Member Info for oxygen

Yep, nothing like negativity to induce volatility into a Market. Like Newspapers were surrounded by stories of armageddon. Even Michael Burry (The Big Short) is getting headline news for shorting the S&P 500 and Nasdaq 100 to the tune of $1.6 billion. The fact that Warren Buffet is at the same time pumping Billions into Oil doesn’t get a mention. Still I won’t look a ‘gift horse in the mouth’ if the risk v reward ratio here gets to compelling again.

Quite a few other photo’s on Canoverseas.com / Investors / Annual Mtg Presentation ( May’23) for those interested to see where the money’s been spent.

@HW. Agree with you, but as we know the City is driven by greed and the likes of JBER / Berenberg are German masters of ingenuity, helped by a light touch regulatory regime. They must be loving the Retail Traders here !

Their job is to push the snowball to get it running , either direction makes no difference, the margin and volatility is what matters, the former tending to widen as they succeed in their aim. Wouldn’t you do the same !

Agree we shouldn’t be languishing around £4 with these results, not quite the cash machine but getting there.

Isn’t social media wonderful, whatever did we do before it, and such a loss that so many frustrated individuals with their highly informed opinions on every subject under the sun were never previously able to foist them upon us. Of course a quick look at “X” reveals it wasn’t a loss at all, unless you need self publicists with names like Nigel or Carol, ( and a few Traders ) to guide you.

( I miss the days when you called your Broker for the daily SP ! )

And to add that the level of critical incidents, from memory around 7, causing well site fires from high pressure gas bubbles / plus battery issues, should hopefully now be eliminated allowing unrestricted production, to mention remedial cost savings. Would also be nice if we secure some upfront JV payment to help the financials along !

It’s just how the Market works, will sell into positive news the uplift should follow behind in a few days time.

And let’s not forget current Oil Prices circa $10 a barrel higher than those realised in Q2, that would translate to a significant uplift in Q3 Revenue.

Likely not a ‘Note to Self’ , although I thought we all knew this stuff already. Most without patience will have deserted this share long ago, the rest of us understand this Industry never stick to time scales but recognise what’s involved. Perhaps those on “X” need the occasional ‘comfort blanket’.

€ ( not £ ) !

@stas. If it helps I buy LPG ( 35% B /65 P) at 1000 litres / 512 kgs, a time. Only difference is I pay substantially more for it ….1000 kgs is approx £2000 euro’s !! .

That’s tanker delivered retail price but irrespective the savings you calculated will likely be a fair bit higher.

The vast majority are currently low value trades and indicative of momentum / frequency Traders, generally with little or no knowledge of the underlying asset, just churning their book. Thus will likely reappear once upwards volatility returns. Guess they must fill their weekend time playing slot machines !

And let’s not forget the UK Treasury should be well versed in these ‘Tax ‘ Relief Deeds given they’ll issued over 100 for Decommissioning tax relief certainty over the last 10 years. If the will is there they could easily extend these to future Investment Allowances & Profit related levies given the long tail nature of this Industry. Would be a nice parting gift in part recompense for the damage already inflicted !

Morning Edgein. Yes my view is the JV (LOI) has now been driven by our potential partner having seen what they’ve seen, and now require a period of exclusivity to finalise terms to prevent the prize being seized from them . You just wouldn’t tie up valuable time and resources otherwise !

@BizTech. It’s a refreshing change to learn of others opinions based on actual research, so thanks for that. Too often these BB’s just descend into juvenile abuse, likely caused by losing money due to a lack of such research. And yes we’ve all had Dogs, at times I’ve felt like a rescue centre !

@Pilot. Depends how they structure the deal but we’re not privy to much of the info. needed to quantify any outcome . What shareholders want, often with different time horizons, doesn’t always mirror a Company’s strategic longer term objectives but the Market will likely quickly value any outcome .My guess is Sept we should know more. GL.

Just to add, the JV (LOI ) would unlikely to have been agreed if the Technical DD had turned up any negatives. Just need to eyeball across the table now over the Financials ….shouldn’t take long, especially if one party has very deep pockets !!

Author perhaps hasn’t studied all Company announcements, in particular reference to the JV ‘ Due Diligence’ not thought to have commenced. In Nov ‘22 it was stated that “Technical due diligence is in process” ( with respect to a possible Joint Venture on the Company's deep oil discovery by a large oil company which approached COPL's COPL America Inc affiliate ). Note we were approached, not ourselves phoning around !. Those of us involved within O&G investments may take a more positive view of the territory we’re sat above !

Given the wider Markets are fairly well down today, it shows the weight of support moving into position here. Interesting times ahead.