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That's disappointing, he was front and centre in trying to sell the virtues of the Loopup offer and more articulate and visible than the CEO's.

It appears that there is definitely a problem in losing Key personnel - IMO our CEO's are hoovering up all the spare cash here in their benefits packages, it's annoying to other staff who don't share in the payoffs, so it that at least partly why can they not retain staff if they're worth their high salaries ???

Begs the question on keeping costs down, and why are we losing these key staff (it's more then just Ben), are we losing them for want of paying full market rates, if so, one of them, for me preferably both CEO's should fall on their sword (no honour though IMO), that would leave more cash available to pay half a dozen key staff members.

I'll ask again, what on Earth does the US based CEO actually do???? I really have no clue

I avoided commenting on the news until things had settled down, I couldn't be totally enthusiastic though I'm very pleased the have given an update on trading performance and massively relieved the wheels have not fallen off the cloud comms strategy after the less than enthusiastic update last time.

However, for me it doesn't change the fact I've lost a load of money and feel betrayed by our CEO's, that said the company was and still is priced at a pittance with massive upside; hopefully this is the start of a turnaround and a stream of good news.

So IMO the SP is now poised for a much larger rise now the fear of complete capitulation has massively receded. IMO best to ignore the rerampers and trolls that are now appearing.

Note that the Trolls are out in force today - working frantically this morning to break the resolve of wavering shareholders.

Operating as a tag team reinforcing each others messages (it is very efficient) - beware of them they know they may only have a short period before the party is over - many will change to buyers once they feel they have run out of options to depress. Same characters bragging about how cheap they got in, only to look for an opportunity to repeat the process.

CUDA was financed with bonds/loans to the tune of near $60m as I recall so someone thought they had huge potential before they got caught out with the low oil price. COPL are buying the assets on the cheap.

The SP will be weak until there is full clarity and I assume the bookbuild price will be related to todays price - so no desire to support it and lots to sell up to the close of the exercise. All will change very shortly.

As soon as that uncertainty is removed the company will have a clear path so success, lots of work to be done but this company has suffered because of that uncertainty and the SP will improve IMO, the scale and rate of the improvement is the only question IMO.

yrabsmurruc - that's not true, sure there is no known reason for the rise and that's what always concerns me - but there is a reason for it even if we don't know what it is.

I hope it's not a leak of information, because it allows speculators to make a killing ahead of shareholders.

But don't come trying to scare us - I doubt any long term shareholders care in the absence of news which is what will truly drive the SP or not as the case may be.

Pokerchips - I'm not suggesting the rise is unwarranted, there is plenty of room for a major SP rise - merely pointing out that caution is required, the MM's and other entities a extremely crafty and play a long game (not over 1 session).

For a SP rise I want to see a reason, I check key information sources and searches almost every day, and if I don't find a plausible reason I'm very cautious.

Hopefully news is imminent

CautiousO - I don't want to pour cold water on the excitement this morning - but come on guys there have been just 20 trades reported on LSE so far - hardly piling in.

Though any upward movement is welcome, we have been sucked so many times be a little upward swing - usually just to help MMs make more profit of shift stock.

Maybe this is different, but we need a few more pennies on the SP to be sure it's not just some entity playing shareholders - we need news. On a financial level, as I'm not a recent buyer the gain is meaningless.

I asked about the CPR more than two hours ago, and all responses point to informal confirmation to someone else who told a guy who you recall posting it on the BB . Credit fellow posters with a little common sense.

Wow guys - I'm a shareholder and very optimistic, but I believe in realism and honesty, the CPR will come eventually but in truth could just as easily be a year or more away as imminent "NO ONE KNOWS" it would seem, so stop making things up. Or stump up the evidence

The SP will rise strongly and sustainably when the company delivers good news, it doesn't need ramping - in fact that is contrary to shareholder interests and only serves speculators and snake oil salesmen.

We've had week after week of CPR dreaming, and me looking through company information for confirmation in case I missed something.

Lets think it through, if you were trying to preserve cash to get through a pinch point would you pay expensive consultant to take a view on immature information - unless of course you where in refinancing talks - surely if CUDA creditors knew there was a CPR imminent they would drag their heels on the sale as would bidders??

So I'm back to my original question can anyone produce evidence that one is in progress, not someone in the know or with a direct route to the BoD said on the BB please.

panamabob and others - I keep reading on the BBs about an impending CPR even that Ryder Scott will produce the suggestion seems to be given an outing a times when someone wants to be positive!

Where on Earth does that come from, I can't find anything that indicates a CPR in imminent or even desirable until more drilling information in available.

Someone provide a link to where the company confirmed such a report in in progress - I'm not being awkward but if it is just wishful thinking it is not helpful - just a distraction

The company has made it clear that that they intend to refinance. Also IMO it would be foolish to enter into a CUDA purchase without having progressed a solution.

