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Shouston - i am not sure if your post was aimed at me but here are the relevant clauses:-

Clause 7.3 Redemption at the Option of the Issuer

Subject to the right of each Bondholder to exercise its Conversion Rights (including within the

Fundamental Change Event Period), on giving not less than 30 days nor more than 45 days’

notice (an “Issuer Optional Redemption Notice”) to Bondholders, the Issuer may redeem in

cash all but not some only of the Bonds on the date (the “Issuer Optional Redemption Date”)

specified in such Issuer Optional Redemption Notice by payment of the Issuer Call Early

Redemption Amount in respect of each Bond outstanding, at any time on or after the date falling

six months after the Issue Date, if the Parity Value on at least 20 dealing days in any period of

30 consecutive dealing days ending not earlier than 7 dealing days prior to the giving of the

relevant Issuer Optional Redemption Notice, in respect of a Bond in the Principal Amount of

US$200,000 shall have exceeded US$260,000 as verified by the Calculation Agent upon

request in writing by the Issuer. The Issuer shall not be able to exercise its right under this

Condition 7.3 at any time prior to the date falling six months after the Issue Date.

Clause 6.1 -Subject to and as provided in these Conditions, the Conversion Right in respect of a Bond may

be exercised, at the option of the holder thereof, at any time subject to any applicable fiscal or

other laws or regulations and as hereinafter provided from (and including) the Issue Date to

(and including) the date falling three Notice Business Days prior to the Maturity Date or, if

such Bond is to be redeemed pursuant to Condition 7.2 or 7.3 prior to the Maturity Date, then

up to (and including) the date falling three Notice Business Days before the date fixed for

redemption thereof pursuant to Condition 7.2 or 7.3, as the case may be, unless there shall be a

default by the Issuer in making payment in respect of such Bond on any such date fixed for

redemption, in which event the Conversion Right shall extend up to (and including) the date on

which the full amount of such payment becomes available for payment and notice of such

availability has been given to Bondholders or, if earlier, the Maturity Date; provided that, in

each case, if such final date for the exercise of Conversion Rights is not a Notice Business Day,

then the period for exercise of Conversion Rights by Bondholders shall end on (and including)

the immediately preceding Notice Business Day.

What you have realise is that COPL signed a Bond Agreement written by the Bondholders which is in the Bondholders favour on each point.

Shouston - i know that you are well meaning. However you are absolutely wrong and Trujack is absolutely correct.

Please read the Bond Agreement which states at clause 7.3 that COPL have to give Bondholders between 30 and 45 days notice of 'Issuer Optional Redemption'. Clause 6.1 then confirms that the Bondholders can convert any time up to 3 days prior to the end of the 30 - 45 day notice period.

Shouston - it is the Conversion Payment (make whole interest) that i am talking about and not the conversion of the Bonds.

I agree that we have not had a recent Bond Conversion RNS or a Bond Payment (interest) RNS. I am expecting the latter before we reach the Q&A session so that all Bond and Interest payments are u to date.

All in my opinion and all opinions are valid.

I agree that it was Anavio who drove the price down to achieve the 2.6p.

However IMO they used the Conversion Payment shares to drive that price down.

You may be correct, but the question then still remains - who has 15% of the Company to enable Anavio to 'borrow' 126m shares?

SHouston - if that was the case why would they buy at 2.7p and sell at 1.8p?

JBER hogging the ask is more likely Anavio selling the Conversion payment shares which became due following Anavios conversion of 18 Bonds in June.

As usual with COPL nothing is transparent and it is all smoke and mirrors.

Hopefully we may get some answers at the Q&A.

I would like an answer to the following question:-

Q. Who were the persons outside Canada to whom Anavio sold 126m shares, which is 15% of the Company, and why have we not seen a TR1?

IMO a quick fix to help listed companies would be to ban Short selling.

The negatives on short selling far out way any perceived benefit.

How can it be right to borrow someone elses property and then to sell it to later buy it back.

It is a money making racket for the 'wise guys' and nothing more.

