Member Info for pijoe1212

But they had current liabilities almost as much. A company trades in default if it can not pay bills on time as due. Give this results in direct director liabilities if ignored, I would put to you the co is on fumes and the bod know this, it may have a few more weeks as some liabilities could be to shorecan or other controlled debts that the directors can deem none current on an operating basis.

It’s on fumes - who would fund this except death spiral or bucket shop.

I post as a peep who is not long or short, but as someone who spent considerable time representing peeps in an African oiler meltdown situation.

All holders should be very very worried. In my view this has far more chance of nil return than anything positive.

At best it’s placings for 12 to 24 months. Think about it - how long does it take to mobilise rigs / eps production...meanwhile no funder will pay Copl costs even if a project specific funding package for the assest is sucured ( and who can it be given shorecan don’t have legal control of OPL226?)

You addressed a post to two peeps who have first hand very direct experience of oily co issues in Nigeria..

Now I have tried to help you folks and I am pleased to see one bull poster ( harry) took note of posts that explained the risks. All credit to him posting he has sold.

The issues are:
1. Copl has very little free cash. it has cash and also liabilities - it can not instruct services and then not pay. It’s on fumes! The facts ( numbers) are there to read in the accounts.
2. Shorecan has no cash ( based on the public domain evidence)
3. Shorecan have no ministerial agreed right to OPL226. So Copl has 50% of sfa of opp226.
4. Copl has a % of Liberia and mad assests..great super but worth what? Can not borrow cash against them I would suggest.
5. Shorecan is in dispute in the Nigerian courts via its control of Essar Nigeria - shorecan would appear to be paying the costs of the action including essays prior partners/ gov !
6. Shorecan is in dispute with its partner in Essar Nigeria. It would appear breach of SPA is the cause. The party to the spa is a very large co!!
7. Shorecan have a funding term sheet for an off take ( post first oil) funding agreement. This is not funding to drill appraisal wells or production facilities or for well services or working capital.
8. Copl have said shorecan are close to ( is that the same as I am close to the Queen by default of being British?) a $100 m services contract.

Now some questions:

1. what services contractor of standing ( shall we say GE or Sclum) would enter a contract to drill wells with shorecan when shorecan do not have the right to drill?
2. What slice of the project return would the service provider require? What’s left for Copl? Why even deal with Copl/ shorecan?
3. Copl s cash burn has been stupidly high for ages...why?
4. Just how much cash do Copl need to raise to keep Copl costs paid and fund shorecan and pay the lawyers for the old Essar farmout legal battle?

Thks in advance for polite answers

Now you have resorted to insults...not your best move? I will not respond in the same manor.

Um biffa...I stood next to you in 2016 as you explained to Fiona ( and John summers) your time of holding and cost..!!! Whatever..makes no odds to me. I understood your holding size back then ( I have ears!). I pass no comment.
Pleased to hear you will now be measured in comment ( this bb has always been robust).
I have no mob

Agreed on Cali..my take also but wondered if I had missed anything you did not.

Page 11...once again thanks for the detailed comment..can only just type as ******* myself laughing..good spot that I expect further comment on!!!

Your posts over the last few months are frankly atrocious. Always insults . Your posts to ifonly1 are the pits.

Bet you wish you have not sold out most of your Rkh in the 20’s and hence were not so bitter.

Worst poster on lse bb’s? Only my view.

I think most peeps here understand I understand the Nigerian change of control issues.

This is not like afren mk2 ( that is Savp)...the risk here is so very different!

what is a deramper?

what is a ramper?

i will be watching the buy / sales in the morning..

vienna. i followed this co closely last year. i think i understand most aspect well. i also understand the nigerian change of control laws better than just about anyone on these BB's. for good reason.

you say:

"Phrases like"stand to be corrected"and "my understanding" sound like prepared get out of jail cards for when the truth comes out"

that is me being respectful to well informed posters on here who may know recent history better than me and can put forward reasons (evidenced is best) why i am wrong.

it also differentiates between my understanding of fact and my opinion based on those facts.

you got sooo close to making a phone call!!!...LOL (FWIW: fpm i hold in core and have for over 2 years..rns at 11:30 caused me to add trading moneies to core for a while..)

it that any posts that does not confirm the best option is to buy?

just out of interest were the 1M & 2M sales yours?

my understanding is not yet granted.

iamrich..it is a right *uggers muddle currently.

only essar can drill (as they hold the opl226 licence) . shorecan / copl can not drill. regardless at this point in time copl do not have the cash to drill. it looks to me like shorecan should have been expending cash (i will read the prospectus when i get a chance) but have not been and that has put them in breach of the SPA with essar. in the worst case (for copl) i would suspect the SPA would provide for the 80% to be transfered back to essar...but meanwhile whatever operation essar had in nigeria is now controlled by shorecan and shorecan make up the board of essar nigeria.. now if they are in breach the SPA would likely have remedy clauses (i.e. you have 28 days of this notice to comply with clause abc..) but if the breach is failure to fund, how do shorecan correct the breach given they have no cash?

(i think that is all correct on known facts..but happy to be corrected).

could i suggest you read posts on here and ask questions when you dont understand. some of the most informed in the sector are here. on hold or sell - only you can make that call. what i will say is i am not currently in here despite it hitting my buy in price yesterday and being geared up to buy today, but that is because a more compling (to me) opportunity arrived. i would be happy to hold at this sp moving forward at the current time.

panamabob.

it was precisely that attitude that caused us to fall out last time! the purpose of these BB's is to enable views ideas and information to be shared. if peeps understand the facts and risks they can form there own views of holding selling or buying.

i would have to say i do not get an investment strategy that includes a gambling co (of scale) a commodities co (of mega scale) and udogger! what on gods earth made you think udogger were a good investment? the only thing they can produce is shares and they do that by the bl full..but why then invest in hur? hur may be listed on aim, but there are worse oilers on the main market (ophr for example). could i suggest it is nothing to do with aim and all to do with your investment strategy and research prior to hitting the buy button. (and just what is in your 3321 posts?....)

sorry that was too flippant of me. for each article you will find saying oil is doomed you will find just as may (or more..but that could be my confirmation bias) saying the opposite. perhaps is you asked the question " can anyone help me find good article on the oil price likely movements, as i have just seen one that says we are heading into bust... " or the like you would have got several very useful responses.