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I think the reasoning as regards the JV has been clearly stated on the CAG website.
I would encourage all to read the site every word, back to front so as to speak, many of your questions will be answered there.
As regards this specific question about the JV this is what is stated on the website.
"We know that Joint Venture discussions were going on for around 15 months before things fell apart in December 2023. But perhaps what some might not know is that Heads of Terms were agreed with the JV Party in September 2023 and it was then that the lenders got greedy and caused the problems to ensure they benefit from all the upside.
There is clear evidence that shareholders have been lied to and been misled."
We categorically know that the Board and players involved have acted immorally, unethically and likely illegally. In terms of corporate law it seems the idea of good governance did not even occur in the rulebook under many of these involved.
Importantly, what most human beings would regard of others as being of ANY valid worth to a human society, I think we can all see that most of these involved add NOTHING to society, nothing at all. They are as many would say worthless to society being nothing but parasites feeding of the backs of those that have tried to get on and get along.
Further, the proposed SISP is an open and transparent process, and all creditors, should they desire, will have an opportunity to submit an LOI and bid on all or some of the COPL Group’s assets. In the Monitor’s view, the 45-day solicitation period under the SISP is sufficient to allow interested parties to perform diligence and submit offers, in light of:
(i) the availability of the detailed Restructuring Term Sheet;
(ii) the fact that the SISP will specifically be targeting the oil and gas industry;
(iii) the Monitor’s previous experience in the sale of distressed oil and gas assets, and the Monitor’s review of current market offerings which have similar timelines;
(iv) the fact that the SISP will likely receive substantial media attention owing to the public and well-known nature of the COPL Group; and
(v) the need to balance time considerations and them managing the costs of conducting these CCAA proceedings.40 In addition, as reflected in the Cash Flow Forecast, the Applicants do not have sufficient cash or access to funding to support operations during a longer SISP.41 SISPs with similar or shorter timelines have been approved by CCAA
courts in the recent past.
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I would say (iv) the fact that the SISP will likely receive substantial media attention owing to the public and well-known nature of the COPL Group; and
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IS A GUARANTEE - WE'VE HARDLY STARTED...
from copl---bench-brief-of-the-applicants-(comeback-hearing).pdf page 15
Doesn't take long to read and really only discusses the charges.
Nothing in there about, I Tom Richardson being of sound and greedy mind, did forthwith seek to amass a personal fortune for myself and my scummy friends by steeling the assets from COPL, only on or after the funding required to place the company into the best situation it had been for years, and only on or after we completed the best small cap short in this last decade, herewith my shaking soon to be handcuffed, hand doth sign myself into prison custody.
Well the website is brilliant, it details thoroughly the asset and if anything underplays it.
- It could show the large M&A activity that has been conducted in the area, there is a lot.
- It could mention the Millholland RNS - "We are delighted that this discovery reflects the scale of previous discoveries made over my career and in particular, the North Sea. We estimate the Frontier element of the discovery to cover an area of approximately 51 square miles with the capacity of up to three horizontal wells per square mile each initially producing 1,000 - 3,000 barrels per day."
- No one wants to believe what that means as the numbers are to large (51 x 3 = 153 wells producing between 1K to 3K bopd or in Arts snakeoil head, 153,000 bopd to 459,000 bopd when fully developed).
It didn't mention the fact that just in terms of our industry, the investment (apart from making the prospective buyer $millions) it could seek to help fund and rout out some of the most abhorrent scum this industry has festered and help clean up the industry from these types for good.
but you know what, it says enough and can EASILY be added to as we find out so much more, but it takes little to read between the lines, no one goes to so much trouble to steal assets that are worthless, but some will go to the true ends of the moral compass for $billions.
"We know that Joint Venture discussions were going on for around 15 months before things fell apart in December 2023. But perhaps what some might not know is that Heads of Terms were agreed with the JV Party in September 2023 and it was then that the lenders got greedy and caused the problems to ensure they benefit from all the upside."
No we didn't know this, we do now. I expect they are not going to be shared here, however can I ask, do the CAG know what these heads of terms were.
Thanks Micky, though I was hoping for the letter that was actually written and sent to the company that initiated their RNS response. It may be my misunderstanding, or that the original letter sent to the company was never made public, not to worry and thanks for your help.
Truly astounding the effort that has been put in by all, the website, facebook page, twitter just so much that has been achieved by those like minded to do so
- just amazing what can be done when we pull together.
TBH the COPL company directors should be ashamed, they didn't even achieve such a marketable company shopfront even after the £millions they stole from us. RBM and those in the center of CAG and everyone involved there and here have done in weeks what COPL never did in years, I salute you all. Just brilliant.
