Member Info for NoEasy

https://www.theguardian.com/global-development/2019/jul/01/the-indian-state-where-farmers-sow-the-seeds-of-death

I think I am the one who should be amazed.

Are Shoreline dragging their feet?

This from the MXO CEO, "I am delighted to announce that we have now formally completed the consent process with the Federal Government of Nigeria and this formalises the legal title in our Aje asset."

What does MXO have to do with us? Well that application for consent went in in August 2016 from my memory and it was announced it had been granted by the Ministry of Petroleum Resources on the 5th June 2019. We asked for Ministerial consent sometime around November 2016.

Quite right Jiving the positives we have to hunt for, in the MD&A's for example. It has always seemed counter intuitive that despite also being on a Canadian market the only market in the shares without doubt is in the UK but that we persist in moving good news (such as the long awaited, at the time, PSC extension) through the Canadian system. It is therefore not as readily available to those who I would suggest are the prospective audience here. Basically there is better publicity for this project in an RNS not so much an MD&A.

The issue such as approvals that we have got? haven't got? but we were told we have got is another point. Its not always that we don't get positive RNS's it's also the case that what we do get in terms of positivity outside of the RNS system seems not to manifest itself into an official announcement when we are given to believe it will (after the elections in this case). We do get very badly managed communication here.... on occasions. I added that last bit because I also think we see what has been put before our eyes but choose not to believe it. That may be the right decision or it may not. It seems it's down to each persons take on the words coming out from Arthur plus one other factor. If it's on Arthurs words alone that's one hell of a judgement call to have to make with the chequered history of communication we have had to date. The other factor is any factual progress that has been made behind his words.

I believe that significant progress has been made and personally I have money on this project proceeding, in effect Arthur being right about it happening only wrong (very) about the timescales. Not a good CEO but I hope he gets to prove again that he is a very good COO.

bonum, genuine question, have you been to an AGM? I can't find any posts by you that say you have but that doesn't necessarily mean you haven't. Cdnolls experience is not unique and you find that much is said on the sidelines of such meetings that give you greater detail (and confidence) albeit subordinate detail to the main point that has already been released by companies through official announcements or interviews. Such detail just backs up why a company feels the way they do it doesn't change why they feel the way they do. I get your frustration but it isn't about naivety of investors its just the way it happens, no rules broken just extra detail that the company don't necessarily want plastered all over the internet.

Cdnoll also answered a question in his post that confirmed my thoughts. The number of people there. Were they known to Art and when is a 'public meeting' not a public meeting. My guess is the CEO knew exactly who was there and as such was able to speak freely. Nothing unusual there.

bonum there's a synergie between you and Harry.

Your opinion or investing strategy isn't anymore important than anyone else's but you seem to think it is. Having suffered 'staggered buys', touting other shares and your new one of being in profit etc the irony of you now complaining about another poster preaching isn't lost on me. Give your arrogance a rest mate.

Today you stated in response to marmies challenge that you were apparently using two user names, 'Oops Sunday morn not at my desk and just noticed I replied on my bro's computer without changing to my name..'

Yet on the 23rd April on another board you were challenged, "ploppy are you staycalm??'. To which you replied,

'Yes I 'try' to keep one name to one board.'

Which one is it just for clarification?

Ploppy/Staycalm I had an even later night than marmie, I can't get 'Red Army' to fit no matter how hard I try!

Yes Jiving/Berta the term 'slippage' was undoubtedly invented for COPL.

Good post yesterday Jiving that got me thinking around veto's in share agreements for junior partners. Did my head in in the end so thanks for that;-)

RA1 nice summary and I guess why we are all still here, there's a trail of crumbs all leading to a huge loaf of fresh bread (my weakness in life even before a beer) ........or perhaps its leading to a mouldy sardine sarnie. But we have to bear in mind we haven't had any formal notice of the PB much like we haven't had any formal notice of approvals yet they are apparently sorted (I could go on regarding 'indications' that never materialised).

What has materialised is the agreement for a PSC extension, the undoubted support of the NNPC/DPR and the now submitted and wholly encouraged accelerated FDP. It is this very latter point that has been absolutely key to my understanding of what I believe lies beneath.

Thanks cdnoll. I guess that there are other considerations for not posting the details of Essar other than any moral/legal ramifications of doing so. On occasions it would be correct to go into detail within the confines of an AGM concerning a dispute but you wouldn't necessarily want that then plastered all over the web for the other side to see. I get that if that is what is holding you back. I had Essar down as a low risk in any case and you have confirmed that. Anything on Agamore?

Likewise Groover just back from a week away, nice to see the uplift. You need to stay on the road and I need to stay on holiday it seems (no responses required on that last bit from anyone thank you).