As the company has known about the I suspect they have advanced talks PRIOR to any update on the status of the current loan and perhaps they expected to avoid getting into problems with the current lender as part of a wholistic solution - if they haven't they are idiots. That makes sense to me - and if correct then surely the CUDA deal (if there is one) will include an announcement of a new finance package. To be frank I can't see how they can do a deal otherwise as even a large placing would not solve the Loan problem permanently, just kick the can down the road.

So any CUDA deal announcement could be a blockbuster in more way than one as there has got to be a financing element, remember the lender has imposed constraints on spending and shown themselves to be unsupportive and opportunistic - this is all known to the market, so any new deal would be a major step forward IMO (hence it is one of the few stated top-line objectives of 2022 announced by the company.

The eventual update is likely to signal a new partner and a way forward for the project (good news) or blockbuster news on a wholistic solution that points the way to Blue Skies ahead for the company. Win or lose ( in reality different kind of win) in the bid for CUDA, the massively important thing is the removal of uncertainty which is a killer for almost any companies, no one likes it other than speculators.

It's just a case of holding our nerve in the meantime.

shaa - IMO will not be buying CNOOC, one suggestion I have made before is that COPL could take a partner or X-sell an interest in CUDA .

In that vein, perhaps COPL and CNOOC have bid together , if so that would made for a very strong partnership with a motivated company with very deep pockets.

Pokerchips - I am seriously fed up - but I'm not throwing in the towel (it's too late) .

All shareholders are losers here, except the BoD and some of the shareholders who where in pre-listing.

Some II's invested huge sums at £4/share and have lost £99, 0000 on every million and even they have meaningless shareholdings to show for trusting the CEO's.

My shareholding is meaningless to me now, they've had the last penny I'm going to invest already. Maybe we'll get something back, who knows.

But what really bugs me now is that those CEOs (not fit to wipe the *rse of decent shareholders that trusted them) are still drawing excellent wages and presumably plotting how they can wring more out of the company.

Why on Earth have the II's put up with this shambles - what's the problem in sacking them , there is no sign of any effort on their part - too busy running separate business and initiatives. Have they lied, maybe not, have they deceived/misled shareholders absolutely IMO, but the way they have run this there has been nothing PI's can do to even voice concerns, II's should have acted sooner

I don't really care where the SP goes now, I just hope those leeching CEO's cease profiting from my investment.

I don't want to be too harsh, but IMO they are a despicable pair of charlatans.

There is no reason why COPL could not have bid for CUDA with some novel solution - offering creditors an equity interest, % of debt transfer or even aligning with a partner (eg existing minority partner) to avoid competing bids. Even agreement to stand down for some partner with deep pockets who will finance activity. Patience is all we need.

I wouldn't rule anything out, but the result (closure) of the deal was expected to occur on 31st March, so Arthur's latest comments on consolidating the assets almost certainly come from a position of KNOWING the outcome of the bidding process (win or lose).

Turning to the old chestnut used to terrify PI's, yes there could be a placing associated with the deal, but so what! If it is associated with getting new assets on the cheap and securing the company's future with minimal dilution then it is great progress - in truth it is NOT true dilution if the new shares are represented by new assets - IMO it's only a problem if the SP collapses prior (the clear objective of the company's adversaries, including TW) .

Personally, I'm reassured by Arthur's, approach, a lot of crap is being dropped on the BB to rubbish him but he's shown he wants the SP to remain strong and cares about existing shareholders - not a sign of someone hoping to fleece shareholders.

WRT poor Comms, give us a break, how can the company clear all the uncertainties when they are in the middle of major Corporate activity, which may go well beyond CUDA (new partnerships, refinance, asset sale etc) - secrecy is paramount to get the best deal - some of you need to be realistic.

Shareholders that have sold up will not be the doomsayers on the BB's now (genuine investor move on, I have always avoid rubbishing after selling simply to hurt remaining shareholders - don't all decent people that?). for the most part they are a bunch of unethical leeches who maybe had a brief encounter with the truth at some time in their life.
Don't ask me what I really think, I'll get banned! lol

I'm a shareholder, I don't need to lie, all the above is my opinion, not facts - beware of others claiming opinion as fact or simply making things up - this BB is infested with trolls.

Have a nice day,

It's about time a company boss came out fighting for their company .

So many lies and scaremongering on the BB's for almost all companies, very often from those that know it's not true.

More directors should stop being passive and pretending events are nothing to do with them - ensure the truth is out there.

New tax year - those wishing to balance profits with losses would sell companies where extreme price movement has occurred. Those can be bought back in the new tax year combined with new ISA allowances may give COPL a boost.

Scaremongering can only carry the day as long as it's scaring shareholders - many nervous shareholders will have sold and those remaining made of sterner stuff.

I believe the dual listing here is a disaster for the SP as anxiety gets the better of each market as the near the end of their control - it's been noticeable when the price was rising and even more so now.

