Member Info for Jiving

Rift. For a long time I have thought OPL226 should be the only thing the company should be concentrating on, ironically I suspect the second fund raising of 2017 was for the mystery project but it has provided us with the cash to wait for the NNPC. My spreadsheet puts COPL's share of revenue from OPL226, when its properly developed, at a multiple of $100m at current oil prices. Looking forward to trade projections once we get NNPC approval.

I think the new Govt's haggling will mean Sarawak may be on the backburner for a while. Lucky Wick & Tunisia are also hot prospects.

Of course you can detail that you are pursuing a transaction before it closes, particularly if you place substantial funds in trust in the pursuit of that transaction. If you read COPL corporate history there are numerous instances of them announcing they were pursuing transactions (ie Equatorial Guinea) that later did not come off. Secondly surely its abundantly clear even to someone like you that it is very material that the company has access to funds to meet expenses till end October 2018 not end May 2018. Your immature slandering of adults on the board who are having a rational discussion of our company's prospects as "de-rampers" is absurd, why dont you set up a 'rampers only' board & play on that instead.

Well I certainly hope the Interims are at worst neutral & at best actually give us some positive news. Looking at the field of red sells over the last few trading days makes for grim reading - see COPL share trades. Regarding what material facts the company should report to shareholders. First, they should have highlighted the transaction they were chasing at the end of 2017 that the funds were held in trust for - even if the specific details were confidential. Second, when that transaction failed to materialise the fact that COPL then had unencumbered access to $4m in funds not $2m is most certainly a material fact regarding the financial viability of a company with $400k monthly expenses. Finally, small exploration companies like COPL with no revenue are only ever a few months away from another placing, that is how they meet their monthly costs, its not by magic its arithmetic.

This is the nightmare of Arthur deliberately not keeping us aware of anything that is going on with our company. It appears the $2m+ was deposited regarding a transaction about which we have never been informed, even what continent it was in, & now apparently has not gone ahead & the money can therefore be released. So we have had all the worry of potentially running out of cash for the last few months that could have been simply alleviated by Arthur telling us what had happened. Instead we have to speculate on the board, hassle IR & gradually maybe maybe the truth comes out. What a disgraceful way to (mis-) run a company!

I have finally been informed via IR that the $2m funds described in the year end 2017 accounts as being held in trust (for a pending transaction) are no longer in trust as the potential transaction did not take place. So presumably those funds are now available for COPL general use & we have more months breathing space.

Seriously look at the COPL share trades on LSE - a sea of non-stop sizeable red sells from 2 May till close today. Jesus what is going on?

I agree with your analysis of the last 8-9 months.

No it means everything, sometimes there are periods when sells outnumber buys - then the share price goes down as supply overwhelms demand - which is exactly what seems to have happened over last 3 days. See share price graph from September 2017 to today - 1.75p in mid September to 0.45-.50p now - that is not due to buyers overwhelming sellers but the reverse.

The level of recorded selling is staggering - roughly 17-18 million in last 3 trading days. We all know the LSE sell/buy is not perfect but even so......whats up?

Interesting it seems everybody is actually agreed we need better PR (even some PR would be OK). I can imagine as these guys are boffin oriented it is not their first focus but when the positive test results & royalty agreements come in - these facts have to be correctly pointed out to the investing world. I am very happy with the brilliant concept, the boffins & the marketing guys - IF we get those tests/deals I am going to stick with this till the end (ie trade takeover).

I see the COPL Annual Meeting date has been fixed for 4 June 2018 in Calgary. Anyone planning to attend?

Aim. You have already posted Aberdeenman's post in its entirety less than 24 hours ago - what is the point of re-posting? Petty correctly highlights the possible downsides with NFX that all us shareholders need to be aware of & be prepared for. Investors, myself included, frequently focus almost entirely on the positive multi-bagger potential & frankly ignore the negatives which exist for every company, and which need to be always borne in mind. Thanks Petty for highlighting those issues.

The problem is what do you mean by 'trashing'? A cause of concern with any small biotech company are the results of various tests and so it is with NFX. Of course we need to discuss the potential downside as well as upside of forthcoming test results - thats not 'trashing' thats rational discussion.

Indi you have it exactly the wrong way round. OPEC is the oil producers cartel that seeks higher oil prices & hence higher oil revenue for their economies. That is why they have lowered output in 2017 in order to try to raise prices & succeeded. The US has been in favour of lower oil prices for the last 30 years as they believe lower oil prices aid international economic growth. That is why in his tweet of 20 April President Trump "Oil prices are artificially Very High! No good and will not be accepted!" - it is not logically possible to interpret that statement as being in favour of higher oil prices when he clearly states they are not acceptable. My last comment on the issue.

Indi. Its actually not US policy to raise the price of oil but OPEC policy - which includes Iran & Saudi and a side deal with Russia. President Trump actually favours a lower oil price this is his tweet from 20 April "Oil prices are artificially Very High! No good and will not be accepted!" The main conflict between Iran is not over oil but its nuclear programme and its main adversaries are actually Saudi & Israel. Iran is moving military assets closer to Israeli borders & Israel is blowing them to bits - the Sunday Israeli raid was so vast it appeared on earthquake monitors.Trump decides on 12 May whether to withdraw from the Iran nuclear deal - if he does that increases tensions in ME massively. War or not lets see.

OK so its not for a Canadian domestic transaction which would have been odd given COPLs African focus. So we dont know if the trust money is related to OPL-226 or even Mozambique? We simply dont know whether it can be released for monthly expenses, the company theoretically can access the cash but it might be breaking an agreement to do so which in practice it would be unwilling to do if it scuppers a key deal. I hope it can be of course, as that could take us to near year end, but if it cant be we are out of cash soon.

Thats interesting news on the trust money - did that come from COPL direct or IR? I dont think anybody has faith in NNPC Rift given their record. Our hope remains Kola & NNPC distancing itself from the old regime. I absolutely agree we should ignore all 'bashers'.

Thats the problem mannan we get no input from the company as to even roughly when they expect NNPC approval. We have gone from Arthurs week-by-week flowchart he flourished in 2017 to what we have now is '2018'. But of course if we don't get approval by end 2018 then the company would be out of money again, and the same situation would arise that they have to raise yet more equity to keep going in 2019 - always assuming of course that they can, that is not a given now or in the future.

Correction. 500m @ 0.4p is �2m or approx $ 2.8m, or 7 months operating costs ie enough till year end 2018.