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May be 1p before production report
@roger
"I don't want to buy any more at any price! I'd like to sell and try to recover my losses. Need it to get back to 1.3p before I do anything."
Is that you said this few days ago? Now buying? What a pathetic.......
@roger,
it's a good try to buy lower than the current price but it's not going down anymore.
Canadian Overseas Petroleum Ltd. has filed bankruptcy in its home country and the US and said it intends to restructure.
The Calgary-based oil and gas production company said its existing lenders have offered to provide as much as $11 million in financing to fund its proposed restructuring. COPL said it has requested the immediate suspension on trading of its shares on both the London Stock Exchange and the Canadian Securities Exchange.
COPL has sought a form of Chapter 11 protection in Canada and filed for bankruptcy in Delaware to protect its US assets, according to court documents. The company’s oil- and gas-production work is centered on Wyoming.
The company said its day-to-day operations will continue as normal and it intends to continue paying its suppliers but it “believes there is little prospect for a return to shareholders or bond holders.”
The bankruptcy filing comes after COPL announced in January that it had appointed restructuring adviser Peter Kravitz as its interim chief executive officer. Kravitz is a founding principal of advisory firm Province LLC and worked on numerous corporate restructurings, according to the company.
COPL announced the departure of its chief financial officer last month.
The case is Canadian Overseas Petroleum Ltd., number 24-10378, in the US Bankruptcy Court for the District of Delaware (Wilmington).
Seems like it's not going down anymore as market is expecting a production news soon.
I am expecting 5p-15p per share as PK is very good at restructuring companies like this, and he was well supported by SL. Example: kicking all criminals out and extending over a week. Was this taking Copl to the Administration? Certainly not.
This suspension was very much anticipated as I previously mentioned because MM cannot supply shares according to the demand as they have to maintain the book appropriately for this stock because they were monitored.
Did you not noticed any medium size buying was paying premium? No body sold this stock except some day traders, why? Because they knew what Copl has and capable of.
Let's hope PK will not take long for LTH for a big smile 😀 as he kept light on today for shareholders by saying "prospects to return shareholders"
"Won't be 1p for long"
You are absolutely right. It is going down to .50s
Is it going down to .50s?
If North Slope production is forecast at some 630,000 barrels of oil per day, up from today's average of some 480,000 bpd which is come from ConocoPhillips' Willow project, Santos's Pikka project and Lagniappe's exploration on the eastern North Slope.
Then why 88e will get only a few hundred bop/d from thousands of feet below the Alaskan ice??
It must be very large quantity per day.