Whilst we await a JV and production update i thought i would offer a balanced view on the current position without any ramp or de-ramp as follows:-

840m - shares in issue

40m bbl. - 2P reserves (@ £5/bbl. = £200m)

993m bbl. - OIP (@ £0.50/bbl. = £496m)

Carbon Capture - unknown so no value

1200 bopd - current production (unprofitable and therefore a going concern issue)

$35m + interest + 8.5% shares - SCF debt

$10.5m + interest - Hedge debt

$25.4m - Convertible Bonds ( converted at 2.6p = 801m shares)

$35m - Bond Interest (make whole) - (converted at VWAP: @ 2.6p = 1.1B shares)

270m - Warrants ( exercised at payment of 2.6p)

Options on production increase above 2000 bopd (i.e profitable):-

1. RBL - settle the SCF and hedge debt

2. Issue a Cash Payment Notice to pay all future convertible bond interest in cash (reduce dilution)

Options if the JV includes a cash payment over $105m ( BoD to decide best use of funds)

1. Settle the SCF and hedge debt

2. Reach agreement with Anavio and minor bondholders on a settlement figure for Bonds and make whole interest.

Based on the above, in the absence of a JVP putting a figure on CC and BFFDU and the potential dilution, in my opinion the SP = 23p (£696m / 3B shares).

Please amend the above to suit your value of reserves and OIP.

Stas20 - the context is irrelevant. The fact is you referred to it as a 'target' end of.

The more i read your posts the more i am convinced that you exhibit the same personality traits of Art.

Opposites attract and all that.

Please stop digging a hole regarding 'target'.

Stas20 - you also referred to it as a target in your post of 06/10/23 ' the target is quite easily achieved'.

Shouston - one thing we can agree on is

'They IMHO are not seeking to own an oil company, but are willing to molest it continuously until such time as going concern is removed. Which will be when production exceeds 2000bpd. Very soon....

SHouston - please read the Bond Agreement and we will not need this conversation.

There is a clause that states that the BH can convert up to 3 days prior to the Issuer Optional Redemption Date.

We are at the behest of Bondholders and we do not know if they intend to convert or if a deal can be done with them.

I note from the latest Research Note that Hannam & Partners used 2.4B shares when calculating the risked SP.

SHouston - Clause 7.3 Subject to the right of each Bondholder to exercise its Conversion Rights (including within the

Fundamental Change Event Period), on giving not less than 30 days nor more than 45 days’

notice (an “Issuer Optional Redemption Notice”) to Bondholders, the Issuer may redeem in

cash all but not some only of the Bonds on the date (the “Issuer Optional Redemption Date”)

specified in such Issuer Optional Redemption Notice.

Your copy of the clause is incomplete.

Shouston - it is not tosh. Please read the Bond Agreement - I have.

If you are a serious investor you will read it. If not i can copy and paste it for you.

Shouston - for clarity the company has to give the Bondholders between 30 and 45 days notice. The Bondholders can still convert up to 3 days prior to the expiry of that notice period. The SCF and hedge debt has to be paid first. Copl will require around $105m to get rid of the SCF and BH debt.

We have to hope that the JV stumps up in excess of that amount for a share of CC or ultimately CC and BFDU.

NicetoMichu - that has got to be the best post ever. Hilarious

Tiburn - no need for calculations as the company have done them for us.

The recent fund raising takes COPL to the end of Q1 24. Profit will only be realised at or over 2k bpd.

Stas et al, yes my apologies it should have stated end of Q1 24.

The point of the e-mail that you appear to have missed is that there is no spare cash for a horizontal drill.

I am quite capable of reading an RNS thanks but i am not averse to making a typo.

Tiburn - I do not think that they have any spare cash, certainly not for a horizontal drill. COPL have already stated that the recent fund raise takes them up to the end of Q4. That factors in all the cost savings which are only realised on a monthly basis. Copl will only have profits to spend if/when they move above 2k bpd.

IMHO drilling will only happen once a JVP is on board in the form of a free carry,

Apologies should read March 2025 on my last post