Member Info for Jiving

And also he never linked the announcement of the Service Provider Agreement (& accompanying finance deal) - within the infamous 'month' now nearly 6 weeks and counting - to the NNPC. He mentioned in that podcast there would be a meeting with the NNPC thats all, now he links them as just another excuse to stall.

iamrich. It would be entirely wrong to assume that Arthur would inform us about any details about the Essar Mauritius situation - he point blank does not willingly give us any news. Look at the response he made to Rift "...they said the Agamore case is 25th of September. (mentioned they wont even give it the legitamcy of an RNS)".

Of course its not about giving fictitious 'legitimacy' to the Agamore claim its about having the fundamental duty of a company to inform its shareholders that the court date has moved from 5 September (as released in earlier company news) to 25 September.

Hey Cashman with £30k soon you will be able to buy 51% of the company. Then you can sack Arthur & the BOD and get things done, lets face it - look at the long term Canadian share chart (XOP) you could not do any worse. You got my votes.

You could well be right Cashman maybe that what the BOD are waiting for as well, they are sure helping it along in that direction.

Sadly now the placing is out of the way we seem to be back to 'Bad Arthur' never updating us properly through the mechanism of an RNS but informally via email to individuals. Looking at the share price as we hit ever lower lows it seems the new shareholders are as excited about his attitude as the long suffering shareholders. What a welcome in at 0.335 now 0.29 bid - they have lost 13% in a few days! No news on the management placing - have they managed to withdraw their participation - luck them to have a 'wait & see' clause!

R-Dunc. Thanks as ever for your investigations, given a lack of input from 'our' company we have to find out for ourselves. There was a possibility (i) that had Agamore's lawyers failed to attend or (ii) had the judge (the description used in the MDA) found yet more technical failings in Agamore's case that it might have been simply dismissed then ie before proceeding to an actual hearing. That was I imagine the best result we could have hoped for on the 5th September but given the lack of an RNS I fear we are actually now having the case heard & therefore will have to await a decision (whichever way that may go) on the timescale you outlined.

BB. I agree re-Art & oil appraisals & development, he does seem to be v good in those specific fields. The main, perhaps only hope we COPL shareholders have with OPL226 is that a serious, successful Nigerian businessman Kola Karim is also involved & playing a leading (hopefully dominant) role in resolving these issues.

Of course it could be the reason we have no RNS is because the cocky statement in the COPL 2nd quarter 2018 MDA was unrealistic: "...Essar Nigeria remains confident that the action will be dismissed in due course."

Perhaps on 5th September this dismissal did not happen and far from being dismissed it is being taken seriously in the court, with even a possibility that Essar Nigeria might lose. As a COPL shareholder since July 2017 I have to say my faith in management assurances is, ahem, low. Of course I 'hope' its been dismissed but why no RNS?

Realistically I am hoping we close above 2.60p today. If we confirmation of the NPX001 results that releases the first payment of £500k from NSB that should hopefully get us back to the placing price of 4p & maintain that level. Further news at the end of the year or early 2019 on our two lead programmes should hopefully begin to move us above 4p.

Friday 7th September and we are still waiting to hear what happened on Wednesday 5th September regarding Agamore. Whatever anybody's position on the various contentious issues this is surely one issue we are united on - our basic shareholders right to be informed of material facts.

Or just yet another rollover?

Bob. Great post mate I agree with every point you make, the way we shareholders have been treated by Arthur & COPL is outrageous by any standards. Somebody says lets 'believe' Arthur and his 'timetable', seriously anyone who says that must be in an alternative universe, reality tells us the exact opposite story.

Looks like we are back to the old Art now he has got 8 months money from the new suckers/shareholders in the placing. 5 September was clearly stated in 2nd quarter MDA as the date for the court case - we need to know the outcome - Agamore lawyer didn't turn up; judge dismissed the case; judge considering arguments. This is material whatever happened.

So we are back to 'normal' and possibly can expect no updates till Feb 2019 when he needs to start pump priming for the next placing - interesting in August Prospectus he already assumes the company won't be able to fund its operations from OPL226 cashflow by then!! Maybe he is not so sure as his pre placing podcasts suggested.

Great summary NE. Shorecan's lack of sufficient working capital to kickstart the single well project no doubt has played a big part in the delays but I don't think we can let the chaos at the NNPC entirely off the hook. My hunch is Essar M do have a valid case against Shorecan, but I note that COPL Directors are nowhere near as dismissive about the Essar issue as they are about the Agamore case. This is not strong wording for the defence, basically we can stump up some counter points & arguments:
"..based on legal advice, that ShoreCan has several valid defences and counterclaims to any such action that might be brought by Essar Mauritius.."

I know we all fantasise (me to!) at the effect a successful development of OPL226 would have on COPL share price (& like all long term holders I am sitting on huge % losses), but frankly the current share price actually accurately reflects the current reality.

Bolton. We don't know if anything happened today but it was supposed to. This is the relevant para from COPL's 2nd quarter 2018 statement:

"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. With all defendants including the Nigerian governmental agencies having considered the action to be ill-founded, Essar Nigeria remains confident that the action will be dismissed in due course."

Would be nice to be back in the 3's before any news, a better base for liftoff.

Rift & BB. Agree completely, we need informing about what happened today whatever the result.

Is the same as the UK, so news of the court case should be available UK day time.

Indi. Is that question directed at me or Aim, it can get confusing on a thread? If its me then my response would be that it '''might''' be the case that potential (or existing) licensing partners have issues regarding test results (or scope) that need clarifying or further work doing and that test results & new deals are intertwined. NFX is such a small company it is quite possible word would not get out or that the situation - as above - is not clear cut. I have seen little sign of serious buying over the last couple of months, although it was interesting to see some relatively large buy orders yesterday.

Aim. Not sure what your point is? I 'hope' the reason for the company's delayed announcements are for good not bad reasons - because I am a shareholder. But I have no sources, real or imagined, that I obtain information from. Just an outside investor trying to make sense of our situation.