Member Info for Jiving

Ab. All the projects that are coming to fruition now, were actually initiated by Dan. The Kissei & other potential parties interested in NXP002 being the prime one. Once NSB had collapsed (not a fault of anyone at NFX, what is a small foreign partner supposed to do when a Chinese co goes under?) he began the process of finding another taker for NXP001. NXP004 was also a project he was actively pushing & the inhaler angle for 2 & 4 was again something he was closely involved in promoting. Finally both Ebers & Vistagen came in under his watch. CV19 has wrecked & delayed many plans partic in the pharm industry, but what was Dan supposed to do about that? Frankly, the above are all indicators of an experienced commercial negotiator in the pharm industry, bringing home the bacon.

Surely people are not going to pretend that the last 23 days under Blackwell has seen momentous progress? Blackwell & Keegan seem to have pushed Dan out because he did not fit their view of a CEO. But now its clear - organisational geniuses & strategic planners that they are - they had not prepared for the possibility of him leaving & our now desperately trawling around for 'a' CEO. How easy is that going to be & at what cost, right! Its happened now & what will be, will be - I am in 'wait & see mode', but very dubious about what went on & also how the Japanese will take this change.

But come on Brady we have to assume people who read this board are sufficiently aware not to be buying on the basis of one poster - who has actually been bullish for the full 3 years he has been invested. I mean if you put money into a share, its because you are positive about its prospects right, its not like he has ever played a game of positive/negative reflecting a trading position change. If you look back over posters who were actively promoting COPL on the flimsiest grounds, Jay is not among them

Jay has no power over Arthur's placing decisions, it took him just as much by surprise as everybody else, & he was fuming about it & I know passed his concerns on to Arthur. It took the wind out of everyone's sails not least mine. My take on it, having slept on it, is that it is possibly part of Arthur's negotiating stance vis a vis Essar, showing he has raised additional funds to hunker down if no agreement is reached. The 20 July timing, on the date contract negotiations were supposed to be completed, is IMO not a coincidence.

I had a break from COPL today so I missed the Jay business. Brady, Jay is a constant poster on this board because he is a big investor in the share. Yes he's bullish, on the whole, but thats because of his large holding. He has intermittent contact with Arthur and tries to pass on the spirit of those convo's. Can't see he has done anything wrong or out of the ordinary with his postings.

Interesting points SS, but...

1. COPL has been raising money via placings for 10 years now & has not produced a single deal - literally none, the 'oil company' that has never pumped a thimbleful of oil let alone a barrel. Many many previous investors have put in serious amounts of money repeatedly for 10 years. They also did not think their shares would be worth 0.1-1% of what they paid, but they were. I hope the new investors do better than past investors but its not a pretty record.

2. As above Arthur has been doing huge placings for 10 years - this company has never produced any oil or any revenue for 10 years - everything has been paid for solely by placings at ever lower levels. Seriously what 'reputation' would be lost. Nevertheless he has thus far never delivered a single barrel but has still kept raising equity finance. Ten years!!

3. Essar freely entered into an agreement with Shorecan some 4 years ago for OPL226 ,so it is not the case that Essar is suddenly demanding COPL prove themselves financially. Indeed the current OPL226 financial requirements were made crystal clear in the 4 June 2020 statement, namely Essar carrying Shorecan for 10% up to $5m & then granting the option to but 20% at an agreed cost after the first drill. There are no new demands necessitating this 433 million new share placement at a 30% discount to market & with the massive 10% commission yet again going to the mystery introduction agent.

Answers needed by 7.00 am London on 21 July or the regulators need to do their job.

This is for both London & Canadian investors. Once again we have been put into a hopeless position by 'our' management promising us clearly & categorically a deal via an RNS by 20 July 2020. Namely, this twofold obligation:

1. ". ...Shoreline Canadian Overseas Petroleum Development Corporation ("ShoreCan") and Essar Exploration & Production Limited (Mauritius) ("Essar Mauritius") have agreed to extend the backstop date to July 20, 2020 to enter into definitive documentation as outlined in the agreement in principal, announced on June 4, 2020, to resolve their disputes with each other concerning, among other things, their respective obligations under the Essar Exploration and Production Limited (Nigeria) ("Essar Nigeria") Shareholders Agreement (the "Shareholders Agreement").

