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130. On July 24, 2023, the COPL Group announced that COPL America had executed a non binding letter of intent with an established energy company (the “JV Counterparty”) to develop
and exploit its oil reserves and resources at the CCU area. The letter of intent granted exclusivity
to the JV Counterparty for a period of time to allow for the negotiation of terms, and the structure
of the joint venture to be agreed upon. At the time it was announced, the Company was optimistic
that the potential joint venture would lead to future development, and ultimately increased
production and sales in the CCU.
131. However, on December 18, 2023, COPL announced that the JV counterparty had elected
to terminate the letter of intent and that no further discussions were planned. This was a significant
setback for the COPL Group, as reflected in the materially negative reaction of the trading price
of COPL’s common equity after the announcement. As a general matter, it will be difficult for the
COPL Group to unlock value and develop the oil reserves in the CCU without a joint venture
partner.
"As a general matter, it will be difficult for the COPL Group to unlock value and develop the oil reserves in the CCU without a joint venture partner. "
para 131 page 46...
Why did JVP walk after so long negotiating...
10th Jan RNS. Stas
COPL also disclosed it had negotiated a forbearance agreement with its senior lender and in relation to that forbearance agreement appointed a Chief Restructuring Officer.
Also 16th Jan on closing the 2.5m the Copl board appointed CRO plus team. And financial advisor.
Does not say SL would appoint. Only that they wanted one appointed imho...
Https://www.ksvadvisory.com/docs/default-source/insolvency-case-documents/canadian-overseas-petroleum/ccaa-proceedings/motion-materials/bench-brief-of-the-applicants-with-book-of-authorities-dated-march-7-2024.pdf?sfvrsn=ea3604d5_3
Page 21
Cheers again Eazy great find.
$11m.... Cant be all for legal fees...;-)
No it was not me.
Rdunc, Eazy and Bob from TG provide excellent mapping of COPL land. Also TIA has done some great work on satellite images.
Interesting to read what you post though regarding installation of extra holding tanks...
What are they upto...?
Https://www.anaviocap.com/_files/ugd/0ba7c8_6cbcee45738740f893349388201804e7.pdf
"Anavio Capital Partners will review its current policies on stewardship in light of the requirements of
SRD II and will consider whether to adopt an engagement policy pursuant to SRD II. When a decision
has been made, this webpage will be updated accordingly"
Its a fair cop...SL has us by the bollakcs...
What next...
Dear Ladies and Gents,
we hear in the UK you have anew SVP of Business Development. Mr Ryan Gaffney has been part of the share price destruction of COPL over the last 18 months or so, his Bond finance with Anavio has dropped the price from 60p down to 0.004p.
Your CEO decision to employ such a toxic individual seems a little strange. Ryan, along with the other senior team at COPL are currently being perused by a class action from shareholders.
See LSE thread links for more details...
https://www.lse.co.uk/ShareChat.html?ShareTicker=COPL&share=COPL
Also read some comments on his just giving page from disgruntled shareholders...
https://www.justgiving.com/page/ryan-gaffney-1692272600856
Lol. Just read the recent posts on Ryans Just Giving link from alfresco.
You would of thought he would try to take that down.
Will be adding more comments ref his move to Atha Energy
NB: Fish you are one sad mudder funker...;-)
Nice...
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