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Simple examples and reasons for the above, given here. Hopefully reduces the amount of disagreements on the subject. BTW to the person who stated that 90% of people here are thick, how is it you refer to COPL as an AIM company? (And you have for 2 yrs!)
This will be an equity consolidation, probably. Only a certain amount of COPL may end up in the new company perhaps not necessarily all of it. Though as the RNS stated a new company name and not ANOTHER company, for the JV i presume COPL will cease to exist. It could be an exceptionally good opportunity for existing LTHs with COPL finally not hampered with great debts to recoup losses. I would think anybody with a very high average might seize the chance. The oil is there its not going anywhere. CARPE DIEM
Posted here by someone. I think a very gd read.
https://www.griproom.com/fun/10-signs-your-company-is-about-to-be-acquired
If a CEO is guilty of incompetence, misre
presentation or lying deliberately, he or she must surely be subject to some kind of penalty. Perhaps the price is heading towards .0005 p and would need a 10000:1 consolidated to bring it back to 5p
Is the registered office in Canada still - YES
Are the operations in Canada NO
Are they overseas i.e. USA & Nigeria - YES
Are we still in the petroleum business - YES
Hence CANADIAN OVERSEAS PETROLEUM.
Presumably then we are going to be told about a very significant change to the companies business we do not know anything about yet.
However the circular states ¨The Company believes that the Name Change is in the best interests of the Company in order to reflect current business activities of the Company. ¨
NOTE it says CURRENT. Not FUTURE. So what has changed then?
AM has mentioned previously, that a t/o had similarities with a placing. i.e. was dilutive. I believe he has a leaning to go it alone. That would mean a RBL. And a long time. Better rewards keeping the pie to yourself. Letting different suitors put their best bids on the table is one would think the best strategy. Its a complicated equation. April we will find out the components in the equation. Although AM is no spring chicken, his strategy may have been all along that he is prepared to go it alone unless a very, very good offer is made.
Only thing that matters in the oil/money world is PPP: The 3Ps stand for proven, probable, and possible reserves. The oil industry breaks unproven reserves into two segments: those based on geological and engineering estimates from established sources (probable) and those that are less likely to be extracted due to financial or technical difficulties (possible).
Looks like the SL is confident of COPL having a bright 40 Yrs. ahead of it, and rightly wants to maintain good relations with an eye on future business. Other than short term cash flow problems, which is the SLs bread and butter, all is OK i reckon. Its in their own interests to keep COPL going. Bon Voyage!
I posted this about a yr. ago. (See below) We are now in that crucial end game period. We now hopefully get a JV at a reasonable price (They probably become majority shareholder) ART will possibly build in some kind of future proofing for existing shareholders. Who knows where the oil price will be in coming years. Last yrs. post:
Since March this year, COPL has rightly concentrated on financing. It is a complicated and crucial time for any company developing a large oilfield. The field development and financing have to run concurrently, and personally i think the board at present are doing a good job. The complexity of the technicalities of the oil business make it a risky business , anyway, without the complexities of the money markets. Risk/reward ratios for COPL must be a nightmare to judge, but i do believe by next March/April we should be sitting pretty.
https://cowboystatedaily.com/2023/02/21/don-day-wyoming-weather-forecast-tuesday-february-21-2023/
Conman or brilliant businessman?
https://www.youtube.com/watch?v=KDarcuitfRo
Since March this year, COPL has rightly concentrated on financing. It is a complicated and crucial time for any company developing a large oilfield. The field development and financing have to run concurrently, and personally i think the board at present are doing a good job. The complexity of the technicalities of the oil business make it a risky business , anyway, without the complexities of the money markets. Risk/reward ratios for COPL must be a nightmare to judge, but i do believe by next March/April we should be sitting pretty.