2. "The agreement between ShoreCan and Essar Mauritius to extend the backstop date also extends the immediate stay in proceedings of the claim filed by Essar Mauritius against ShoreCan in the High Court of Justice of England and Wales, also announced on June 4th, until July 20, 2020. "

We are now at close of business UK time on 20 July 2020 (not yet Canada close) IF we do not get any response by opening UK time tomorrow, frankly its time we, long abused, investors DEMAND regulatory authorities get answers from a company giving us 20 July as a critical deadline. Oh & just out of interest who did get that £167,500 cash commission & 57.5 million warrants (just asking for a friend).

Sorry guys correction "...Total for the £2.3m raised was £167.5m"" should read "..Total for the £2.3m raised was £167.5k " or £167,500, for somebody introducing investors Arthur describes in the RNS as "...these new shareholders who are well known investors in the Oil and Gas E&P space, some of whom I have known more than 20 years. "

Thanks for passing that on. She only referred to the already announced debt for equity swap shares. What we are primarily concerned about is the NOT 'already announced' debt for equity swap shares which is AS EVER a red herring. Specifically to deflect from the huge dilutive placing of 433 million new shares, at a massive 30% discount of £1.3m shares, which although it is described as a 'non-broker placing' STILL paid 10% commissions to a mystery person comprising 7.5% cash (not shares please note those are for the prole PI's) and a huge dilutive warrant issue on top.

I wonder if the same mystery person getting their 10% also got the 10% that was paid on the previous two £500k placing also paying the same bargain basement 10%. Total for the £2.3m raised was £167.5m cash & 57.5m warrants in total. Who gains & why are they so richly rewarded for placing at a 30% discount supposedly on good news. Seriously wouldn't a 'broker' be better & cheaper?

There is also the issue of whether 'mates rates' for friends/family/insiders is actually above board in the modern world. Once upon a time regulators tried to stamp this out as a form of insider trading - ie you just happen to do a huge discounted placing with equally huge fees (note cash & warrants only = 10% of funds raised) to a "non-broker" (identity please?), a few hours before potentially promised, share multiplying news.

Great post Baserite those are the issues & questions we all have. I have said my piece for today, now in wait & see mode (have I ever left that?).

Exactly, 100% agree.

Three weeks ago this is what Arthur put in the Prospectus, he gave himself till mid November for next raise, so what made him do it in mid July?
"The Company believes that additional financing will be required by mid-November 2020."

Price in 08.00 auction is 0.35p, only small amounts on each side.

They would benefit from a placing after news, because then the uncertainty of the Essar deal falling apart is removed. Investors buy after news at higher prices for just that reason. Looks to me like 'news' is delayed for an indefinite period.

If good news was coming in the near term, you would wait to do a placing till after that - right?

Same Old Arthur - no change.

https://www.londonstockexchange.com/news-article/tidm/headline/14620521

When our first drill hits oil NoEasy, I think we should all party - onshore & offshore.

Just done a very rough count from that map & I count 21 of the 57 licenses as being offshore. As 'offshore' analysis & preparing drilling/production plans are COPL's specific area of expertise it would make a lot of sense for Shoreline to target those jointly with COPL. Not saying Shoreline wouldn't want to involve COPL on the onshore stuff, but offshore makes a lot of sense & I suspect the licenses will be less competitive than the onshore ones that may appeal to more indigenous companies.

https://wpcluster.dctdigital.com/energyvoice/wp-content/uploads/sites/4/2020/06/Nigeria-DPR-marginal-fields-798x564.png

Mozambique also ties in with the Cove Energy story. To recap for those unfamiliar with it - Cove Energy was a fast growing AIM, African focussed, explorer/developer. It is viewed as a 'model' AIM oil explorer in that it rapidly built up an attractive portfolio, & then put itself up for sale attracting competing bids from Shell & PTTEP (of Thailand), eventually going to PTTEP for £1.2billion. Its key asset was 8.5% of the giant Prosperidade gas field in N Mozambique. From creation to eventual sale took 3 years - that's how fast this type of company can build assets & value. https://en.wikipedia.org/wiki/Cove_Energy_plc