Member Info for Intothedeep

Eazy "“The volatility in the debt markets in late September and October resulting from inflationary pressures and central bank policies caused the Company to slow down its approach"

Yes its another excuse from them .. blame the general markets now .... yet they had been working on the RBL since January and they KNEW they needed to get it done post CUDA because they burned through the 2 placings earlier in the year .. yet here we are in November STILL talking to 3 banks, no term sheet in sight.

Art can sign the worst loan terms and bond terms within 5 minutes when theres something he wants to spend the money on but getting a grown up RBL with any terms better than what we currently have is taking months and months and now jeapordises COPL's going concern.

Our Jambo ... I've not gone to the dark side :D just in a dark place with the never ending lack of positive movement with COPL; tired of Art being super positive about how great things are when they clearly aren't; fed up with them giving timescales and NEVER hitting them; more than a little piffed that we are running low on cash AGAIN and weeks away from being shafted by the bonds and all the derampers getting proved right AGAIN.

If what we have is all so utterly amazing then why haven't we been able to secure an RBL, what with 3 banks knocking our door down to lend us money and now a major oilco wanting a JV.

Time is running out now, we are a few weeks away from getting shafted by the bonds again ....I'm so p1ffed off that we have got to the point were plans are being delayed and delayed because the finances haven't been sorted.

" The Conversion Price will be reset to 13.25p if, among other things, an RBL is not secured five months from the Issue Date, or on the twelfth month anniversary of the issue date of the Convertible."

Thats from 16.75p ... that is going to really hurt the SP .. bond holders can convert and make profit at 10.34pence instead of the current 13.07pence.

what I hadn't noticed before was the OR 12 months from the issue date ????? ... so could the remaining BH's waive the 5 month clause?

Can someone give me the hedge numbers, I have it as first 1000 barrels at $57, but not sure thats right

We are at the wire cash wise IMO, 5.2m does not pay for the plans that Art keeps alluding to:
6 wells at CC (dec/Jan) 3.6m
2 wells at Fed deep (Jan)
topside fixes (ongoing)
Increased Gas injection (Dec)

So RBL has to get resolved in next couple of weeks .... or we wont be doing any of the above

I think Iron means the 1% spike yesterday :D

If they are estimated to spend 3.6m on these 6 rework wells next month, then where is that money coming from when theres only 5.7m left at end of sept (so less now).

RBL needs to be completed within days or ART explain how we pay for all these plans? No more raises (per Art), no more bonds (per bonds terms)

whats up boys getting nervous are you ? Trying for that last greedy couple of % before you close ... don't get too greedy now I would hate for you to get burnt

Last 2 quarterly results have been released Tuesday

First Qtr where we will see the CUDA revenue as ours now .... unfortunately its going to be the worst Qtr for total barrels produced (we already know thee numbers)

What I am looking for is HOW MUCH CASH have they left whats the cashflow running at and what operational titbits we get ... usually theres a bit of current info in there

BTC just jumped to over 17k

that worked then :D

Don't respond to it, just keep reporting for disruptive behaviour

The issue with the Occidental deal is it doesnt actually state that Salt Creek received any cash component .... it says investment .... $65m for 16 wells, is that just the funds that Occi put into the pot to drill 16 wells? how much per wells $65m sounds about right for 16 wells, so then theres no cash component.

I'm not convinced there will be a cash component ... BUT if Exxon want in to fed deep then I do expect they will want a large % interest and I don't see Art giving away a multi billion $ oil field for $50-$60m. So in short it will be interesting how the JV is structured.

I'm more expecting there to be a phased buy in by Exxon, with increasing cash amounts per % interest depending on the results.

alternatively we could be surprised and Exxon buy the whole of Fed deep and leave COPL with a big cash pile for a special divi plus working capital for BF and CC for the next 10 years.

If 993 mill barrels at 40% recovery is the best case I'll take that thanks .... even though we know its likely to be double that figure in the real world - which is where you Oiler DO NOT Live, you twonk

Last 2 quarters have been on the Tuesday

Been Strapped In since Art said to ... gotta say these straps are starting to chafe :)

.... ooh I could have said " These BONDS are starting to Chafe" ... now Oiler would have loved that if he wasn't so busy giving TW a BJ

Oiler come on man your'e slacking today, only 1 post about bonds thats only 10pence for you from TW.

Remember you master told you to keep harping on about the BONDS, BONDS, BONDs. But hold off actually providing any evidence ... just keep telling people to read the terms and the RNS's - basically keep playing the classic D1 ckhead game

Best thing to do with Oiler87 is report every one of its posts until LSE ban him for constant disruption

Should be in about 2 weeks time.