Member Info for Unnd

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

SHouston - if it is the Senior Lender then that is good news.

The SL has already converted the Hedge to a £10.5m debt +interest to be repaid March 2024.

The SL will be an 'insider' with regards to the JV as they will have to give their consent to the JV.

Tiburn - that is a good balanced post without the rose tinted glasses :)

Doug - it was simply a purchase of Bonds. Anavio did not purchase shares. What is hard to understand.

Doug - it was a purchase of Bonds and not shares.

Doug - that is a purchase of Bonds and not shares ! Thats how simple it is.

Pilot - if a conversion is classed as a purchase then the highest price that Anavio have converted at is 6.75p ( i think with the exchange rate at the time it was 6.3p). That would then be the base for any offer.

Doug - just read the RNS of 03/01/2023 and no shares were bought by Anavio ?

Mafee is correct under the the actual Bond Instrument, COPL have to give the Bondholders not less than 30 days notice which is the 'Issuer Optional Redemption Notice.

Anavio only have to make an offer based on their highest price that they paid in the last 12 months.

The only shares that Anavio have purchased are the recent placing shares at 2.6p. A conversion is not a purchase.

What we all need to understand is that Anavio have 2 Board members and 15% of shares at present and therefore they will have an influence on if/when the Bonds can be redeemed by COPL.

Mafee is absolutely correct in what he states.

The Bondholders hold the upper hand and they can convert at any time under the terms of the Bond agreement. Notwithstanding that they are in complete control with their men on the Board and 15% of shares following today's placing.

Any calculation of the SP has to take into account a minimum of 1.5B shares and in all probability 2B. That is not including the 'make whole' interest if converted into shares. The only hope is that an agreement is made with the Anavio to pay the 'make whole' interest in cash (circa $35m) to limit the share count to the above.

Simmo - absolute agree.

The previous RNS was posted to UK shareholders at 7am on the LSE and therefore before 6th October is today albeit they have a long stop date of tomorrow. Anavio are a UK based company and so i expect the timelines to be uk based.

COPL now need to show the market that they deliver on time unlike the previous administration,

F1 - I agree that giving guidance is a double edged sword, however I think it is time that the BOD nail their colours to the mast. The Q3 production figures should be confirmed, as they will know them now, and guidance given for Q4 and Q1 2024. That guidance could be, for example, in excess of 1500 bopd Q4 and in excess of 2000bopd Q1. Projected figures must have been given to Anavio for them to agree to further funding. IMO it is time that shareholders were privy to similar information.

FF - I certainly hope it is tomorrow afternoon at latest to put any uncertainty in the market to rest.

With regards to future guidance the RNS stated 'The Company is focused on delivering production results in Q4 2023 and, further guidance will be provided as appropriate'. I am hoping that that guidance will be issued immediately following the completion of funding.

I expect that the CEO will provide a comprehensive Production and Operations update shortly.

However that update is likely to follow the completion of the committed funding RNS.

Until the funding is complete the CEO cannot commit to any short terms plans or spending commitments, such is COPL's precarious financial position due to the past CEO.

The point is consistency from the BOD.

Under promise and over deliver.

The CEO will not be tweaking the GGS.

COPL need to get their act together and act professionally.

If there was doubt about the date of closing the finance then they should have stated early October and hopefully bring it in early.

The market is all about perception and COPL need to move up a gear.

Anyway we do have the rest of today for the RNS and WOGCC update,

Deadgrateful - of course i know that i am a shareholder.

The production results will be known by COPL, the end of the month deadline is only set by WOGCC for publication on the website and does not mean it has to be the last day of the month.

An RNS will be due on completion of funding and issue of the 70M shares as it is a material matter.

COPL certainly like shooting themselves in the foot.

Where are the August production results

Where is the RNS to close out the financing.

The market does not like delays or perceived delays.

It works on the principle of 'if its good news then get it out early'

Rant over from a very disappointed shareholder.

Fastfood - with regards to your scenario it may be flawed as Anavio only need to offer the highest price that they have paid over the last 12 months and not the highest SP in 12 months.

As another aside for others - if a fire sale occurred, which it won't IMO, then please remember that we owe the SL circa $40m and the Bondholders circa $55m and they are both in the queue ahead of shareholders.

My feed shows that there were no trades in the last 30 mins of trading - unusual or something wrong with my feed?