Member Info for TicoR

That's us into the second year of suspension.........absolute sh * t show..........and not one word from those in control.

Edgein
I was only trying to emphasise the huge difference in risk v reward.......picked 30% from fresh air ..........nothing else :)

take my chances.........worst case 30 % drop........versus best case 5000% increase...:)

Well as we know they have worked with Exxon Mobil before therefore it's a reasonable shout and did Art not mention......."we have worked with them before"........or something similar along those lines..........I could be wrong........
not back checked that.

..........."They are very keen as they did approach us rather than the other way around."................what's not to like about that statement................and as for bonds.....IMO.......they will be called in or converted..........gone / dust / nomore.........as this ascends to true value......:)

writing off my investment :(

small top up again today...........I keep reading............." Due diligence is being conducted by a large oil company with respect to a possible Joint Venture on the Company's deep oil discovery."..................risk v reward has been weighted heavily onto the latter IMO.........bring it on.....:)

at my COPL investment I like to keep the maths simple.
1 billion barrels over 40 years........25 million barrels per year.......68500 barrels per day........6 wells we know will be producing 400 barrels per day each.........another 118 sites for wells identified.......124 x 400 = 27387 barrels per day......which is 40% recovery of 1 billion barrels. Even if we half that and say 20% recovery.......13693 barrels per day.........over a 40 year life cycle......just shy of 200 million barrels....at £5 a barrel profit that's a billion quid. Now I am quite sure the big oil player whoever it is has abetter understanding of the maths than me............but the carrot is there for all to see IMO

£7.53 sounds great.........but I will settle for two quid CoP next Monday.........seeing I never got it last Monday..........:)

that......posting flushed out the problem..:)

just my device or are all posts after 11.54 this morning gone ?

Agreed.........I switched off for a long time as it got quite demoralising........however never sold any, topped up small amounts here and there and now excited again as we seem to be close to a major rerate......good luck to you and all others who have been here a long time........:)

Too right Shaa.........big payday coming over the hill........and it's a monsta!!!!

If JV drops today it will be way more than the high 30s........christ we have been at 80s on less........ If it drops today £2 by end of play Monday..... AIMO...........:))

From what I can gather the interest is 13% per annum plus 0.75% per quarter therefore 16% although I maybe wrong with that.
Point is why would bondholders sell, as they have two paths to increasing their investment.
The interest they accrue up to the point of conversion.
The appreciation in SP as and when they decide to convert within the specified timeframe.

The only reason I can think for them selling is that they hold additional stock and are shorting ?

"Essentially, convertible bonds are corporate bonds that can be converted by the holder into the common stock of the issuing company. As the name implies, a convertible bond gives the holder the option to convert or exchange it for a predetermined number of shares in the issuing company.
When issued, they act just like regular corporate bonds, albeit with a slightly lower interest rate.Because convertibles can be changed into stock and, thus, benefit from a rise in the price of the underlying stock, companies offer lower yields on convertibles. If the stock performs poorly, there is no conversion and an investor is stuck with the bond's sub-par return—below what a non-convertible corporate bond would get.
As always, there is a tradeoff between risk and return.Companies issue convertible bonds or debentures for two main reasons. The first is to lower the coupon rate on debt. Investors will generally accept a lower coupon rate on a convertible bond, compared with the coupon rate on an otherwise identical regular bond, because of its conversion feature.
This enables the issuer to save on interest expenses, which can be substantial in the case of a large bond issue.The second reason is to delay dilution. Raising capital through issuing convertible bonds rather than equity allows the issuer to delay dilution to its equity holders. A company may be in a situation wherein it prefers to issue a debt security in the medium-term—partly since interest expense is tax-deductible—but is comfortable with dilution over the longer term because it expects its net income and share price to grow substantially over this time frame. In this case, it can force conversion at the higher share price, assuming the stock has indeed risen past that level. It is important to remember that convertible bonds closely follow the underlying share price. The exception occurs when the share price goes down substantially. In this case, at the time of the bond's maturity, bondholders would receive no less than the par value.
One downside of convertible bonds is that the issuing company has the right to call the bonds. In other words, the company has the right to forcibly convert them. Forced conversion usually occurs when the price of the stock is higher than the amount it would be if the bond were redeemed. Alternatively, it may also occur at the bond's call date."
Interestingly both Tesla and Twitter raised funds through convertible bonds.........:)

Convertible Bonds
The Company financed the Cuda Acquisition with proceeds from the issue of two series of convertible bonds
with a principal amount of $12.6 million maturing in 2024 (the "2024 Bonds") and $12.6 million maturing in
2025 (the "2025 Bonds" and collectively, the "Bonds") at an issue price of 78%, or $19.7 million. The Bonds are
anchored by a long-term, UK-based institutional shareholder (the "Lead Investor") and other institutional
investors (all investors collectively, "Bondholders"). This instrument is structured to accommodate the
implementation of a planned Reserve Based Loan ("RBL") facility. The Bonds have a 13.0% interest rate per
annum in cash and will increase by 0.75% each three months until the Company gives notice to the Bondholders
that it shall pay all interest coupons in cash. Interest will decrease by 2.0% per annum, and no further quarterly
increases will apply from such time as the Company provides a notice that it will henceforth pay interest and
make whole payments in cash. The Bonds have a conversion price of £0.1675 ($0.2001) per Common Share,
which is subject to adjustments including a reset to £0.1325 ($0.1583) if, among other things, an RBL is not
secured five months from the issue date, or on the twelfth month anniversary of the issue date of the Bonds.
Warrants expiring 30 months from the issue date were issued to the Bondholders, providing for the right to acquire
an aggregate number of 54,792,590 Common Shares at an exercise price of £0.1675 ($0.2001). In connection
with the issue of Bonds, the Company paid a brokers' fee of approximately $1.2 million that was agreed to be
payable in Common Shares at the same conversion rate as stipulated in Bond Instruments. Accordingly, a total of
5,895,000 Common Shares were issued to the brokers on August 9, 2022. In addition, the Company also issued
5,895,000 Common Share purchase warrants ("July 2022 Brokers' Warrants") to the brokers, as additional
compensation. Each July 2022 Brokers' Warrant entitles the holder thereof to purchase one Common Share of the
Company at an exercise price of £0.1675 ($0.2001) per Common Share on or before October 24, 2022. A tap
feature to increase the Bonds allows the Company to draw further development funds, should it require, with the
aim of increasing production or for future drilling plans subject to mutual agreement with the Lead Investor.

This lot could not run a minodge........don't know why I entrusted them with my hard earned.......that's us into the 12th month of suspension......shambolic

century.......
50% recoverable of 1b barrels at a ridiculously low ball price $2 per barrel
$1b
$3.7 per share
£3.30 per share
That would do me ...........:)

The communication is awful..........I emailed GCG yesterday expressing my frustration however doubt I will get any response..........can only hope we can exit this without too much damage !