Member Info for Jiving

Agreed Jay, the worst case was that EM pressed the trigger on the shareholders agreement on the 9th. But as ever there seems a total lack of urgency on Arthurs part, when I worked in finance if we had a dispute of this magnitude a decision maker would have been immediately dispatched to the client/counter-party involved to literally sit with them & negotiate a solution asap. I have seen people sent from London to Auckland for a critical meeting & flown back that evening. Thats how you get a solution not by posturing & counsels opinion & email/letter exchanges but by Arthur or preferably Kola sitting down in Mumbai with EM & going through it point by point until they get a deal.

Thanks for the input SL 100 & baserite. Well of course each situation is different. The degree of scepticism investors have of Arthur often depends how long they have been waiting & what circumstances led them to being in COPL. I have been stuck in this for 16 months (the Canadians who post here have been stuck for longer) during that time Arthur has twice blatantly enticed investors with fantasy timetables regarding OPL226 in order to pump & dump placings. He then proceeds as if he has made no commitments whatsoever & repeatedly keeps investors uniformed of material facts. So I have patiently waited (although with mounting outrage) only to face a collapsing share price & yet more deceit.

I dont think anybody has actually yet suggested an Action Group but investors are of course free to work with the authorities as they see fit. If we do not get a satisfactory update by the end of this month then I will be contacting the regulators in the UK & Canada over the serious regulatory transgressions I have witnessed & recorded over the last 16 months. If I were one of the Shore Capital investors in any of the last 3 placings I would be working with others to obtain legal advice probably on a contingent basis. (I am not a Shore Capital investor so this does not apply to me).

Incidentally I think the twitter/email campaign initiated yesterday by Rift has led directly to the article released today, so pressure can work.

SL100. You say no good comes of it, interesting, well what is your experience please provide details.

Opulentia. I agree if there is no agreement with EM by end October or they tear up the shareholders agreement the share price could well be 0.1p, which is roughly the cash in hand. OPL226 could essentially be written off, would anyone really have any faith in Arthur getting some value out of an exploration licence in Mozambique in 2019, based on Nigeria frankly I wouldn't.

I tried London IR - no response.

Done, good call Rift.

You were put into this company by your broker in mid August, it is not yet mid October & you are some 25% under already. You should contact your salesman & the the Shore Capital management to demand COPL & its management explain the situation - surely the story you were told did not suggest 25% losses?

Shore Capital clients from the May & October 2017 placings again what were you told?

Rift. We need to contact everybody in the company & IR - just what is going on? We are fobbed off with stories that Essar is a minor dispute & then there is no deal months later & past their 9 October deadline when they can blow the whistle on the whole thing at a moments notice. We don't want Arthur to give away his game plan (if he has one) but we as shareholders do have a right to know where we stand.

At some stage we may have to get regulators & possibly lawyers involved (possibly on a contingent basis). Personally I have absolutely had enough of this ridiculous company and its slimeball CEO, its time to sort him/them out, what have we got to lose. (we might harm the share price - joke!)

Is that he treats people like dirt. It's clear to me as a COPL shareholder of some 16 months that he holds us in complete contempt & indeed frankly despises us retail shareholders (he thinks he is a big shot who should be dealing with institutions not riff raff). He looks down on us as lowly spivs & speculators who he deliberately ignores all year until the money runs out & then he descends from above to give us a crazily over optimistic spin/fantasy, that is not for our benefit, but only to sucker in naive new investors who have not come across him & his spin/fantasy before.

I could quite easily believe he has dealt with Essar Mauritus in the same disgusting fashion & they have had enough of his nonsense - if that were the case & although its not in my economic advantage I actually don't blame them for their actions.

Be really nice to get confirmation of payment within 30 days of the original announcement.

Jay. My hunch is its all about EMs 20%. It appears Shorecan may have done a deal with a service provider whereby they give up some of the benefit of Noa 1 to the service provider in return for finance. But that leaves EM with a bill if they want to keep their 20% which they cant pay. Shorecan then try to take advantage of Essar's problem by making an insulting lowball offer for their 20%. That (understandably) irks the Indians who dig their heels in & demand to be a partner on equal terms with the service provider or else they will just sit it out & not put their signature on any documents.

As soon as Shorecan realised the situation had turned they should have NOT hired counsel to draft some bolshy letter but flown to Mumbai & grovelled, agreed to equal terms and just got the project moving. When I read that we hadn't even got Ministerial agreement for the transfer of shares in Essar Nigeria it suddenly dawned on me that we have made zero progress over the last 20 months (what the hell do they do in Ottawa all day?). Arthur's assurances (pre pump & dump) of 'finance secured' & 3 months later nothing, way less credibility than Elon Musk!

