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Let's face it the need to upgrade came out of poor initial due diligence, even though Art stated he had ALL the engineering drawings. Even after they upgraded they never increased the tubular pressure beyond that of the plastic pipe, Millholland just lied his way through this whole charade for personal financial gain on the backs of retail believers of his snake oil.
Either that's it, or its the final attempt to force the price as low a vwap as possible for Anavios final conversions and completion in total ownership. I wonder if we see on Monday Anavio put up another million for shares at almost zero.
This gives a clearer picture, search the page for Richardson
I think you may find that Adrian Donald Richardson and Rachel Catherine Richardson are likely Thomas Richardson's parents. Looks like a mother and son directorship as part of the prep school trust, his father was also involved I believe.
look at the first link this shows Our Richardson involved in several companies one being the prep school, the second like shows the association with maybe his parents as directors also
I would say likely he knew the absolute travesty of what they were doing at COPL and with some foresight also knew that it was best, just in case, to keep COPL and its business dealings separate from his other business. Its as if anything he was likely to do at COPL might infect the rest of his business world.
Note a search on Companies house for Canadian Overseas Petroleum reveals the following officers,
Interesting that if you scroll down and click on Thomas Richardson you see him against COPL and a filter of current appointments show him as having no other.
However now do that search for Thomas Donald Richardson and you will see the following
I wonder why he wanted to use a slightly different name with COPL than the rest of his business interests.
I'm would be more concerned if something more nefarious were to be taking place such as rather than injecting the gas, it was being sold off to third parties for cash. Who knows, indeed before all this saga happened along, I was not this mistrusting of a person, not to this extent, I would say I exhibited a healthy caution, being involved in what's happened at COPL, I honestly would not be surprised to see any level of criminality to have been exercised by this group.
Lol just popped in and saw this load of bull being spoken, "Geologists do not RUN drilling ops. They very rarely leave accommodation"
- perhaps look at Arthur Millholland at COPL he was chief Geologist, CEO, head strategist, run Southwestern the drilling team, designed the infrastructure both topside and for the miscible flood, often seen on the drill site and was predominantly the chief snake oil selling con man. Some geologists can do it all.
I've been further thinking about the gas injectant and it annoys me even more when I take into account the tubing pressure, we raised millions and pushed back operations 6 months on the basis of pressure, yet we see no greater pressure in the pipe now, than when we had plastic, thus the failure to raise pressure has been an ongoing saga, I have such little trust that one wonders if a forensic examination is required against the historic purchase of gas and the amount injected. Did it all go into our wells?
You're welcome Finwit, I feel its important to show categorically and beyond all doubt that the board of directors lied to their shareholders when they gave out the operational updates on.
6th July 2023 - " It is the Company's intention to resume injection volumes to a level to return to its previous oil production peak in late 2021/early 2022 before injection volume reduction. "
6th September 2023 - "the company is restarting NGL gas injection in September. "
6th September "It is my simple aim to drive maximum value from them, whilst also ensuring that if the interest being shown by certain third parties in joint venturing with us matches our own views on value, we will seek to further scale through partnership." Who were these third parties, plural - note we have NEVER been advised. I actually think this has been kept so quiet that they were potentially lies.
6th October -
"· 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."
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. If we can bring production back above 2,000 bbl/d on average for 2024 it will allow us to fully fund COPLA for the entire year. We remain focused on progressing our discussions relating to the JV and look forward to being able to focus on delivering operationally."
"· The Company commenced increased enriched NGL injection to the Shannon miscible flood in mid-October and early responses to oil production are being monitored closely. " (err what happened to September)
I have never seen so many lies in just a handful of RNS's from pushing out timescales that they told us was already occurring, to reporting a fund raising at one price but doing it at another, to passing of their own related party activities and corporate dodgy exemptions to remove shareholders from any voting. and paying out shares like confetti to unknown third parties and even approving $500,000 upfront to again unknown swap providers.
