Member Info for leew

Coplherder, what is the issue if some people want to pursue a route after losing money, why does it bother you if you feel their route is accurate or not. Why about 100 plus posts trying to discredit it?

Let people do what they want to do, u less you have skin in the game as surely you can’t be hear trying to save people after the event.

Let people do what they want as it does not affect you (I assume) and it’s a strange use of personal time.

Ilovesushi, nonsense who provides the finance and who ultimately buys the package from them? No think who in their right mind would buy the shares off them.

No idea WWAL as we are not told anything that’s actually happen.

This does put us in a better position than before Xmas so that’s one small positive but the reality is if they want to increase production then give us 4m and increase the pressure unless that does not work, which is must still as we have not been told otherwise.

They have 8 weeks to develop a business plan for cash flow positive so let’s see what the next step is after this painful one.

Good luck to those looking into the background workings and discussions.

How are they going to sell it at this this price though? No one is going to take 2.5m off them at say .017p

The beta thing PI’s can do is not engage in a single transaction of COPL shares.

Genghis, there certainly was a problem

With waxing but I believe we had a waxing issue when producing 2000 plus bopd, so it can’t be the reason we only sit at 1080 now.

The injection pressure went up and then the GGS system failed to cope so they backed the pressure off, they then emergency flaired to support works etc, but during the times of flaring pressures where never high I believe from the timeline.

Still the fact we are even discussing it proves the lack of clarity against where we sit today. Each individual update seemed to make sense, it’s just all the steps when added up don’t give the outcome we currently have in production so someone needs to come clean on that.

Doubt it’s pressure relate lad as they never got the pressure up. It was producing 2500 with an inadequate pressure gathering system and waxing so that is not the only reason for being at 1080bopd.

Still that’s the issue with COPL management we don’t know when we should know

Gord_1, one of the continued production statements that never seem to make sense when we reach where we have. I was really keen for COPL to be honest on strategy and current situation by end of 2023 like they said, but surprisingly they failed to even bother to do this.

If the strategy is we have raised another 2.5m via another ridiculous financial arrangement and then with this we won’t be injecting more gas to get more oil out then I am almost lost for words.

Just sell the large discovery for peanuts to pay of SL and get some decent working capital and get the field back to 2500 plus, they were at that level years ago and since spending 4.5m on upgrades, well conversions etc, we are expected to believe the best they can now manage is 1080bopd.

Blimey, I get it coplherder you don’t think there is anything to answer to legally and you think it’s a waste of time, that’s your opinion and you are entitled to it.

Why post so many messages saying the same thing I think everyone gets it now.

Exactly my point travedol, no one will buy or sell it hence I am interested where the SP settles to allow conversions etc.

If we knew anything about the JV discussions we could actually see where the initial asset value for that particular aspect was, and at this stage I would flog the large discovery, which may cover the Debts and then start with a fresh slate on the producing asset, but that just my view with limited information as the company are giving us no clear plan.

I expect the RNS with more meat on the bones as to the plan straight in the new year, but what I want and what COPL provides always seems to be different.

Well that’s the first painful bit out the way and we stay trading for a period of time, which is no doubt to get an asset sale done.

Can’t see much liquidity at the conversion level now so with that in mind will be interesting to see what it does.

Safe to say though the chosen finance routes have not been successful as an understatement

Doc, I think your assumption on what happens next is right, my assumption also is we will default, seek protection, suspend, and then see what financial options are around in Jan next year and watch it play out.

Yes very weird trade, I did a dummy sell straight after that and was offered 2.2xp so not sure what that was about.

It’s great this being under the radar and hopefully over QTR 1 I might be able to sneak a few more in.

Agreed Edgein, I never expected the update as I know COPL management by now but was at least expecting a holding RNS to state why they are delaying the strategic update. Now it’s easy to see why but that does not mean the company should not do it still.

If we get an update after close I will be very annoyed to say the least as that is again poor communications skills.

PI’s need to be given all the information to make informed decisions as previous guidance from COPL has been incorrect/not followed through at best.

Knw77, who is trying to convince people what to do? If people want to crystalise 90-99% loses they have done so already. I have remained as it’s a punt for me now, and if I was not invested and stumbled on this today I would place a gamble in the share to a level I currently have left, my average is much lower than people who invested 6 figures at 20p plus which I think was very brave and not something I would have done, but so far even with my Low average after hard averaging down I am under massively but see no point in selling, but maybe that’s because it’s part of a SIPP portfolio to me and recently over stocks have done well so although this hurts given the circumstances I will hold for the end game, which could be to completely fold.

If you have sold up then great, if others want to sell up then great, but I am not and don’t see this as only a 1% chance if coming out the other side but that’s my view.

To suggest that a week after the news people are trying to convince others not to sell is nonsense and in fact the majority are doing the opposite and trying to convince people to sell, no doubt as a mental thing to help them confirm the position they took.

Llywelyn, all great in theory, but if COPL want to stop assumptions then they need to communicate. Even a simple statement as follows would have been much better for the JV.

We regret that JV talks are currently on hold given both parties currently can’t agree on the value attributed to the transaction.

Currently it is very hard for people to understand this might not fail give the recent communications, and I get that less information is better in some situations but this has been handled badly in terms of communications.

Let’s hope they all reach a sensible agreement or I can see COPL being a discussion for a few years for all involved.

As much as I hate it the strategy update was never coming today as bigger fish to fry, but a holding statement explaining the obvious would have been beneficial to show they are bothered about mot being able to provide an update.

Invest, I would hope so or at the very least a holding statement it’s put out to confirm why they won’t be doing it. I mean it probably does not take a genius to work it out why they won’t but still needs communication in my view

Which is why I am not convinced that will be the solution as they will struggle with liquidity to pass it all

on to the PI’s in the short term

Trujack, exactly and the fact we are guessing is the issue, there is nothing to suggest you are wrong or I am wrong it’s based on a feeling as the company is not managed in a way where the information is provided to make really informed decision.

Deadgrateful, that was the production requirement to be funded upto end of QTR1 , which when presented was not an issue because of the production increases based on increased injection rates but the company has not injected enough to make the difference.

Unnd, spot on I believe they were between 1.5-2.5 and with revenue as it is they where guaranteed to breach the 2.5 on the 1st Jan and at risk of breaching the 1.5 this year hence the RNA.

I also suspect POO has affected their calculations on fully funded till QTR1, but that is just guess work from myside.

Either way it equates to mismanagement, I have been in businesses where finances are stretched and to keep it under control takes a lot, and it seems our CFO / CEO where not able to do that.