Member Info for SteveV

It's fairly straightforward.

We are funded for Q1 2024

We need to get to 2000bopd by then. If we do things are looking VERY good.

The JV is the icing on the cake which could come anytime, or 6 months time. We have no idea really.

If both happen we are flying and the sp will be many times what it is now.

Todays chart on Google is amusing.

Trading, trading, trading.....lunchtime(chart goes dead flat).........

Set for a nice steady rise this afternoon. Could be the last chance to buy or sell before we hear an update on November production.

Plenty of trading going on this morning. I expect that will settle down and we will see a nice rise later on. Definitely blue close I think.

Financial Times reporting today:

"Investors rush for risky assets in belief rate rises are over."

"Biggest global stock rally since 2020"

I am expecting us to hold around 2p today.

I think we might hit 2.5p tomorrow.

Possibly an ACTUAL "wouldn't want to be out over the weekend" moment...!

"The company expects to see initial results from the higher density NGL's before the end of November 2023."

They will know the numbers by tomorrow !!

I think we will get news next week for sure.

Tick up in production after increased gas injection is SO crucial to the plan, AND, the finances,

it much surely warrant letting the market know.

"..The company expects to see initial results from the higher density NGL's before the end of November 2023..."

In the last RNS of 15th Nov we were given production figures up to 13th Nov. (Average 1136bopd)

They will clearly be looking very closely at output and undoubtedly will have the rest of November's by Friday this week.

An RNS Monday showing production is starting to increase would be very welcome. 1400bopd for the second half of Nov ?? ........Start of the re-rate?

The JV has been interested in, and in negotiations with, COPL for over a year now.

This isn't passing fancy. They definitely want piece of our action.

Sure it could fall through... BUT I doubt it will. Just putting the final touches to the finance and terms now.

The JV is progressing. It has clearly become a big deal.

6th Sept RNS

"...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."

JV still very much interested but playing hardball with the price. COPL not happy with what they are offering as then ?

Move forward around 6 weeks

15th Nov RNS

"The negotiations regarding a possible joint venture announced by the Company in July 2023 are ongoing and the parties are working to agree all outstanding matters."

So has a price been thrashed in those 6 weeks.....just a few outstanding matters now !?

Blackstout's posts are very positive, but don't get too carried away it's just personal opinion .

8th February 2023

"I've done as much research as I possibly can and I'm reasonably confident that COPL is on the verge of entering into a JV"

6th Sept. (New CEO)

" 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."

Five weeks later.....

15th Nov.

"The negotiations regarding a possible joint venture announced by the Company in July 2023 are ongoing and the parties are working to agree all outstanding matters."

Sounds to me like they have agreed the scope of the JV and the price. Just finalising a few details.

AND the new management has been in place for enough time to take all the credit for the turn around. !!

Oh, cynical, me?

Yes, no doubt we have had the production low point.

Wells will be slowly coming on line and the NGL taking effect. UP from here.

From COPL : "The company expects to see initial results from the higher density NGL's before the end of November 2023."

I can't see any reason why we cant get back to at least previous production highs, and more.

It's been done. The oil is there. It hasn't ran out. The field is at the beginning of it's life. And we can now pump in

at least the same amount of NGL that bore fruit last time.

But now with the new management running a tight ship those previous highs make us profitable.(helped by oil price of course)

It is shocking how much we have been able so save on expenses. But very welcome that we can.

If todays RNS had said Nov. is running at 1400bopd we would have had a visible sign that the plan is working.

Just going to take a short time longer.

Bit disappointing the field is yet to respond in a meaningful way to date. But it will. It did previously. Be interesting to hear what they saying if we get the Q&A in terms of their confidence/optimism.

I read the JV wording as positive. (An agreement is on the table save for a few outstanding matters is how I took it ?)

We know Q3 results will be poor.

It's all about how production is going. Only words we have had from COPL was.

"Currently, the Company is determining the best level of efficiency and is restarting NGL gas injection in September. The Company is focused on delivering production results in Q4 2023 and, further guidance will be provided as appropriate, and as approved by the Board of Directors."

"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"

SP is down due to historical:

Previous mismanagement of the business

Core production down (leading to loss making and going concern issues)

Interest rates high

Onerous means to raise cash(bonds)

Price of oil last year.

Well that is all pretty much behind us now. Only way is UP. !

We are at the start of:

New management

Production plan in place and on going to increase production (to fully fund the business for 2024)

Interest rates have peaked and should drop from now

We should have no need for more cash if the production plan works

Oil price is set to be buoyant throughout next year.

AND not forgetting the cherry on top. A JV with a major early next year...Maybe !!

Just need to see this all starting to play out and the wider market getting wind of it for the sp to respond.

I am hoping they tell us October production has risen to 1400bopd and they are expecting that to increase.

If so 2000 bopd should be achievable by end of Dec. or Jan.

I think we'll get some positive news this week.

I am expecting a tick up in the sp from Monday in anticipation of progress on production, or at least

a road map of where we are headed.

Increased production with a positive outlook looking forward will do wonders for the sp.