Member Info for Intothedeep

I'm agreeing with you Chickster .... Im just saying COPL keep saying this is the plan and then kick it down the road for some new reason. No doubt they can go back to the BLM and use the casing shortage as an excuse to extend the deadline.

We all hope they get the RBL done and sign a JV and the JV partner just plows on with the drilling in January ... which will be 3 months late per COPL's original BFDU plan.

chickster - do we have a commitment? I think they said "targeting"

We had a plan to drill 8 holes this year (not BFDU) ... that hasn't happened

Oiler we are all still waiting for you to answer the questions ... lets just say non of us understand the bonds then ... be a good chap and explain your workings to us minions then if you would ... go on you know you want to ?

Don't keep hiding behind the "oh you dont understand" or read the RNS

Oh god Oiler is back with blatant lies again.... go on Oiler show us your figures that prove 1800bopd is the break even and that Bond Holder can sell at less than 10p .... oh no all you will say is read the RNS's

I wonder why if BH's can sell at less then 10p and basically make an easy killing they aren't doing ?? Maybe you should go and advise them?

Errr no FISH, I am talking about the presentation they gave based on ppt dated August 8th ... in which they went through the new reserves report.

On the slide Senior Debt Re-Finance Update, I quote "Update on Debt Process and Term Sheet Negotiations by end of Q3 – 2022" and Ryan then says @ 60 mins in "we plan to announce term sheets or provide an update before the end of Q3"

So there was no update except we got in the LSE webinair 4th Oct and they changed the date to be ??? well is it end of Oct as he doesn't exactly state that; he says re the RBL "in the near term" and then says about JV "by the end of this month as well" ... which we all take to also mean the RBL will be done by end of Oct.

So they have missed their own deadline and they not updated us as to why and when it will be done and considering they want to draw down in Q4 they need to get a shift on.

they are just lowering to 15p ask so Ironsnipe can rebuy his 3 trade :)

Yep, I think yesterday in particular is why we lost the rise we started to make. I had a look in at boil at 12 ... but having done zero research wasn't prepared to risk it ... pity because its 20 now :D

3rd day of rise there so likely a few will be taking profits today

RBL was supposed to be across the line at the end of September, not "we are in discussions with 3 banks"

Its plausible that the JV has required a rethink about the RBL ... BUT should it? considering the RBL is based on BFSU reserves and NOT, as stated a number of times by Art and Ryan, based on the BFDU.

So to me they are late on the RBL, getting very late - the RBL is to pay down senior debt so we are on much better longer terms; restructure the Hedge; provide capital funding for ongoing work on the topside gas gathering and pressure reduction work.

They at the very least this month need to update on were they are at and how long its going to take - the drill season will be almost over at this rate

oooh I completely missed the second part of this sentence in the 22 July RNS

· The Company has also agreed to a moratorium on equity issuances for 90 days from the Issue Date, whilst the Company works to conclude its objective of senior debt refinancing and, not to issue further convertible securities whilst the Bonds are outstanding.

so NO convertible securities until the new bonds are redeemed/matured - thats 2025 !! :)

im not confused about the warrants and how they work ... I was confused by Beestys "they have to buy them first" response ... I didnt understand what that statement meant in context to my post :D

Hopefully we all agree clear 6m of warrants for the broker expire on monday and if exercised the broker would be paying approx £1million and we all get a little bit more diluted again.

IMO the broker wont exercise them unless they could sell them straight away into the market at a profit - - brokers aren't here to risk £1million on warrants, they make money from fees ... but maybe I'll be surprised.

"They have to buy them first" ???? No comprende ?

God we are starved of decent information if we are hoping that the 6m of broker warrants expiring on Monday is going to drive the SP or in some way Art is waiting for that before releasing information.

6m of warrants is peanuts compared to what the bond holders have.

From the LSE interview 4th Oct @ 25min 5 secs in .... "We look to have a loan agreement with a bank, hopefully a term sheet for that in the near term and hopefully on finding a partner here, I would like to do that this month as well"

good grief as soon as the bid goes over 16p the selling starts

Can't really see the broker taking up the warrants .... they aren't in the habit of "investing", they make their money from fees. Might be different if the SP was higher than 16.75.

the advertised bid/ask is based on the MM at the lowest Bid and the MM at the highest Ask .... so when there are multiple MM's they can be anywhere outside of that, but we always get 1 MM trying to control the ask but actually dont have the stock to sell

Oh dear Oiler you are sounding silly now .... best you close that short

err no Oiler ... you cant state that there will then be a senior loan with equity - you dont know that and your doing your usual spreading lies.

As I said there is no requirement for the RBL to be signed within 90 days - you are added 2 and 2 and getting 86 !!!

“are there going to be anymore placings" ..... ha I noticed that, he must be getting totally fed up being asked that question ... well he only has himself to blame for that and its going to take a long time and a lot of solid good news until shorters stop throwing "another placing coming" around every 5 minutes

"End of this month (that was September) or early in October" (which has gone)

I'm not convinced that a JV will get done within the next 2 weeks, unless they have been working on this for months and it was so close to finalising then he should have RNS'd it, not slipped a line into a rushed presentation.

I have no doubt if the RBL doesn't get signed this month shorters will start to hammer the SP .... if they don't get the RBL (and some other mystery stuff) done within 5 months then the Bond Holders get a price reset and that doesn't bear thinking about the damage that will do to the SP.