focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Alfresco - if you haven't already included GBNews amongst the 18 recipients, could you please do so? This is their kind of story, the ordinary people being taken for a ride by the spivs and conmen.
This is a public interest story, it affects the reputation of our country's greatest asset in the financial services industry, and above all it's about fairness and the rule of law.
GBNews, in particular Nigel Farage, broke the debanking scandal which brought down the Head of Natwest and last week the Government changed the law because it this episode.
These people, the city fraudsters and conmen, are not out of reach of the law but sometimes the law needs a nudge and that's what the media does.
Economics and Business Editor of GB News:
Email: liam.halligan@gbnews.uk
X: @Liam.Halligan
Email: nigel.farage@gbnews.uk
X: @Nigel_Farage
General email at GBNews: newstips@gbnews.uk
Subject header: Insider Trading and the Multi-Billion Dollar Theft.
Not sure anout Spain but they were fined in Norway
https://solutions-atlantic.com/norway-fsa-fines-6-investors-for-short-selling/
Stas - compare and contrast
10 Jan 2024 17:56
RNS Number : 3104Z
Canadian Overseas Petroleum Ltd
10 January 2024
COPL Provides Update in Response to Shareholder Queries
"....4. The Board denies any suggestion that it preferred the interests of Anavio over COPL's shareholders. Having taken legal advice in relation to its duties, the Board specifically considered the interests of various stakeholders, including COPL's shareholders. Had the Board taken steps to wind down COPL, as some shareholders suggest, it was the Board's business judgment that COPL shareholders would have almost certainly been entirely wiped out. In considering various options, the Board concluded that the value of COPL's assets were insufficient to cover the claims of secured and unsecured creditors which today stand in excess of $135 million as compared with approximately $1 million of cash on hand on a group wide basis (the majority of such liquidity being at COPL's US subsidiary which is subject directly to the security interests of the senior lender). In addition to the $135 million of secured obligations which take priority over equity an orderly formal restructuring proceeding would require a super priority loan of approximately $10 million, putting equity investors of COPL even further "out of the money". As such, the steps taken by the Board (including the recent hiring of an independent engineering consulting firm) were designed to give COPL an opportunity to become more viable over time and to provide shareholders with a potential opportunity to realize some value (over no value in the wind down scenario)."
Peter Kravitz affidavit, page 28 section 70;
Liabilities: As of Sept 30th 2023, total liabilities were $92m.
They then borrowed another $4m in Oct 23, $2.5m Jan 24. Total $98.5m or approx £78m.
Assets were approx $115m as of Sept 30th 2023 with no value applied to the 993.5 mbbl discovery.
Tom Richardson needs to detail the $135m+ liabilities he claimed in official company communications.
Did he know then, Jan 10th 2024, the full cost of 'restructing' (asset stripping) and include this figure despite it not being implemented until March 2024?
If so, fit's false accounting and misrepresentation of market sensitive data.
Brilliant Stas - remove his plausible deniability.
Send from multiple channels, with varying media outlets Bcc'd on each one. Investigative journalists first, main media also.
https://www.thebureauinvestigates.com/got-a-story/contacting-the-bureau/
https://www.icij.org
https://www.channel4.com/news/contact-us/investigations-team
https://www.ft.com/news-tips/
Glosman
FCA
https://www.fca.org.uk/markets/market-abuse/how-report-suspected-market-abuse-individual
Serious Fraud Office
https://www.sfo.gov.uk/contact-us/reporting-serious-fraud-bribery-corruption/
(Click the 4th option)
Some other useful websites:
FBI
https://www.fbi.gov/investigate/white-collar-crime
https://tips.fbi.gov/home
Federal Trade Commission
https://reportfraud.ftc.gov/#/
US Deptartment of the Interior (DOI)
https://www.doioig.gov/complaints-requests/complaint-hotline
Knw777 - as it stands they've committed some serious offences in terms of misdirection and fraudulent activities. Once they actually steal the asset, they'll be on the hook for some serious jail time.
At this point, they're hanging themselves out to dry. A small band of insiders sharing a big pot of cash won't be spared anything by the tax man.
As it's Federal land i'd expect the US Treasury Dept. and the FBI might be interested if the Courts and State officials appear compromised.
Flag alerts on their X accounts, someone might just bite.
My usually trusting nature is starting to be tested.
First the Govern Mark Gordon turns up to a flaring meeting, now Judge Sidnell is a neighbour on the same street. BP were the hidden senior lender.
