Member Info for kdogg20

Not really - theres a distinct difference here.

I do think a large number in the group are gullible as they seem convinced they're going to get their money back (some even think more on top!).

I'm getting involved with the belief its a massive long shot to get anything back but I'm deep in already so might as well chance my arm.

Ashwaldo - The 'going againt my gut' comment was in relation to not selling my shares at 20p-30p. It doesn't relate to me getting involved in the action.

The rest of what you say is correct. I'm seeing getting involed in the action akin to backing a 33/1 shot in the Grand National. I think its very unlikely to result in any returns of significance but I like a punt & sometimes it goes your way. I lost so much money here (through my own stupidity) that it just about makes sense to throw another grand in on the off chance something ground breaking happens.

HHReturns - what a stupid comment. I've paid my money the same as everyone else - I'm just realistic. Honestly, some people involved in this action - you'd think they'd have learnt a lesson investing in COPL but it seems they're all as gullible as they ever were.

Cotter is a smooth operator and is saying all the right things but from being initially sold as a "no win no fee" case the hand has already come back out once from the legal team.

People have fallen over themselves to pay up (again) so I've no doubt it will continue to drag on and in another 6 months the hand will once again appear etc etc etc.

I'm continuing as I feel like a poker player who's pot commited & even though I judge ANY recompense chance as minimal I lost significant £ here so if theres the slightest chance I might get a small % back i'm rolling the dice. I went against my gut with this one but have to own the consequences unfortunatly - can't believe I was so stupid.

I'm more realistic than some who seem to think they might not only get back their investment but some extra £ in compensation to boot!

No doubt they're the same ones who were taken in by AM all along the way and thought Shaa, Tiburn & Teodoby were gospels.

Cotter is a smooth operator and is saying all the right things but from being initially sold as a "no win no fee" case the hand has already come back out once from the legal team.

People have fallen over themselves to pay up (again) so I've no doubt it will continue to drag on and in another 6 months the hand will once again appear etc etc etc.

I'm continuing as I feel like a poker player who's pot commited & even though I judge ANY recompense chance as

Very cryptic as always Un_Known.

You're being very unfair to shareholders here though - giving false hope some £ may be returned to them - COPL don't own anything so any asset sale cannot possibly benefit us.

We've been screwed over by Arthur et al, no doubt about that.

Regarding the class action though - does anybody have any examples resulting in payout to claimants who found themselves in a similar situation to us?

I know theres a few high profile ones like Enron but that was a multi billion dollar fraud linked to false accounting which feels very different to a small oiler with a CEO who was economical with the truth in interviews.

Can anyone point me to any small cap liquidations which has resulted in payout to shareholders from incompetent executives or insurances they may have taken out?

I hope they're successful I just can't see a scenario where their legal teams aren't able to worm out of it and even if a court rules against them I can't understand where any payout money would actually come from.

Good update today. Really pleased to see Showcase continue to kick on and the eCPM of $66.06 is fantastic - this must be industry leading which will have a great effect on enticing more advertisers resulting in even higher revenue.

I am puzzled by the $200k fall in cash though. From Q1 to Q2 the cash went up $300k yet between Q2 and Q3 we're down in even though we've had a jump in revenue. Can only assume this quarter has coincided with some onerous contracts being paid up (will ask the question at the webinar and hopefully get an answer to clear it up...).

I am scratching my head about how AB could be looking at a yearly revenue of a huge $80m yet this not actually translating to much profit. Where is all the $ going?! The operating costs cannot be that high for 40 odd staff. Is it all going towards the podcasters?

One thing is for sure - AB is 100% a prime takeover candidate now. It's got such a presence in the market and the big boys will be looking at the eCPM & revenue thinking they can make it all work for cheaper than AB's operating costs.

'Total downloads' is way down the pecking order of important metrics.

All eyes on the actual metrics that matter - revenue, EBITDA, cash in the bank, EPCM & brand count. ( and no more one off write offs please!)

