Member Info for NoEasy

Nice to see the tide turning here, so it should it has everything going for it. I see 10x being suggested here in the medium/long term which is not over reaching the potential given the Mcap's of other companies trading this commodity. I believe we could see 200% in the next 6/8 months as being achievable. Happened with another stock I tipped six months ago on the ADV board (my first and only tip by the way and that has to be balanced out with the ADV result). But this has the same stealthy trajectory written all over it. No great hullabaloo just solid incremental upward adjustments to the SP based upon a sound business in the right field at the right time coupled with value enhancing news coming over the short/medium term horizon.

Example of the number of shares being placed on the market from this announcement:

Present number of shares 195m.

Placing price 20p = 38m shares. Increase of 19.72% of present number of shares.

Now have 233m shares.
Warrants 5m at 24p = 16m shares

We would now have 249m shares in issue.

We also then have the $20m credit drawdown facility that is convertible to equity. This also has warrants attached. If all $20m is drawndown then $10m warrants are available to the lender. So $30m worth of equity (shares) could be issued in addition to the placing shares.

If the placing warrants are taken up in the next 6 months ( a short window) that would likely pay the 12.5% interest and cover the 7% implementation fee for the cresit facility.

The money from any warrants taken out under the credit drawndown facility (excercisable over a 2yr window) would I guess be used for drilling & G&A.

The convertible loan has a potential significant impact on our total number of shares in issue. But Ultimately, the point of a convertible note is that the lender doesn’t want to get their loan paid back— they want their debt to convert into a heavily discounted security in a successful, valuable company that’s growing extremely quickly.

All resting on the promise becoming a reality, with a required production increase and discovery exploitation being feasible.

Art has the tools for ther operational side now and he has shown in the past he can use them.

'However, the Jan 10th RNS timing still does not make any coherent sense to me - why issue the discovery scale news then when CUDA bids could still be made by Feb 4th?'

My two options are different from gold's but here they are:

The discovery was released to gain interest from an established oil company to bid for CUDA. This would serve two purposes; having a JV partner with funds to help finance the drilling campaign and also leave COPL's CUDA money in the bank to service future development.

However I'm leaning much more to the option that the discovery announcement was prompted by Nigel Little after his appointment a few weeks earlier. He was brought onto the Board for his expertise in raising finance and I'm sure he explained he could do that better and straight away if the discovery was announced. The decision then had to be made by AM as to whether he continued with his decision to maintain the confidentiality of the discovery so as not to encourage other bidders for CUDA balanced with the need to get on with securing finance for the big picture of drilling more production wells and drilling to delineate the discovery. I think Nigel's appointment was the key.

So 'likely' to be this week and if not this week then 'expected' to be by the 29th April.

It seems entirely logical that AM will have a firm understanding from the court as to when a decision is going to be made especially if COPL, who are subject to a gagging agreement (NDA), is indeed the nominated bidder.

But Stas you are right to highlight how often timelines are introduced by PI's with no substance to back up those timelines other than wishful thinking. It happens all the time and mainly because people take words like 'likely' and 'expected' as meaning 'definitely'.

In this case the timeline has been introduced by AM to Jiddy so some real substance behind it (although still only a 'likely' which is not the same as a definitely). I'll go with an 8.75/10 that we get it this week.

I'm looking forward to the CPR not just for the confirmation of the discovery but also because I expect the document to be the presentation that we don't have. In depth and professional as Jiddy mentions but also balanced.

I think its fairly clear that this is unlikely to go to production given the continued interest being shown in ALL's resource.
I am linking the attached not because of the name of the person in the link but because of what is being discussed. Once one vehicle manufacturer decides to go directly into owning lithium mines then the pressure on others to secure supplies by doing the same will be immense. If it happens the starting gun on a lithium rush will likely be fired.
https://www.barrons.com/articles/tesla-lithium-elon-musk-51649610496?mod=hp_minor_pos23

Thanks Abu, still to this day cannot fathom how his chocolate pizza never took off!

Art, I think if you were to break the managements ability down into different aspects of management then 'atrocious' may only be applicable to comms. Even then a lot of the relevant material is actually out there in one form or another be that from the UK announcements, the various Canadian announcements, the companies Investor Relations manager, external sources etc.

What has been missing is a thread that brings it all together in a succinct and understandable way for investors. A presentation supplemented with the odd short interviews would be enough to encapsulate everything. Alas at the moment that's not to be.

Stating the 'management here is atrocious' is not accurate if you look at what they have achieved and what they realistically expect to achieve here. May be a bit like saying a premiership winning football team are atrocious because they lost a couple of games on the way to the title.

Enjoyed your 07:46 post this morning R-Dunc.

Stas, That brings back memories :-)

Bob, Epic journey mate but soon be where we thought we would be a long time ago. We're on a short-horizon now.

'That'll do for me, all of it.'

Even the typo.

