Member Info for SteveV

Well that was my last top up for a while.

I having been topping up in the 3'sw and 2's. Have much more than kept pace with the dilution of the bonds.(% wise)

Time for a price reversal hopefully.

Bondholders must be selling a big loss now !?

Yes we could do with an early announcement of Junes production figures first opportunity in July.

I am expecting 1500bopd. Might steady the ship if it includes a positive message.

Of course a JV announcement would be more than welcome as well.

I tend to agree the big money is post appraisal of the Fed deep.

If a JV is announced soon I suspect there won't be a huge cash up front payment.

Art's "jigsaw" pieces are not yet all in place.

I am expecting a fairly complicated staged deal with milestones that will depend on outcomes. Sure the JV will be funding the drilling, then the real action starts depending on how much oil we can get out of the ground.

In the meantime we are increasing production to become a cashflow positive business. Great !

No more bonds...PLEASE!!

Well Art did know what Mays figures were on 5th June.

I am very hopeful we will hit 1500bopd for June. AND carry on steadily increasing from there.

I think the deal got more complicated than first envisioned.

It would appear the JV are interested in a slice of ALL our assets now.

But I think the JV is holding back whilst COPL sort out their problems and see where that takes us.

Art's "jigsaw" analogy. All the pieces need to be put in place.

Does seem close though.

RNS 15 days ago:

"...The initial phase of the second Cole Creek Unit ("CCU") recompletion for Frontier 1 oil production has been completed.

The well has been perforated with oil inflow observed on perforation. The Company is evaluating options for stimulation of the perforations, and the timing of these, in conjunction with its JV discussions....."

Time to become profitable.

1 Cut costs, tick

2 Increase production, tick

Paves the way for:

1 JV. No one wants to JV with a loss making company who can't keep their end up.

2 RBL. Lenders want to see positive cash flow

3 Name change and US listing.

I think we will be producing 2500bopd by year end AND will be drilling the Fed deep funded by a our JV partner(Exxon)

Things will be very different then.

I am pretty confident we shall see 2500bopd by year end.

We hit a max. of 2013 bopd on average for all of August 2021 (62415 for that month in total)

That was before the pressure and waxing issues.

That should all be resolved soon. BUT additionally with the new high pressure pipe we will be pumping substantially more pressure into the field and therefore getting more oil out. AND we are hallway way through the additional re-completion wells, which when all recompleted and stimulated could easily add 500bopd.

In fact I will be very surprised if we don't hit at least 2500bopd by year end.

Oil price predictions suggest oil price will be higher come the latter part of the year (circa $80 per barrel)

Hey BigBear,

I think peak oil was in August 2021 at 62,415 for the month, OR, 2,013 bopd

http://pipeline.wyo.gov/AllOpcoProd.cfm?oops=ID48157&RequestTimeOut=65000&nOpco=1769

I think we will be well past that by year end.

Once we get the high pressure pipe in and fix the waxing issues we will be flying.

Well we saw a 13.67 % increase in production from April to May. (1170 bopd to 1330 bopd)

If we see that again for June that will take us to around 1500 bopd

Carry that on till the end of the year and we will be at 2500bopd, OR 75,000 per month

I think that is doable.

JV's

He just needs to get the JV over the line.

JS's must be playing hard ball, or holding back waiting to see how the upgrades/re-completions play out.

The most intriguing thing for me in the last RNS was:

"The well has been perforated with oil inflow observed on perforation. The Company is evaluating options for stimulation of the perforations, and the timing of these, in conjunction with its JV discussions...."

They did say 2-3months for the pipeline on 23rd May (started work 10th May)

So maybe mid to late August if 3 months.

You can't say the JV is pie in the sky. We have had multiple official announcements from the company charting progress. The latter of which suggests that it may be happening soon with the two parties discussing commercial terms.

Sure the JV may fall through if terms are unacceptable to either party and cant be resolved.

But IMO, on balance, I think it is much more likely to happen than not.

Must admit I am surprised the bondholders are converting/selling at 4.25p.

Can't see much profit in that, the last bonds were issued at 6.75p

The bonds are killing us, no doubt about it, IMO.

BUT, I have been topping up every time a new bond conversion is RNS'd matching the percentage of new shares issued

to the percentage of my holding. Today was very roughly 3%

Let's not forget a lot of the bondholders are largely money men, NOT investors.

They haven't got the slightest interest in the business, or indeed how successful it becomes.

Their main aim is to make money at the lowest possible risk they can achieve. They are very good at that.

Their converting and selling shares is largely disconnected from news, business progress, prospects , or profit.

In fact I would imagine a lot of the sells at the moment aren't even made by people. They just set their sophisticated money making algorithms to work which optimise profit at low risk.

Then they'll move onto the next opportunity.

COPL will have it's day when that finally plays out. IMO.

I think COPL have turned a corner now. They now more fully understand the field they operate, know what they have to do to resolve production issues, and have got that fully funded until at least the end of the year.

I don't see any constraints to achieving large increases in production. By the end of the year we will be seeing a totally different animal.

AND the cream on the top is an the imminent JV with a large oil company (Exxon) who are VERY keen and have the technology to extract millions of barrels from the Fed deep. We have the permits. No doubt drilling will commence immediately we get the deal over the line. I think that will be soon.

USA is STILL very pro oil, even the Democrats! As I pointed out over the weekend (in now deleted posts !?),

Biden has signed more new oil/gas licences than trump did, AND 2023 is going to be a record year for US oil production.

"WASHINGTON— Federal data show the Biden administration approved 6,430 permits for oil and gas drilling on public lands in its first two years, outpacing the Trump administration’s 6,172 drilling-permit approvals in its first two years..."

Biden:

"...Secondly, we need to responsibly increase American oil production without delaying or deferring our transition to clean energy. Let me — let’s debunk some myths here. My administration has not stopped or slowed U.S. oil production; quite the opposite. We’re producing 12 million barrels of oil per day. And by the end of this year, we will be producing 1 million barrels a day, more than the day in which I took office. In fact, we’re on track for record oil production in 2023...."

Exxon must be itching to get their hands on the Fed deep.

"....The well has been perforated with oil inflow observed on perforation. The Company is evaluating options for stimulation of the perforations, and the timing of these, in conjunction with its JV discussions...."

JV must be close. Got a feeling we will hear something very soon.