SP support fading out on London market, this is a shorter dream at the moment - the only cure is the removal of uncertainty - the company would probably been better to forget a CUDA bid and welcome a new partner.

They need to remove uncertainty, CUDA must be near completion now was expected to be 31st March - that news may change everything.

Ocelot77 - I'm not sure where you get the idea they don't have prestigious universities, Oxford is arguably the most prestigious university in the World and the (Saudi's) people with possibly the deepest pockets on the planet are funding it. I'm very impressed with the customer base which is diverse both in locality (worldwide and includes some top ranked industrial/commercial organisations down to community based education - suggests a wide appeal of the service.

If the Trinity rollout is new then its either a second one or an upgrade as they already had an installation.

For me though the most interesting aspect of Mashme is the potential for new application of the technology and cross selling as they are now going to be much more prominent with Emtec partnering in the US (also
Howard Technology for US, Pop Media Technology for Mexico/Colombia, Polymedia, multinational systems integrator for eastern Europe, CIS).

And as regards technology my understanding is that they work closely developing based on integration with Google Kubernetes Engine (GKE), I believe minimised latency and provides reliable services. If you think that's not up to date enough or using the IP of the best in class, I don't know what you're expecting. The new IT director is IMO an innovative type, unlike our CEO's, who will hopefully spot and take new opportunities - jury is still out on what will happen to Mashme but I'm optimistic.

Customers:
Grupo Santander
Pepisco
Allfunds Bank
Said Business School (University Oxford)
NYU Stern
University Nebrija
Colorado State University
George Washington University
Queens University
The Valley Digital Business School
Aramco
Baton Rouge Community College
Arapahoe Community College (ACC)
Escola de Negócios e Seguros
Trinity College - Trinity Business School
Moscow School of Management Skolkovo

Tilburn - excellent post, good reasoning, I would just caution everyone on one of your assumptions that there is a plan to drill 16 wells in the new discovery - that is not what they said (which was left ambiguous as they want permits).

" The Company intends to commence initial delineation of the discovery later this year with horizontal wells from 16 drilling locations, for which permitting is underway."

and
" Corp, is in the process of securing a drilling rig for the delineation drilling program and the planned drilling program of 8 additional production wells and 1 injection well "

Is a programme of 25 possible with one rig that is not even contracted in May lets alone mobilised.

Note the words "COMMENCE and DELINEATION" - it means they will start this year and could drill 1, 4, 16 or 50 wells. The 16 refers to the locations and so gives optionality, I guess they could drill multiple wells from one location (as they said previously). If they get 16 wells drilled this year that will be great, but if they get 3 or 4 wells drilled this year that will also be a great achievement.

Is a programme of

In increasing the permit applications they are providing optionality and importantly managing risk providing confidence that future plans can be executed; the risk that the Biden administration could make it difficult to get permitting, stymying operations so remaining a couple of years ahead is prudent. This is exactly what other operators have done, no one is going to say we are applying but do not intend to drill them.

So the above tally's back to the financial requirements - they don't need financing for 16 wells - the only wells on the new discovery they have confirmed are the 4 that they say can be drilled from existing resources. If those wells perform as expected they will be a licence to print money and pay for any amount of new wells it simply (not so simple) needs the process starting and we're off to the races using the growing production receipts.

If I'm wrong and they are going for a big bang expansion then they have some significant corporate activity to conclude that refinances and secures the company long term and make this a massive investment opportunity.

We don't need director buys unless it's of share options which boost the company's cash balance.

All we need from the directors is to do brilliantly operationally and strategically then inform the market in an open and timely manner - not asking for much really.

Director buys are usually brushed off as meaningless or a sign of desperation, buying by a key or significant new shareholder is an entirely different proposition - hopefully the company is on the Radar of some interested parties

Don't be swayed by the initial price movement, it simply signals those that where holding with the intent of hopefully selling on a bounce moving on, always happens and they where always going to sell, if there had been blockbuster news it wouldn't have been noticed.

Those selling are best gone - the result where devoid of any real indication of how the company is performing now and how 2022 is expected to pan out - that's news still to come. It can only be confirmed when the CUDA sale is complete and the real production expansion can start and COPL know what commitments and resources they have deal with.

Also take the well applications with a pinch of salt, it doesn't mean they will or even intend to drill them all this year - the recent mode of operation in the sector is that many companies have applied for many leases and drilling permission in case the Biden administration puts new constraint on the industry (they're basically ensuring continuity) - it is prudent to get permits for loads. They're not going to RNS what they actually intend to drill. Someone earlier questioned if they would have the money to drill them - obviously the rollout can be timed to dovetail with new revenues - they're not going to drill them and leave as non-producers. We need to use common sense, read between the lines, when reading the RNS - like the production constraints which are in reality "artificial" and applied until the CUDA sale completes.

If you're an investor rather than a trader just relax and ride the ups and downs - even today the SP is likely to rise later in the session when the speculators have moved on.