Member Info for thechinaman

‘Hannam & Partners had the opportunity to visit COPL's assets in Wyoming in late March and met with some of the key personnel responsible for the operations. In this note we describe the learnings and updated development plans, analyse the updated reserves report and we factor in the impact of the recent financings. Our major takeaways are that COPL’s early stage, high quality oil assets have significant resource potential to be unlocked, which have been held ……’

While EVR may well be able to provide the unaudited accounts with an appropriate disclaimer, I suspect staying under the radar trumps providing shareholders with some comfort that all is well. If EVR is in rude health, despite sanctions, as appears to be the case across a number of Russian sectors, and in EVR NA, shoving that in the face of the UK government could just inflame matters. Personally, I think the board is playing a blinder and I’m happy to wait for a return to some semblance of ‘normality’, whatever that mythical creature is!

GL

TC

Didn’t think my enquiry would elicit this much heat! Thanks for the replies and for the link, NandL.

In desperation, I am going to infer the lack of effort to maintain the COPL website is cos management are confident there won’t be a need for one soon ie company soon to be sold!

GL all

TC

Thanks, D. I’ll admit stupidity and defeat as I have read through all the RNSs listed on LSE and COPL’s website from Jan 23 forwards and found nowt.

Cheers

Hi. Confused.com. Is there an AGM/EGM imminent? Looked on the COPL website but can’t find anything. I’m sure there was discussion on here a little while back about proposed name change and share consolidation. Apologies in advance if I’ve missed something obvious.

TC

Hi. Am I missing something? I’m with Jarvis and went to the trade screen to sell a small amount but screen tells me I have no shares. The only “COPL” tag recognised has “(post rev split)” after the company name.

Anyone had similar?

TC

Not happy, TBH. Consolidation of 1000:1 simply bakes in the loss I’m making, with my average of 15p against current sp ie 66% underwater. If consolidated to £55, the new sp would have to increase to £160 + per share for me to break even. Likely? Comparison to the current share price of big boys like Exxon and Continental simply confirms for me that COPL’s sp would go nowhere (why would it rise to 3x that of its JVP?) - hence why I fear the sp would be baked in at = of 5.5p in current, pre consolidated, terms.
Apologies if I have misunderstood and would value comments.

Have a good bank hol’
TC

Close to 600k spent buying shares - and I’m to believe the company’s worthless? On yer bike. Hold for gold; follow the money; etc etc.
Patience.

GLAH
TC

When will March oil production figures be released, folks?

Happy Easter, all
TC

BB, are you referring to the 1,135,500 trade just after 5 pm on Friday? If so, I think someone reminded us of the ‘tidying up’ that the MMs/trading platforms do around that time in the day. No expert - just observing.

Fingers crossed for a positive update this coming week.

TC

Hmmm. 300,000+ Vs 60,000 average shares traded. Interesting.

Hmmm. But did 4D have 1,700 bopd and rising (I hope!), and a 1 billion barrel oip resource? Or was it just another pharma trying to ride the covid wave with a promise of a panacea for all ills? Cash is king, I guess.
TC

I see mw828282’s post @ 11.02 today has been buried - I’d strongly suggest folk read it. I had the same journey with EUA, the same weird price action, probably the same crew ****ging it off when the stock was less than 1/2p. I stuck with it and sold at 23-30p. Putin eventually stuck a spanner in the works but even now the sp is many times what it was when it was held down by the MMs. Lots of similarities here. Patience the key… and lots of whisky!
GLAH
TC

So, why are you posting here if the company is not to your liking? For someone who is clearly so bright, surely this is a waste of your time, effort and talents? Ah, but you do have an agenda, don’t you? Scum. Filtered.

Apologies for my ignorance but would someone explain in simple terms the ‘common shares’ referenced in the latest RNS (at 20.28) ‘Prospectus Approval and Admission’. I do not understand the numbers:
“The Prospectus has been approved in connection with an application to be made shortly for the admission (the “New Shares Admission”) to the standard listing segment of the Official List, and to trading on the London Stock Exchange’s main market for listed securities of 113,589,348 common shares of no par value in the capital of the Company (the “New Shares”) that have been issued since December 2021. The New Shares Admission is expected to become effective at 8:00 am (London time) on or around 7 February 2023.

“The Company has a total of 277,858,812 common shares issued and outstanding including the New Shares. There are no Common Shares held in treasury and therefore the total number of voting rights in the Company is 277,858,812. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.“
And so is there already a buyer or is that to be determined as is the price per share.
Apologies if this has already been covered by folk.
TC

Rereading the RNS, it is the latter section, on Financial Initiatives that is pertinent and suggests to me that while acknowledging the risk re the covenants is a requirement, mitigating actions are in hand.
The most significant risk is the stance of the bond holders as they could well call in the debt if the covenant is deemed as having been breached.
However, I think the main prize, the JV, is worth hanging around for so bought some more.
We make our own decision to buy or sell but I’d urge folk not to be spooked by the “I was just passing and noticed the world is going to fall on your head” brigade.

Good luck all holders, whatever your next move.

TC

Anyone care to translate all of this detail into what this could mean for the sp? Sorry but I bought with the oil in mind but the takeover looks to be far more complex than my simple brain can manage!

GLAH
TC

Excellent summary and analysis, AJEP.
The comfort I take is from the activities of the trolls. That they work so hard suggests to me an organised attempt to suppress fair value for a third party. Announcing the billion barrel find back in early 2021 attracted the attention of that third party and set certain wheels in motion, in my view.
Looking fwd to seeing the figures you allude to.
Patience is key here, definitely.

GLAH
TC

Unnd, really helpful note. Just to tweak the comparison a little, Surge En is a Canadian co and the purchase was of resources in Canada and I presume the figures quoted are in C$?
Re the resource bought ie not the production, 400mbb oip but only 14% retrieval rate ie projecting 56mbb effectively being bought. COPL has approx 1bn bb with a retrieval rate over 25%(?) ie 250 mbb.
Hence, for me, the t/o price is more likely to be $750m+ and reflect resource that can be extracted not current / nr term production so upwards of 110p increasing as more is proved up/known about the resource.
No doubt my logic is awry but worth a discussion!

GLAH
TC

Thanks, Carwell. This article makes for good reading albeit reflecting COPL’s announcements.
Summarises the many positives, and the references to the timings a reminder that volumes are very likely to grow significantly towards Xmas given the ongoing work started in October.

Patience required but I suspect not for much longer.

TC