I’d rather he and they spend their time trying to get this over the line than trying to prove to shareholders that they are doing something. If it does get over the line the proof will be in the pudding as the saying goes.
I don't think this article helped much first thing this morning......
Canadian Overseas Petroleum (COPL) has the honour of being in my crap quartet of utterly worthless and pointless oil and gas companies. I commented in June on this piece of **** noting the company had declared a need for unrealistically substantial funding via equity placings over the following 12 months. It’s now out of cash, again. Why bother with a placing to keep the lights on?
The company raised £500,000 gross via a placing at 0.1p on 21st August. Yesterday the company released its quarterly financial update. On 30th September cash was down to only $484, 000. Administration expenses in the quarter reduced from the $1.0 million the in the prior quarter to only $900,000. Fabulous news - current cash burn rate is now only $300,000 per month. Perhaps they have sacked some of the 7 administration staff I noted previously? I was absolutely delighted to see the cost savings being taken very seriously and extends to the corporate credit cards – total limit is now down to $53,000 from $88,000. Just how many first class flights and hotels can that cover?
The accounts payable and accrued liabilities have increased from $336,000 at the end of June to $1,054,000 at the end of September. I would conclude they are not paying the bills as due. Net current assets are negative to the tune of $445,000 at the end of September. With no revenue and no placing income so far this quarter the position can only have become worse.
The going concern qualification states: “The Company currently does not have sufficient cash flows to cover forecasted administrative expenses for 2019”.
Meanwhile there is no news on any operating assets – not that I expected any now or anytime soon.
With negative net current assets and no revenue is this company not insolvent as I type?
I would suggest either a placing is incoming PDQ and it will limp on for a few more months or its time for the corporate undertakers to visit. Should it be the latter, I’m sure the company CEO Mr Arthur Millholland is well placed to see a smooth death, given his experience as President of Oilexco when it went into administration in 2009.
With a market cap of £2.3 million at a share price of 0.065p in the middle, I see that as £2.3 million too high.
I see no good reason for this company to exist. SELL
And as for that D1ckhead Bonehead! I know Jay more than most of you ever will, and he is a quality bloke and I'll stand by that all day long. Do I trust him? yeh on my Kids life. So quote that. He is no mole or Art's *****! paid to post absolute crap! Don't be blaming him for your own decisions. Man Up
Sub, you claim you have been investing since Robert Maxwell days? So you must be experienced? I'm not from your era however I'm not crying into my cornflakes I'm making amends from MY DECISION to invest here up elsewhere? I don't blame anyone but myself for my OWN decisions. Nobody MADE you invest in COPL, you were in this long before I was?! Agreed it's not gone to plan but don't be blaming Jay and me for it! It's absolutely nothing to do with us. So get a grip of yourself and if you are as 'experienced' as you make out you wouldn't have over exposed yourself that much that you have to cry like a baby and blame other posters for your wounds.
Well good luck to you, however your OPINION means jack all. You know no more than anyone else whatsoever. If you are confident Heron is a duster like you have said? short it then? Put your money where your mouth is.
I don’t get ‘misled’ by anyone Mike... I make my own decisions, if this goes tits up that was my doing and my punt! nobody to blame but my error. BB’s do not influence my decisions. They are a platform to share information. Some is worth noting, some is garbage. Anyways! end of.