Big money attracts the big players, to pull this off successfully you'd need serious backers.
Hertz Corp is one success story dating back to 2021.
Difference is, their CEO and Chairman wasn't trying to steal 1 billion barrels of oil, ours is.
Is steal too strong? If Arthur thinks so then he can tell everybody what happened to it, why they have stopped acknowledging the discovery and include a valuation of it in the court documents and i'll retract.
Lagueule - that's completely my take re Kravitz.
Peter Kravitz has sworn by an affidavit which contains information he cannot possibly know to be true. He has relied solely on company provided, in part provably false information and omitted key information regarding the publicly stated 993.5 million barrel discovery which materially affects any value given to the company.
The affidavit should be disregarded by the Judge.
These failings will be exposed at a later date and they would do well to independantly familiarise themselves with key stakeholder evidence in the news releases, via official company communications, and data held by the Wyoming Oil and Gas Commission (WOGC) in regards to the NGL injectant.
Crucial to the allegation of fraud is the $4m raised in Oct 23 for, amongst other things, the purchase of NGL injectant which did not materialise and the subsequent disappearance of that money. We were told the company was fully funded until the end of Q1 2024, we've since had to raise an additional $2.5m and the entire time Tom Richardson and Arthur Millholland had already engaged with Peter Kravitz and Province LLC.
Oct 6th 2023: "COPL Announces $4 million Equity Financing, Hedge & Sr. Debt Restructuring to Ensure Funding beyond Q1-2024"
John Cowan, CEO said:
"I am delighted to have closed this financing that now allows my entire focus to be on delivering increased production at field site through increasing Q4 NGL injectant."
Operations Update
"· The company 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
· The company expects to see initial results from the higher density NGL's before the end of November 2023."
Micky1 - the Kravitz affidavit.
Several things glare out from these 1419 pages, notably the time needed for this to be prepared, we're talking months and this definitely started whilst the JV talks were still live (or so we were told) so early December, probably November.
Another is they had absolutely no intention of including shareholders in any kind of equity raise. So why mention it on more than one occasion apart from misdirection and deceit.
More lies uncovered. Page 1348
Kravitz and Province were engaged by Tom and Arthur as of Dec 19th 2023. The day after the JV collapsed Kravitz replied to them agreeing to the offer, its a 9 page response so this had been in the offing for a while.
We were told about Kravitz Jan 2nd 2024 and they received the default notice from Summit Dec 20th, I presume they got wind of Kravitz's engagement the previous day.
Stas - if only they would, unfortunately £6m of the £11m is swallowed up by "restructuring costs". The rest is fees, payroll and AP.
The only mention of NGL is £160k for a "NGL Deficiency fee" whatever that is. Sounds like a charge from the supplier for not buying what they were contracted to.
Page 1331.
Stas - any idea what the figures are on page 339 of the affidavit? It's a random page not related to those above or below as far as i can see.
They don't match the official figures submitted to WOGC but do include 2024 projections. Looks odd as we were producing up to 60k bbl per month in 2022, this page says max 34k. Certainly paints a bleaker picture than the reality.
HarryWh - i think its released via court filings as others may want to also bid.
I found it interesting that BP was the other hidden senior lender. More so now that Kravitz has approached them to participate in the DIP financing and they said no. No? Why would that be then? It's easy money with a guaranteed return ahead of all other lending.
As Summit have no interest in running a soon to be profitable oil company in Wyoming it makes sense that BP might want to. They can't exactly be propping up via DIP financing and simultaneously be bidding to buy the company, conflict of interest. So, Summit lay the floor at an obviously already agreed price ignoring CCU reserves and resources, and BP make an offer just above this to make it look legit. Scumbags.
AM stays and runs the show, as requested in the court filings. I've got a feeling he won't have much time to enjoy it though.
The only glimmer I can see is if we can get CCU assets recognised by the court and having value and/or another company whips the rug out at the 11th hour with a court placed bid.
Stas - as you've correctly highlighted, more lies from Tom Richardson. $135m+ in debt he clearly stated on official company communications.
At the time I made it about $105m, turns out to be $95m with the $2.5m taken at xmas.
Did anybody know that the same BP who engineered the swaps were also senior lendors? BP $12m. Summit $44.5m. Kept that quiet didn't they.
Safe to say, it wasn't Exxon after all. Will the real JVP please stand up. Corruption wins again.