Member Info for SteveV

Are there any other companies with a large CO2 facility in Wyoming. What are the other options here....or are there none !?

Feels like bonds have dried up and MM's have no orders from them. !

Have we started drilling the Fed Deep, or is that waiting on RBL or JV !?

I think there are plenty of people who want in at these prices, but there are still some bond holders who have made their money and are happy to cash out (no risk).

There are still plenty of 2024 bondholders and it is only the 2025 holders that have said they are not going to be converting.
Doesn't mean to say all the 2024 will convert, but I am guessing that some more may well do. Who knows.?

Of course it all depends on events. A month is a long time in COPL. !!

Hey Shouston, yes very welcome that the unhedging brings in more cash for us.

But we clearly needed to tap the bond holders for a bit more cash in the meantime for the re-completions, so, as of this moment in time the same applies to the FED deep. Have they started drilling today?, did they get the pipework?, are the JV providing it as implied? OR is all that delayed until RBL/JV is given the green light.
Maybe we'll find out tomorrow.

We know we have the cash for the CC re-completions.

Do we know if we have the cash for the first Fed deep horizontal drilling, or is that waiting for RBL/JV

I think we will be approaching cash positive soon. How much cash remains to be seen.
BUT, it could be a lot of cash. Combine that with a RBL and JV.
Plenty to grow the business, AND, maybe enough to buy some of back the 2024 bonds and maybe some shares !?
What price the SP in a years time !?

Someone here suggested that the first drill on the Fed deep was already funded but I tend to disagree.

I think we are are expecting funding from the JV to pay for that. I think I agree with Pilot.

COPL were expecting the JV to be sorted by now and drilling to commence 8th Jan. ("we don't have any casing, but they do"). So I am expecting a JV announcement very soon, or, a small delay in the 8th Jan. kick off date.

BUT regardless, it's all going to come good in the next few months !!

Could it be that the prospective RBL lenders have been asking for more evidence of increase in revenue before agreeing a term sheet, or one with terms more agreeable to COPL. We know it is based on the "resource" but if one can demonstrate a strong revenue stream that would likely surely facilitate better terms.

Hence the extra bonds to get the recompletion wells done first , the Term sheet by end of Jan. when those wells are producing.?

So, roughly summarising it would appear that.

The new bonds will pay for the recompletion wells increased stimulation of the Shannon unit.
The vast majority of 2025 bonds WON'T be convertible at 13.25p
The 2024 bonds can be converted at 13.25p
We won't see any cash from the RBL until after January(term sheet in Jan, but getting cash in "1st quarter of 2023")

We were hoping to commence the Drilling of the fed deep 8th Jan. This must be being funded by the JV so we need them to make an acceptable offer asap.

I have a feeling we will double this week. Sentiment has changed, momentum is with us.

Momentum is with us now I think. A scramble for shares next week !!?|

Everyone knows news is coming soon.

Sageman, exactly. The value is all about how much oil is extractable and how quick you can get it out of the ground.

That is why the market have not placed much value YET on a billion barrels + of Oil in place.

BUT that will change soon. The first few wells in the FED deep starting Jan. will inform the market of how much we can get out. AND a JV with someone with deep pockets will mean we are going for rapid extraction.
If both of those turn out well for us then huge value will be created...SP goes into orbit !!

Well the first drill of the Fed deep will point to recovery factor. We are going straight to secondary recovery.

This could be a rags to riches story within a couple of months!!

Yes, oil coming out of the ground in large volumes and P2 reserves booked is needed to create blue sky valuations.

You can see why it costs a lot to drill new wells. All that equipment, all that expertise. AND they are doing it round the clock!

But our 6 re-completion wells shouldn't take long at all.

January is going to be packed with news and VERY exciting!

AND if it is Exxon they are hardly likely to try and short change us on whatever JV deal transpires. However large or small it is initially it will be fair value for what is agreed.

Yes I do think 2023 will be COPL's year.
AND it will all kick off very early Jan. !!

Not long now !

We can easily get to 3000bopd in the next few months.
All unhedged at say $80 per barrel = $87.6 million revenue per year !!

I repeat my post from yesterday as it was deleted.

With the workovers AND the "easy" 6 wells due to be drilled I can see us comfortably achieving 3000bopd in the next few months. ALL unhedged until mid 2023. A very strong revenue stream.

A very solid base from which to begin aggressively exploiting the Fed Deep, that will be hugely accelerated with a a good RBL and JV.

USA petroleum reserves almost half they were a year ago.
Biden asking oilers to produce more oil.
China economy opening up next year leading to a strong demand for oil and high prices.

I think 2023 will be COPL's year!!!