If the above figures look good (and Stuart has indeed forecasted them to be) then this should start climbing nicely.

The fall in downloads is then a positive thing. It'll mean more 'quality' downloads and be easier for the ad industry to assess the true value of the sector. Podcasts on auto-download that were never listened to trash the figures so better they're not included anyway.

I listen to a lot of Audioboom podcasts, Casefile being my favourite.

It's been noticeable for 6 months or so that zero adverts have appeared on Casefile. However, they have returned on the most recent episodes with adverts from big & small companies alike. Good to see (hear)....

It's a good post by Blackstout but the content completely falls down because it contains the line "fast forward to March 2024..."

Mismanagement by Art & Ryan has led us to the point where we have no money. Our outgoings far outweigh whats coming in because of bad finance, bad decisions & p**s poor BOPD. And thats before we even consider how low January's BOPD is going to be because of the enforced shut ins.

I cannot believe how this has panned out, I'm £30k in the hole & have written the money off. Psychologists would have a field day with the number of people who still excuse Art even with all the evidence of mismanagement & down right lies staring them in the face.

So "fast forward to March 2024" has little relevance here because as things stand right now, we won't even be a solvent company by this date.

RBL was a key company goal in 2022 which was not achieved. Was this wholly due to the market conditions? Possibly, but the fact its dragged on since those peak days of market uncertainty in September/October scream theres something else holding back a bank pressing the button.

If that is the case, the only reason for a lender to hold back can be a concern regarding repayment. Our dire BOPD has meant that (pre-hedge restructure) we’ve not been making enough money to cover costs. Art can preach all he wants about how great the field is performing but that’s worn thin & the only thing creditors care about is how much ££ is coming through the books right now. I was initially of the impression the reserves would be the most important thing to bank (Reserve Based Lending duh!) but I’m no longer of that opinion. A bank doesn’t want a lender faulting – even if they get the asset its too much hassle – they just want their repayments.

The company deserves credit for the hedge restructure as for sure its given us some breathing space but the flat lining of the Shannon production (and I’m being polite there) doesn’t show any signs of increasing (despite promises about flaring adding 300-600bopd immediately etc etc). You have to start thinking this is not going to change until the gas gathering system is brought into place for which we have no concrete dates.

Equally, due diligence from a potential JV partner will not just be looking at the fed deep field but at us as a company & the above will be as much of a concern to them as it is to us shareholders.

The re-completions at CC came a bit out of nowhere & I’m starting to think the results are incredibly important. We’re on the cusp of being profitable & if these wells push us well into the black then any qualms from the bank are eased which in turn satisfies any company due diligence from a potential JV party.

All my opinion of course but if I’m correct then we could be looking at a bit of a lull in news whilst CC works are fully completed.

Tiburn, I really like your posts but its really disingenuous to continually use the term "major" regarding the potential JV party. This has never been stated.

Stas, agree that any comms via email should be taken with a pinch of salt but think we all know that. I replied a month later trying to get some reassurances regarding our cash balance & refinancing but didn't receive a response.

Mergers & acquisitions are ridiculously slow moving. However, a JV is neither of these and is something that is carried out with regularity throughout the industry.

I saw someone mention on here or in the TG group about a service provider potentially being the JV partner. This would make sense to me.

I had comms with AM 2 months ago and he said of the approach "Their intent is not predatory, but clearly opportunity driven to place themselves in a very large conventional resource project that they would otherwise be unable to generate. I believe this path will generate far larger returns to our shareholders as the resource will be maximised from the outset."

I didn't really understand what this meant but a service provider trying to take their first steps into owning a % of a producing asset would make sense with that statement.

Would also make sense from the pov we need materials (they will have them) & that AM likes to stay in control (COPL more likely to retain a higher % if the JV is a minnow). I think people need to drop the Exxon stuff, you’re only setting yourself up for disappointment. Maybe they’ll come knocking in a few years once its (hopefully) got 20 wells drilled which are all flowing a bucket load of oil. A major like them won’t be getting involved at our stage imo.

