Member Info for RodneyT

His long-term business relationship with Marco D'Attanasio, founder of Hadron itself a previous 5.25% COPL shareholder has had my attention for many weeks. What's that line about real power invariably works in the shadows?

Very well made point Sta20. Thank you. Noted and will make every effort to get broader coverage. Industry folk will know already I'm sure but I get your point. A well made one.

For a fairly young man, TR has had some high paying jobs and also holds a lucrative position in Fensiko. The less said the better about how that came about...for now at least. COPL has been a total disaster for him though. He has appeared out of his depth and incoherent. Gobbledegook. His best move now would be to treat all this as a 'sunk cost' and get out. It could all get far worse if Anavio make the wrong move. As an old boss used to say when a mistake was made: 'Pay up and look big'. Do that for yourself Tom...pay up and look big. It's over here for you. Actually, it probably never even begun. This was your bandun....following some gooduns...at least from your point of view and that of your bank manager.

With the 29th fast approaching, have we any clarity yet as to how Anavio intend to go into that day and proceed through it? How do they protect their business reputation snd interest? How do they limit damage on the firm, reduce the chances of a draw out period of legal action; potentially in the US and the UK (and maybe even Canada) all at the same time! This would certainly be a huge distraction and the costs would likely be off the scale. And all for what exactly? They still have time to pivot. Pivot towards small shareholders and potentially towards the SL too. A team of people at Anavio have been greedy and reckless playing with the firm's reputation so that they are where they are....on the rocks. Perhaps another executive team at Anavio can exert its influence and get this madness to stop. COO Jon Howard perhaps? An operations man. Hopefully pragmatic and keen to have a future in financial services? COPL is such high profile now that careers can easily be ruined dependent on what happens next. Tom Richardson? Best for him to go now. So much been collated from the public domain and revealed to a wide audience. Reputation in tatters. Not much point hanging around now as he doesn't have large numbers of shares as far as we know. Best to go if he wants a career in future. Why fight Tom? Fight for what exactly?

It is suspected that Anavio are fighting hard to survive, at least as a UK business based in the UK. There is still time for them to change the momentum now firmly against them. Were they to go on the front foot' now, it seems this would only make their numerous problems worse. Apart from all this going on with COPL, Anavio have the Norwegian violation to deal with as well as the thought of being under scrutiny by the FCA for years and Class Actions. Anavio poked the bears and they woke up. Now is the time to find the off-ramp and use it. That said, use it whilst making some more money and whilst still negotiating with PK and the SL.

His name pops up time and time and time again as do 3 or 4 'executives'.

I don't really know how brokers earn their money? Who pays them? The companies? The lenders? Can we see the figures in the accounts? It's big business isn't it? Big money. Anyone know? Would be interesting to get views..

It is 100% real and is proceeding. Please accept that much more will be revealed in due course. It has to be this way. I ask for your understanding on this.

All looking good. Please be patient for a little while longer.

Just spent some time reviewing Tennyson's website and, specifically, their 'Deals' section which goes back to 2016/17.

The team including Mr Krens transferred over from Mirabaud in 2021. Over the last 8 years or so, the website refers to about 30 deals involving this team's input in various ways. I highlighted 2 of these featuring Mr Richardson and Mr Gupta already whilst they were at Nostrum and COPL together and referred to the 90% plus collapse in share price in each during the time of their joint involvement. For the 30 companies identified, the cumulative share price performance is estlmated to be minus 58%! So many companies and such shocking share price performance. Is it just a coincidence or is it something else?

Depends what you mean by 'going bust'. Chapter 11? Less than 20%. Total bankruptcy? Not much chance of that. Higher chance of different, less disruptive outcome prior to Feb 29.

Based on WOGCC data, there is no evidence to indicate what was said is true. One scenario could be they bought the NGL and didn't use it. If so, where is it and why didn't they use it? In any case, this would have had to have been reported. The outside world was entitled to take what was said on 6 Oct in good faith.

The Board of COPL had a DUTY to inform the market as soon as issues material to the Company had changed. Investors who invested after 6 October for example, had a right to expect $500,000 per month to be invested in NGL for October and November. Similarly, mr Cowan's remarks about ' at least double' on Nov 15th. As and when material things changed, the market should have been informed. Based on the WOGCC figures, it appears that a huge amount changed culminating in December with the multiple impact of shocking RNSs. Why didn't the Board comment much sooner? Was it not it's duty to do so? If it had, investors may have made very different decisions.

