Member Info for Intothedeep

They said back in Sept there was an intention for a junior debt tranche to fund capital spend ... so no share raise.

so they brought this recompletion program back into December .... that will put some pressure on the JV Partner to make a firm offer early January then.

"Successful recompletion of the 11-27 well for oil production before year-end should allow the Company to book significant oil reserve additions to Cole Creek"

Phew finally an update .... and all the major points explained properly ..... after that RNS I will now relax over xmas and wait for the Blockbuster January.

Nice hedge news BTW .... expecting WTI to start its run to $100 as well.

IF it does happen, how does this work in practise? The BH's have already paid at 13.5pence, copl dont have the funds to pay them back the difference to 10.1p (new b/e for BH's). So what they issue a shot ton of new shares? OR?

anytime JBER are on point the SP is falling ... been like this since the bond sale

As soon as they are off it the SP rises

sooo you think bondholders that converted almost 6 weeks ago haven't yet sold those conversions but now choose to do so at a loss - anything under 13.1pence is a loss on the current strike price.

just seems like its share selling for xmas time ... same every year

Has anyone worked out a realistic current monthly cashflow ? We have revenue of $2.3m of revenue (attributable to COPL) for Oct. I need to spend an evening going through the last qtr accounts to work it out .... but if someone else can save me the time :)

beesty you have no clue how much I hold here so you F off, I've been here plenty long enough to call into question the never ending jam tomorrow from ART. I'm £70k down here so I've every right to be unhappy about the state we are in.

Fell free to box me if you dont have the balls to handle some realism

"What happens to our serious financial position once we have…
6 CC wells running at c.2,400 bopd/72,000 bopm And 2 horizontals running at c.6,000 bopd/180,000 bopm"

I'll tell you... NOTHING happens, because we don't have the cash to do any drilling at the moment .... how many times have we been here, 5000bopd all over again !!!

Why does anyone believe what ART says - whats these magic wells that suddenly are going to do 400bopd (12,000 per month) ... whats our highest producing well today? BFU 23-27V 4,496 bopm (Nov.

just seems like another big pot of Jam from ART ..... so suddenly by end of January (7 weeks off) - he's saying we will be producing an extra 72,000 .... I'd put money on that not happening oh no wait Ive none left after chucking it all in here :)

‘Unfortunately my hands are tied, whether it is with US Financial institutions or the large Company that approached us regarding a JV.’ NDAs obviously preventing reporting, however ‘This said things are moving along on all fronts.’

How can he say his hands are tied? ... I understand there might be NDA's with a JV but not for the RBL ... he could at least say they that they have selected one bank..... all we have had previously is "we are discussing with a number of banks", he might have well had said he's been on compare the meerkat .com and has a few quotes :D

At the very least there needs to be an update on financing before the year end as that is 1 of their 2022 objectives .... they will not achieve the production increase objective, unless theres a lot of massaging of numbers

bond strike price gets reset 5 months after the issue date so its 26th Dec. so realistically 11 working days.

I'll not go into my level of annoyance that we are at the wire for this considering RBL was to be done by end of Sept, then end of Oct and now who knows what's happening.

i don't think anyone is saying theres going to be another placing ... but its undeniable that we are in a weak cash position; not enough IMO to pay for 6 wells at circa $3mill AND 2 full well in Fed Deep. So if the JV doesn't happen and we are still D1kking around with the banks were does that leave us for whats left of the drilling season?

I wouldnt want to use the tap facility from the bonds unless it was purely the cornerstone investor and we had some confidence that they are not going to convert to shares .... its the constant conversions by the minor BH's that has sent the SP from 7p to 13p.

Oh yes and lets not forget that in 3 weeks time the Bond strike price resets to around 10pence breakeven for bond holders.

"The lower the SP the greater the Bondholders influence here."

Err why ?

Mcadder ... spot on post. This has been my issue all along ... where's our financing for all these amazing plans Art has - its supposed to be the RBL "2022 stated objective - to refinance senior debt and provide working capital funds" WHERE IS IT ? we can't rely on a JV partner just stumping up a load of cash for us to run the rest of COPL; they want the FED deep and as you say they are going to provide funds for that drilling campaign not to pay off our senior debt.

I wholly accept that there were issues in the debt market in the summer but Ryan has supposed to have been working on the RBL all year ... getting Cuda out of the way was a prerequisite by the banks, so we were already in discussions prior to that.

Why?

Jiff, where on the copl website does it state that?

Treefern - jumping on my "over the line" comment is a bit pathetic .... have we completed the JV - NO, will it be complete - we don't know; has Art stuck to any of his own deadlines - NO.

If its happening I'd like it done before we run out of cash and before the production window closes and before we get our licenses removed for non compliance.

thanks Ed for the explanation ... you are right I haven't really got my head round the CCU and BFFDU areas; but my gripe is yet more money (THAT WE DONT HAVE) to be spent increasing the size of the field resource when we can't get a JV over the line for 1.9billion barrels ... so is another billion barrels and dilution to pay for it necessary ?

If they are production wells then maybe its worth it, but if they are discovery wells then no its not.

llwelyn ... they are trying to replace the SCF because its such a bad deal ... so we dont really want them borrowing more on it do we?