Outside of JV talk - there simply HAS to be a company update in the next week. As things stand the bonds reset 21 Dec , we are supposed to be working on CC Dec/Jan & we need to drill 2 wells in Fed Deep by 31 March. We need to know the state of play with all this things.

I think we also deserve a more detailed breakdown of whats going on with individual wells at Shannon & why all the workovers/gas flood/flaring/de-waxing etc has yet to increase BOPD as we've been led to believe it would.

I think most LTH's will be in the same boat. You can only average down so many times - I'm with you at a similar average.

The bonds have been a double edged sword. The price at which the bonds are set has contributed to dragging the SP down to this level but the cash the company has received when converted has kept us ticking over.

I slightly disagree that the 'odds of success are reducing by the day'. I think with the bank balance being what it is we'd have had to raise already if refinance wasn't going to come through. I take further confidence from the drill permits going in together with the plans of re-completing the CC wells because as things CURRENTLY stand there's no way we'd be able to pay for these activities.

The company are going to fail with one of their 2022 goals to increase BOPD (very unlikely to better the 60,000 in Jan). As LTH's we just have to hope & pray they don't fail on arguably their most important goal - refinance.

Eazy, we have to drill two wells by the end of March in the Fed Deep to satisfy the agreement.

The email to Jiddy from Art said about asking the BLM for an extension to this using the RS report as evidence of development. Think we all know what that means....

1509, I've also been worried about the cash position for all the reasons you state but because there's been no cash raise (bar bond conversions) the conclusion I come to is that financing HAS to arrive soon.

Art & the board are the only ones who truly know how its all progressing & to me if they had any doubts of it either not happening or dragging on even further then they would have had to cash raise before now.

Have to take slight umbrage with "As time goes on, doubts set in on if RBL will be gained -understandable but also without basis...'

I disagree with this as I think there is basis for doubt.

The fact AM has gone from only having eyes for an RBL (Banks knocking on OUR door etc etc) to the refinancing being either RBL OR Senior Debt says a lot. Also chuck in the well known delays together with edging ever closer to the bond reset date & I've already prepared myself for the RBL not materialising.

I just hope if/when that happens its not spun as good news by AM & this board. I also hope if/when it happens that Ryan Gaffney is given his marching orders.

All true, Edgein, but you're missing the important point that 88e are debt free and we are not. They also have a large Mcap (God knows why) which means they can continue to raise money for operational costs if required.

It's great to see so many people positive about the share & I sincerely hope you're all proven correct.

The very real issue here though is that come Dec 21 if no RBL is in place (or a financial instrument that takes out the current arrangement) then we are in a bit of trouble. The SP will take a hit & as we are not pulling enough oil out of the ground to generate profit our bank balance COULD be in a really bad position.

I saw a comment on here about a death spiral & whilst I don't agree with that CURRENTLY we can't bury our heads in the sand - our funds are dwindling. If no RBL is in place by Dec 21 the SP will take a hit (likely to below the bond reset of 13.25p) and if Art needs to raise from that SP or below - well - it doesn't bear thinking about.

I really can't see any company wanting to JV until they know we are financially secure in the long run either.

I'm no deramper but I'm objective & tbh I'm seriously worried about my investment here. It feels like I've been saying this for years but its a huge 6-7 weeks for this company.

Would encourage any come back to this post but please don't come back with what could happen in a years time - the period between NOW and XMAS is pivotal - we all already know the long term positives if we navigate this tricky period.

We look forward to unlocking the potential of OPL 226...
Ryan will be a great addition to the company…
5000bopd by Xmas..
Fell off my chair…
RBL (3 banks queuing up!)..
Dewaxing will increase bopd..
Flaring releases 300-600 near immediately..
1600bopd (when its 1400bopd)..
Strap yourselves in..

I sincerely hope anything JV related is not added to this list....