Member Info for SteveV

Yep Anavio were crucial at the time, but it was a shame mainly the other bondholders, but partly Anavio as well, saw fit to decimate the SP and dilute the company by converting the bonds.

If they had been more patient and actually seen out the term rather than cash in early we would be in a much stronger position now. But of course that was not really their concern. They were not investors , they were money men.

It's easy in retrospect, but when the SP was flying and after COPL announced the billion barrel find at 38p Art should have done the mother of all Placings/rights issues. No bonds. Might have been a different scenario now.

No wonder they were keeping quiet about November production.

No uplift yet. Mid Qct to end of Nov. flat. That was their 6weeks.

Got to see an increase in December

I repeat some of my post from last night for the day people:

Creditors protection is to allow a distressed company more time to sort out it's financial arrangements.

COPL is NOT going bust on 1st Jan.

They told us they need to raise cash in Jan 2024. IF they can't then they can apply for creditor protection to get more time.

""The process begins in the Court system when the company applies to the Court for protection under the CCAA. The Court will issue an Order giving the company 10 days of protection (often referred to as the "Stay") from its creditors to allow for the preparation of the Plan of Arrangement. The Court can extend the Stay against the creditors upon further application to the Court by the company. Typically, the Court will continue the protection beyond the initial 10-day period if the company can demonstrate that it is likely that it will file a Plan of Arrangement and an extension of the Stay is not prejudicial to the creditors, as a whole. There is no time limit on how long the Stay can be extended...."

So that could drag on for months, by which time we may have raised more finance, we may see the much talked about increase in production, we may end up with a JV on terms we initially rejected, we may sell some of our assets(Cole Creek). We do have Assets !

Yes thats right Why, we are not creditors. Shareholders generally end up with nothing if we go bust. But as I said that is some way off yet.

Our senior lender has decided they have had enough and are forcing COPL's hand to do something.

Given that they seemed in full support only very recently it must be because the JV fell through.

We don't have an answer why yet. But if it turns out we rejected an offer because we felt it was too low the senior lender

may have decided that was not on and felt they had to act.

Creditors protection is to allow a distressed company more time to sort out it's financial arrangements.

COPL is NOT going bust on 1st Jan.

They told us they need to raise cash in Jan 2024. IF they can't then they can apply for creditor protection to get more time.

""The process begins in the Court system when the company applies to the Court for protection under the CCAA. The Court will issue an Order giving the company 10 days of protection (often referred to as the "Stay") from its creditors to allow for the preparation of the Plan of Arrangement. The Court can extend the Stay against the creditors upon further application to the Court by the company. Typically, the Court will continue the protection beyond the initial 10-day period if the company can demonstrate that it is likely that it will file a Plan of Arrangement and an extension of the Stay is not prejudicial to the creditors, as a whole. There is no time limit on how long the Stay can be extended...."

So that could drag on for months, by which time we may have raised more finance, we may see the much talked about increase in production, we may end up with a JV on terms we initially rejected, we may sell some of our assets(Cole Creek). We do have Assets !

So in 3months time we might be producing 2000bopd and have sold Cole Creek for £30m.

But then again we might be Bust.

Who knows. Time will tell.

Well we have talked about it previously before todays events.

IF production stays flat with all the work done we are going no where anyway.

Come on COPL tell us what the F**ck is happening in the field.

Edgein, yes some power play going on.

SL is NOT happy and they have flexed their muscles. Waiting for a response form COPL?

Lol Stas yes. Replace the Senior lender with an RBL....the original plan !

IF, IF we get to 2500 bopd

Clutching at straws , but in 3 months time we COULD be producing 2500bopd

There is more time than some might think.

After 1st Jan. if COPL has not sorted this out with our senior lender or come to an alternative arrangement they can apply for creditor protection. (which allows more time, Initially ten days but no time limit.)

"The process begins in the Court system when the company applies to the Court for protection under the CCAA. The Court will issue an Order giving the company 10 days of protection (often referred to as the "Stay") from its creditors to allow for the preparation of the Plan of Arrangement. The Court can extend the Stay against the creditors upon further application to the Court by the company. Typically, the Court will continue the protection beyond the initial 10-day period if the company can demonstrate that it is likely that it will file a Plan of Arrangement and an extension of the Stay is not prejudicial to the creditors, as a whole. There is no time limit on how long the Stay can be extended...."

What if we are producing 2500 bopd by then ?

Have the bondholders shot themselves in the foot by trashing the SP and diluting shareholder value.

No chance of a placing or rights issue now.

The bonds aren't secured. They could end up with nothing. (like us !!)

Has the senior lender done this to force COPL's hand.

They weren't happy COPL walked away from the JV because the offer was deemed too low by COPL

This is the senior lenders way of forcing them to rethink.

Would the JV come back to the table?

Or would they consider buying all of Cole Creek? The asset is still there that they were in negotiations for, for over a year !!

"Well I heard that the JV was terminated as an other has been wanting to make a better offer before a contract is signed with the LOI holder "

Well where did you here that ?

Just sell Cole Creek to the JV !?

RNS tomorrow saying the gas injection is successful and production will steadily increase to 2000bopd Q1

Now that would be a kick in the b*lls. Going bust at the brink of success !!!

Ten days to sell Cole Creek to the highest bidder....it's a long shot !

This must be a direct result of the JV falling through.

Senior investor was happy with the waiver thinking the JV would come good.

Maybe COPL should have accepted Exxons low ball offer.

Still time?

I think we can assume an offer was on the table because of Cowans previous comment regarding

"JV matching our views on value"

They clearly couldn't agree on terms/price.

However , if COPL was so dependant on the JV at the risk of the company failing if it didn't happen then surely we would have had to accept the offer on the table however low ball.

But we didn't. Does this mean the board are confident that the upgrades to production are working as planned and will bear fruit, and they also have a viable alternative plan for Cole Creek.?

If COPL can get the BFU up to 2500bopd and sell Cole Creek to the highest bidder we are doing alright.

Then start drilling the Fed deep.

The OIP is to big to handle on our own were Art's words.

All depends on production now in the short term.

I suspect the field had yet to respond in Nov so COPL kept quiet.

Dec. should be over 1400bopd. If not we are in serious trouble.

BurrenBoy, Art was sacked because he failed to deliver and trashed shareholder value. Even his dodgy bondholders gave up on him.

Call it resign, redeployment, ran, whatever......sacked.