Member Info for Jiving

Rift. I agree completely I would have frankly been happier had they stuck with the original SP & just got it over the finish line ASAP. I realise that potentially having competing SPs 'might' lead to a better deal but I worry about the extra time it may need. Above all else we need the process out of the way, including final NNPC, before the February election. Hope to God we are working on 'Kola Time' and not 'Arthur Time'.

Brady, NoEasy, Others. Eland Oil ("ELA") is a fascinating company to compare to COPL. They have shares in two onshore Nigerian licences, one of which is producing (since 2014) & their share is estimated to be some 6000 bopd (investor estimate). From what I can see their oil fields do not have the potential of OPL226. At current share price their mkt cap is £240m, which if you extrapolated that over to COPLs undiluted share capital would equate to just under 10p, on a fully diluted basis probably around 9p. That would seem about right when COPL is actually producing oil at a sustained rate at or above a ELA's level, which we might hope would be the case by the end of first half 2019.

Great summary RetiredBanker, agree completely.

NoEasy. Great summary of where we currently stand I agree wholeheartedly. We just await actual confirmation for our beliefs/hopes.

Indi is Arthur suffering from depression or causing continual mass depression among shareholders - IMO definitely the latter.

HH for once we are in total agreement. We really do need a news update from Dan before year end, even if it is not success on all fronts, a shareholder update is long overdue. Straight talk would put to rest a lot of concerns being discussed here & would certainly not harm the share price. Which a year after the reverse takeover & re-commencement of trading is around 55% of the 4p re-launch price.

Mazik that sums it up well.

Also either side of New Year we should get a Mozambique deal sorted with the Govt. As that would involve exploratory drilling in 2019, next to a vast existing gas/oil field this could be our second project driving the share price in 2019.

Trial results will come when they come, we know the process has rational reasons for delay (need to possibly apply for new patents etc). So if they come before year end great, if its 2019 so be it.

My sole concern/hope is for the promised payment of £500k to be actually paid, now into out 9th week after announcement that payment conditions had been met. It would be odd if there was not a contractual obligation to pay the money within a set period, 30 days has already long passed, 60 days is up tomorrow.

We also know at some stage the NNPC will want a photo-op as they did with the neighbouring field. It would make sense for that to come after financing is agreed, final approval, official announcement & photo-op.

I think everybody has held back from estimating what mkt cap might be once we have SPA & final NNPC, & it really is going ahead, having had so many disappointments. After the placing the ex-placing price 'should' have been slightly above 0.40p if you work on basis of prior mkt cap plus cash inflow divided by new number of shares. Instead we plunged to half that.

What do people think of the NNPC extension, is that 'the' NNPC decision or are we awaiting/expecting another one post SPA?

A little surprised the share price did not move higher but past letdowns have damaged confidence.

Thanks Rift for getting answers.

Rift. Please could you give us Arthurs exact words.

Well Arthur has hinted at Schlumberger on at least 2 occasions & they are active in the field adjacent to ours. I see Halliburton are also active in Nigeria and have opened a training centre to boost local expertise, 3000 students pa.

Bolton if you go down to my first post on the Canadian SEDAR release, way more detailed than the RNS you will see what I take to be v good news. Namely the NNPC has extended for 2 years the Phase 1 exploration period for OPL226. This must be good & shows we are actually working closely with the NNPC as Arthur has indicated. But why has Arthur not RNSd this or mentioned it in the UK RNS?

We have some time but don't seem to be making any reported progress with the EM dispute. Nigerian election in February - we really need SPA & NNPC by then.

To get the detail you need to go to SEDAR. Arthur provides a short statement as below. Bizarrely he does not mention the NNPC extension - why? He mentions the second SP & says despite EM they are "..successfully advancing its financing and operational activities in Nigeria." Right but can they finalise them without EM agreement?

"Calgary, Canada, November 8, 2018 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company focused on offshore Africa, announces the filing of the third quarter results ending September 30, 2018.

During the third quarter of 2018, the Company had been working towards advancing its financing activities together with its joint venture partner Shoreline Energy and its investment bankers. Subsequently, towards the end of the quarter, ShoreCan entered into discussions with a second large oil service provider, with activities in West Coast Africa.

Arthur Millholland, President & CEO, commented:

"We are delighted to have been approached by another large oil service provider, which is very familiar with the region. Not only are they offering the provision of services, but also financing. This level of interest reaffirms our long-term view that OPL226 is an attractive opportunity with significant upside potential.

"As for the Essar dispute, widely discussed by our shareholders, we continue to stand firm that it has no merit as the 60-day actionable period has lapsed. ShoreCan and its 80%-owned Essar Nigeria partner are successfully advancing its financing and operational activities in Nigeria."

