Member Info for Intothedeep

The 6 wells are another red herring thrown out by Art in some vain attempt of positive spin ... its 600k per well ... 3.6m ... where is that money coming from then? He said they would start drilling them in December, very quickly changed their mind to January. I assume he is expecting the mysterious JV partner to stump up some cash so Copl can drill these 6 to prove ... what ??? that theres a link between CC and the Fed deep and so its a bigger field than first thought.

Who knows what his thinking is .... but the cold fact is they don't have the money to drill them so its yet another Jam tomorrow ... like the RBL, the JV, the 5000bopd, the flaring adding to production (yes they said it would add upto 600bopd, now its very oooh well we have to be very careful and its got to be incremental ... what a shock that what they banged on about high pressure and that flaring would sort this out until the topside work was done isn't now going to be that great)

Aaah as I expected no increase.... although not for the reasons I expected. 22-27V is the original well tied to the gas plant so I'm concerned that is offline all month.
The other well they tied in in July is 44-21V and has increased 50% over Sept so that fix is working well.
I had expected they would take down 23-27V and tie that in to the gas plant this month as they planned, but they haven't - presumably to counter the loss of production from 22-27V.

The big issue is that the 5 main producing wells account for 30% of our production so any of them drop off or are taken offline it kills the numbers. Those 5 wells accounted for 50% of production in January so problematic that they are falling off flow wise.

Good news - not much - but you can see some of the minor wells starting to pick up (presumably after dewaxing.

Art can put all the negative comments to bed by telling us ballpark what the November figures are - if they are up that is. November production for me is his last chance to prove they understand the field enough now to get production increasing .... time is up and the money is almost gone AGAIN.

Talk of an RBL, talk of JV, talk of flaring giving us 600 bopd, talk of missed well data and 2000bopd from reworking 6 wells, talk of 2 drills to fed deep for a 2billion field - is all it is TALK.

WE WANT PROOF NOT TALK.

yep normally its about 8pm UK time

stas ... harsh but considering the ongoing lack of complete objectives ... production increases, RBL, JV, drilling .. your tone is more than fair.

I dont see much negative or positive on the board ... we are all just waiting

...and if you dont want to get constantly reported Ironsnipe ... stop posting lies and half truths to suit your trading agenda

bit one sided Bladder, yes more revenue but $10million to buy the hedge out, which has to be paid back in the new loan and we have to have a new hedge on any RBL and its not going to be at current POO is it?

Of course its all mute if a JV happens and there upfront cash to clear all our debts.... until it actually happens though I wont believe it. ART still yet to walk the walk.

Can't see how any trading has been going on last few weeks here, the volume has been pitiful ... killed off by Bond holder conversions and MM's.

I don't short but if I was I would have got out as soon as the JV news appeared .... if it drops there should be a multi bag rerate ... that is if Art hasn't been winding us all up for a damp squib.

does anyone understand this part of the bond price reset statement .... " an RBL is not secured five months from the Issue Date, or on the twelfth month anniversary of the issue date of the Convertible."

5 months OR 12 months ???? I'm assuming there are some extenuating circumstances built into the bond terms were the reset can be deferred to 12 months

Oct prod results to look forward to this week, then its crunch time with the bonds .... interesting no monthly bond conversion on the 26th, have the minor holders now gone?

... 2 minutes later .... someone dumps £17.5k at 13.60 ... there are still sellers, why they continue to dump at an price this close to a rerate?? Forced I guess, annoying definately.

jambo... we aren't as yet at the first profit line for BondHolders converting yet ,78% of 16.75 = 13.09pence

Will be interesting if we get the usual monthly conversion on 25th,26th - so RNS tomorrow or monday.

that's interesting he is adamant they will drill in January ... wonder were the money is coming from for that ;)

also you would have to assume they have booked a rig then and know for certain they have the casing ...mmm ?? ;)

Plus October Production "should" be out by next Friday 2nd.

Next week could be BIG news wise ... interesting they quickly delayed the 6 wells for CC from Dec to Jan as it looks like this work is linked in part to the potential Fed Deep JV; and I expect they need money from an RBL or JV to pay for the drilling 3-3.6million needed

They have to be days away from signing RBL and/or JV ... it can't surely run to far into December or the drilling window will just disappear....they need to start drilling in Jan at the latest to have a chance of getting Fed deep proved up and the significant reserves update done next year.

thanks Eazy, I remember now seeing it in Jiddys post.

Trying not to come on here and post too often as the current state of the SP is winding me up .... any other oil explorer/minor producer that had serious rumours of a BIG JV with Exxon the share would be rocketing, but not COPL.... so very frustrating.

Nubby see the RNS of 1st Nov and the qtr results RNS .... I don't see any mention of possible bopd from these wells so maybe someone on here made that number up

Clearly we all can see that cash is short again ... at the very least there isn't currently enough to drill 6 wells at CC (Dec now Jan) or 2 wells in FedDeep in January. I work out there is enough to keep us operating for 3-4 more months but not really doing any extra drilling. Now that MIGHT change if Production figures suddenly jump ... but Im still very cautious on October numbers, i think its more like we will see a big jump in November.

Soooo I would imagine Art (and maybe Ryan, if he's up to it) are putting in a lot of effort to get us to a very healthy finance restructure - either a big RBL and/or a JV with a big cash payment for aa % of Fed deep.

Those RNS's could drop any day any time .... but in the meantime all we absolutely know is Oct figures are out next week and the bond price reset is "potentially" happening 26 Dec.

According to the 76 people recommending Cavitys post most on here don't expect any RNS anytime soon .... when I got all negative and fed up with the lack of forward movement in COPL last week a number of posters green boxed me :D well ... how the feeling has changed in a week ... seems at least 76 people are as fed up.

Don't have a go at Iron....by his recent statement I'd assume he's just bought back in for another trade to 16p ... so expect him to be all rose tinted glasses now, up until he sells again.

Jambo my mental health is fine thanks ... and I thought you had green boxed me.

I'll be the first to post the rockets if the RBL appears or Exon chuck us a $100m for a JV, but its just jam tomorrow until it happens and in the meantime the cash is dwindling and we are missing the drilling window ... before you know it that feckn little bird will be back and its all stop again for 6 months :D

Green box me all you like , I have almost £100k invested here and everyday I see the value fall while ART dithers and throws carrots to us about a JV or newly discovered resource records for more wells that we dont have funds to drill.

Were is the 1600 bopd he talked about in the last presentation - never happened as per the official numbers.

I track every well's production and I know which ones they are offlining for fix or tie ins to the gas plant, so I dont expect October numbers to be that great either ... see again we get a mention of increased waxing - setting up the excuse for poor production numbers again.