Member Info for Jiving

Asmalik thats an important link. Many have written off Mozambique due to political instability & an Islamic insurgency in the north. But if the world's development banks are putting together $14.9b loan for a single gas project in Mozambique that shows serious commitment. ShoreCan has 57% of an onshore license PT5-B that is well to the south of the nutters & surrounds a giant producing gas field (Pande) which itself is linked to South Africa by pipeline.

Exactly.

Exactly Berta how many times have we been here before - a deadline that might be met but...! You guys in Canada, even more than UK investors, have been through so many failed promises. This time it will be different, right?

Grease_monkey. Know the feeling, had it for 3 years & counting.

NoEasy. Yes I think the pre-qualification stage is just that, to weed out the total no-hopers. In the Nigerian press Shoreline is listed among likely registrants & later bidders. Also its noteworthy that applicants must be 100% Nigerian as must all members of a JV or consortium. So it looks like only Shoreline and not Shorecan can be the registrant.

Shoreline likely sees a need for COPL's technical prowess in analysing data from target licenses & also later drawing up the technical & operational plans when the 'real' bidding starts. As the bidding terms make clear they anticipate farmouts to finance production, Arthur's industry contacts & presence could be useful here as well. So I could see why Shoreline would want to involve COPL in some if not all of the licenses they might be interested in. Whether Arthur wants to inform us IF we are involved is dependent on a number of issues: regulatory obligation (partic in Canada); Nigerian restrictions on the bidding process; not wanting to (over) excite investors at a preliminary stage.

I noticed the clock ended at 18.00 UK time but they rolled the announcement over from 16th to 17th of July. So some time today.

"New float Canadian Overseas Petroleum (COPL) has made a strong start on its London debut. At 17.5p it is up 30% on the 13.5p at which it raised £2.4 million alongside the flotation."
https://www.sharesmagazine.co.uk/news/shares/canadian-makes-splash-with-oil-float

As of 9.00 am UK time we have 9 hours left till results of registration for Nigeria’s marginal field. (So 18.00 UK time). No further changes to the timetable been made, so hopefully they will announce on time. Will the registration results be made public or just disclosed to the registrants?

As this is a indigenous bidding round I would assume Shoreline will be the registrant, will COPL be obliged to release news IF they are involved on certain licenses, ie potentially paying 49% of the registration fees & other costs (49% = max foreign involvement)? LTH will recollect we only got news of the PSC license extension in 2018 via the Canadian MD&A, which forced disclosure & not via an LSE RNS. The CSE Monthly Report obligation may have similar regulatory force, which could mean July’s release in early August.

Jesus H, you go for curry, next time you check its 0.34p. Lesson leant, I need to go for more curries, nothing else has worked for 3 years.

I reckon they are holding the bid down to flush out the last remaining sellers from the personnel/creditors debt for equity swap @ 0.3p. They know there are loose holders there, once they are gone momentum will return.

Seems Essar are not the only ones needing more time. The DPR has just changed the date for the announcement of 'Prequalified Applicants' for the 57 marginal field licenses from 12 July to 16 July, 18.00 UK time. So after hours on the 16th.

Well the resignation of the CEO & one of the company's founders coming just month's after the resignation of the Chairman & also one of the company's founders puts us in the hands of Chris Blackwell, who has gone from becoming a Director to Executive Chairman. Right, what is his plan going forward now two of the three founders have been removed. This frankly a different company from the one I invested in 2.5 years ago, I want to know whats going on & what happens next. Most new Chairman/CEO set out their stall shortly after taking over. This happens in listed companies & also in normal office situations, the boss gets fired, the new boss explains how its going to work going forward.

NoEasy. I am also not a fan of Moz or indeed anywhere else in Africa for that matter. We should focus on Nigeria, which is the best oil territory in Africa & where we are fortunate in being in a partnership with one of the main players in the country. That is our comparative advantage vis a vis other oil companies, we should play to that.

We dont yet know whether there will be an ongoing role for Shorecan & COPL's technical team in the development of OPL226 or whether Essar will essentially take that over. Whatever I doubt the COPL team will be entirely engrossed in OPL226 & should be able to work on the data for new opportunities resulting from any participation in the new round. I am sure IF there was a conflict between OPL226 & an unknown new opportunity, Arthur would order the focus to be on OPL226. Otherwise for a very limited investment we get the opportunity to analyse various fields & prepare the technical field exploitation plans (which many other will not be able to do) for those of interest. Arthur then uses his contacts in the industry to raise finance from a position of strength, ie Shorecan has access to the opportunity (s).

This is a total shambles, if this is a sign of Blackwell's 'leadership' - ie nothing to say for two weeks after CEO resigns - then we were frankly better off with Dave & Dan. Been here since January 2018, have basically been happy to let it proceed at its own pace, I understand biotech takes time & I actually didn't blame Dan for circumstances where I didn't think he was at fault.

RK. Totally agree. This is the whole value added of our relationship with Kola/Shoreline. Only 'indigenous' Nigerian oil companies can even register for the first license round in Nigeria for 13 years. 57 'marginal' license areas up for grabs, all of which have not been properly utilised in last XX years & so authorities have taken them back. Some of them have even been previously producing fields, they are not simple 'exploration' licenses. You either get involved now they are being offered, or what, you wait another 13 years?

This is a fantastic opportunity as 'indigenous' bidders can invite international companies in for 49%. So it not only opens up the field for COPL to join Shoreline but also to cut deals with other international oil companies - who do not have access as they dont have an indigenous partner.

The whole sudden Sunday deal of the second placing suggests to me Arthur had a sudden urgent need for funds, now this may be to do with OPL226, but it also happens to coincide with the new license process & the payment mechanism that begins next week. There is no saying that Shoreline will be registering for just one license, they may be registering for multiple to gain access to the data & participate in the rest of the process.

NE its on DPR site, this may indicate registrants will be announced (possibly as Shoreline, as a preliminary is a indigenous only process):
"Announcement of prequalified applicants and issuance of field teasers 12 July"

Not sure if the link will show, ignore login blah blah & click 'View' next to 'Marginal Field Bid Round Schedule':
https://marginal.dpr.gov.ng/Account/Login

Exactly this is good behaviour, to let market know delay is legitimate.

We may still get an RNS this Monday if the DPR new license announcement due this Sunday effects us.

I would be interested to hear what people think these two big trades that just appeared but happened at midday mean, they are for virtually the same amount - is this some kind of rollover?
08-Jul-20 11:14:17 0.318 36,685,377 Buy* 0.28 0.31 116.66k O
08-Jul-20 10:38:00 0.25 46,664,271 Sell* 0.28 0.31 116.66k

I asked IR in London whether the 35 days mentioned in the Essar Settlement Agreement of 4 June was 'calendar days' or 'working days'. The answer back is quite clear & straightforward:
"Confirming that the timeline is 35 calendar days."

Its OK its only for just under 10m shares.

Groover no need for apologies it was just an error. Sure as hell I done them , and some!