Member Info for MadChatter

I too have emailed Art with some questions and he is very comprehensive and as forthcoming as he's allowed to be.

My questions related to directors buying in and rig availability.

When we are looking at getting to 0.5p etc in one day when this finally moves, a few % here and there now will not make a huge difference Imo.

There are only two ways that I can think of to force copl out. By buying us out and an amazing price (considering nothing drilled), or because we have reneged on our commitments in the contract. Neither seems very likely at this time.

The more time this spends above say 0.105 the better, as it is a sign of strength and interest in clearing the overhang.

Remind me why they would've taken on copl in the first place, were that true? Seeing as shoreline will be stumping up tens of millions to develop this, they needed a partner.

@shibs. If its enough to calm Harry that's good enough for all of us! :D

@ Alexios. I see, because this is incorporated in Canada. I don't think that's legal in the UK.

BTW, I'm pretty sure it takes shareholder approval to lower the nominal price, and it looks like 0.1p is the nominal. So anyone buying now I don't think really you'll get it much lower, unless this all drags on for months.

Also, if they had a drill available last year they couldn't have afforded to drill! I'm not making excuses for him at all, but saying why hasn't X happened, it might be because it's several steps down the line and we're still waiting for the first step.

Expecting any development towards drilling at any point in the last few years without all the funding etc sorted was all just wishful thinking imo, no matter what expectations Art made.

Re. pattern of behaviour. Fair enough this guy has history, but you must admit he will make a hell of a lot more money off jus option if/when this takes off. He's making peanuts here, in the whole scheme of things.

For those saying that they could issue lower, I had a quick browse through their annual report and I believe 0.10 is the lowest they can issue, being their nominal price.

Anyone able to confirm?

I should say however, for balance, that I fully expect this to hover around 0.10 most of this week.

Someone said this morning this will be back over 0.13 by the end of the week, I could believe that.

At this rate the overhang could clear in a week.

I will say again, I do think this could have been considerably worse. He clearly has a rough timescale in mind to get this all sorted and it's not that far. In my experience bods are not that considerate to shareholders generally, I. E. If he thought he could get away with 1bn etc that he couldand should go for it. But he hasn't, and that is significant

It's very interesting reading the conditions of the £50m development funding, for a tiddler like COPL to be producing 6000 bopd is quite amazing if you step back and look at it. Just goes to show the potential prize at hand is enormous.

This has absolutely no reason to consolidate now. There may only be a couple of months before bou no longer exists because it's rto'd Just do the rto dilution and consolidation all in one go. Job done.

I wouldn't mind a 50% dilution here, if they also announce something at the same time that would make this (ordinarily) 5 bag etc.

The major news was no placing news!

@urban Isnt that just being sold to pH? Their get out of jail card for the fiasco they made?