You don't get much publicity by agreeing with the masses, you have to stand out, be an outlier, generate talk, hopefully talk that also advertises your name, you can build a brand being contentious you don't have to be right just contentious. It works. This BB has proved it. Loads of free advertising and possibly some putting their money into a subscription. I'm sure the person concerned isn't at all bothered whether this stocks SP goes up or down, just that he's got a business to run and money to make and getting a hook in somewhere definitely propels his business. I wouldn't look any further than that.

In the meantime, quietly sitting in the background is a likely placing, a successful CUDA outcome, re-financing with a Commercial Bank, a huge CPR assessment, a number of production drills and a not a grouse in sight.

Oh and the small matter of substantial drilling delineating the new discovery of circa 1.5 billion barrels of oil, on land in the good old US of A.

That'll do for me, all of it.

'How can you not see a placing is being forward sold...'

Has certainly looked that way for the past week Ironhide. CUDA result (assuming positive) will eat up a goodly percentage of any overhang and either re-financing or confirmatory CPR re the discovery will do the rest. Open road then.

It's worth a lot, cheers sageman.

Some will have no idea about what it means, after lots of years, to be on the cusp of a run of game changing news here.

I'd better stop or I'll make myself cry ;-)

'The important point........ was technical......short term....and has been resolved.'

Absolutely spot on Stas. A well put paragraph paraphrased above. It's gone, it was brief and it's gone. Time to move on as I believe all (well almost all) are doing now.

Eyes up.

Perhaps our premium members can ask LSE why they were deleted.

Informative stuff on there. Woody can you repost please.

Sometimes I'm lost with plays on words here.

There was a default of the terms of the credit agreement - for not maintaining unrestricted funds of $2.5m and separately for not keeping the creditor informed of the CUDA situation. It resulted in the need for extra fees and extra warrants being secured from us by the creditor. A waiver doesn't negate something that actually happened nor that something had to be paid to then secure the waiver.

You can't be sick and then say you haven't been sick because you have taken a tablet to stop you being sick in the future.

The default was not however a default on any payments required on the loan which is an altogether different matter. We have not defaulted on any payments due, that is one thing that is entirely clear.

Art alone is at fault, he owns this. He owns the present drama not posters on this board. He owns getting into the situation, he owns not being entirely open about it and he owns not clarifying everything in an official manner. Some have taken advantage of the situation he has created sure, but they are not the creators.

Art will also own what we expect from the CUDA deal in the next couple of weeks, it may come tomorrow or this week or in a month, but everything is heavily weighed in favour of a successful conclusion to that. That, it seems, will lead to a successful engagement with a Commercial Bank. CUDA impacts positively on our investment rating and support gets easier to obtain to fulfil our potential with transformational drills, these are producing and discovery delineating drills and not wildcat drills.

I also wouldn't disagree with a placing having been initiated, the hallmarks are there. Has there been one? I don't know but if there has it's perfectly timed to be consumed by any good news from the CUDA bid.

Not ramping, not deramping not whatever. Some really good minds on here but its ball aching reading how personal it all gets. We're on a downer but an upper is coming if I've read everything around CUDA correctly.

https://edition.cnn.com/2022/04/04/business/colorado-steel-plant-russia-military-invs/index.html

Fully agree with that Stas, the personal abuse has always been uncalled for. That does say more about the person than Art.

I also believe the fear you talk about is a a direct consequence of how matters are communicated by Art and the fear simply added to by some posters who see an opening to make money. It is not only about the comms, Art can point the finger at the greedy financiers all he wants, the simple fact is that he shouldn't have given them the opportunity that he did. His default, his fault. He has well documented form for pointing fingers anywhere but at himself.

My view is also that advocating a company without accepting and discussing such faults doesn't really help anyone. If I go on a BB and they are talking openly and without rancour amongst themselves about positives and failings I am much more inclined to have a better look at the company. Let's just be honest and talk about what's in front of us, both the good and the bad, we had both with Friday's releases.

Growing pains say's it well, if that's what it is, but rather than rely on a headline I'm looking at action, the short term objectives of securing CUDA and getting a Commercial Bank on board will be the first litmus test.

'I do care very much about a CEO behaving in a professional manner as this will affect loan opportunities and IIs decisions.'

I wouldn't worry about that AJEP. All the banks/II's are interested in is making money. There's some pretty dire entrepreneurs/CEO's out there who have no problems finding finance. Even after Art's North Sea endeavours came crashing down around his ears Exxon didn't have any trouble jumping in with him for the Liberia JV. He's got a producing field being artificially held back (for good reason it has to be said) at the moment and a billion barrel plus discovery on the companies hands.

To quote another idiot who filed for bankruptcy six times for his companies yet still got hundreds of millions thrown at him, Art could shoot someone on 5th Avenue and still not have any issues raising finance for the assets the company has.

Iron nailed it re the time to make money. The gloom merchants are only gloomy in writing not in deed or in the head. They know they have a good chance of making money now and not from it going down now either. They're unscrupulous but probably making some good money in being so. That's investing.