Thank you for your reply WB.

I disagree. The Company told us on 6 October 2023 that it 'plans to spend over $500,000 on NGL injectant in each of October and November to increase the density of NGL's in the gas injection'.

Based on the reference information available (WOGCC), it did not do that and was nowhere close to doing so. The Company has not amended what it said on 6 October 2023 and we have no future production guidance or plans for 2024 as referred to in RNS 15 Nov 2023. John Cowan said in the 6 October RNS that his 'entire focus be on delivering increased production at field site through increasing Q4 NGL injectant'. He was CEO at the time, he did not do that and now he has gone. What was his motive and why didn't the Company updated the market about these critical issues as soon as it was aware of them? These were material issues for an EOR field dependent on MF.

Without Prejudice.

This short summary is based on data available from the WOGCC website. In the absence of data made available by COPL directly, reference to the WOGCC has been made in good faith in preparing this summary which has reached its conclusions on a ‘best endeavours’ basis and using the data available from the WOGCC website. As such, the findings shown here are not guaranteed.

July and August are examples of a productive year at BFSU in 2022. 236, 398 Mcf was injected in July and August production was 62, 415 BBLS.

Forward to 2023, August injection was 99,534 Mcf. September was 109,961 Mcf, October 124565 Mcf, November 108,822 Mcf and December 78,394 Mcf. Oil production for the last 4 months of 2023 was 34,438 BBLS, 33,903 BBLS, 31,978 BLLS and 33,143 BBLS respectively.

It can be seen from the above that, AT NO STAGE DURING Q4 2023, did injection or production get anywhere close to the levels achieved in 2022 even though the 2022 production relied on plastic infrastructure not fit for purpose and, by Q4 2023, BFSU benefitted from brand new and fit for purpose updated equipment.

Consideration has been given to ‘perceived top-up’ i.e. the difference between produced and flared gas v injected gas. Produced and flared is what is coming out of the ground, injected is what is going in.

We were told via RNS on 15 November 2023 that ‘COPL was able to use working capital to increase NGL injection at the BFSU at double the rate compared to previous periods’. This remark does not make sense based on the WOGCC data for the period in question as referred to above.

We were told via the RNS dated 6 October 2023 that ‘ the Company plans to spend over $500,000 on NGL injectant in ach of October and November to increase the density of NGL’s in the gas injection.

Based on pure butane at $ 2.5/mscf, we estimate top up in October and November of around 60Mmscf so about $ 150,000 in total. Far short of the $1 million referred to in the RNS. Based on this, what happened to the $850,000?

In summary, there is no surprise that Q4 production go nowhere close to that achieved in 2022. BFSU is an EOR field dependent on injectant to drive production. Injectant in Q4 was WAY short of the figures from 2022. What happened to injection in October and November 2023 and where is the estimated $850,000 that should have been invested in NGL?

Tom Richardson was appointed Chairman of COPL on 6 September 2023 which was the same day that John Cowan was appointed CEO. As key executives of COPL during Q4 2023, what do they have to say about the above?

"The takeover of Lekoil Cayman by Metallon largely accounts for the raging storm, after

Metallon bought the Lekoil Cayman shares on margin and having faced a margin call, was forced to sell.

Metallon, the majority shareholder of Lekoil Cayman, sold off its stake in London-listed Lekoil Ltd, driving down the value of the company’s shares 41 percent at £0.90 pence a few weeks ago.

Besides, Lekoil Cayman is yet to reveal the identity of the new buyers, the Board of Directors of Lekoil Cayman is also yet to be dissolved since August 30 when the news of the sale broke.

A group of concerned Lekoil shareholders have already protested the transaction, as the AIM rules stipulate that such volume of shares should be offered to the investing public.

The group is demanding full disclosure from Lekoil (Cayman) Ltd, as well as certain documents germane to the transaction including, copy of the TR1 filed by the purchaser of the Metallon Corporation shares, explanation as to the position of Metallon Corporation appointees, Thomas Richardson and Alphonso Tindall, copy of the Conditional Fee Agreement and detailed use of proceeds of the £200,000 amongst others.