The company needs and requires proper forensic accounts investigation, I expect so much criminal behaviour in the accounts, the millions raised and paid out to unknown parties. I actually think this lot even just went as far as to just simply steal from the companies reserves. I wouldn't trust any of these lot to even tell the truth under oath in the dock, everything must imo be proved, everything and if they cannot then the default should be they are guilty.
Then this from 30-12-2020 – Canadian Overseas Petroleum raises £6mln to fund prime asset Atomic oil and Gas - This was an interesting interview, particularly when you take into account the number of times that COPL say they didn't have time or opportunity to raise funds from anything other than Anavio.
This is what Art said as regards how brilliant he is as raising funds.
"one of the questions that they ask is to say you know eventually you're going to have to balance the debt with some equity and and you know these guys are pretty sharp and and so when you do that you say I've said well yes we can raise some equity and the best way to show it is to go ahead and do it and because there's an awful lot at least in the energy space primarily in North America because of foolish investments when oil prices were high primarily in the shale play that the equity markets are closed today, until they restructure themselves, and we're here in London so it's a different market different investment strategy so we we decided that yes OK we'll do some equity, now comes the time of the year and as in a normal year and don't be offended if I say this because I've been have residency here for 17 years and I know the London equity works quite well, is and if this was a normal year that Christmas parties would be invoked starting about the end of November and in fact a lot of funds and everything else basically closed their book at the end November because that's when the fun starts including you Katie I’m sure, so so and then the next issue that we we knew was behind us was that a lot of their backrooms are closed as well because this is a unique year because Christmas fell on a Friday and New Year's Day is on Friday so effectively a lot of people just take the whole week off in between and and so now how do get this done, so because I have experience and I've got friends around that have similar friends we just got on the telephone and so we as we said in the press release we priced the transaction on the 21st of last week and then then carry then carried then carried it forward so we we essentially did all of the because of the backroom issue we did all of the paperwork the placing letters and internally, then and we have the ability to do that, you know we’ve got some smart people working for us, so so effectively we we could get paperwork done and started funds moving during a time when it's not difficult when it's difficult normally at the best of times normal periods to to even get people’s attention to do this, as well understanding that banks here were closed on Thursday at noon Friday and Monday and this is a sterling transaction, if it was a U.S. dollar transaction and things would have been easier on that side, so we're happy and more more importantly we have shown the atomic side that we're capable of doing this. "
These were Arts comment on 17-12-202 regarding the atomic asset;
"it's proved probable reserves and so the production from the first field today is round about 1400 barrels per day and this time next year it should be 4500 barrels a day or maybe more"
"So what our shareholders are gonna see is that not only is that we, as we report quarterly as a Canadian company not twice a year as a you do here it is on each quarter, the production is going to go up, up, up, up and as it increases, as the operating costs are fixed, the net backs per barrel increase, you know, substantially so that that this thing will be profitable, profitable, profitable, profitable, profitable and as well as another field to do the same thing to next door plus an awful lot of upside, so I say it's a dream come true "
"that it's it's it's like walking into Harrods or Selfridges one day 'cause it's high quality asset and finding out that they've got an unannounced sale70% off"
They don't need to have a lot invested, if you had a modicum of business knowledge, you would know how this will play out.
HE1 wil bring on a JV or partnership, they will inject a lot of cash and the officers of the company will be rewarded with options and warrants, it how it always works.
Directors generally only buy in placings and the market to show to investors their faith in the company, the real percentage of ownership comes from options, and remuneration and bonus's.
However one should have no concern over options when they are deserved. Being the finders of one the globes best helium discoveries warrants reward, besides what they benefit from so do the shareholders.
Yana you need to go back to business school 101.
Question then is where has the money gone, if they bought gas but did not inject it show us the gas and the receipts, or did they spend the cash on the gas (so they have a money trail) but not inject the gas, but sold it and divi'd up the proceeds to later claim, like I think someone here said, that they injected the gas but it got lost in the reservoir via some leak, lol.
Or, did they just not buy the gas and divi up the cash directly. Criminals the lot of them imo.