Member Info for Jiving

But what - Arthur should forgo all his salary for shares? Why, he is just doing his job like the geologists, engineers, legal counsel ?

To be honest I think it would have been politic & appropriate for Arthur to have exchanged a portion of his salary for shares, say early 2018 when frankly it was clear things were not going to plan - maybe 10-20% - which in practice is actually not so different from the amount of shares he bought in the August placing.

But who would you sack - the oil geologists, the oil engineers, the legal counsel, Arthur who still packs a big punch in oil circles - which is why he can JV with Exxon & Kola Karim, the No1 private sector guy in Nigeria?

As a longstanding shareholder I think it would have been appropriate for Arthur to seek 10% cuts on our monthly budget (if possible) but the core COPL staff are the absolute minimum to get taken seriously - given COPL is a company dealing with companies with anywhere between 1,000x & 40,000x our market cap.

You missed getting shares at 0.09 & 0.10, they are now 0.15 over 50% higher on huge 1.2 billion volume. Whatever you spin now won't take them back down again - pay up & shut up.

Last two days = 1200 million shares = very nearly 50% of shares outstanding.
We have had big days in the past but nothing like this.

3.87 million XOP (COPL) shares were traded at 0.005 yesterday, which is approx 0.29p. ie around twice the price we were trading at on LSE. Of course this because XOP cannot actually trade at anything below 0.005, but nevertheless there were people prepared to pay twice the LSE price!

Agreed - the 1's that appear regularly in COPL trades are due to an infantile MM who likes to inconvenience investors by breaking say a 1 million order into 999,999 & 1. Its not code for anything but a MM with the mentality of an immature malicious 5-year old.

And god knows what happened as everything got cancelled at 17.20.
Never ever seen this before, seemingly no auction? No idea what to make of it.

And counting - I know as I have orders in - still open. Now 17.11

At 16.52 and counting

Sky high = 3.6m vs 500m in London. No.

We are heading towards 10% of outstanding shares traded in one day. Arthur did point out it was liquid.
I actually dont see why the rally today, not that I'm complaining but?

Dont worry 'he' will be back any time shorters/de-rampers see advantage in dominating the Board and/or drowning out genuine posters. Hey I can even guess the return time, lets guess start posting between 7.00-8.00.

Now in my 21st month of being disheartened.

The usual de-rampers with their nonsense.

We should be due an RNS on the result of the convertible loan expiry. The loan may have been repaid (if such an option exists) or converted into shares & warrants. As we are above the conversion price of 2.85p it is in the economic interest of the holder to convert. The amount is relatively small but its clearly in our interest for dilution to be minimised and the loan repaid in cash.

Rift. We both know the grim placement history we longstanding shareholders have suffered from. Existing holders & a bunch of shorters (starting a couple of months ago @ 0.30) have sold anticipating a discounted placing coming in or around April. The April podcasts seemed to be a re-run of last August. Everything seemed to indicate yet another placing & people reacted accordingly, hence the totally bombed out share price of 0.10p.

Frankly if there was going to be a placing it should have happened by now (time is running out with Easter & a 2 week lag between lacing & payment), so I think there is a serious possibility that alternative short term finance has indeed been found. Given the overall $200m finance bill for the first appraisal well on Noa, a few months running costs for COPL is a minor detail for the players involved.

Now of course I don't 'know' but neither does anybody else, apart from Arthur & his broker/banker/partners/finance providers. But I reckon the odds are 65% alternative finance, 35% discounted placing. Please note I expect a placing but not until after all the key news - approvals, service provider & finance - have been announced.

Its not the case they have been doing f all. They have had to negotiate an amended appraisal well with NNPC which could lead to up to 4x the oil in the original plan. Negotiations have been ongoing with service providers & detailed drilling plans, environmental plans have had to be submitted to the DPR for various licences. All this work has been done in-house as have all the detailed legal contracts & the co-ordinating of the legal cases with Essar & Agamore. I would have liked to have seen an effort to shave say 10% off costs but the staff on the payroll are the minimum needed to do this type & scale of work.

COPL does not have to find the cash for the performance bond this has been taken care of via bank guarantees & is already in place ie its not outstanding.

Running costs are needed but the simple fact that no placing has occurred suggests to me there is a chance Arthur has found an alternative source of short term finance until the deal is announced. As all non-shorters know & hope for, a placing after news is fine as it will be at a multiple possibly as high as x10-20 the current share price.

Just the wide spread pre-open.
On IB its 0.1-0.1050

This grotesque creature is taking the p*ss big time. He has dominated and wrecked the Board for the last what 2 weeks. He has had a totally & deliberately negative effect - in this sense - all these 20 posts an hour of pure drivel drives out good posters & hides good posts. It is a total abuse of the Board & the LSE system. It also appears he has so many alias's he can vote down & 'complain' about any posters criticising him/it/whatever.

They have been doing that successfully for nearly 10 years now.