Member Info for Medjed

I am still confused why BP didn’t bid in the SISP if they wanted the asset.

$60m is cheap as chips to them if the asset is really what its been talked up to be.

Is it that they simply object to the SISP process because they weren’t included?

Either way their actions so far don’t seem encouraging for shareholders. Seems either the want to get the asset for even less than $57m or they don’t want it at all. Can’t see a scenario where they would pay $100m+ for it to give shareholders something back.

Thanks! I was reading the headline and didn’t see AGM in the headline so was confused.

I guess point 7 is just a right to issue more shares? I thought they already had that right?

I’ll vote no to giving away pre-emption rights

Morning Ryan thanks very much for updating us.

So Summit are going to acquire it for only $11m!

That’s crazy! This is the first time I heard of this. So I see they want to acquire it for next to nothing then flog it iff asap to a oil major for at least $60m and get their $50m back.

Lets hope the game isn’t over yet

Just saw the AGM request to vote this morning on IG, but no RNS?

These points concern me

7 AUTHORITY TO ALLOT (A response to this proposal is mandatory)

8 DISAPPLICATION OF PRE-EMPTION RIGHTS (A response to this proposal is mandatory)

I remember this moving much quicker last year/previous year to 8p.

Really surprised it didn’t leap on the RNS day to at least 6p

I thought £200 is the family rate?

Personal rate is only £125.

Surely worth it even if you get just £1k back

What time is the interview today?

The other string point is that the placing discount was at 0.16p not much of a discount on the 0.18p sp the day before. Companies in trouble usually place at a 50% discount or more.

So such a small discount bodes well I think.

Thinking ahead hopefully. When the SP was above 1p at the end of April 2023 there were 22.58b shares in issue.

Now there are 31.38b shares in issue, the equivalent of 1p per share today would be 0.72p per share.

Not a bad upside from here if they can actually start shipping something.

How many shares facility are still available to place?

My memory is getting hazy, was it 5 billion left from last year, so far I calculate 3.6 bil of that used up?

(not counting the 0.9 bil in Feb which were the shares given back by Goddard?)

So 1.4 billion share capacityleft still available to place

I just bought back in last week and it drops lol. Sorry everyone!

Anyway Zak thinks it should at least hit 18p soon on a technical basis. Strange that the rns this morning didn’t help it along to at least hit that level.

https://m.youtube.com/watch?v=w7wsDxN8zQo&t=326s

Good point Duster! 👍

That is probably what will happen, BP will buy it relatively cheaply from Summit. Everyone’s a winner (except us)

“ There is no right of appeal and all parties concluded the Hearing as per protocol”

So BP are just going to let this go? They were the 2nd senior lender. What was owed to them $12m?

Very very strange!

Is Summit taking all of COPL assets?

I thought they were ‘only’ taking Atomic and Cuda?

Sorry I didn’t fully understand that KS court document posted the other day.

I joined the class action too. Loss of £12k. Thanks everyone for your support!

With COPL though the biggest bondholder itself was shorting the stock massively 50% or more in order to re-neg the placing price & conversion price lower.

So when they covered it had much more energy because of the massive short.

Each situation is a bit different.

Why should it be 5p? Because JD said so?

That’s just an expression of his wish to buy it for cheap that’s not the market’s valuation.

So is it ‘only’ Atomic and CUDA that Summit bought to cover the debt?

Any oil containing land left for COPL?

Will it resume trading?

I hope Anavio didn’t get a penny!

Damn wish I was brave and bought more on Tuesday.

Could have got out break even today. Oh well.

Good guess same thing happened in COPL. That was more spectacular though because the bond holder at one point shorted the entire float of the company 🤣