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Also Bob as Shouston has eluded to Anavio according to companies house only have a few million in the bank, so monies are tight.
Good news they are shareholders and unhedged, we all have a common goal now.
Nice post Tiburn - can we totally rule out more than one JV?
Also, JV, we could potentially have 20 Horizontal wells, our neighbour is producing circa 1100 BOPD.
I can’t remember last when I heard a small listed company doing even 5 Horizontal wells.
What this news could potentially do to our SP is unbelievable.
Everyone is entitled to opinion Ray, no issues.
If it’s Exxon they are spending a lot of money ($60 Billion yesterday) on deals and acquisitions.
I think what it would take to buy/partner is small change, not just for the oil, new buzz word in O&G is…….CARBON CAPTURE.
Eazy, we can potentially do 20 drills, TIMES that by your figures then it’s quite evident to see why JV is circling overhead.
If it’s an INDUSTRY LEADER then they won’t mess about with having to go to the market to raise $4m so they can hire out kit.
They will have drill pads, drilling equipment, pipes, Tankers and manpower at the ready.
I would imagine all the planning is already done and the drill might even turn potentially days after signing the agreement.
Unless they opt to buy the lot!
Evening guys, just catching up on posts and after speaking to some off-line, one or two with city contacts, looks like what we have been discussing on here has some mileage.
It seems Anavio have been shorting the stock to get the deal from 4p per share/Bond to 2.6p, 30% premium of closing price on 5-10-23 - with the help from JBER.
So, after agreeing the 4p, they went back on their word, as they say that’s not cricket.
SHYSTERS, knocking monies of honest folks COPL investment.
Agree Bladderman, those buying in yesterday @ 1.75p due to Anavio tip off are probably selling.
A day or two and the SP should be ready to act on todays RNS.
Fully funded for 6 months, and GGS showing early signs that it’s working, so potentially no bad news for a while.
Most of what’s in the RNS has already been posted but bottom line in production is going to go up through injections, we are fully funded to Q1 2024 and now the JV can be progressed.
What some are ‘choosing’ to forget is that we are not a one truck pony, our field development will go on but the biggest cash element is the JV, this could land anytime and transform the company overnight.
Anavio played the game but they are here to make money and funded us at much, much higher SP in the past, they are UNSECURED so will push the cow around but not kill it, as then they are in the same boat as us guys.
We are at rock bottom but things will improve from here.
I am feeling left out, lol.
Tiburns Post,
OH NO- The GGS is installed but not yet returning higher production as many wells not yet tied in and maximising production.
Its a calamity, this minor delay to ensure the system works safely and without problems, this methodical and steady approach taken.
All my positivity on the asset, the ability of the field to reach previous highs of 65k /month with plastic pipes and towards 150k-200k with steel installed was obviously totally flawed.
Mr F F Trite Troll is the "one to listen to with his objective reasoned technical evaluation"
Or not.
What giddy malevolent glee demonstrated by the incumbent teenage girl trolls, demonstrating zero technical knowledge. Filter and ignore best policy.
Sept may show the prod rise expected, if not then October - the key is it will happen - The WTI rise combined with O&A cost reductions allows Southwestern time to bed the system in without as much impact to revenue , this steady approach puts the field on a solid foundation - as push to fast and too soon could create problems they cannot entertain - GGS has to work - and will work well with this prudent approach.
The technology is proven, this isnt Southwestern trailblazing a new risky approach to production in this established producing formation.
All guesswork at present but another theory could be that JV wanted COPL to have some monies in the bank to fall back on.
I would be bad PR for a large oil company to go into JV partnership with us on a Monday and on the Friday we issue going concern statement.
This along with the LOI is all pointing towards JV imminently and possibly name change given Arthur’s recent actions.
Another well thought out post by Baserite, usual attacks, no evidence.
Posting history tell you all you need to know about this person, claims he is a long term holder and accuses everyone else of trading it when he is doing it himself.
Nice post Illusion, as always on the money.
Steve - I think we are beyond deal falling through when LOI signed, IMO.
JV must have spent a fair wad of cash and time on COPL, complexity of the deal could be the issue.