Member Info for Insidious

paul1828 - French billionaires - Martin and Olivier Bouygues - buy into 'Gatwick Gusher' oil firm

Do you believe the following will be completed by the end of this year?

2019 Outlook:

· Project financing for ShoreCan due to be completed by the end of Q2

· Appraisal drilling on OPL 226 scheduled for mid-year

What happen to news by the end of last year?

I know newbies buying in on the Ramping posts...

I know newbies buying in on on the Ramping posts....

I was in that share when it hit 11p but unfortunately Mr Greed turned up and the rest is history...

Sounds like a post from the UKOG BB,,

it could be us making the headlines and us having a UJO party......

pgnc2000 - These are mine....decided to sell after watching that video...

10:41:27 0.2326 4,000,000 Buy
10:39:34 0.2326 1,743,500 Buy

Just dumped my shares, best of luck all...they also showed as buys on L2

10:11:14 0.2321 1,235,562 Sell
09:19:53 0.2315 200,000 Sell
09:11:57 0.2350 1,000,000 ?
08:50:30 0.2365 7,000,000 Sell
08:23:21 0.2360 1,100,000 Sell
08:23:16 0.2400 2,500,000 Sell
08:21:48 0.2401 1,870,000 Sell
08:16:12 0.2430 777,844 Sell
08:12:51 0.2431 1,077,722 Sell
08:07:05 0.2499 8,005 Buy

If I ever see my avg 0.0054 again then that's it for me!!!

The person interviewing him doesn't look convinced...

Must be one of the worse stocks I have invested in.

well the markets haven't taken this too well...down 12%

Financing



In July 2018, COPL's 50%-owned joint venture company Shoreline Canadian Overseas Petroleum Development Corporation ("ShoreCan") received and agreed to a project financing and offtake agreement term sheet, providing for a minimum of US$30 million to a maximum of US$50 million Senior Secured Facility, for investment by ShoreCan into its 80%-owned affiliate Essar Exploration and Production Ltd (Nigeria) ("Essar Nigeria") from The Mauritius Commercial Bank Ltd and Trafigura PTE Ltd. The Facility provides funding for all production-related expenditures following the drilling and testing of the initial production well to be drilled by Essar Nigeria on its 100%-contracted interest in OPL 226. The funding is subject to a number of conditions including an equity contribution by ShoreCan of a minimum of US$20 million and the arrangement of an additional US$100 million of project financing and the provision of services by ShoreCan for the work programme.



The Company continues to work towards advancing ShoreCan's financing activities together with its joint venture partner Shoreline Energy and its investment bankers. As such ShoreCan has entered into discussions with three large oil service providers, with activities in West Coast Africa. The providers are not only offering the provision of services, but also financing. This level of interest reaffirms COPL's long-term view that OPL 226 is an attractive opportunity with significant upside potential.



Early Production Scheme in 2019



COPL expects to drill the first appraisal well at OPL 226 by mid-2019 and place it in production through an Extended Well Test ("EWT") utilising an Early Production System ("EPS"). This will be followed by the drilling of up to three additional similar wells on the prolific NOA Structure - all set to come onstream by the end of 2020. This phase of the project would precede a full field development, after OML conversion offering significantly higher production levels.



Executive Summary of OPL 226



The offshore Nigerian Block OPL 226 has an area of 1,530 square kilometres and is situated approximately 50 kilometres from the Nigerian coast in water depths of 40 to 180 metres. OPL 226 surrounds OML 83 which contains the Anyala oil and gas field that was discovered by Texaco's Anyala-1 well in April 1972.



Historically, only five wells have been drilled in OPL 226, including the Oyoma-1 and Dubagbene-1 oil and gas wells having 36.2m of net oil and gas pay and 8.2m net oil pay respectively, that were both drilled in 1972 only a few months after Texaco discovered the Anyala anticline. The Nduri-1 well was drilled in 1973 and encountered 9.0m of net gas pay and the HJ South-1 well (1988) intersected 8.5m of net gas pay. The fifth well drilled was the Noa-1 discovery well that was drilled in 2001 by Solgas. All wells drilled in the block encountered hydrocarbons. All wells drilled before 2001 were spotted on 2D seismic lines.

Calgary, Canada, January 28, 2019 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company focused on offshore Africa, announces a market update for the year-ended December 31, 2018.



