Member Info for Shouston

Perhaps today is the start of a strong recovery as we move into the last few weeks of 2023.

GGS installed

Ramping up pressure.

Pressure corelates directly to output.

Price of oil benefiting from global events.

Oil sales un hedged until end of 2024

only 2000 bpd required to break the GOING Concern issue.

Oh an a small matter of a JV partner..

GLA

Wasted effort on a complete waster.

Those who befriend this sort of person needs their heads looking at. Seriously!!

Is the selling done? Is it time to buy in now?

Your text Stas seems to clarify the point that:- should COPL issue a 'cash payment notice'. prior to bondholder request to convert, then COPLs right to pay cash rather than VWAP trumps bh request.

"The Conversion Payment can, at the Bondholder’s option, be settled in Common Shares (the “Share Settlement Option”) if a share settlement notice is issued by the Bondholder and: (a) ""no Cash Payment Notice has been given by the Company on or prior to such notice’s date of issue;""" and (b) such notice is given on or after 45 days from the relevant conversion date.

But what intrigues me the most, is why a team of 20 or so Cayman Island financiers would want to take over a small oil company.

And why would keeping a low VWAP be of any use to them, as they already potentially have 51% if they pay 2.6p each for them.

So should COPL receive a large amount of cash soon, it would be "fastest to the draw" on who would issue what notice first!!!

I guess COPLA would have the upper hand regarding that news...

Try searching SEDAR for the same timescale Stas.

Are you seeking the answer to whether BH have the right to convert bonds following the issue of Early Redemption Notice from COPL?

These two LARGE trades are responsible IMHO

17-Oct-23 15:35:47 1.525 2,500,000 Buy* 1.30 1.35 38.13k O

17-Oct-23 15:35:09 1.3425 250,000 Buy* 1.30 1.35 3,356 O

17-Oct-23 15:33:53 1.30 50,000 Unknown* 1.30 1.30 650.00 O

17-Oct-23 15:33:29 1.30 5,500 Unknown* 1.30 1.30 71.50 O

17-Oct-23 15:32:53 1.30 100,000 Buy* 1.20 1.30 1,300 O

17-Oct-23 15:32:24 1.30 250,000 Buy* 1.20 1.30 3,250 O

17-Oct-23 15:27:35 1.30 57 Buy* 1.20 1.30 0.74 O

17-Oct-23 15:27:26 1.2975 2,000,000 Buy* 1.15 1.30 25.95k O

What are you drivelling on about Baserite. You seem very anxious??

I preferred it when you used your other moniker.

Stas, Was not around then but I believe it related to Nigeria

Out in force today DG.

They want to persuade you to part with your shares in order for them to close their short position safely.

Strange behaviour...

As you say. He and team found CUDA.....The rest is recent history!

Rumour of Signatures.. has a pen been found?

Phase two is cover the "currently" lower performing wells.

Phase one captures most/all of the big hitters. I'm my view all things being equal. Output corelates to system pressure. It would be great if we had higher pressures in the Phase two area as it would mean the flooding program is working.

We have several mobile flaring units going spare...they could be used in the P2 area.

Anyhow production is key to all I agree. And what COPL are doing is not rocket science 🙄

More than plenty of hope.

For the new $4.5 million GGS I am expecting it to out perform the previous system which delivered 2700 barrels a day at much lower field pressures.

The company is now ramping up the field pressures and over the coming weeks we should see drastic improvement over and above 2700/day.

Re JV. never invested for that, but should that arrive then hold on very tightly.

Ps replying to troll threads muddies the waters....

Nice point Eazy...

The unrisked NAV only takes into account ONLY 5% recovery of the 1bn+ barrel oil discovery…estimated recovery of the discovery is between 40-50% and very recently reports have shown some majors *cough* Exxon can recover up to 75% of the oil from some fields…

Worth repeating as the trolls seem to be creating numerous posts about how much they get for their paper rounds..

There has been no significant buying today to test the theory of SELLER DONE!!!

JBER is on 1.85 next on the ask is positioned at 1.95

Given Anavio struggled to come up with 4m cash, would they have enough wherewithal to buy all the bonds at 2.6p??

They IMHO are not seeking to own an oil company, but are willing to molest it continuously until such time as going concern is removed. Which will be when production exceeds 2000bpd. Very soon....

Unnd,

It goes back to the Monday / Tuesday argument.

If a BH converts on a Monday, his conversion will be allowed to pass.

If On the Tuesday, the company issues its Redemption Notice. That would effectively mean no further bonds can be converted. And all existing bonds would be paid for in cash using a predetermined calculation method for interest payments...

I think it is very clear the company can issue this notice and prevent any further bond conversions.

Shouston Premium Member

Posted in: COPL

Posts: 6,207

Price: 1.90

Strong Buy

RE: Has sentiment changed?8 Oct 2023 19:26

Mafee,

I do get what you are saying. But to hinge your full argument on the fist sentence is not really fully evaluating what the paragraph is telling you....

EG.

"It may be the case that a minor bh converts a few on say a Monday as the wife again pranged the Bentley. But on Tuesday the company decides to issue the Early redemption. Those Monday conversions would be allowed through as normal.

BUT any further conversions would be prevented as they will be honoured in cash."

So, YES the BH who converts prior to the notice being given, will have the value of those bonds calculated in a favourable way to him .

However Any remaining bonds outstanding following the company issuing its RIGHT to buy back the bonds. Then a different calculation method will be used (hopefully) in favour of the company.

The company has the right to issue this notice at ANY time. Thus preventing any further conversions. (But All remaining bonds must be purchased by Exxon cash....whoops..) COPL ;-)

Any how with so few minor bondholders left now, and the cornerstone BH providing the recent funding by itself means the risk of BH converting down here diminishes progressively.

Shouston Premium Member

Posted in: COPL

Posts: 6,206

Price: 1.90

Strong Buy

RE: Has sentiment changed?8 Oct 2023 16:00

Pilot

The full text is below from prospectus. Now tell me that COPL has not reserved the right to call in, at any time, the bonds IN FULL, and pay cash thus preventing further bond conversions...

Subject to the right of each Bondholder to exercise its conversion rights, by giving not less than 30 days and not more than 45 days notice.

The Company may at ITS option (the “Company’s Option Notice”) redeem ALL, but not SOME of the Bonds by the CASH payment (on the date (the “Company Option Redemption Date”)

(the “Company Call Early Redemption Amount”) in respect of each Bond outstanding, at ANY TIME on or after the date falling six months after the issue date. (Bonds are older than 6 mths)

The value of a Bond as determined by the calculation agent, not ending earlier than 7 dealing days prior to the giving of the relevant Company Option Notice,

This reads to me that "IF" COPL can get his hands on a shed load of cash he can effectively give bondholders notice "Company Option Redemption Date” with, immediate effect, and value is calculated on the past 7 days average.

It may be the case that a minor bh converts a few on say a Monday as the wife again pranged the Bentley. But on Tuesday the company decides to issue the Early redemption. Those Monday conversions would be allowed through as normal.

BUT any further conversions would be prevented as they will be honoured in cash.

Thoughts...?

Unnd,

Absolute tosh and you know it. Detailed and lengthy thread the other day with Mafee.

Take a read of that one.

Company can call in at any time all of the bonds, once the notice is given it prevents any FURTHER bond conversions after the date of issue.

Trolls: do not forget...

When JV or RBL comes into effect the company can at its will call in all of the bonds thus preventing any further dilution