Member Info for SteveV

Exactly Harry, the higher up the decision chain we are currently waiting for implies a larger financial commitment.

Have they done the DD an realised this is massive. Need to get approval from the VERY top brass. $$$$$$$milions ??

The DD has been completed and the JV must have liked what they found otherwise they wouldn't be preparing an offer.

Interesting that they have listened to COPL's proposal and want to counter offer. Is it just a little tweek here and there or something more substantial? These NDA's are frustrating !!

And they need somewhere to put all that Co2 they are capturing.
https://www.youtube.com/watch?v=GOdkvBW7L24&t=194s

I didn't realise that with Enhanced oil recovery using Co2 the Co2 is pumped down, it helps release more oil, AND most of it simply stays there and calcifies(i.e permanently stores the Co2) so you get more oil and permanent Co2 storage in one process.

Hey Pilot, who do you think the prospective JV partner is, and what leads you to that conclusion?

We just need the first re-completion well to come in at 400bopd for it to be a game changer.
Then people will multiplying by 6 . That will be all unhedged production. Creates a steady profitable base.

Then we start drilling the fed deep !!!!!!!!!

"Total 1,665,000 -------Cost-- £379,591.50 ---- Average 22.8p"

Art will surely want to retire with a nice little nest egg. £5 a share would do nicely as his legacy and culmination of his career in the oil business.

Just knowing we will get an RBL by the 25th would be nice.

We are assuming the cornerstone investor have not/will not be converting any shares for the time being. Great.

But here are still around $3.4 m principal sum bondholders remaining who haven't converted who have been converting.
There has been no activity recently because the SP has made it not worth their while, but if the bonds revert to 13.25 you can be fairly surely those bondholders may well be selling down the remaining ones down to circa 10p.

That is why we need the RBL to be sorted by 25th Dec. Will it happen?

OR, has ART got something up his sleeve? What are Exxon going to offer?

The lead investor may be happy to extend the deadline if the JV/RBL needs another month or so.

However I don't think ALL the others are out yet though. Last RNS had $20.2 m principal amount left and the lead investor had initially $16.8m(so assuming the lead investor was NOT a seller leaves $3.4m principal amount)

Yes it's a bit ironic how Biden was so anti-oil but is now asking the oil companies to invest more and produce more!!

I think 2023 will be our year.

Exactly wwal, unless Jiddy's communication with Art is a total fabrication it definitely points to Exxon.

Of course we wait to find out if an acceptable offer transpires.

Getting close to the wire now though financially. If we don't get the RBL by end of Dec. the bonds revert to 13p and the remaining bondholders may well be selling down to 10p.

Would be useful if anyone that is in communication(actually get's a reply from an email) with Art, to simply ask will the RBL term sheet be done by then.?

Be very interesting for us if CNOOC sell their 15% share to see how much they get for it.

Would make sense for our prospective JV partner to take it off their hands before the value increases prior to field delineation and more P2 reserves are booked.

The last update from COPL was only 21 days ago.
There seems to be quite a few nervous or impatient investors who want a lot more than this. Sure we all want to hear good news but you can't expect an up date every week.
Production issues are being resolved and RBL and JV are still being worked on. There is NO bad news.

Exactly! We got some pressure problems and waxing problems. BOTH are being sorted.
Fracking is not just about drilling a hole in the ground. This will get sorted and come good.

Oh, and one of the biggest oil companies in the world wants a piece of the action. Soon to be revealed.

I thought the figures would be flat again. We are only just starting to work through the problems and fixes.

Art specifically said any improvement would be incremental.
15 Nov
"Flaring gas has commenced at Barron Flats with production from restricted wells continues to be brought up incrementally post approval of the flaring permit on October 11. Oil production increases are slowly increasing as the process proceeds. Flowing wells have exhibited additional paraffin plugging issues through the process which require higher frequency condensate treatments and more incremental drops to flowing production pressures...."

Yes

European banks have been largely reducing their funding for oil and gas whilst USA has not!
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/european-banks-cut-fossil-fuel-financing-unlike-north-american-peers-8211-report-69564218

However that was then. Given the current climate our prime minister is now saying.
https://www.theguardian.com/business/2022/jun/23/sunak-urges-banks-to-keep-funding-oil-and-gas-firms-after-windfall-tax

Things often take longer than expected.

Also the JV terms may affect the RBL terms/amounts so one may be awaiting the outcome of another.

LTHolders have been battered.
Perfect timing for the big boys to enter and clean up.!

kdogg, the converted bonds are converted to shares and are kept or sold on the open market. COPL don't receive any money. COPL do receive money if the warrants are taken up at 16.75p but no-one will have done that yet as the sp has been below that.