2018 Highlights:



· Developed appraisal drilling work programme for OPL 226

· Submitted the work programme for the drilling of no less than three appraisal wells in the NOA #1 area of OPL 226

· ShoreCan accepted terms for project financing for up to US$50 million of its funding required for OPL 226 from Trafigura PTE Ltd ("Trafigura"), a global commodities trading firm, and The Mauritius Commercial Bank Limited ("MCB"), an Africa-focused commercial bankAdvanced discussions with service providers regarding the provision of services for the work programme

· Progressed discussions with the Government of Mozambique regarding terms and issuance of the Production Sharing Contract ("PSC") governing onshore Block PT5-B awarded in the 5th Licensing Round



2019 Outlook:



· Project financing for ShoreCan due to be completed by the end of Q2

· Appraisal drilling on OPL 226 scheduled for mid-year

· On track to bring four appraisal wells onto production at a forecast rate of 6-10,000 bpd by the end of 2020

· Complete negotiations and execute a PSC with the Government of Mozambique

· Complete a production acquisition



Arthur Millholland, President & CEO, commented: "We have made significant progress over the last year, having secured financing from an African-focused commercial bank and a global commodities trading firm, which will allow us to capitalise on the significant production opportunity that our offshore Nigerian asset represents. With the potential for significant near-term production at OPL 226, we are focused on ensuring this comes on stream as soon as possible, with the first production well scheduled to commence drilling by mid-2019, assuming all steps of the process are in order.



"Having achieved certain milestones in 2018, and given the level of interest we've received in OPL 226, we enter 2019 with renewed optimism".





Financing



In July 2018, COPL's 50%-owned joint venture company Shoreline Canadian Overseas Petroleum Development Corporation ("ShoreCan") received and agreed to a project financing and offtake agreement term sheet, providing for a minimum of US$30 million to a maximum of US$50 million Senior Secured Facility, for investment by ShoreCan into its 80%-owned affiliate Essar Exploration and Production Ltd (Nigeria) ("Essar Nigeria") from The Mauritius Commercial Bank Ltd and Trafigura PTE Ltd. The Facility provides funding for all production-related expenditures following the drilling and testing of the initial production well to be drilled by Essar Nigeria on its 100%-contracted interest in OPL 226. The funding is subject to a number of conditions inc

also after years of trading they became millionaires....

making to project evaluation and design is central to MFDevCo's final confirmation of the technical and economic feasibility of selected projects and provides the independent verification required to demonstrate deliverability to both partners and investors.

The initial term of the agreement is two years but both parties are viewing this as the basis for a long-term working relationship with benefits that will increase as working practices are cemented and efficiencies increased going forward.

Alison Pegram, Joint Managing Director Elect of Nu-Oil and Managing Director of MFDevCo, commented, "We have always been committed to maximising the economic recovery of resources currently considered stranded by whatever means is appropriate and are very pleased to have received support from Marnavi and from other major companies with key capabilities and experience with whom we are currently speaking in our latest initiative to achieve just that. There are compelling reasons to adopt this approach on the projects we are currently pursuing and we are working hard to conclude the final elements that will allow us to move forward to delivery."

Attilio Ievoli and Kevin Morrin, as Business Development Manager, Marnavi Offshore (UK Office), commented, "We see this as a very proactive approach in securing economical energy solutions from existing infrastructure that has been overlooked by the current market and look forward to supporting MFDevCo in achieving this goal."

Nu-Oil and Gas plc

("Nu-Oil" or "the Company")

Strategic Collaborations to Support MFDevCo in Development of Marginal Gas Fields

The Company is pleased to announce that Marginal Field Development Company ("MFDevCo"), the Company's 50%-owned joint venture, has entered into a collaboration agreement with Marnavi Offshore ("Marnavi") (including its subsidiary Next Geosolutions). Marnavi joins MFDevCo as it establishes strategic collaborations with companies that have the key capabilities, experience and market position required to maximise and deliver opportunities being pursued as part of its gas to wire initiative for the cost-effective development of marginal gas fields. MFDevCo will also seek to collaborate with further large engineering companies to participate in providing an integrated gas to wire initiative. In particular, MFDevCo is finalising agreements with companies with experience of operating gas fields and providers of power generation, compression, electrical and automation systems and expects to be able to confirm such collaborations in due course.

This initiative is a logical and integral yet discrete part of MFDevCo's overall strategy to maximise the recovery and value of resources within fields currently considered stranded or marginal, for whatever reason. The characteristics and requirements of gas development projects differ from those of oil development projects and consideration therefore has to be given to adopting a different approach. Gas, however, represents a relatively clean energy source that can provide a vital contribution to energy security as well as assisting in the transition towards more renewable energy sources.

Marnavi Offshore are the operators of a fleet of vessels, for a privately-owned shipping company established in 1910 that provides services in chemical and foodstuff transportation as well as to the offshore and environmental industries. Marnavi is able to assist MFDevCo not only through provision of vessels required to support all phases of its projects, from pre-installation through commissioning and operations and finally in decommissioning, but also with other services it is able to bring in through its strong established relationships. This includes support from Next Geosolutions, a subsidiary of Marnavi Group providing geoscience and engineering support services including seabed mapping and burial assessment services, asset inspection and integrity management, intervention and remedial, as well as cable laying, leasing and inspection, which are critical in minimising risks and maximising returns to investors.

Under the terms of the collaboration agreement Marnavi will provide information and support to MFDevCo as required to secure gas to wire projects identified in return for an exclusive first option (right of first refusal) to provide certain equipment and services to those MFDevCo projects, on terms acceptable to both parties. The commitment that Marnavi are making to

Filter him!!