I think Noeasy that many of us hoped Arthur would try to make an effort to resolve the dispute with Essar before the 9 October date, as it just leaves them with a primed shotgun ready to fire any time they choose. Yet again Arthur has totally failed to resolve a dispute within a reasonable time period (now month 3), he moves at the speed of a slug as if time is of no importance whatsoever. The problem isn't 'African time' but 'Arthur time'.

Perhaps the problem is not so much that EM will necessarily terminate the shareholders agreement but that minority protection clauses in the Essar Nigeria shareholders agreement mean their actual consent is needed before final application can be made to the Minister to approve ownership change (see below), for service agreements to be signed and for a meaningful FDP to be presented to the NNPC.

Incidentally it turns out we have not yet received Ministerial approval for the ownership change for Essar Nigeria and it is still 'subject'. This is from the August Prospectus:

"...the Department of Petroleum Resources in Nigeria takes the view that ShoreCan’ s acquisition of 80% of the issued share capital of Essar Nigeria, described in greater detail below, requires ministerial consent in order to
effectively transfer the interest in OPL 226 owned by Essar Nigeria. Application for consent has been filed and
ShoreCan is awaiting the outcome but the Directors believe consent will be forthcoming."

Wress. That doc access seems to have expired, I get this in browser, any other links?

AccessDeniedRequest has expired602018-10-09T15:31:21Z2018-10-

Bob, indeed a significant day, the key section in the prospectus P57:
"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 the
9th of October 2018. If Essar Mauritius did purport to terminate the Essar Nigeria 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."

Mannan I agree, way back when I was naive I thought this was a potential oil company. Every day I am stuck in it, it becomes clearer it's a gravy train for the BOD and 'management'. Well we will know tomorrow if an RNS appears, or more likely as Arthur never, never does it the right way, if someone emails Cathy (& she's not busy) we maybe maybe will hear whether a deal has been done or not 24-72 hours later. Most likely we will be fobbed off with drivel about Arthur feeling positive, its all falling into place etc etc etc. Copy & paste her last drivel.

As a COPL shareholder of now 15 months frankly I always but always assume the worst (thats the history see XOP share graph) whilst desperately hoping for a good outcome as spelt out by 'our' CEO in his last pump & dump. The service provider agreement in 1 month is now into its third month and counting. This can spin on & on, well until the February/March need for a new pump & dump to keep the gravy train running - expect positive news then, drilling tomorrow!

Aim. Thanks for your earlier explanation of some of your previous posts.. I think Aberdeenman (not you) was responsible in early summer for promoting wildly aggressive price targets to occur in a short time frame, that has probably not helped the share price as disillusioned buyers exit. Both the 001 & 002 studies have been delayed, but it seems for good reasons - with 001 in order to broaden the study to potentially make it attractive to other licensees. With 002 it seems the pre-clinical results we have been awaiting exposed a gap in the patent portfolio that had to be filled (possibly widening the use of 002 ??) - that takes time & you cant screw up! So I am happy to be where we are now, I am here till a buyout so am less concerned with current market price, of course its nice to be sitting on a paper profit but.

You mention a figure of £300m for 001 & 002, what is the basis for that, looking at the industry sales mentioned by Dan, actually I was thinking in terms of a higher sales price for 002 alone. Perhaps I am now being excessively optimistic, any thoughts?

Is that supposed to signify something?

Simple maths, if an investor put C$1,000,000 in XOP in August 2009 their shares are now worth C$2,000. Thats why I put my only hope in Kola & Tunde - seriously.

Well we are a week away from Essar Mauritius's threat to terminate the Essar Nigeria shareholders agreement on 9th October. Given Arthur stated they had an Essar Nigeria meeting on Thursday 27 September, presumably both parties can now negotiate face to face in Nigeria to seek a resolution. Its going down the wire but we could have guessed that.

Lets hope yesterdays sell-off in Canada was not related to inside knowledge of the state of EM negotiations but to investor concerns about the change of Canadian listing venue.

Oilberta. I watched it yesterday on my IB screen and the Bid at 0.005 was hit any time any volume appeared. At some times there was no Bid - ie it actually traded 0.000-0.005. It is usually very dull with little volume but something happened yesterday and the volume was one-way - all sells.