Member Info for Jiving

Copper. I think Staley is a great CEO and that UPL created a smart partnership with Brooke to get deals IF Sarawak gained control of its 'own' oil assets. But the Malaysian election intervened & and against all odds a new PM & Govt was formed which now appears via Petronas to be challenging that oil independence. IF that challenge succeeds & Sarawak is not oil independent then UPL will be just another small oil company trying for deals at a federal level with Petronas. Anyhow with the 1 July deadline looming & Petronas now in federal court we will find out soon enough who will control Sarawak's oil. Wick looks good regardless of Sarawak.

Harry. Truly what do you think you are 'achieving' by hassling the Nigerians? Honestly you likely set us backward not move us forward.

This is frankly stunning news. Sarawak came down down on the wrong side of the election. Mahathir is a political tyrant come back, who knows all the moves (imagine Margaret Thatcher returns to power now in 2018..really thats what its like). Malaysia's most important quasi state company (& crucial revenue earner) is Petronas, the idea that in the first weeks of the new Mahathir Govt, the Petronas management would take this huge step without the nod/instruction from Mahathir is unthinkable. Maybe the courts will overturn it - but absolutely not if Mahathir says not. Thats how it works - see the two crazy absurd sodomy case against the second most powerful politician in Malaysia in the last 20 years- Anwar spent 10 years in jail on grotesque charges. IMO this comes from Mahathir & will prevail.

Harry please could you pls give us Cathy's text or a precis of it. Thanks.

Rift. Its v useful you have JV accounting experience & it could be useful to look over the latest quarterly COPL accounts, as it seems to me there is already a cost sharing agreement in operation such that COPL receives funds for ShoreCan expenses from Shoreline. Nigeria being part of Ohada makes RBL finance accessible and the oil price (& ex Middle East) hopefully make things smoother. The share raising we desperately need to avoid is one before NNPC (ie something like 500m @ 0.4p) with the massive dilution implied, after that at hopefully much higher share prices the dilution will be manageable. Most oil companies from tiny COPL- like explorers/producers to BP & Shell raise equity finance if an opportunity arises, nobody can say if Arthur bids for assets in the future that he wont need equity finance. Cove Energy is an interesting example of an African explorer/producer that went from creation (12p) to a $1.2 billion takeover (240p) in 3 years, but needed a number of equity financings along the way to achieve that growth.

Cdn. Yep agreed that what the arithmetic says, financings cant be left to the absolute last minute. If Nigeria wants oil actually flowing by next year (pre February election) they need to be giving final approvals very shortly. If Arthur has a rapid field expansion plan that could appeal.

Sub-Mariner. Thats what worries me about these email campaigns that they potentially do more harm than good. A bunch of white foreign shareholders start hassling low paid Nigerians at NNPC because they are not making loads of money as fast as they want to. You could well get a counter productive reaction! I have a critical view of Arthurs behaviour vis shareholders but his decision to let Kola take charge of the NNPC negotiations & not get involved hassling the Nigerians strikes me as the right one.

CDN. Great thanks for that thorough report, appreciate it. So when OPL226 happens it will be bigger & better than the original plan!

AGM. Wasnt there a report some time ago from an attendee at last year's AGM that Arthur dodged shareholder questions by claiming he had to fly to an urgent meeting re-finance in Zurich? Dont let him pull that trick a second time..

Well I am quite happy to name the No 1 COPL de-ramper = Arthur. Never come across a CEO with such a bad attitude towards shareholders & determination to deny them any updates or useful information, unless its prior to a ramp & a placing. Other companies ie 88e have their disappointments & keep shareholders well informed therefore encouraging them & helping to maintain a positive attitude & share price.

Look at crazy spread changes today from 0.55-0.65 to 0.50-0.53. What is they up to, nothing good for LTH as usual.

Exactly, could be just like the last operation in autumn 2017. Ramped up to nearly 2.00, out go the insiders, in comes the placing where they buy back in at nearly half price. Oh to be an insider not a LTH, aka sucker.

The difference I see between COPL and CLON & its African licence problems is they dont appear to have a major domestic player like Kola going into battle for the licence.

Rift. Thanks like other LTH I hope soon is indeed soon.

Rift. Are you saying you think we are literally one week away from NNPC ie we will hear by 5-6June? "..even the actual final ceremonial signing is as usual, another week or so.."

Yep back to normal, slow/fast slide down to the reality that nothing has changed. Only hope is the Trump factor & gold above $1500.

Yep back to normal, slow/fast slide down to the reality that nothing has changed. Only hope is the Trump factor & gold above $1500.

Short term traders in, short term traders out.

Three simple points, then no more responses from me to your nonsense: 1. It is not the official list but an unofficial one in a newspaper. 2. The non existent 'scandal' was in Liberia not Libya - only a 1000 miles apart, dont worry about it. 3. Shoreline only appears to be pursuing one new Nigerian field at the moment OPL226. If so this mention is potentially good news on OPL226.

Besides its existing & producing OML-30, the only other Nigerian oil field I can find associated with Shoreline is OPL-226 - anybody know of any others? Which potentially means the unofficial list with Shoreline on it 'could' be good news?