Member Info for SteveV

Mccarthy Tetrault have been representing COPL for many years whether it be a farm in agreement, fund raises via a placing, or sale of assets.

The payment in shares may be an accumulated bill covering various services, notably, relating to some or all recent activity which may or may not include new bond arrangements, RBL, JV.

https://www.mccarthy.ca/en/work/cases/canadian-overseas-petroleum-signs-earn-agreement
https://www.mccarthy.ca/en/work/cases/canadian-overseas-petroleum-closes-c6-million-common-share-offering
https://www.mccarthy.ca/en/work/cases/canadian-overseas-petroleum-sells-80-interest-liberia-block-lb-13-exxonmobil

The last link is particularly interesting/relevant, our old friends...."I know them, they know me"

I don't think pi's selling is keeping the price down. Must be still be some bondholders out here who are happy to sell down to 6p ish and still make money. Pi's are still buying at these prices and the mm's seem happy as they are making a market. !

Who knows how long this will take to play out. BUT at some point I think we may see some big gains.

Trujack, Anavio are certainly going to back the board at this AGM. All motions past and directors re-elected.

Tuesday will be interesting.
Last Thursday we had a bit of a first day new tax year ISA buying and maybe a bit of FOMO from a very low SP.

With the reset of the bonds at 6.75p will be interesting to see if we can get past that, OR, will SOME of the bondholders be happy to sell into any rise.

Yep, it's all about getting production up, Everything falls into place after that.
Cash positive, No more dilutiion, RBL, JV. ,,, etc.

Production at 5000bopd, sign the JV and start drilling the fed deep and we are flying.

Yes there are 100's of operators in Wyoming.

BUT from Jiddy's emails with Art we have:

"What is driving our prospective partner is a long term EOR project utilising a substantial CO2 resource they hold in Wyoming."

That narrows the field a bit. What is the shortlist now ??

Be nice to get a bullish and optimistic Ops' update Monday.

Fully funded for near term objectives
Production currently at 1800bopd.
Increase in production planned, resolving high pressure and waxing issues.
Targeting 5000 bopd by end of 2023
JV imminent with First Fed deep well to commence as soon as agreement reached.
RBL imminent

Those docs were posted whilst market was open in Canada.

It has been closed for over an hour now. Are we going to see accounts and op update tonight ???

Not bad considering it seemed like they had had to have a total shut down when the weather was really bad.

Hoping for a big jump in March. 1700 per day x 30...maybe!

Yes, it's really all about the Ops. update for me. Some idea of how much oil they are going to get out of the ground to get us to cash positive.

Everything after that falls into place. RBL, JV, Fed deep.....

It's been emotional.......BUT we could be on the cusp.

Art just has to announce:
Fully funded(last bonds raise) to get current wells to 5000 bopd (high pressure sorted, waxing sorted, CC recompletions performing nicely)

Excellent terms agreed with RBL to de-risk funding issues moving forward.

Joint venture with a major player committed to long term development of assets and commencing of drilling the Fed deep.

Where will the SP be if all that transpires....?

April 2022
"....HONG KONG -- Chinese state oil major CNOOC on Thursday shrugged off recent media reports that the company is considering withdrawing from oil field investments in the U.K., the U.S. and Canada to diminish its vulnerability to sanctions.
A global spotlight has hit China's state oil companies, searching for any potential sale or acquisition of overseas energy assets amid Western-led sanctions targeting Russia for its invasion of Ukraine.
Xie Weizhi, CNOOC's chief financial officer, told reporters at a quarterly earnings call that the company has "no plan to exit from any particular region." All of CNOOC's overseas projects are operating smoothly, he said, and the company has felt no impact from the Russia-Ukraine war or any related sanctions....."

https://asia.nikkei.com/Business/Energy/China-oil-major-CNOOC-has-no-plan-to-exit-any-region-executive#:~:text=Xie%20Weizhi%2C%20CNOOC's%20chief%20financial,war%20or%20any%20related%20sanctions.

"CNOOC would certainly be a curve ball"

Art knows CNOOC they know him
Art knows Exxon they know him
Exxon know CNOOC (currently working together on Oil project JV's, and also carbon capture JV's)
ALL very cosy !!!

Contrary to the reported news last year that CNOOC were selling UK,USA,Canada assets, CNOOC have refuted that entirely.

But if they own more than 20%, this happens:

COPL RNS 20th March
"...If at any time the Main Bondholder owns at least 20 per cent. of the total Company common shares in issue, the Main Bondholder has agreed to enter into a relationship agreement with the Company on customary terms in the London market (consistent with and no more extensive than the terms required in respect of a Premium listing) on terms reasonably acceptable to the Main Bondholder...."

Well not long to wait for a progress report. Should find out what's going on in an operational update with 2022 accounts late Friday night. Should be plenty to discuss over the weekend.

Lets' hope it VERY upbeat.

I think the delay in RBL is more about terms. i.e interest rates and possibly a requirement for COPL to hedge.

The greater the perceived risk from the lender the worse the terms. They aren't interested in acquiring the asset, they just want to get their money back(plus interest). And so terms may be contingent on the level of production we can reliably demonstrate which is hopefully increasing now and will do more so as the high pressure issues are resolved which we now have the cash to address.

So what I am suggesting is we may be waiting for another few months for the RBL to ensure we get the best possible terms.

Does anyone know, IF we were to buy back some bonds sometime in the future, what happens to the warrants.

Yes, I think ALL the warrants are now at 6.75p.
Art possibly couldn't bring himself to state that directly in the RNS, just referring to the initial conversion price.

But in the previous paragraph he refers to a new initial conversion price(6.75p)

Bond holders must be loving it. !!!

Lol, looks like Altag is planning a full takeover !

The trouble with the current sp and the bonds is that as soon the sp rises on good news a lot of the bondholders(maybe not our "cornerstone investor") will happily sell at a huge profit. Easy money for them they aren't investors.
LTH's still nursing very large losses and trapped at a much higher price.

It is true that AM has destroyed shareholder value (the opposite of what his job is).
There are grounds for optimism however if you can wait long enough.