher than the Buys. This is going up. Just a bit.. 20% in next few days ??

Re completions are not at Fed Deep oil discovery. I am talking about the delineation of FD. What’s the projected Cost BEFORE they sign off on the Investment to drill 120 Wells ??

Any ideas ?

If the Total Cost of Development runs into hundreds of millions / Then surely 10% of that cost has to be allocated to Appraisal? It’s 50 sq mile after all …. ??

3 Wells ??? Cost each ???? $6-$10 to $12-$15m each ??

Who paying ?

It’s almost like Tiburn was there in the room. Supported by Bladderman who is on talking terms (welcome) with Art.

So chaps / who going to pay for the Appraisal for FDP and at what cost ?

Even if Bladders asked Art / He would say NDA.

At least the ramping has tempered to a potential 4 Bag (If the SP decreases to 1.5p). Seen £2 or £6 or 123 Bag on here. Nice.

It is highly unusual for a CEO to converse directly with a Private Investor. He must literally have thousands of emails requesting responses. I have no doubt this is interaction is real. Art managed to select someone with 18000 Posts amongst hundreds / thousand’s of emails.

I bid you a Good evening.

He ain’t getting no RBL on current production and debt. It’s his job to prove up the field and thus get production up. This GGS has to work and allow Copl to become in part self sustainable. Otherwise it’s got 12 month before they call their number in because Copl have no access to further funding because the Bondholders and Underwriters have spoken.

Art must get Copl to 2500 or above. Maybe he could be honest and release some base numbers for sustainability along with CFO ? He won’t do that.

Pilot I agree with you re the Hedges. Oil reduced to $68 WTI. This puts pressure on lower producing companies.

Periodically Oil Price can fall thus capturing 10% of small Oilers that are always on the edge. All the while Big Oilers abreast of situation.

I think Art will increase Production in the Short Term / Remains to be seen over the Medium to Long Term due to wax. Running a 1 litre Ford Fiesta round M25 at 100 mph is going to lead to problems. This is why I go for just below 3000bopd sometime in Q4.

Any more Bonds at 2p and there is problems. (Bondholder won’t get 2p / Underwriter has spoken).

Pray for a mild Winter.

Previous to this / There was a Mexican Stand off between Art / The Bondholders / The Underwriters.

Art needed the cash.

Bondholder ultimately wanted their money back.

Underwriter said “Go ahead. Conversion Price must not be fixed. You’ll get your money back (Same day) once I put it to Market”.

And there in .. The Seagulls follow the Trawler.

The Bonds represent equivalent value to a Ford Focus. £10m Ford Focus at £20.000 each is 500 Ford Focus. The Underwriter promises the Bondholder an immediate cash exchange. The Underwriter is a local car sales business.

Bondholder decides to cash 50% of his/her Bonds. That’s 250 Ford Focus. The Underwriters Car lot isn’t big enough to fit 25 FFocus / never mind 250 !!

Now. If the Bondholder got £5m for them then fab !! Great deal.

The Underwriter has to honour cash payment promise but the conversion value is Not Fixed. He cannot Shift those Cars so starts ringing around saying I got these Cars. In order to shift them as per bound to the Terms a cash value must be exchanged / it comes to pass that the Bondholder gets rid of all his 250 cars but receives much less than Market Price.

This is what’s going off.

“If Bondholders are Selling (then) someone is buying them up”.

Bingo !! Yes the underwriters are buying them up / Hence we are at 2p.

The underwriters are not just going to say “Here’s your money. And btw we will give you equal to amount of SP before you wrote to us. Have a nice day”.

The underwriters don’t want to own Copl. They are Financiers. They want the Shares to be owned by anyone but themselves. That’s why the SP drops as Copl are not currently generating cash (Yet).

Brilliant. Thank you for sharing.

CEG remarkably similar size to Copl / Same Big Oil JV never materialised 2 years on. A quick view on Bulletin board marks same honest Posters v those that abuse. MCap £9m.

Https://www.offshore-energy.biz/bahamas-petroleum-decides-to-change-name/

Remind you of anything ? Drilled a Well to confirm .77bboo to 1.4bboo. All they got was a mud. Not commercially viable.

Tiburn. You’ve never commented why you think the Bondholder is Selling ? And seen as that’s the main driver of the SP reduction… then ??? Why would they Sell ?? If that Production is coming ?? (Btw I also think Production is going to increase to High 2’s by Q4).