The continued silence around the buyer of those shares sold by Metallon flouts AIM Rule 11 which by interpretation essentially requires an AIM Company to issue notification of new developments that are not public knowledge, but likely to affect the price of its AIM securities if made public, in the areas concerning its financial position, activities, business performance and expectations of performance.

Tom Richardson was a director of both Metallon and Lekoil (Cayman) AT THE SAME TIME whilst this was happening. There appears to be NO RECORD about WHO bought the shares that Metallon sold. AIM rules stipulate that such volume of shares should be offered to the investing public. Why does such controversy seem to surround the business dealings of Thomas Richardson?

That's the same Hadron that was referred to in the COPL TR1 RNS of July 2021 indicating a 5.25% holding in the Company. Small world, eh?

Let's keep chatting. More content coming along very soon.

"On 2 September 2021, the Company entered into a Convertible Facility Agreement ("CFA") with Hadron

Master Fund ("Hadron") (a company associated with Marco D'Attanasio), TDR Enterprises Ltd (a

Lekoil Limited 43

Financial statements for the year ended 31 December 2021

Notes to the financial statements

company controlled by Tom Richardson) and a non-related third party (together "the Lenders") to allow

it to access up to £200,000 for working capital purposes. The key terms of the CFA were: (i) Amount:

an amount of up to £200,000 in total, with Hadron providing up to £100,000 and each of TDR Enterprises

Ltd and the third party providing up to £50,000 each; (ii) Use of proceeds: for payment of corporate costs

(regulatory and compliance and legal fees) and for general corporate purposes as approved by the

Board and the Lenders; (iii) Availability: £100,000 available immediately, with £100,000 available after

1 October 2021. (iv) Term: 6 months. (v) Repayment: Principal and interest to be repaid from proceeds

of capital raise and/or monies recovered from CEO Loan. Repayment immediately due on a change of

control of the Company. No conversion before expiry of the Term. (vi) Conversion right: In the event of

non-payment at the expiry of the Term, Lenders have the option to convert the outstanding amounts

into ordinary shares of the Company at the Conversion Price of 0.5 pence. (vii) Interest Rate: 10% per

annum. (viii) Shareholder approval/Security for Repayment: Approval at Company's AGM. In the event

shareholder approval was not obtained, the Lenders would have been be entitled to an assignment by

way of security of the CEO Loan.

Tom Richardson is a non-executive director of the Company, controls TDR Enterprises Ltd and is the

CEO of Metallon Corporation. Metallon was previously the Company's largest shareholder but no longer

owns any of the ordinary shares of the Company. Hadron Master Fund is an affiliate of Hadron Capital,

which owns 4.66% of the ordinary shares of the Company. Marco D'Attansio is a non-executive director

of the Company and the Chief Investment Officer of Hadron Capital. Given that Tom Richardson and

Marco D'Attansio were (at the time of entry into the CFA) non-executive directors of the Company and

given Hadron's shareholding in the Company, the entry into the CFA with these parties was deemed to

be a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies ("AIM Rules").

For the purposes of the AIM Rules, the independent directors of the Company, having consulted with

the Company's Nominated Adviser, SP Angel, considered that the terms of the transaction are fair and

reasonable insofar as its shareholders are concerned."

Please see these extracts from the Lekoil (Cayman) 2021 Accounts:

"On 2nd September 2021, Lekoil Limited announced it entered into a Convertible Facility Agreement

(“CFA”) with Hadron Master Fund, TDR Enterprises Ltd (a company controlled by Tom Richardson) and

a non-related third party (together “the Lenders”) to allow it access GBP200,000 for working capital

purposes for a 6-month period. Hadron will provide GBP100,000 while TDR Enterprises Ltd and the

third party will provide up to GBP50,000 each. The purpose of the facility is for the payment of corporate

costs (regulatory and compliance and legal fees) and for general corporate purposes as approved by

the Board of Directors. There is the option to convert the facility in the event of non-payment and

expiration of term to ordinary shares of the Group at the conservation price of 0.5 pence. Interest rate

as at 10% per annum."

