Member Info for SteveV

Unfortunately Art has talked a good job BUT has ultimately destroyed shareholder value.

His reputation is now seriously in tatters. Unless he can turn this around pretty quickly we need a new CEO.

Let's hope for a steady monthly rise in production from now.

The CC re-completions will additionally be a welcome bonus. If the first three wells come in at 100bopd unstimulated, that alone would add 9000 barrels per month.

Much to look forward to. !

Hey adusiek, I have asked this before but no on seems to know. Maybe you do.

If the bondholders convert to shares and sell them, are they still entitled to the attached warrants or do they become ineligible for the warrants?

I thought the bondholders could convert at 13.25p now. Easy money for the hedge funders.
AND they got the warrants as well.
Was that really the best financing we could get. !? I guess it must have been at the time but that is why it attracts the TW shorter brigade.
Maybe still take a while to flush this all out before we see true value emerging.

I would think the drip drip 50,000 trades are still the 2024 bondholders slowly offloading converted bonds.

There seems to be plenty of buyers here so MM's will be loving it at this price. Buyers and sellers!

Yep, proven reserves are clearly MUCH more valuable.!

We could be getting close to a healthy cash positive position soon.
Very strong position to get the best RBL/ JV deal sorted.

“...It really is a game changer for our company..”

“...it’s a thick reservoir and it covers a big area…”

“...And it’s really the first straw into it….”

Let's not forget the CC re-completions were simply a recent unexpected bonus apart from all the other stuff we got going on. !!

Still potentially $11m worth of 2024 bonds to churn through. Looks like some may have converted today.

Might get a bond RNS soon.

Interestingly they seem to be selling into good news now rather than just selling.

If we do get a generous RBL and/or JV I would like to see some of the bonds bought back.

Hey Dj, yes well we are all hopeful something big is going to happen.

The thread was discussing how to value Oil in place. Clearly, if it is just left there, or is difficult to extract, or modest resources are employed to extract it then the oil in place has less value. At the moment it seems like the market puts NO value on it !!

If we discover a major player wants a piece of the action and is planning to utilise EOR and and has grand designs on getting the oil out of the ground asap then the oil in place becomes MUCH MUCH more valuable.
That's what we are all hoping for and waiting for.

Not long now!!

Not sure how you can value oil in place these days otherwise why is our SP not reflecting it. There is no doubt we have LOTS of oil in place.

The value is in how much oil is coming out of the ground and how much more is likely to come out of the ground in a timely fashion.

I don't think you can value the fossil fuel industry like you could in the past.

Art said the first CC re-completion they were hoping would flow without stimluation, "time will tell" he said. "Some of them we are gonna have to frack."

Canada never know anything. Just a very small illiquid market. Adjusts back to UK in due course. Best not to bother looking.

Could easily be doing 3000bopd soon. @$80 per barrel unhedged = $87m revenue per year.

That is a very strong position to negotiate a JBL or JV.

Hey wwal, I think Art said the $3m was contractually ring fenced for the debt and couldn't be used for anything else.

The RBL was initially delayed due to volatility in interest rates.

But there may be other factors involved. Are COPL holding out for better deal than had been offered.
Were the lenders terms too onerous in the absence of an up turn in production. Did they want some more hedging.

If the CC recompletions result in a strong upturn in revenue then maybe RBL terms become very much more attractive.

I think the RBL is close. We have paid money out. The last bonds were partly for

"... up front deposits and fees for debt refinancing term sheets for COPL America...."

Maybe they will obtain terms sheets from more than one lender. !

Yep, it's really all about how much oil we can get out of the ground.

We are going to find out soon !

Does anyone know? If the previous bondholders convert their shares do they still retain the warrants, or do you have to be a current bondholder to take advantage of the warrants.