George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
Looks like they have a history and some experience with O&G mergers and acquisitions . Will be interesting to see if there is any weight or substance behind this news in the coming weeks.
"We have significant experience with complex mergers, acquisitions, divestitures and other commercial contracts and agreements involving upstream, midstream and downstream oil and gas assets. Whether you are an acquirer, a target, a board of directors, a financial advisor or private equity investor, we will work closely with you to identify opportunities, craft strategies, manage deal and legal risk, and negotiate terms unique to you and your business objectives. In 2016-2017, we acted on five of the ten largest oil and gas mergers and acquisitions in Canada. "
https://www.mccarthy.ca/en/services/industries/energy-resources/oil-gas
Looks like the WOGCC site is back up and running now... Anyone have a link to the production numbers handy? Cant seem to find it in my favorites anymore and their website isnt exactly the most user friendly... Thanks in advance
COPL Signs Financing to Close Cuda Acquisition - Fri, 22nd Jul 2022 12:21
“The Company has also agreed to a moratorium on equity issuances for 90 days from the Issue Date, whilst the Company works to conclude its objective of senior debt refinancing and, not to issue further convertible securities whilst the Bonds are outstanding.”
I recently reviewed the above RNS and couldn’t determine whether the issue date refers to the date of the RNS or date from the initial convertible bonds. Anyone have any idea? Thanks in advance
Slide 4 of presentation:
• COPL has a 40+ year reserve life and inclining oil production from
gas miscible flood, with facilities built and commissioned in 2019
– Current production (gross): 1,600 bbl/d
– 2P reserves: 40.5 mmboe Gross before Royalties, 31.3 mmboe
Net after Royalties
https://www.canoverseas.com/wp-content/uploads/2022/10/COPL-September-2022-Investor-Presentation_Final-20-09-30.pdf
Jiddy - From 25:00 - 'We look to have a loan agreement from the bank, hopefully term sheet for that in the near term and hopefully on finding a partner here, I would like to do that this month AS WELL'
https://www.youtube.com/watch?v=S9JSgKErXBo
I anticipate RBL will come shortly after flaring application (IMO), although there is no direct correlation between the two. Also conscious of the rapidly rising interest rates, I wonder if they have already secured a fixed rate and are just in the final stages of completing. I would like to believe that there would be a heightened sense of urgency to secure the RBL knowing that interest rates are climbing month by month. GLA
Its worth adding that based on Art's comments yesterday, we have 3 interested lenders for the RBL, although the preferred lender is the one the company currently uses for its financial activates. Its just a matter of choosing the one which works best for the company...
Its no longer a matter of 'if', its a matter of when... The RBL compounded with the rest of news flow coming our way, this quarter is definitely going to be an interesting one. Furthermore, the fact that we were approached by a 'large recognized oil company' regarding the JV (and not the other way around) demonstrates the sheer potential of the BFFDU alone...
• COPL has made a significant stratigraphic oil discovery in the Barron Flats Federal (Deep) Unit (“BFFDU”) and non-Unit lands extending west to the Cole Creek Unit (“CCU”)
• Majority of the resource is in the Upper Cretaceous Frontier Fm sands with the minority in the Lower Cretaceous Dakota Fm
• Contingent Resources have been booked for the Frontier 2 and Dakota Formations extending from the Proved and Probable Reserve areas in the CCU to the BFFDU (pages 23,24)
• COPL has been approached by a large recognized oil company regarding a JV to delineate and develop the discovery, with discussions continuing
• COPL is permitting 16 delineation wells at a spacing of one well per square mile for Phase 1 of the delineation
• The first 2 horizontal wells will be drilled commencing in January 2023 targeting Contingent Resources in the Frontier 2 Fm.
Latest October 2022 presentation definitely worth another read. GLA
https://www.canoverseas.com/wp-content/uploads/2022/10/COPL-September-2022-Investor-Presentation_Final-20-09-30.pdf
Webinar is 2 hours long, each company gets approx. 30 mins. I was hoping he would cover some of the real pressing items but it looks like he is stalling. Lets see if he accommodates any of the real burning questions in Q&A.
I'm not sure how he managed to dodge mentioning a potential timeframe for the RBL...