Member Info for SteveV

I am sure there has been considerable interest.

BUT has it been vultures wanting to feed of the remains for as little as possible,

OR, serious bidders who see the value and may compete against each other in a fair value auction.!?

I am sceptical that a restructuring with a new partner is on the cards.

Why would a bidder want to bail out shareholders when they can simply buy the assets.

Unless of course COPL has very large tax credits form previous losses.

I have 1.3m shares that cost me around £45k

If £100m clears the debt then anything above that gets shared out between a now colossal (thanks Anavio and our Chairman Mr Richardson) 3.5 billion shares. (quite a lot of which are owned by the loan sharks Anavio)

So IF someone comes along and offers £200m that is £100m to share between 3.5billion = 2.85p per share

I get approx. £37k

I could live with that small loss BUT are we going to get any where near what the assets are worth. ??

Our chairman has already stated that the assets are worth less than the debt. AND I fear that is why we are going to get low-balled and end up with nothing.

Don't forget there are now 3.5 billion shares in issue due to the Anavio loan sharks and facilitated by our chairman.

Outrageous dilution for a few $m

The trouble with liquidators in a fire sale is they only want to get back enough to pay the debt.

Shareholders mean nothing to them.

We need well over £100m get any any sort of return. £200m would see me clawing back some losses. £300m and I'd be in profit. VERY doubtful anything like that will happen though.

It's just a bit of a worry that the sale of assets is being rushed through so quickly as to not allow

serious substantive bidders to make offers commensurate with fair value.

Is there any way we can slow this process down?

What is so hard to take is that ART did not need to use Anavio when we acquired CUDA.

We were riding an optimistic wave and a placement/ right issue /shareholder funded raise would have been no problem.

We were buying assets at a bargain price. Funding for that would have been no problem.

Got to be the worst business decision he ever made. What was he thinking.?

And of course no decent RBL would touch us once we'd got into bed with the loan sharks.

Yes, it makes sense that Summit blocked the JV.

The JV mustn't have been offering enough to clear the SL debt so the SL weren't prepared to lose a % of their security.

In the meantime Anavio trashed the sp which left no way to raise decent amounts from rights/placings from other sources/shareholders.

It is the speed that this is all happening , rushing through a sale, that will NOT see us get anywhere near true value.

Is it possible to get a court injunction to allow more time for all interested parties that want to bid to get time to consider the true worth of what is on offer.

Panamabob, no it is not mischievous at all it is my personal opinion as to how things play out from

plenty of previous experience. NXT, GKP, FRR. I lost a lot here also.

As for "your " lawyer. They are not going to stop the sale of assets at a price that will probably only pay off the SL. How are they going to do that ? The courts have already agreed that it can go ahead.

Why would the company specifically say:

"The Company believes there is little prospect for a return to shareholders or bond holders."

They know the assets are going to be sold off cheap in a quick sale.

The SL just want their money and nobody cares less about shareholders.

We are going to end up with nothing.

So we seem to be steady at 1000 bopd

Wonder what is the value of an oil company that is producing that. (as a minimum, regardless of other potential production upside/Oip)

365,000 barrels per year x oil at £80 for the next 40 years = $1.168 billion

Hey Shouston, well I meant proper funding , not short term, keep the lights on kinda funding.

We could have offered a huge slice off what we had for a lot of £millions in the not to distance past.

How come we went down the loan shark route?.....which bust the company!

This is a viable business. Needs a bit more cash to get production up.

It cost hundreds of millions of investment to get most oil explorers to this stage.

The debt we have got us this far. The company shouldn't be bust but securing new funding to take us to the next level.

That would probably be happening now if Art and the dopey (I have no financial qualifications) CFO had NOT gone down the death spiral parasitic BOND route.

Trouble is I imagine our temporary CEO has already lined up a sole bidder that will be very slightly higher than the SL.

He has no interest in shareholders and wants a quick sale.

I should think Summit put in a bid to the amount that will only cover their debt.

That tempts a new bidder who can get an absolute bargain with a slightly higher bid.

So summit get their money back and the bidder gets a bargain.

If no bidder transpires I would imagine summit withdraw their bid and simply seize the assets that their loan was secured on. That is clearly not their preferred option. They don't want to own an oil company. But they would still be able to sell on the asset for some at least of the debt, or a lot more, if properly marketed in the fullness of time.

We could really do with a whistleblower to give us an insider view of what went on.

Someone who really saw what was happening, maybe not empowered to affect any other course of action but was privy to the dynamics of how things transpired.

The demise of COPL is mainly due to:

1 The disastrous decision of Arthur Millholland to fund the acquisition of CUDA with bonds rather than a rights issue when a rights issues was wholly doable at the time.

(what were you thinking Arthur you must realise that you catastrophically shot yourself(and us) in the foot there)

2 Allowing subsequent fund raising to be only through Anavio. No doubt sanctioned by Anavio placed board member(s)

The self serving nature of this parasitic financial arrangement destroyed our ability to raise funds like a normal business.

ALL board members past and previous who went along with this should be ashamed of themselves. You have destroyed the company who you were paid to serve in the best interest of shareholders.

Oil at $84 dollar a barrel at a mere 1000bopd generates $30m revenue per year.

At 2700bopd, which we have achieved with adequate stimulation, grosses nearly $83 m

Is that not a viable business , even with debts of £100m.....I think so.