Member Info for Jiving

Hope you are right NoEasy I really do. I think we are ready to roll with everything but NNPC final approvals. But when will they come, does anyone involved have any clue?

I don't see any 'jealousy' in LTH's justifiable concerns about a Board & management that have continued to pay themselves top end salaries regardless of performance (no oil in 10 years) and regardless of the horrific financial state of the company. In such circumstances it is quite rational & understandable for LTH to be bitter that there has been no attempt to trim expenses & that this excess is paid for directly by long suffering shareholders via massive dilution at ever lower placing prices. Many of us have noted the fine example of Nigerian oil operator LEK's Board & management who accepted responsibility for a business misjudgment & reduced salaries & Directors fees by 25%. If only.

Realistically looking at the glacial progress we have made with NNPC in the first 7 months of the year, we do not seem to be at the top of the in-tray, more like the bottom. Why will that change with the new boss?

Similarly with Kola, he has new vast non-oil (production) interests via his JV's. Even that proportion of his focus/effort that is spent on Shoreline, his main priority is surely his large currently producing oil field not a maybe maybe appraisal well. If Shoreline needs to pull favours with NNPC it seems likely OPL226 will come last in the list of Shoreline's priorities vis a vis their existing operations.

Bob, Sub, Others. Please directly contact Arthur with your concerns. But frankly its best to be polite if you want a reply. Nobody has a monopoly on communications with him (remember Harry gets responses), I think there is value in shareholders stressing to him that we have had enough dilution & news is required soon.

RK. I agree entirely vis LEK. The Board & management did the most reasonable & rational thing in the circumstances - share shareholder 'pain' by taking a 25% cut in salaries & other expenses. Exactly what '''our''' Board & management should have done at least 12 months ago - 25% saved would be 3 months precious working capital to use now. Instead we suffer these hateful massive dilutions to raise a few weeks dosh for Arthur & Co to fritter away - AND they still don't even take a notional cut in salaries or expenses.

Are we seriously supposed to vote to approve future free options for this bunch - that's one share dilution we can stop! Lets have that discussion when it next arises....

RK. Frankly I would welcome anybody buying a stake in COPL. Please please ... anything to get this share price moving from 'imminent bankruptcy' level.

"Africa time" of course is an expression & explanation that covers a wide variety of factors not just the ticking of the clock.

Is this what we have been waiting 9 months for?

https://www.dailytrust.com.ng/new-nnpc-gmd-kyari-assumes-office-today.html

Thats quite a jump in trading.

Yep 1.36m on Canada so far this morning, which is rel big volume for XOP.

That 21m buy @ 0.1285p after 14.00 seems to have been trigger for surge.
Be interesting if RNS comes in next couple days, I was not expecting anything till end next week at earliest.

Anyone know what happened to him? He used to be a reg on NFX & here & hasn't posted since 21 May?

Noteworthy also that in the Lekoil deal a 'major oil company' is involved via an offtake arrangement.

Sadly in normal circumstances - very positive news on an a company in a very similar situation to COPL would have a knock on positive effect on COPLs share price, but...

For posters giving the background to the price fall, I wondered what the hell was going on. My understanding is the company is cashflow positive and awaiting £2.5 million payment, plus Ebers upfront money due soon. One of the strengths of NFX versus other biotech companies is that their business plan is self financing, meaning no dilution going forward. ******s playing games is my diagnosis.

Guitar. Which particular site discusses a drill related PB? I found one relating to crude oil trading but not drilling. If you have a URL thanks.

NoEasy. My sole concern is do we now have 'firm' a Service Provider also supplying finance? If not there is no project no matter the state of the NNPC approvals, or the minor issue of the Performance Bond which has been played up as the sole outstanding reason for the current delay.

The only RNS's we get are concerning the horrifically dilutive placing. Seemingly never anything even slightly positive.

The Performance Bond is a minor bureaucratic necessity, every well requires one to ensure there are funds to plug the well & clean up should the operator/contractor go bust.

It is very frustrating that an oil company with its assets thousands of miles from the Gulf cant get over the finishing line. The Iran tension is not going away any time soon, and clearly with the Trump go/stop on an air strike, the world is very close to an all out conflict. Producing oil assets not dependent on shipping through Hormuz should be valued at a premium but we do need actually producing assets not potentially producing assets.

Wish the rampers would buy some shares