Member Info for NoEasy

A 'typo' is a spelling mistake Suhail. Pretty sure stating COPL is on AIM doesn't fit the definition of a typo. Your use of it does throw considerable light on your basic attempt to obscure your own mistakes while castigating a fellow poster for exactly the same error. Would have been nice if you had moved your feet in a positive way and sent a small message to Cahus.

'You bought a stock without research and wanted us to baby sit you - then you said we're fooked because of AIM when COPL is not even on AIM.

Absolutely right Suhail. How could anyone make the mistake of posting COPL is on AIM.

Although I do recall the following post from a week or so ago whereby someone made exactly the same comment regarding COPL being on AIM.

'The Note is repayable in 6 months time - 6 months is a very long time on AIM too.'

Wasn't you was it?

'I’m more concerned that they get the finance package over the line in the near term as that secures our position going forward and we can then drill more pods which should in turn help with the dewatering process.'

I think you have it spot on there Whizzer. I too don't expect the dewatering to be completed without extra wells. The timing and securing of the financing is the most crucial aspect for me at this moment in time.

That'll do Jiving thanks for that.

3 stroke piston engine(?).

3 pistons (2 lateral/1 vertical well) delivering power to a single crankshaft (pod)

Morning Jiving, its been a long old road.

It would be good to have control (options) over the type of financing we can secure and your thoughts seem to convey that we do indeed have an option. What's the basis for your understanding on the route Art is taking on financing?

Brad not sure I've read your post right but neither Lesedi 3 nor Lesedi 4 are wells they are production pods. Each production pod is served by three wells, two lateral and one vertical making six wells in total involved in the dewatering.

The only ones not working together are the three partners.

Missing the point completely The point & the truth is you are all barking up the wrong tree. The government are working with and encouraging us hence the accelerated field development plan initiated by the NNPC.

Thanks for the correction iamrich. Important that the info is as accurate as can be.

'..what the clucking hell are the bod doing, ..'

Probably not running around like headless chickens!

Typo: 'So Art's C$200k...'

Good question Kai and one that would not normally be hard to answer as spending had been consistent at around $380k a month. So Art's C$200 would be gone after two weeks on that basis. That same pattern of spending would be indicative of a deal being done fairly shortly.

It's not necessarily that easy to gauge though. From our last placing in August we would have been out of money by November on that same spending pattern. But that $500k lasted until Feb 21st. There has been a drastic reduction in spending somewhere along the line. No idea how long that will or can carry on as the communication isn't there as to what has been implemented by the company.

Bottom line is that $200K shouldn't last until August as you rightfully allude to. We may see another personal financial input from the CEO or indeed a project financing solution (hopefully) being achieved before then.

The talk yesterday of no placing without a general meeting for approval by shareholders as 20% of the stock had already been issued (12 month period) set me thinking as to Arthurs motivation. A six month loan from 21st Feb brings us to 21st Aug.

A loan to conclude the finance or a loan to take us to a point?

'For anyone to say.. nothing is different'

I think there is a confusion with the word 'different' and 'progress'. The commitment was very, very welcome from Arthur but it was a matter of funding much like previous placings were funding and like previous placings not progress on the key issues.

“wealth is the transfer of money from the impatience to the patience” The impatient (traders) seem to have been doing very well for themselves of late. They are making money while we are 'hoping' to make money, turns that Buffet view on its head if we don't see progress on the funding in the near term.

Reality is that we are below the 7 month window to get first drill down before the PSC extension runs out. We have had little to no announced progress for three years and that is despite the support of the Government.

Arthur needs a result, Nigeria needs a result and investors now need a result. What we also need is defined information not smoke and mirrors.

The appetite to fund oil has it seems been widely hit by the environmental stain it leaves and the momentum of investors seeking to put their money in funds/companies with green(er) credentials is growing. The financiers of the past are stepping away.

Logically there are a group who are hit harder than exploration companies and that is established service providers. They already have machinery, rigs, personnel, technical equipment sat on their books. To keep their business in the black they are going to have to step in and do quite a bit of the financing themselves otherwise they perish.

Enjoyed reading the posts this weekend.

I took more on Friday as I see the Botswana pension fund getting their money back. It appears there is a significant sea change at the Ministry and I'm backing that for better or for worse.

JTD he is indeed a salesman. Bottom line for me is....this investment makes sense.

No criticism meant Brad, I'm disappointed we are where we are but also very much aware that we haven't had any problem with these wells of any more significance than time consuming. No mechanical, technical, weather related, population related, geopolitical related, macro economy related or Company related issues. Just TIME. Very disappointed with the time and the SP as a result but I can look beyond that.

One thing of note for me was when I was listening to the interview today my other half was busy in the room and made a simple comment, based purely upon what she heard, she couldn't see the screen, with no prior knowledge of TG or TLOU, that, 'he sounds like a salesman'. Did make me think.