Berta it would make sense particularly if this is correct;

'The Company, however, recognises additional resource potential beyond the 6100’ mapping horizon, and interprets thick pay sequences in both the 7200’ and 8000’ zones, which exhibit pronounced Extended Elastic Impedance (EEI) and Joint Impedance Facies Inversion (Ji-Fi) anomalies for hydrocarbons. The Anyala-1 discovery well had 55 metres of net pay in the 7200’ sand. COPL has used conservative assumptions for average porosity; average water saturation; and average net pay over 28,000 acres of prospective seismic anomalies to calculate in place oil resources (OOIP) of over 2.6 billion barrels for the 7200’ zone alone. The Company estimates that this could be doubled to over 5 billion bar- rels if the 8000’ zone is also taken into consideration. A conservative recovery factor of 25% provides a recoverable oil resource of approximately 1.4 billion barrels.'

And that makes sense if this makes sense,

'We believe the geological risk is low for the planned appraisal program, as the large number of wells drilled on and around Block OPL 226, provide exact physical data to model attribute responses tied directly to the seismic. The Company’s seismic interpretation reveals dramatic divergences between gas, oil and water saturated sands, and has enabled COPL to estimate significant in place oil resource potential in the 7200’ and 8000’ zones.'
http://www.canoverseas.com/wp-content/uploads/2017/07/CHFeNewsletter_2017-Canadian-Overseas-FINAL.pdf

Of course there is the small matter of getting to a drill on NOA 1 first.

Not got access to ShareProphets. But the Proactive one has just released a short interview. I've paraphrased it below.

--------------------------------------
Good Morning Arthur good to see you back.

Good to be back.

Now we've made progress on a performance bond since we last talked I'm led to believe

We have, I just can't tell you yet.

Okay, I understand that. And how are things going with your mate?

Well he's been at me again (loud sobbing). I try to get on with him but when I need him most he's not there, he's gone to CLON or somewhere. Its really really difficult.

Do you manage to get hold of him?

Yes he's back after twenty minutes but that's not the point.

So any development on the brown enevelope?

(Renewed Sobbing) I've tried to speak to him. He comes up with these great ideas, but then he doesn't tell me how much to put in. Do you think a fiver will be enough?

That's about a half pint of the brewers special at the Lagos Polo Club, so yes, probably. Maybe best just making it four quid to be on the safe side. I know how tight you are with money.

I know. Did I tell you we had an interest in OPL 226.

No. Well not officially. You sent me an email.

Ah yes, keep it under your hat for now, the government doesn't want anybody to know. I've told the Chairman I keep getting put on the wrong plane and ending up in Nigeria.

Well we have to end it there Arthur, thanks again for coming in.
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Nothing new in there that I can see.

Only one burning question to ask and that is why didn't TLOU ask for much more than they did?

Given our first mover position in the Botswana CBM field and the countries chronic power supply you would think he must must be missing a trick.

He has his plan guys, it's on target and the prize isn't a contract tying in supply to one consumer.

Be worth looking at the source of that info to check its veracity BF. That should give you an indication of how much weight it should be given.

' I sense you are worried that your wife is not happy with your levels of investment but this could be the first time in your marriage that she is wrong! '

Bts, I'd leave it to Brad to break that bit of news though!

bonum I'm not at all sure that adds up to be fair. The bit I'm stuck on is how a placing that is roughly equal to five weeks working capital 'unlocks' anything. If that was the case surely such a small measure would have been understood by Art and conducted much earlier. This placing can't be something that is so significant that it unlocks progress yet hasn't been actioned until now.

Is it not a more likely scenarion therefore that Art seems to have held on for as long as he could in some expectation there may have been a chance of significant developments prior to the last minute need to raise cash?t

I see no sense in leaving a placing of this size until the final moment, which this has undoubtedly been, unless he was hoping for developments or, alternatively, had asked previously for funding but no one would give him it. This latter point being unlikely given the raise was not done at distressed rates and the project itself being on a progressive rather than regressive footing.

Just my observation but this placing in all possibility arrived not because a placing was the most obvious placing in years as one poster would have it ( I took that as tongue in cheek) but rather that it was first past the post in a seemingly close race between it and news.

'I think if something tangable (sic) wasn't on the cards in the very short term, the Placing would have been considerably larger,...'

So in effect you think alternative finance is on the cards short term. Am I reading that right?

Hopefully they are reflecting and giving themselves time to provide a measured response and to congratulate you in calling it right on the placing.

And not being drawn in by your baiting which lets you down more than you realise.

You have a good discussion point Bts. Are we getting the recognition we should be on this index. For me we probably are. We are not a 'hot stock' but what we are is a first mover enterprise in an energy deprived country and region.
We need the commerciality from the gas flows, the reserve increase, the PPA with the government and the finance. Seems a lot but every chance we will see that all signed off in weeks off the back of the recent successful RFP and soon to be announced flow tests. That movement sees interest from other than PI's.