Member Info for SteveV

We could have given half of the entire COPL assets(not just Cole Creek) to the JV for, say, only £40million(Mega bargain)

AND we would be in a much better place than where we find ourselves now.

The management of COPL have made a promising company slide into oblivion. Hold your heads in shame. What a bunch of self serving useless individuals.

Well it wouldn't take much to transform the business.

JV for £40m. Pay off the bonds and start pumping huge amount of gas in the fields.

Develop Cole Creek with the JV.

Start drilling the 2 horizontal wells in the Fed deep.

SL happy and renegotiates the loan.

But then we might be BUST in the morning ! Tragic. The incompetence of COPL management is staggering.

Well we must have an RNS tomorrow.

It is either foreclosure by the SL, OR, and extension pending restructuring/financing.

Could go either way really. They won't keep extending by a week indefinitely and will foreclose.

BUT, they must have had some positive feedback from COPL that something might be in the offing to have extended in the first place.

We'll find out soon enough. !

A bond reset at 6.75p with 3.67 billion shares in issue equates to a market cap of £247million.

Is that realistic at this point in time?

Does seem odd that the SL have given us another week. Seems like such a small amount , why bother.

Something must be, at least potentially, in the offing.

Yes, and COPL just need a few million £ to pump a load of NGL into the field to get over 2000 bopd.

You'd think we could interest a serious JV partner to jump in.

We need a resetting of the bonds price and an injection of around £20-30m to get back on an even keel.

Start injecting the right amount of gas and get production to 2000+bopd

WTI currently at $78 per barrel. That would be around $57m annual revenue.

Then we could think about drilling some new wells.

What ever happened to the two horizontal wells of the Fed deep that would be pumping 2000bopd alone !!

I find it hard to believe we can't find another JV partner to get involved.

If Anavio were to reset the bond price as part of a restructuring/fundraising deal at say 6p the share price would respond and they would make a huge amount of profit given how many shares they now own. (probably a lot more than the bonds are worth !!!)

Hey Lagueule, thanks for your advice but I did sell up very recently. At huge loss, like many.

And moving on is not so easy when you have committed the cardinal sin and become emotionally attached to a share and have been invested for several years, especially given the catastrophic downfall that COPL management has allowed to unfold.

Let's face it. It's curtains in 7 days time. We can file for creditor protection, but eventually we will be bust and shareholders will end up with nothing.

Wonder what Anavio are up to. They stand to lose out as well. The SL will probably get their money back with a sale of assets but will Anavio? I hope not because they caused all this. !

The JVP is probably going to get a absolute bargain when they make a low ball offer for Cole Creek.

Our new CEO won't mind as long as it keeps the SL happy. That's what he is there for.

Let's watch the big sell off before close as the day traders exit.

LTH's have been destroyed.

Our new CEO is there to sell off assets to pay off our SL who has called in the loan.

He has no interest in shareholders and will take whatever he can get to pay off the SL

Yes Micky, and the offer will be just enough to pay off the senior lender and the bonds.

The new CEO has no interest in shareholders.

David, when did the sp ever get higher than the last bonds price?

It's the bonds that killed us.

Our new CEO is there to sell assets to pay off the senior lender.

Very little left for shareholders. Got no idea why you are so optimistic unless you are a new entrant at 0.04p

I suspect there may be NO winding up of the company as that is a definite crystalizing of loss event.

Far better to leave LTH's with virtually nothing but continue trading so there is no end event to claim against.

WyBased, yes sure. BUT they kept going back for MORE bonds. Arthur can't have it both ways. ( yes it was a mistake, then we repeated it another 4 times !!!)

They had done a $13m OVERSUBSCIBED book build just several months prior in April. The appetite was there for investors.

BUT no it was the bonds !!!!!

They should have done a huge rights issue to buy CUDA....THEN applied for the RBL to retire the SL and fund growth.

And of course which reputable lender would touch COPL after Arthur and Ryan got us into bed with the convertible bond loan sharks. That was the slippery slope that led us here.