Member Info for SteveV

IF it is the case that a lender scuppered the JV then I presume it must have been the SL rather than Anavio.

Having their loan secured on the assets means that if JV acquired a big chunk then there are obviously less assets.

I also presume the JV wasn't offering enough to clear the SL debt.

What is galling is that even if we mange to get some kind of fair value such that after the debt has been paid shareholders

are left with something we have to share that with the now 3.5 BILLION shares in issue that Anavio have created.

Did CUDA shareholders get anything when we bought them...No.

The primary function of out new CEO is to get the SL their money back.

That is ALL he is interested in. No wonder he is giving short shrift to communications. Just a distraction in his eyes no doubt.

And of course our new CEO is glossing all over this.

Just wants a quick sale for his paymasters. Shareholders ...Nil.

Arthur told us Anavio were our "Cornerstone lender "

You'd kinda think that meant, Solid, dependable, got our backs......NOT shorting the company into oblivion !!

And the icing on the cake is :

Because of the bonds no serious RBL would touch us.

Maybe the JV turned their backs for the same reason. Who wants to JV with a penniless partner whose debtor is grinding your SP into the ground!

It shocking !!

A rights issue to buy CUDA would have been snapped up by shareholders.

We would be investing in more proven assets.

No need for the bonds. Arthur you have ruined shareholders.

Yep, the bonds was definitely an unconscionable contract.

As soon as Art signed the first round of bonds we were doomed.

There were other options available. He did exactly the opposite of what a CEO is there for. Protect and create wealth for shareholders.

I wonder if Anavio have made ALL their money back and profit already and don't really care about the outcome.?

The money men usually win out and the shareholders lose !!!

Our CEO is only there to sell off the assets. He has no interest in shareholders.

The SL only want to get their money back.

You can guarantee they will accept any low ball offer that which expediate that end.

Shareholders will get nothing.

"During October and November of 2023, the COPL Group had increased its purchase

of injectant to over $500,000 per month (more than double September’s expenditure),

but any corresponding increases in production and revenue were minimal, far below

expectations and accordingly, did not merit continuing because they were outweighed

by increased oilfield costs"

Claiming they did buy all the gas and pump it in.

What do we make of that !!

Yes Boldly, by which time there will be nothing left.

Yes Harry that is what our CEO is there for.

He was appointed on behalf of the SL. They only want their money back. They don't care about anything else.

Whilst the CAG take about legal action it is all getting done and dusted before our eyes. There will be nothing left to argue about.

"Anavio already had their money back and some.

They don’t care...."

So nothing to stop them resetting the bond price and allowing a substantial placement to kickstart 2500bopd production !

Thanks Sharebel, yes of course I know we are not in administration. Yes I have DONE MY OWN RESEARCH thankyou very much.

I am fully aware of our current circumstance. I just have a less optimistic view on a good outcome than you seem to do.

What do you think the bondholders may do next , if anything ?

Sharebel we are in a severely distressed state. That usually means assets get flogged off at no where near fair value.

We picked up CUDA on the cheap because they were in administration.

Ironic isn't it . Buying CUDA was what sowed the seeds of our destruction. A short term bridging loan needed that was replaced with the first bond deal. The rest is history!

You would think the bondholders would be agreeable to some sort of deal.

They are at serious risk of losing all the bonds. OK, so with their trashing of the SP by converting and forward selling interest payments they may be already in profit.

But regardless they have nothing to lose now and quite bit to gain by resetting the bonds at a much higher price so as to allow new money via a placing to come in.

We can't raise any cash with the sp where it's at and that is mainly down to the bonds.

When todays RNS said "The Company believes there is little prospect for a return to shareholders or bond holders",

maybe that was signalling to bondholders. You're gonna lose out big time unless you come to the table with something positive.

I think it's down to the bondholders now.

I really don' think so.

Our interim CEO is there to ensure the SL get their money back.

The fact that the RNS clearly states that shareholders and bondholders will likely receive nothing suggests that he will happily take a low ball offer to achieve that outcome.

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

Sure we can sue. That WIL take years to achieve any outcome.

Is it not best for CAG to be engaging in discussion with COPL as to how we can make a rescue package work!

E.g.

An immediate resetting of the bonds price to , say 4p with an agreement that they don't convert for 12months

A shareholder placement at 4p to raise 20-30million

Immediate resumption of enough gas to get production to 2500bopd

Resumption of JV talks with ANY interested parties

SL to agree to 6 months grace period whilst the above happens

Now that Anavio have successfully destroyed the SP and shareholder value, AND because they also now own a big chunk of COPL it seems to me that it is in their interests to reset the bond price to a much high level as part of a restructuring.

The SL finally got fed up with their antics and called in the loan. Administration is not good for Anavio because they risk losing out if a low ball offer comes in that only pays off the SL.

But some kind of restructuring involving a new input of cash to kick start gas injection AND a reset of the bonds price would probably make substantially more money for Anavio than they are owed on the outstanding bonds.

So from Anavios perspective, and of course every other stakeholder much better COPL to thrive from now on.!

BUT of course, come Monday morning we may be BUST !