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The Company is in default again. Refuses to calm obvs fears of default via No News on current production. Will Guidance even achieve Break Even ? $2m in cash doesn’t fund Copl 6wks and breaks Senior Lender covenants. More Finance required. More dilution. SP 0.25p with Bonds still in line to exit.
Ashwaldo / Pilot (Goodguy) / Finwittrader - all need to donate £100 to a Registered Charity as JV not materialised.
Eazy Investor to donate £500 to Registered Charity as 5p not materialised.
Sorry it’s come to this. I always maintained 5-9p was possible and got slated for such a low prediction. I always called out the Rampers with pie in the sky multibag given the Risk profile. I entered at 2p and got out 0.4p. All the best.
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 ?