An air rifle shooting gallery with pop ups of Art, Gaffney, Carello, Cowan etc. points makes prizes, bonus points if you get the hidden pop-ups that only show themselves rarely, such as RBL or JV. - 100 points if you find Ryder Scott. LOL
Don't forget occidental, who owns most of that and hates investment scams? oh yes - Warren Buffet
https://www.oxy.com/about/
I sent you the recent letters used for Kravitz and the oil companies, have you reviewed?
Now you have the website for marketing do you have a standard letter (that includes website reference etc.) that you would like to use, in my mind we need two.
1. To send to prospective oil companies or those that might be interested in purchasing the assets
2. To send to people that might promote our cause and website, I am thinking of such sites as
a) https://oilprice.com
b) https://www.energyexch.com
c)https://www.keyfactsenergy.com/
d) https://rarepetro.com/category/basin-reports/powder-river/
e)https://cowboystatedaily.com/
f) https://www.wyomingnewsnow.tv/
g)https://governor.wyo.gov/
did I say https://governor.wyo.gov/
But there are many others, I'm not a social media user as such still a bit of a dinosaur when it comes to Facebook twitter ticktok etc but you younger chaps, get it out there, we need this to be like a gamestop in terms of publication
"I recently watched a program on conspiracy theorists and unfortunately this board and the CAG are starting to resemble that more and more."
lol EezGJ78, best you get back to watching programs then as you seem to enjoy fantasy, whereas here we know exactly what's going on and its not conspiracy its fact and should, to the investment world, be worrying!
I bet it is to those that have been involved in perpetuating this crime.
EXACTLY
PLEASE, PLEASE, PLEASE don’t assume others will do the above, we ALL have a duty!
Like Band Aid, live aid and the now famous words of Bob Geldof get out there and tell them - "GIVE US YOUR F**KING MONEY"
Importantly the company will have known that Anavio were naked shorting of the stock and yet time and time again the company returned to Anavio for further funding, when they could have come to the shareholders or any and many other forms of funding.
Do remember and I may need to jog the memory I dealt with the ROFR (right of first refusal) a long way back and showed that there was no reason why COPL had to go to Anavio even though Richardson implied this was the case in his response to shareholders RNS on the 10th January 2024, when he said "(declining working capital and the fact that previous contractual commitments to Anavio in connection with prior financings gave Anavio certain rights including rights of first refusal on subsequent financings)"
Indeed the ROFR is staed clearly in Clause 9 of the bond deal, importantly
Third-Party Transactions (Clause 9(b)-(e)):
- If the company receives a bona fide offer for a Third-Party Transaction, it must promptly notify Anavio (the Initial Purchaser) of the offer details.
- Anavio has a specified period (Exercise Period) to decide whether to accept the offer on the same terms (ROFR Offer).
- If Anavio does not accept the ROFR Offer within the specified period, the company is free to proceed with the Third-Party Transaction, provided it has followed all provisions of Clause 9.
" It’s the fact that after all that growing pains it was ready to move into profitability"
leew you have hit the nail on the head, this was the whole point, get the shareholders to pay for everything required to get to the point of making money and then, and only then, STEAL IT
"I am making this statement to the markets, as I am aware that we have a large number of private shareholders who may be influenced by certain groups or individuals with an agenda, propagated by social media or other platforms, to benefit themselves. I do though understand that disclosure concerning financial accounts can be difficult to understand for some, but I am also well aware these disclosures can be easily manipulated by those who understand the inherent weaknesses of others in the market. I hope our clarification aids those stakeholders who have concerns resulting from the views and discussions on social media and internet chat forums. All stakeholders should know we have an experienced managerial, financial and technical team"
lets pull this paragraph apart;
1. "I am aware that we have a large number of private shareholders who may be influenced by certain groups or individuals with an agenda" - what you mean unsophisticated types that can be pulled in with bait and switch techniques
2. " propagated by social media or other platforms, to benefit themselves." - Like proactive investors, Meetme and LSE videos?
3. "I do though understand that disclosure concerning financial accounts can be difficult to understand for some" - perhaps then why you chose which details you would reveal and which you would not and perhaps by which mechanism, the less used by UK shareholders SEDAR or the Open London based RNS or indeed like the accounts, published in full through SEDAR but abridged and missing the liquidity defaults and going concern statements from the UK RNS.
4. "but I am also well aware these disclosures can be easily manipulated by those who understand the inherent weaknesses of others in the market" - Yes you understand this well do you not Millholland
5. "All stakeholders should know we have an experienced managerial, financial and technical team" - so no excuse then for what has gone on is there.
LOL Millholland even Hamlet couldn't have said it better, hoisted by ones own petard
Alfresco, welcome to the list, had this a long time ago from Millholland the coward. Millholland is all mouth, as soon as he is challenged he hides, a little unsophisticated actually.
he does well to be in Wyoming, in the old days he would have just been called out as a, yella bellied, ground hugging snaked coward, go fa ya gun you coward gunna meet ya maker!