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Yes, tomorrow is a Canadian holiday. The reason I say Thursday is the placing RNS mentions they expect the placing to close on July 2nd. So expect a news release Thursday am regarding this.
I would say this is trading as expected since the announcement of the placing. Typically the share price remains somewhat range bound until the placing is subscribed. I think it'll be off to the races again this Thursday and next week. JMO
I can't make any sense of it all, to be honest. My guess is this is the first time in a few years the stock price has been this high and Art wanted to take advantage of it before it dipped back down? Perhaps this was strategic from Art as he may know more details about the timeline (i.e. may we're not as close to drilling as we think?). I have no idea, but I typically tend to expect the worst from Art.
We'll likely get an RNS this Thursday saying the placing is closed with the shares admitted to trading that day (Hopefully YR doesn't just dump them right into the market). The 35 days is up later next week but we also are all aware of how Art delivers on timelines lol... Hopefully the new deal is signed towards the end of next week though.
Agreed with CawCaw, no news this week for sure. Expect it mid next week. Deal will be signed and more clarity on timeline.
It took approximately 3 weeks to reach TVD on the Mesurado-1 well which was in 2500m of water and I believe another 3000m or so below the sea bed. So I can't see a drill in 100m of water and a depth of 6000-7000ft taking more than a few weeks. JMO
Shaa, not very to get to TVD. Couple of weeks max.
I expect Essar and ShoreCan to use the majority of the 35 days previously mentioned to get the deal done. News early July and that should provide a lot more clarity on the timeline.
Don't get too excited, it's mostly people just dumping into the bid... Currently 3.7 million on the bid at $0.005 and a staggering $29 million in the ask at $0.01... we need LSE to get to 0.58p and beyond!
Thanks, pal!
My pleasure Jiving, check out the following article as an example, it gives a nice summary of how Exxon (no I don't work for Exxon) discovered and subsequently appraised the Liza field offshore Guyana (Liza prospect appraisal and well details):
https://www.offshore-technology.com/projects/liza-prospect-development-stabroek-block/
high estimate is 1 billion barrels prospective recoverable resources, the best estimate is 533 million barrels which COPL would currently get 5% of and a total of 15% if ShoreCan pursues the additional 20% stake in the block. Remember, prospective resources don't equal proven reserves. COPL needs to punch some appraisal wells into the water/ground and do some flow testing before they can be re-classified as proven reserves. Liberia block 13 had 2.6 billion barrels of prospective resources which turned out to be salt water. I understand OPL 226 is different as there have been multiple discoveries of both oil and gas but no wells were ever flow tested. There is still an inherent risk to this play albeit much a much smaller risk than say the Liberia wildcat. I'm sure I'm going to get roasted for this post but it's the truth; appraisal wells are crucial to being able to prove the recoverable reserves, understanding the flowing capability of the reservoir (i.e. permeability), etc. I work for one of the world's largest E&P companies but don't take my word for it...
Also, NoEasy I've been invested in COPL long enough to state my opinion of Art without giving a flying f*ck what any of you think. A dozen + dilutive raises since July 2012.
No easy, some people need to lighten up. I saw you got your head chewed off earlier for asking an innocent question. Relax folks, my God...
Any of you sorry saps bother to apologize to Bonum? He was 100% correct and nailed this call. Leave it to Art to sap away momentum.
Quite optimistic YM!
According to my info the price is Canada has yet to hit $0.01. the bid is now $0.005 and the ask is showing $.01 but hasn't hit that yet. Soon though!
I don't think anyone is talking about producing 1 billion BOPD - that's like 10 times higher than the global demand right now lol. OPL226 high estimate of prospective resources if 1 billion of oil recoverable. Don't confuse the two lol
Alright chaps let's see 0.58 next week so we can wake Canada up and move to $0.01!
Congrats on the price movement folks, it's been a really long time since COPL has closed in this price range. Exciting times, hopefully the new deal with Essar is signed off soon and we can gain a better understanding of what comes next as well as the timeframe.