Member Info for Jiving

Digging around to try and see how potential financing gaps might be filled (without a huge placing) I had a vague memory from a couple of years ago that Schlumberger had begun to take direct stakes in some projects. In particular one in Morocco with a small UK listed company Sound Energy, where Schlumberger won all service contracts if they took a direct stake in the project. More details here, but the analogous situation is interesting:
https://oilprice.com/Energy/Crude-Oil/Schlumbergers-Gamble-Could-Change-Oilfield-Services-Forever.html

Reading the project finance term sheet again, one things strikes me - its an agreement between Shorecan (JV: COPL = 50%) and the finance providers. But the equity kicker (to the lenders) comes in the form of a US$3m, 2 year warrant issue into COPL shares (ie Shoreline stumps up nothing here). So maybe Shoreline is going to be making an equivalent contribution at some other stage in the financing arrangements?

Esski. Essar Mauritius & Agamore suing over a contract from way-back with Essar Nugeria are just trying it on IMO because they can see a deal coming to fruition. Essar have a 20% stake in success would they really blow that up & be left with nothing? Gamesmanship I'm afraid.

NNPC approval will change everything. Remember we hit nearly 2p last Sept on the rumour of approval. When NNPC approval does come we will have the oil services provider & finance named plus the $30-50m backend facility in place. The stated intention is to produce up to 20,000bpd ASAP by early 2019.

With 1.5b shares a 5p share price is still only £75m for a company heading into production in a few months with massive expansion prospects. I see 88e hit £200m on its exploration prospects alone a few months ago, also UKOG has had a mkt cap in the £100m's for very mixed production prospects. First oil flow must make us a £150m+ company IF we have 1.5b shares then thats 10p, if more shares exist by then of course its proportionately less.

NoEasy that was my reading of Art's message as well. If you look at the potential contracts flowing from the full development of OPL226 over the next couple of years I could see oil service providers wanting that action. The Shoreline shareholding in Schlumberger's Nigerian operation increases the odds - great info!

The latest quarterly was not surprising, we have known that minimum monthly costs are $400k, so 3 months after the last figures we are where we should expect to be.

Arthur has made it clear in his podcasts he will be announcing the oil services deal within the next couple of weeks (he gave it a month at start of August), for me that will be the real turnaround news. My expectation is NNPC approval & all financing in place by mid to end September. After this news share price must surely be 3-5p & then a placing. Like others I saw continual mention of Schlumberger in both podcasts as being a hint as to who the service provider could be - that name alone got to be worth at least 1p in itself if it happens!

Sorry to disappoint you guys but of the 2.68m shares traded in Canada yesterday, 1.61m were my orders. I was picking up what I had been unable to buy at London close. FYI, I paid in UK terms 0.59p a share. I had further orders outstanding till close that were not filled at 10c.

Aim. Thanks for those links, interesting to see their patents I can see that NXP001 is aprepitant l-proline, have you worked out which one is NXP002?

Should have read the Prospectus long ago, thanks for the prompt, answers many questions....

Sub-Mariner. I agree I thought Arthur was confident & positive in both recent interviews. The clear impression I got was that COPL investors (having had a year of bad/no news) could henceforth expect a stream of positive news, leading up to actual production within say 6 months.

On uk.investing.com it gives COPL's next earnings date as 14 August 2018 (ie Tuesday).
https://uk.investing.com/equities/canadian-overseas-petroleum-limited?cid=949060

Went back and checked second quarter results dates in the four years:

Friday 11 August 2017
Friday 12 August 2016
Thursday 13 August 2015
Thursday 14 August 2014

Ownership of Newsummit by Zhejiang Yatai confirmed in article here:
http://www.chinabiotoday.com/articles/Cyrano-Partners-Newsummit

This appears to be the owners of Newsummit. Listed on Shenzhen exchange, with a mkt cap of Y6.85b or almost exactly US$1b at todays FX. So at last we can have a dig around & see who they are....
https://uk.investing.com/equities/yatai-pharm-a

Couple quick points BigBear2. I am a realist on COPL finances and keep an active eye on their cash balances versus their stated $400k monthly burn but based on their last accounts they have enough cash to end October. A date also confirmed by Cathy to I think Jay in an email. Another possible source of short term respite is their cash-rich (from operating field) partner Shoreline 'might' cover temporary shortfalls in a spirit of what seems to be a good working partnership in Nigeria & also Mozambique. My hunch is Arthur 'should' be able to hold off a placing until one or more pieces of seriously good news. But of course the company needs some kind of financial cushion for their activities at some stage, so I do expect a placing just when?

Great stuff Pettycash, thanks for the info. Reassuring.

My thinking as well. I thought Art's interview yesterday was impressive & he was fluent & confident - I watched it twice to get the nuances. But he conned me once before so I am sceptical & I think the market is as well. Look at market reaction, we are under 0.6p after some frankly crucial & positive news, with promises of more to come. I really would have expected on this news to have settled above the previous blip up to what around 1.80p last Sept - but we are under 0.6p, there is a wall of scepticism to overcome.

I agree I am stuck in this wretched thing and would actively encourage & welcome a takeover bid. I am not looking for 50%, anyone who wants it at 35p or more - I pledge my shares. If I wanted a crazy gamble on a zinc mine in the US (which I absolutely dont) I can do it myself.

Mazik - exactly my thinking, hence my question. In the short term Newsummit are the future of our company (finance wise) and who the hell are they?

Actually be good to know who they are. Very little on Internet about them and what is there is 1-2 years old. They did some prelim documentation for a NYSE listing way-back and seem linked to VC firm Sequoia.

It is obviously a cause for concern if the Newsummit £500k is delayed, however it is interesting the Board stated in the recent results that they have prepared for this possibility (ie taking cost reducing actions other than an immediate placing);
"...and have considered alternative strategies should projected income be delayed or fails to materialise. These strategies include postponing non-committed research expenditure, securing alternative licensing arrangements from those currently planned and using the Group's established network of licensed brokers for fundraising."