Member Info for Mkbarnes2001

Maybe I’m reading it wrong, but it seems they are looking at alternatives to a placing to raise further funds?

Can’t buy today - seems no stock. Perhaps a big order being filled?

Yes fake news. I emailed the CEO today and he responded to say the licenses are intact “Our license is held by Essar Exploration and Production Limited (Nigeria). Solgas relinquished or had it taken away in 2002/3”

Fair enough Sub, that’s up to you.

I replied, asking if the company believed there would be renewed confidence in the OPL226 project prior to any further fund raising (I mentioned that I don’t believe he would get support at current SP level) Got a reply straight away saying they hope so.

Just now Esski....

Thank you for your note. In the background things are moving along. We hope to be able to update the market in the near term. Thank you for your patience. Arthur

All of a sudden there’s some life in this share!

Good to see a blue day again!

Hi Bolton, I’m in agreement with you here - Arthur is getting some PR in, ready for announcement of all the approvals being in place & SPA all sorted. Then he knows there will be a time period between all the permits being in place to actually drilling (Q2), so he needs funding April - July. SP should increase significantly once all the uncertainty around approvals and financing has gone. Then, a placing with some dilution but minimised due to much higher SP. That’s my view on it all

He has a distinctive way of writing - I’ve noticed similarities across all the emails that have been shared!

Hi Rktech, That’s the first response I’ve had from Arthur since August. I’ve copied it exactly as received!

Hi Rift, My reply from Arthur confirms what you state about all on hold until approvals come through. Waiting for final permits to push the button Mark, Thank you for your note. Operating offshore unlike working on land where initiating a drilling operation can be quickly initiated requires a lot of planning and pieces to be in place before the operation is kicked of due to the inherit logistics required. Once we have received the the final permits we can push the button on all fronts. Until that time it is prudent not to engage firm commitments with contractors to mitigate any question of standby charges. If one piece of the logistical puzzle falls away or is delayed it effects other pieces. For now we have things on simmer. I hope this answers your question.

He replied to my email within minutes this morning ...

I think Arthur knew he had to update shareholders with all the info he was allowed to share As you say NoEasy, there’s much more to report once shorecan have been given the go ahead to do so by NNPC / DPR. Hopefully this comes soon after elections

This board has helped get us all through these months of pain! Appreciate all the time people have taken to research and share their findings on here.

Thanks for the great posts NoEasy, interesting stuff

Sub,
Here's the full email conversation....

Please could you advise if shareholders should expect an update on OPL226 in the near term. Promises of an update by year end didn’t happen and I’m getting concerned again.
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Hi Mark,
Things are progressing well. The company does not give reports to shareholders that are not material. The year-end audit will produce financials once completed. COPL does not announce to the market financing activities in advance, in fact no company does that. The MD and A's provide details of activities in a timely manner.

Thanks for reaching out.
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Thanks for the response.

Does the company believe that the upcoming elections will further delay any ministerial approvals for OPL226?
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Arthur believes the elections shouldn’t interfere with the project . It has already been approved, but due to elections the Company has been asked to keep quiet. The contract is in good standing and as such not at risk.

NT to buy, I got a quote for 0.399!!!

AMillholland@canoverseas.com cathy@chfir.com