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My advice here is to get what you can out of here before the inevitable happens. As some posters have mentioned today, it's ruined some people financially and put a massive strain on people's relationships/marriages - no investment is worth being put through that.
The writing has been on the wall here for a while, especially since the JV termination. I'm actually surprised this is still trading tbh but can't be long now till the inevitable happens.... :((
It's almost unbelievable to think that even those buying in at about 0.40 last week when there was a false rise are now 60% down in just a few days.
60p+ down to 0.165p and Arthur had the nerve to call us all unsophisticated investor's LOL
Disappointing this one. Really thought they'd get their act together in 2023, another year wasted.
I think given how low they must be on cash, no permits as yet, no material able to be moved and middle of winter, a further placing looks inevitable imo. With how the markets are for raises, wouldn't like to guess the price they are offered for more money.
Very very sad here, I genuinely feel for those that have invested tens of thousands or even more based on all available info at the time only for us to find out thing's are not as we were led to believe.
The really really deceitful thing about all this is instead of releasing an RNS in the form of an operational update to let shareholders have all market sensitive info, their response after keeping us dangling for 18 months is to just say, JV discussions terminated with no explanation, then the default, then CEO resignation.
And yet many loyal shareholders who had supported the company even when the SP kept plummeting have not only lost nearly everything, they are kept completely in the dark!
AM, Cowan and anyone else connected to what is going on, you should be thoroughly ashamed of yourselves!!
Guys I really feel sorry for you but this is game over and no amount of whining or whinging or emailing and complaining is going to help. But by all means try if it makes you feel better.
I count myself as one of the lucky ones to have sold 1.2M at 1.80p and another 200k shares at 0.70. I will deliberately leave 100k shares in this just for a laugh now even though I know in the morning they will be worth probably no more than £100 :((
I've seen countless examples of listed companies that have suspended and gone under where many have cried fraud and tried complaining en masse to everyone they could think of only to come to nothing....
@VictoriousSecret 31 Dec 19:48
" If you lend money and don’t pay it back, the lender takes your security. No scam or fraud necessary.
In this case, the assets will likely sell for less than what the company owes its creditors. THAT’S WHY NO ONE ELSE WOULD LEND TO THEM.
If the assets were any more valuable than they are, the company would have borrowed against that value to extend the doomsday timeline again. That’s why they kept paying for reserves evaluations. To increase the book value of their assets so that they could borrow more.
This means there’s nothing else to distribute, sadly.
What can the regulators do about that, unless they have a time machine?
No fraud likely exists because none was necessary. And nobody benefitted except the lawyers who will oversee the wind down.
Company tried to produce oil and failed.
If that was illegal, almost every oil CEO in history would be in jail."
The problem here is that even if there was a legal case to challenge the legitimacy of the proposed arrangement, the company are effectively trading now while insolvent, in default to the SL and with evidence that so far, they are continuing to make huge losses with much worse production than before the GGS upgrade.
So all the company are likely to do if we managed to stop it is declare that they are out of money and call on immediate suspension and delist as opposed to letting this trade till end of Feb when we know the inevitable will still happen and this just gets picked up in a firesale with absolutely zilch being returned to shareholders :((
Yes GWMO is definitely one to keep an eye on because they are now dangerously low on cash and the market knows this.
Plus not only did they completely miss their production commencement target for 2023, they also don't even have permits in place for the plant or for movement of spoil heap material down from the high altitude terrain. Given they are in the middle of winter in Nevada, the weather will prevent them from moving anything till perhaps April now, so even if permits landed next week they'll still have no revenue. So definitely one to watch perhaps for the next placing maybe at 0.02 given how the markets have been of late....
What truly baffles me here is that James Goozee - a sophisticated investor supposedly holding more than 30M shares has so far made no comment (at least publicly) yet on the unfolding situation with COPL !
Assuming Mr Goozee was one of the luckier ones to have got in with an average of say 3p not 30p like some, that would mean his 30M holding that cost around £300K is now worth (based on the 0.015 financing) a paltry £45K !!
We've all been well and truly stuffed like a kipper - some more than others :((
I bet Proactive wish they'd never invited the scheming Arthur to take part in the many interviews over the years knowing what they and we all know now.
So many statements and comments made by him that never came to fruition. So so many that I'd be here all night listing them.
At least they had the sense not to put him back in front of the camera for the last 12 months.
Taking bets on the SP settling to 0.05 just prior to suspension and delist. Thanks Arthur you prick, what a great Xmas present for everyone while you sit at home counting the fortune you've made at everyone else's expense.
"The only hope for pi's is some form of financing to repay the SL by February"
Really? Lol
They haven't been able to secure financing to repay the SL in the last 2yrs they've been trying when at least things seemed a little rosier before, so what makes you think they suddenly would now?
They weren't daft enough to give it to Art then so I'm pretty sure that ain't happening.
1,083 bopd as at 28th December - wow you just couldn't make it up.
0.05p next week I reckon.
Any other company would probably have suspended this from trading, I really don't know why they insist on prolonging this farce of a company any longer 🤔
Someone switch the light's off on the way out.
Total total disaster and shambles.
Arthur will never ever get to touch a listed company again after the complete value destruction witnessed here.
Some people's life savings gone from this outfit never to be seen again. They be lucky to cover the Senior loan with any asset sale IMO.
60p+ to 0.015 and by next week wouldn't be surprised to see this at 0.005. Quite honestly would have been better just to let this fold now instead of prolonging the pain even more for shareholders :((
Yes I remember the old "sitting on hands" being mentioned many times by a certain poster.
I bet they wish they didn't spend so much time sitting on hands and instead pressing the sell button when it was first at 60p, 50p, 40p, 35p, 30p, 25p, 20p 16p, 12p, 8p, 6p, 5p, 4p, 3p, 2p, 1.80p, 1.50p, 1p, 0.75p, 0.40p.....
My god when I write the amounts out like that it really is value destruction on a scale even VAST would struggle to compete with, WOW
I think when everything comes out in the wash it might turn out that there were one or two porkies fed to genuine investor's over the years. Real shame this one.
Tonight there isn't even an available bid over on XOP. I think Canadian investor's are busy selling whatever they can get out of this one from the looks of it. :((
Well this didn't age too well ......
blackstout
Posted in: COPL
Posts: 102
Price: 1.80
Strong Buy
RE: Potential Values19 Nov 2023 13:38
..........."I wouldn't be surprised to hear we're looking at $6bn - $7.5bn in total value for the assets if we include the CO2 potential. But some of that will be because of who the JV Party is and what they bring to the table.They will know by and that will have an impact on both the value and what they're prepared to pay for their share.
As a guess I think COPL will hold onto 70% - 80% of the value initially and I wouldn't be surprised to see our SP run up to more than 100p by the beginning of the new year for the first phase. We're looking at a completely different market and catchment area for a start."