This one is quite interesting. First of all, please be aware that Mr Thomas Richardson is shown on Companies' House as a director of Metallon between 20 April 2020 and 10 October 2022. Mr Richardson is also shown as a director of Lekoil (Cayman) between 8 Jan 2021 and 31 Dec 2021 as per the 2021 Accounts for Cayman company registration CWK- 248859.

An extract from the link below which is well worth reading:

"The takeover of Lekoil Cayman by Metallon largely accounts for the raging storm, after

Metallon bought the Lekoil Cayman shares on margin and having faced a margin call, was forced to sell.

Metallon, the majority shareholder of Lekoil Cayman, sold off its stake in London-listed Lekoil Ltd, driving down the value of the company’s shares 41 percent at £0.90 pence a few weeks ago.

Besides, Lekoil Cayman is yet to reveal the identity of the new buyers, the Board of Directors of Lekoil Cayman is also yet to be dissolved since August 30 when the news of the sale broke.

A group of concerned Lekoil shareholders have already protested the transaction, as the AIM rules stipulate that such volume of shares should be offered to the investing public.

The group is demanding full disclosure from Lekoil (Cayman) Ltd, as well as certain documents germane to the transaction including, copy of the TR1 filed by the purchaser of the Metallon Corporation shares, explanation as to the position of Metallon Corporation appointees, Thomas Richardson and Alphonso Tindall, copy of the Conditional Fee Agreement and detailed use of proceeds of the £200,000 amongst others.

The continued silence around the buyer of those shares sold by Metallon flouts AIM Rule 11 which by interpretation essentially requires an AIM Company to issue notification of new developments that are not public knowledge, but likely to affect the price of its AIM securities if made public, in the areas concerning its financial position, activities, business performance and expectations of performance.

This may explain why Lekoil Nigeria is filing a formal petition to the Alternative Investment Market, AIM, a sub-market of the London Stock Exchange, especially as Lekoil (Cayman) Ltd is seeking to raise a convertible facility agreement (CFA) worth £200,000 from Hadron Master Fund and TDR enterprises to fund its legal battle against Lekoil Nigeria."

https://sweetcrudereports.com/lekoil-nigerias-ceo-sues-lekoil-cayman/

What was Mr Richardson doing when he was a director of both companies simultaneously? Was there a conflict of interest? Also, who bought those shares?

When the appointment of Tom Richardson was announced by COPL via RNS on 20 April 2023, amongst other things, Mr Richardson was referred to as have held ' various CEO roles including Metallon Corporation Limited, a private pan African Natural Resources and infrastructure investment company.' A source suggested that we look at this company more closely. We are doing so at the moment and will continue our enquiries for as long as it is relevant to do so. Due to the severity of one of the references discovered, the information below has been shared with you as soon as possible. Mr Richardson is shown on the Companies' House website to have been a director of Metallon between 20 April 2020 and 10 October 2022. Here is an extract from the link below. The number of deaths at Red Wing reported by civil groups is shocking as are the references to the age of people working there and the conditions they work in. It is well worth reading the report in full.

"MUTARE – Redwing Gold Mine, once touted as a giant gold mining venture capable of transforming the quality of life in the Penhalonga area of Manicaland province and a cash cow for the national economy, has become a sad story of failed investment by British-registered Metallon Corporation.Metallon’s vast Zimbabwe mining portfolio extends to subsidiary firms, Shamva, Mazowe and How Mine.

The gold mine, situated 50 kilometres west of Mutare, had a resource of 2.5 million ounces of gold, according to the Mineral Reserve Statement of December 2016.

In its heyday, the mine played a major role in economic stabilisation and domestic resource mobilisation, producing 1.1 million ounces of gold between 1966 and 2004.

But the story has changed to that of dismay; manifesting in death, massive environmental damage, infrastructural decay, labour rights abuses, crime and sleaze — all in one.

Civil society groups say more than 100 people have died at the mine since 2020, with 26 dying in January this year alone.

The rot does not end there, as there has been flagrant disregard for mining statutes through political patronage, tax evasion, mineral smuggling, and human rights abuse, according to civil society groups closely monitoring the situation'.

https://www.zimlive.com/redwing-a-tale-of-plunder-impunity-chaos-and-death/

It is hard to fathom how Mr Richardson would not have known about these conditions for ordinary people at Redwing. If he did, what did he do about addressing them? More articles coming along very soon. Please comment in meantime.