Member Info for SteveV

I think the difficulty in getting any sizable recompense will be proving that the current situation is either

Bad luck( surely not!), Incompetence, Negligence, or Criminal.

Hey Stas, yes it would be comical if it wasn't so serious and destroyed all shareholder value.

"it's not like we are issuing a whole bunch of stock in the market"

Can we get Art on Proactive Investors to explain that one to the shareholders who have lost their life savings?

So prior to the purchase of CUDA Arthur had proposed a bridging loan to allow us to buy CUDA which

would then allow us to get an RBL.

But that didn't happen. Arthur touted the bonds as a great alternative to a bridging loan. A great deal he said. NO it wasn't Arthur !

Is it the case that no RBL lender would entertain a loan when they realised we had got into bed with a convertible bond loan shark. They would know how the sp can be decimated as a consequence which catastrophically effects ones ability to raise decent amounts of cash by other means, like shareholder placements, if/when required.

The bonds have already destroyed shareholder value.

The restructure will be the very last straw.

Nothing left here now....the SL will get their money back. Anavio will make a positive return. Shareholders will lose everything. Hold your head in shame BOD. Destroyed everything you were meant to protect.

If only the BOD had not gone down the Bonds route the SP would not have been decimated, we would have millions of less shares in issue AND we could have raised capital from sensible placings.

Hold your heads in shame BOD. You have destroyed everything you were employed to protect!

WTI currently at $77

33143 monthly is roughly annual revenue of $30.6m

Could we slash costs to the absolute bone and survive at that level.?

If the Georgians renew the PSA then it's game on.

They may well be inclined to do so if they are seeking EU status and aligning with the West/USA.

Plaster, by Barclays trading account is showing last price of 0.2875p

Sorry that was a reply to Baserite not RBM.

However I do have a question for RBM. Are the shareholder group in contact with the JV. Do we know who they are? Has a conversation been had? Why was the JV terminated? Did they make a reasonable offer that we(the BOD and Anavio turned down) ??

Hey RBM, sure things could change, but unlikely.

Our new CEO is there to get the best deal for the SL and bondholders. He has no regard for shareholders.

He will sell all our assets at a discounted rate to pay off the above.

I Think Zak needs a rethink.

The SP is never going above .015p

The BOD and bondholders have destroyed ALL value here.

Since we got into bed with the bondholders(we all knew it was a bad idea even though Art tried to spin it as a great one)

the SP has NEVER gotten above the strike price of bonds or subsequent placings.

The BOD should hold their heads in shame. For Anavio of course it's just business as usual. !

Incompetence, unethical, unlawful......will probably be difficult to prove, and/or gain retribution for it.

I would think 2.5p is cloud cuckoo land.

We suspended around a tenth of that.

We have debt and the PSA has run out.

IF this ever relists then it will quite possibly still leave LTH's with very little value.

IF we can resolve all the legal issues, AND start a new PSA with Georgia, AND borrow a lot more cash, we may survive.

The good news is that Georgia has been handed candidate status with the EU. They are clearly turning their back on Russia and aligning with the West. So maybe they are keen to show they are open to do business with the likes of FRR and will offer some decent incentives.

The original bond deal was the start of a long slippery slope to a bad outcome.

We all knew it but the BOD continued multiple times to go back to the trough of oblivion.

Was it in the best interests of shareholders....NO

Was there any alternative? ...probably yes

What can we do about it?....I don't know.

We knew the bonds were a bad idea from day one. Art tried to PR it as a great deal. (it wasn't)

Subsequent bond issues and raises have been increasing bad, And the last one at .15p really put the nail in the coffin for pi's.

Trouble is, WHAT can we really do about it. ?

So how do we get answers to questions if they WON'T answer any questions !?

What we do need answers to is this from 6th Ost RNS:

"..The company plans to spend over $500,000 on NGL injectant in each of October and November to increase the density of NGL's in the gas injection..."

Did COPL ACTUALLY spend that amount of money on NGL, AND did they inject it all ?

If not why not, and therefore we have been sorely mislead.

If COPL did spend and inject all that NGL, why on earth did it not increase production. !!

Production is the worst it's been for years. We were doing better before the upgraded gas gathering system AND last winters terrible winter weather.

But we have no CEO right now to take accountability because the useless Cowan sloped off after his abysmal and disastrous short term rule. Bit like Liz truss really...Came in totally f**d up then was removed.

I don't actually think the sp will go much lower now.

Probably bobble about between .07p and .14p.

Should trade like that until the restructuring review and closeness to end of Feb.

I hope Art has been been summarily sacked for completely destroying shareholder value.

LTH's have been wiped out and I don't see any way back.

The rest of the BOD are just as bad and seem to have no regard for shareholders. The Anavio .15p placement was always going to be a disaster for shareholders, and so it is. Never going to ever get above .15p now. Anavio have bonds and warrants at .15p.

Every director should be ashamed of themselves. Sure they will hide behind no other options claims, but I don't buy it.

Incompetent lazy management.

We'll never get answers or reasons from them as to why it went so wrong so quickly.

Flava, the placing HAS been agreed at 0.15p. That is what the RNS confirmed.

Lol....That would be a shocker. Art steps in and gives COPL $2.5m AND returns as CEO to sort out why production has been so low AND get it back over 2000bopd !!!!!!