Member Info for SteveV

Don't forget the placement was over subscribed by $3million.

Hedge funds must have been rubbing their hands together. Forward sell/short for free money !!

Interesting though are the warrants at 24p. Once the selling stops and the hedge funds have closed their position it would make sense for them to start buying again. They would want the sp to get into at least the 30's so that they can exercise the warrants at 24p. (and make even more money).

So I am expecting the sp to switch to an upward trend as that plays out.

A lot of us are trading at loss right now, but if you are a new entrant at 20p I think a 50% profit over the next few months is quite possible.

We might not see true value return until the Spiv hedge funds have made their money.

Up/down. Let's not forget the placement had warrants attached at 24p excisable within 6 months of placement.

You can bet that the SP will be much higher then so that they can make even more money. Then they will sell at a profit.

They might let it alone once the RBL finance kicks in and we start making serious revenue.

Yes, it is natural to be impatient for a JV or buyout to happen sooner rather than later, BUT there is much more value to be had when we know how productive the new wells will be.

Sure, RBL will come with conditions, BUT it will be much preferable to what we have up until now.
AND of course it will allow COPL to ramp up production to generate the cashflow we need to be comfortable with the debt and not fall foul of onerous penalties.
It's just another positive step along the way, probably creating a path to JV or buyout.
When will that be...who knows.!

Well they got Nigel Little in December as a NED. I would hope he has been working on it and is all ready to go.

"Nigel Little has a distinguished career as an investment banker spanning more than forty years. Until 2009 Nigel was Vice-Chairman of Canaccord Capital (Europe) Limited as well as Executive President of the investment bank's UK and European operations - a position that he held for seven years. As a leading investment banker and specialist in the natural resources and energy sectors, Nigel has significant experience in the oil and gas equities markets, having been involved with capital raises for a large number of UK and international oil and gas companies..."

"ExxonMobil maintains a large and diverse portfolio of undeveloped resources that provide considerable flexibility to develop new supplies to meet future energy demand and replenish the Company's proved reserves. The Company also continues to enhance the quality of this resource base through successful exploration, acquisitions, divestments, and ongoing development planning and appraisal activities.

Under the IPCC Lower 2°C scenarios, the world will continue to require significant investment in both liquids and natural gas. Based on these scenarios, and assuming ExxonMobil retains its current share of global production,7 the Company would need to replenish its existing proved reserves entirely by 2040 under the IPCC Lower 2°C scenarios average. "

https://corporate.exxonmobil.com/Sustainability/Energy-and-Carbon-Summary/Strategy/Potential-impact-on-proved-reserves-and-resources

I see in the news "BP pledges £18bn UK investment as profits hit $6.2bn"

I can imagine American companies are considering more home grown asset investment given world politics and their oil price boom cash surplus's.

JV any one? AM mentioned it for the first time in the recent Sharecast video.

I guess the question remains though. At what point does the oil in place for the new discovery become officially
recognised as 2p reserves.?

I wonder if UK shorts are getting a little nervous...Long weekend !

The Ryder Scott resources report will simply confirm the Oil in place of the new discovery. This is NOT a reserves update. I am not expecting a huge re-rate just yet. That will happen after we start drilling production wells in August.

I can see the sp gradually ticking up nicely from here as events unfold:
1 The placing shares are all sold and the shorters have nothing left to short and move on.
2 The CUDA confirmation, when it is rubber stamped in court and consequent increase in reserves and production for COPL
3 The new finance to replace our existing onerous borrowing with RBL(resource base lending) from a reputable source at reasonable rates.

GIVEMESUNSHINE, the debt may prove to be a millstone, however the stated intention is to
move away from such onerous borrowing.

"Over the coming months it is our intention to now pursue attractively priced Reserve Based Lending ('RBL') debt with which to refinance all debt currently supporting and carried by our Wyoming assets (and including the bridge loan if necessary). "

I should think the sp will settle at a price that allows the placees to have offloaded all their shares.

How many did they manage to forward sell and at what price. Obviously they will be looking to make as much from it as they can. They may be selling sub 20p if they have already offloaded a lot at much higher prices.

Shorts will probably be closing soon as it would be the placing they were shorting.

sp should recover and recover nicely when we get the CPR.

I've also had a small top up at 20.75.

Yes , perfect time to release some after hours news UK time. Gives loads of time over the weekend for shorters to worry
knowing they can't do a thing about it Monday, and have to watch as Canada opens Monday!!

Well if a 20p placement has already been forward sold and it was to pay for a successful CUDA bid it would appear that it has all been done and dusted.(bid successful and money to pay for it...Great!)

I have topped up at 23p and 24.2p. All I have to wait for now is the announcement of the CUDA bid safe in the knowledge we have the money to pay for it. Upwards from here I think !?

Could easily go lower from here, BUT it could also shoot up dramatically. That is the dilemma of "risky stocks"
Not for the faint hearted.

I just topped up at 24.2p

We need proper financing that doesn't result in "death spiral debt".
https://en.wikipedia.org/wiki/Death_spiral_financing

Wow ...getting very intense now. Look what TW has just written(ten minutes ago)

"Canadian Overseas Petroleum Responds with hilarous & libellous smears about Tom Winnifrith and more deception of its sap investors
By Tom Winnifrith | Wednesday 6 April 2022

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from *************). I have no business relationship with any company whose stock is mentioned in this article.

This is hilarious and libellous. What Canadian (COPL) has said about me in its RNS in response to THIS is untrue and defamatory as its limp dick advisors at morally bankrupt PR Yellow Jersey know full well. However it is what Canadian fails ( again) to say about itself that is critical. It is still deceiving its investors massively and thus the smart money will be using the spike it has created to add to their shorts..."

I wonder who is going to sue who...!!??