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Hello Tiburn,
i understand your points and this is by no means an ideal situation,
it is only intended to be a safe space where people can talk to other people who may have a better understanding of the issues without fear of being ridiculed or criticized.
It is not intended to replace the board ,
i hope in the near future this board can return to what it once was ,
that is why people like yourself and Stas 20 and others would be welcome and anybody who might find talking to others useful.
This will not be a CABAL seeking to influence the company,
if you want to talk to AM he will listen,
i myself emailed him a week sunday afternoon , introduced myself and received an answer from him 2 hours later.
So that option is open to anybody.
The problem here has been that the reaction of opinions of any news is instantly affected and pounced on by the trolls,
the negativity kills the value before we even have time to react.
i myself cannot wait until this situation changes,
but for now maybe a safe space can help other PI's.
B.

Good Afternoon Everyone,
So now we have another piece of the jigsaw in place .

“Confirms the Wyoming deep discovery has total Original Oil in Place of 993.5 million barrels .”

“Outlines 118 horizontal well locations to exploit the identified Frontier 2 and Dakota Reserves and Resources”

“The total area evaluated in the Report encompasses 21,360 acres of Company operated lands having P1 and P2 Reserves, and 1C, 2C, 3C Contingent Resources.”

Therefore considering under half our acreage has been evaluated on further delineation outside of this area further OOIP may be expected in time.

Basically we will end up with at least as much or maybe more than AM originally stated in the Jan RNA.

People can argue ( and most surely will ) the merits of this report financially to the company.
The bottom line is
the future for COPL is VERY BRIGHT INDEED.

So why are we not making any headway on SP ?

IMHO ,
we need to final pieces of the jigsaw to fall into place to get the upwards movement we all crave..

The RBL of course giving us sound finances and getting us away from the limitations and expense of the senior lender.

The other is to get production on the BFU rising and thus into profit.
Remember because of the effect of the Cuda affair financially and otherwise,
AM for the last year has been
( sliding down a financial 40 foot razor blade with his B@lls for brakes ).
The good news is that is nearly at the end of the Razor blade and his B@lls are still intact.

II's and funds will not take a chance here until we are
In Profit,
And have sound Finances,
( but I am sure they are watching ).

Finally to the markets,
firstly may I recommend a very short post by Ourjambo 1985 10:37 friday,
Lets look at a few facts.
We have a market cap of 43 million a small cap.
We have 9 MM's quoting our stock WHY?
We have more trades each day than companies 10 – 20 x our size WHY?
We have one of the most used and ( now aggressive ) bulletin boards on LSE WHY ?
Could it be that a lot of people are milking the CASH COW and will no stop until they have to.
Draw your own conclusions.

GLA

Good Afternoon Everyone,
well that was another interesting week.
We finally acquire Cuda ,
But the markets do not like the new status of the company.
From the RNA ,
“Provides significant leverage to COPL increasing the Company's NPV10 (47% working interest adjusted) by US$122 million from US$258 million (COPL December 31, 2021 NI-51-101 Reserves) to US$380 million.”,

“Increases COPL's 2P reserves by 47% from 25.8 million (COPL December 31, 2021 NI-51-101 Reserves) to 38.2 million barrels”

From the the Q2 Results,
“COPL's operating netback was $48.53/bbl., before the net realized gain or loss on crude oil and butane hedge contracts as compared to $41.21/bbl. in Q421.”

So they were clearly not impressed with the increase in potential netbacks of $601.77m on top of the $1.2 Bn potential netbacks we already held for the BFU & Cole Creek before the net realized gain or loss on crude oil and butane hedge contracts . ( Or maybe my Calculator is not working again )

They were similarly not impressed with,
“Earlier this year, COPL commissioned Ryder Scott to conduct a Canadian NI 51-101 compliant resource assessment of the major discovery the Company announced to the market in January 2022 its assessment of an estimated total reservoir volume of 1.5-1.9 billion barrels of Oil in Place ("OIP"), of which 1.2-1.6 billion barrels of OIP underlays COPL lands. The Company expects Ryder Scott to confirm these findings when it publishes the report next week.” also from the RNA.
So we can conclude that the markets are not at all interested in or impressed by potential or asset values.
Fortunately though,
we are are shortly to move from the red and into the black as far as earnings are concerned,
the now unhedged increased WI and AM's hands being untied as regards to fixes and upgrades for the BFU will see to that .
Once production starts to increase and profitability emerges ,
all of the above will be seen in a very different light.

Oh did I forget to mention that a RBL ,
and a successful start to the delineation process will make the hopefully by then profitable BFU and CC,
pale into insignificance.

Come on Arty ,
take the gloves off and show us what your really about.

By the way,
I would like the RS report to be put on the website after close of play here on Friday with the news report / interview released at the same time.
Giving time at the weekend for reflection ( or for some sweaty palms lol ).

GLA

Good Afternoon Everyone.
I must confess that now that everyone has had time to digest friday's RNA some people are griping over the terms,
when we should be seeing the positive state this has left the company in.
I say a big BRAVO to the shareholder,
he has stepped in and given us every chance to progress in every area of the companies objectives in the easiest terms possible .
As said by Tiburn and others earlier.
The bond is not asset based !,
Therefore on signing ,
the full NPV for CUDA is added to our assets unencumbered,( $121m ) meaning no debt is attached to it as far as the future RBL is concerned.
As I understand it the $5.3 m part of the bonds is the rolling interest monthly over the full term of the bonds ,
so if these bonds are included in a future RBL we would only be paying back the $19.7 m + the monthly interest accrued when the RBL is completed.
The shareholder clearly thinks this may happen within the next 90 days ,
why else would the 90 day moratorium on equity be imposed.
The tap facility allows us to draw cash to carry on progressing the fixes for the BFU and possibly the delineation drills if the RBL is not completed in time.
If this is not regarded as a generous package I do not know what is .
Ah but what about the warrants I here you cry.
This shareholder is along for the long ride and although it will cost him circa £9 million to redeem them,
he sees the bigger picture here ,
a “ BIG NUMBER “ RS report on the way,
I do not think he will not be looking to redeem them to make a few pennies profit,
he will be waiting for a lot more than that and good luck to him.

IMHO this is how we should see this also ,we have always been constrained with crippling credit a bankrupt partner consuming any spare cash we had to move forward.

This has now all been removed to allow the best RBL possible to be negotiated.

Another by product of this deal , this is a London based shareholder he has shone a massive greenlight on COPL as very much a going concern. May other II's look on us a in a more positive light now .
The next few days could be very interesting.

GLA.

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