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Anybody got any technical/chartist links from current share price? If we break through the 0.50's do we 'gap up' or whatever?

AND back in the LSE Top Risers list again.

allthatguff. In the absence of any hard news the chartist guy who occasionally posts here has been pretty accurate with his prediction of future direction. That remains of interest to me, even though I hope for positive real news leading to a BO or JV.

Anybody have a chartist view on what happens from here?

CD. Agree completely that Nigeria are extremely unlikely to prove difficult with the PSC extension & related changes, including the re-emergence of Essar in a key role. When oil prices are high apparently up to 75% of Nigeria's Govt revenue come from oil royalties & taxes. Whilst normal field expansion is no doubt taking place, I have not come across a major announcement of a 'new' development since Anyala. From the President down it would be a big boost, in the extremely tough oil market we have had this year, to announce a new field was potentially going into production. Therefore I reckon we are likely fine with the NNPC, DPR & will receive the extension by 9 July.

DM thanks for that critical piece of practical drilling reality & pricing.

"PT5-B is located on the Mozambique coastal plain, 750 km north of the capital of Maputo. The block is 4,356 sq. km in size and surrounds the north, west, and southwest margins of the Pande Gas Field, half of the Pande-Temane Gas field complex which has reported gas reserves of 2.6 TCF and production in 2016 of 475 mmcf/d. The gas is primarily exported by pipeline to South Africa."
https://www.sharesmagazine.co.uk/news/market/5783058/COPL-JV-awarded-Mozambique-licence

Yacht. Also remember COPL has a prime Mozambique exploration licence PT5-B (Shorecan 57% & operator status) & Arthur has stated they will be actively seeking a third asset. In both of these ventures COPLs share would be well above 15%, in PT5-B its 28.5% for example.

This appointment was announced in early March. The Ruia brothers seem to have recruited a very highly regarded Indian oilman, BC Tripathi, to drive their exploration & production activities. Clearly they are back in expansion mode & sufficiently recovered to attract in a high flyer. Within 2 months of his joining COPL/Shorecan got an approach to cut a deal on OPL226 - good chance thats cause & effect? This is someone of the calibre needed to keep the NNPC happy & organise full field development, managing large scale oil & gas production is what he does!
https://www.financialexpress.com/industry/bc-tripathi-joins-essar-exploration-production-mauritius-as-non-executive-chairman/1887564/

https://www.mining.com/chinese-steel-giant-eyes-simandou/

Thanks Berta, important information I didn't know.

That looks to me like a huge under-the-market sell at 15.39 on Monday 22 June, when the 'market' price was around 0.45p. How very convenient that it happens the day before a placing & is not reported until noon on the next day. Also just so happens to be for just over £100,000. Almost as if someone sold in advance knowing they could collect the stock cheaper at the placing price the next day.

Almost exactly 10 months ago on 21 August 2019 a placing which raised £500k gross @0.10p. Its really not too bad to have gone 10 months without a placing, even though we have built up additional debt. Obviously companies cant survive on zero, this current placing should mean no more equity related issues until after our expected news & the re-rate we know that will bring. De-rampers & shorts are going to have to work on a new narrative.

£700k @ 0.3p = 233.3m shares + 12.5m warrants = 246m shares total dilution.

The £500k is 'placed' with an investor suggesting hopefully those shares wont be coming onto the market, or not immediately. What YA & RG do will be interesting but given they are in the loop as far as news is concerned & eager to participate they may well be holders as well. Result little flowback to the market. If the price falls good chance its MMs trying it on.

If we compare that with raising £700k @ 0.07p that would have been 1 billion shares.
Under the more complex revenue sharing deal of the subscription agreement, I am not going to attempt exact calculations, but £700k net to COPL would have still been a ton more shares & dilution than this deal.

The next raise will be now clearly after our key news & further details of the drill. Lets hope the next raise is north of 2p.

I have been waiting for the annual results & accompanying management statement due around 23 June. They are not yet posted but there is an interesting document filed on 22 May, the Form 2a Annual Listing Statement. A quick read didn't produce anything strikingly new. However for investors looking for a background summary of how the company got to where we are today, this is the official history/explanation. The useful stuff starts on P 6: https://webfiles.thecse.com/CSE_Form_2A_Listing_Statement_FINAL.pdf?qw3uPe9t4zWQHtUeazRisbfXXkIpHfnt

More to come, awaiting 2 positive confirmatory RNSs - imagine what happens when they come out!

Imagine what is going to happen when those news RNSs come through. We are rapidly reverting to the price level/mkt cap we 'should' be at for an oil explorer about to move into being a producer with a 15% stake in a giant oil field & other ventures like Mozambique yet to kick in. Forget 0.50p on news we will go through 1p & some.

MrN I agree thats my expectation as well, as soon as reality is confirmed in next couple of RNS's, 0.80p+.

1. Delayed annual results, plus the explanatory management MD & A. We should expect a few more details in here.

2. PSC extension & related Nigerian regulatory negotiations being concluded. Nigeria is in dire straits economically as Govt revenue is heavily dependent on oil revenue (when oil strong = 75% of govt revenue), they would love to announce a new field being developed. in current circumstances. Green lights all the way.

3. Essar final legal agreement, setting out clearly the new terms of the Essar Nigeria joint venture. The final legal confirmation that everything is sorted, financed and on to the drill.

IMO each of these events, particularly 2 & 3, should further de-risk COPL as not simply an explorer but a near-term producer. As previously discussed most AIM/small cap oil explorers move strongly ahead on new that a drill is permitted, approved & financed - which we should be by August. £40-50m market cap after 1-3 news & then up further on a drill.

Been a long time since that happened.

You guys should work in Hollywood castings. Sadly my two candidates for the role of Arthur are both deceased. His fellow Canadian the great John Candy. Second place the late lamented Benny Hill.