Unless you actively read these boards or email the company then you won't know about the company position and the recent revelation. It hasn't been widely shared. It may take a while to filter through or there are those that are waiting for solid news. Also, from Arthurs reply, official news might be a couple weeks away yet. No rush to get in yet... but I think that rush will happen.
haha. Thanks Rift. It is getting quite exciting now though. We're almost there, few more weeks!
The SP will dither for a bit I'd imagine. But the market loves a rumour if nothing else. It will start to creep up as it filters through. We know it's coming now so I'm fairly relaxed about SP.
Bob, if it was a way of hiking the SP before a placing, surely the company would be doing it? Not Shareholders sourcing information themselves. Arthur would be doing interviews, podcasts etc. I just can't see Arthur doing another placing when he doesn't need one for a few months, prior to potentially transformational news and at a price that would require extensive dilution to be worthwhile.
Jiving, I agree with you regarding Arthur. I have been here since July 2017 and have sat through 2 placings now. Of course I'm not happy with how long this has taken. I've come to realise how Arthur operates (I was forewarned by others, Brady for one) and unfortunately we are a means to an end. He is a business man at the end of the day. He will do what's necessary to progress the business. The silver lining out of that is that I have every confidence he has business interests first and will get this over the line. I wouldn't of stuck it out if I thought differently. Unfortunatelty, you just have to accept that our CEO isn't doing this for Shareholders and won't keep us updated unless there is a business need to do so. We have to work it out for ourselves. To be honest, I don't agree that this is all Arthur's fault either. Arthur can only really be at fault for underestimating how long the process takes, not the actual process. Anyway, I share your frustration Jiving about not being updated, but I am also confident in the progress that has been made to date and the stuff I have researched and posted on here. All the best whatever you decide. Indi and SM got my back up by having a pop was all.
I get everyone's frustrated that there's not been news but I'm suprised by the reaction of some on here. You are acting like it's going bust, falling for conspiracies and rumours made out of nothing. Indi and Sub, whilst you are welcome to your opinions, you only pop up when sentiment seems low. It's incredibly frustrating to read sometimes as you have absolutely no evidence. You have a pop at myself and others who actually take time to try research and find out more information, and then share it on these boards voluntarily to discuss an investment we are in. Whilst you guys pluck timelines out of thin air and see it as a fact. Bloody embarrassing. There is an election coming up. It might or it might not affect approvals. What we do know is that Nigeria want to push through projects and renewals to fund their 2019 budget. That is on record by the head of DPR at the start of Jan. We have now presented ~$180M FDP to NNPC in its final form, presumably including financing from our preferred service provider. I don't think some people actually realise where we are at now and the progress that has been made. Agreed, it's late, but it's not failed. Far from it. Literally everything seems to be in place now (if you can piece it together). Our ministerial consent application is in fully and the DPR are on record screaming for blocks to be renewed and more investment!
Not directly related to COPL, however does show activity does not grind to a halt just because of elections.
"Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has announced that all oil blocks that are due for renewal would be approved by the first quarter of the year."
Some 70+ oil blocks up for renewal are to be renewed in Q1 2019. They need the money from those blocks to fund their budget.
Ibe Kachikwu states "But just holding to a block is depriving the government, state and even the investor money and it does not make any sense."
Que ShoreCans application to develop OPL226...
https://guardian.ng/news/nigeria-to-renew-oil-blocks-licences-in-q1-says-kachikwu/
Rift, this from Arthur re. election.
"What you and all the others on the bulletin boards think is the approvals of our program are political. If you think this way you are very wrong. First, why should they be, and what evidence do you have to say they are? We are with shoreline are the Contractor, we have had and have not ever received anything which would suggest differently."
I was also told they have presented the program in its final form, after going through the initial presentation/comment processes. I don't see what's left other than a final review and then getting it signed off by all parties
Apologies Mark. I was checking the spread at the time and the bid was definitely 0.29. Just assumed the 0.2913s were sells but spread must of been 0.2901 / 0.2913, rather than the 0.29 / 0.295 that I had assumed.
We never really dipped that much this morning. The bid was kept at above 0.29 and a weak ask of 0.295. The first 3 trades are sales, although reported as buys as they're above the mid price. The bid/ask just now is 0.3 / 0.304, so a lot tighter than what is being displayed (we are actually up on the day).
Pumped by who? There has been no official release by the company in months. There is no need for placing until April but they're going to get one away in a depressed market, prior to news?
It is simply being bought up in anticipation of news. That is the rise. Chart was suggesting a MACD cross on the daily candlestick this morning. Simple market mechanics.
Hi Bob. It wasn't necessarily fake. Arthur said it was 'fake news'. The size of the donation was significantly embellished and he donated to both sides, yet only Atiku donation was in the media. He donated to both sides similar to what would be done in a close election in US or Canada. Basically Kola's donation should not affect our approvals
The news will come but the company can't really release detailed information on the project until it is approved. Its subject to change until that point. What we know now is the FDP has been submitted / presented in its final form. NNPC have already seen it as they have commented on it. That to me suggests the concessionaire (NNPC) has essentially approved it and therefore it's probably gone to DPR for final sign off. The FDP will include details of the company's plans for financing. I agree with what was suggested yesterday that conditional agreement with a service provider is in place. Further, clarity was given that the application is not politically motivated and the Kola donation is fake news. The Agamore case has gone completely quiet and company confirmed NNPC acknowledge it as an attempt to get money from the company. Oil is back on the up. People can call it what they want (p&d etc.). To me it looks a very strong investment case for what the company is valued at. For balance, I think cash burn is still high but company has stated in Prospectus that the company don't need to raise until April. I hope and expect to be well under way by then.
No problem guys. It was good to finally get a response from him and provide some reassurance. One thing is for sure is that he doesn't like bulletin boards or online chatting as rumours start flying around. But I guess that's what happens when you don't communicate regularly with your shareholders though!
Absolutely Mk. It has been presented in it's final form (i.e gone through initial presentation and then comments/responses), so hopefully we'll get the news very soon!
I'm still a bit cautious given the journey to here but response has given me some renewed confidence it will kick off here soon
That was his exact words with regards to donation/elections. Thought I'd just copy and paste it for ease seeing as there was lots of discussion surrounding the donation and the elections last night. I was growing concerned by it but Arthur basically said it is being blown completely out of proportion "For some reason there are negative individuals on the Boards who make mountains out of mole hills or conspiracies where they don't exist."
He said the licence is in good standing, FDP was presented to NNPC last year and been through comments etc. and has been issued in its final form. He said that was consistent with what has been disclosed and if there was anything negative they are obligated to disclose that too.
All very positive and no reason why shareholders should be spooked
Well first of all the amount was substantially embellished. As he told me fake news. That said I gather there was as a donation to both campaigns similar to what would be done in the US or Canada in a close election. What you and all the others on the bulletin boards think is the approvals of our program are political. If you think this way you are very wrong. First, why should they be, and what evidence do you have to say they are? We are with shoreline are the Contractor, we have had and have not ever received anything which would suggest differently.
Arthur