Page 12 also update on Agamore, more delaying tactics & another hearing on 17 December. (Are Agamore & EM coordinating to delay?):

"The case was continued on June 29, 2018 where Agamore’s lawyers did appear but the case was again extended to September 5, 2018 as the judge noted a technical failure on part of Agamore to serve the action properly on one or more of the defendants. The NNPC and DPR have requested ShoreCan’s lawyers represent them to seek dismissal of the action. On September 25, 2018, the case again called in court with the pursuers objecting to Shorecan’s lawyers representing the NNPC and DPR and also with a motion to enjoin Canadian Overseas Petroleum Limited and the third Shorecan director of Essar Nigeria to the action. The case was continued to December 17, 2018 for the hearing of the motions including those recently enrolled. With all defendants including the Nigerian governmental agencies considering the action to be ill-founded, Essar Nigeria remains confident that the action will be dismissed in due course."

Page 4 on Mozambique, it appears the authorities are processing the licenses as expected & Shorecan expect to begin detailed talks before year end:

"In Mozambique, the Company is part of a consortium that has entered into final discussions regarding the awarding of a prospective onshore license (PT5-B) under the 5th licensing round. COPL’s interest in Mozambique will be dependent on successful negotiation of a new Production Sharing Contract (PSC). The consortium has been invited to negotiate with the Government of Mozambique the terms of the PSC governing the block. These will include the acquisition of 1600 line km of 2D seismic. According to the Company’s Mozambican partner, the Instituto Nacional de Petroléo (INP) is currently finalizing the Exploration Production Concession Contract (EPCC) discussions with successful bidders as part of the Fifth Licensing Round in 2014. On October 8, 2018, the INP announced that it had signed agreements with ExonMobil and Rosneft for offshore blocks in the Rovuma Basin. INP signed an agreement with ENI (Ente Nazionale Idrocarburi) and Sasol for an offshore block in the Northern Zambezi Basin on October 18, 2018. The Company expects to enter into discussions with INP regarding onshore Block PT5-B before year end. The ExxonMobil EPCC agreed version will serve as basis for future negotiations with all companies."

Page 12 on Essar Mauritius Dispute the language remains similar to before, EM has not responded to Shorecan requests to invoke amiable dispute resolution process:

"ShoreCan and Essar Exploration and Production Limited, Mauritius (“Essar Mauritius”), the company that owns 20% of Essar Nigeria shares, are currently in dispute about whether the other party is in compliance with its obligations under the Essar Nigeria Shareholders Agreement. Essar Mauritius’ allegations centre on the assertion that ShoreCan has not commenced funding of the $80 million agreed cumulative funding in Essar Nigeria while ShoreCan categorically denies this with factual evidence of substantial expenditure to date. ShoreCan also alleges that any delay in securing mainstream long-term project funding is due in part to the failures of Essar Mauritius to comply with its obligations under the Shareholders Agreement. The parties are in discussions to imminently resolve the dispute amicably and no formal proceedings have been commenced by either party and, as such, there is no quantifiable impact to the Company’s working capital or its operations. ShoreCan has made a proposal to buy out Essar Mauritius’ shareholding in Essar Nigeria from the income that would be generated by first oil at OPL 226. Essar Mauritius has replied with a notice asserting that it would have the right to terminate the Essar Nigeria Shareholders Agreement if ShoreCan does not remedy its alleged breaches by on or about October 9, 2018.

Since that date the parties have exchanged correspondence re-stating respective positions. Essar Mauritius to date has not sought to terminate the Shareholders Agreement and has not responded to requests by Shorecan to invoke the amicable dispute resolution process in the Shareholders Agreement. If Essar Mauritius did purport to terminate the said Shareholders Agreement, ShoreCan has stated that it would contest any such action vigorously in the English courts which would have jurisdiction over any formal dispute. The Directors believe, based on legal advice, that ShoreCan has several valid defences and counterclaims to any such action that might be brought by Essar Mauritius in the event that the current dispute escalates."

Appeared on SEDAR. I saw three pieces of news. Page 2 NNPC extension on 02.10.18 (why oh why, were we not RNS'd on this back then?):

"Application has been made to the appropriate government bodies and the process is in the final stage of being granted ministerial consent for the Essar acquisition. On October 2, 2018, the Nigerian National Petroleum Corporation (‘NNPC’) granted a conditional approval of a twenty four months extension for the Phase-1 exploration period until October 1, 2020. The extension is subject to certain conditions, including submission of a Performance Bond of $7 million that is required further to the Production Sharing Contract (“PSC”) , to cover the Phase-1 exploration period work program at OPL 226."