Member Info for Will42

Next question: you have two companies to short. One is £400M and clearly losing money and the other is £40M with finances so murky that you can't figure it out.

Which do you short? The binary small cap or the larger company that you can cover?

Maybe the "lenders" are just front selling the shares and then redeeming them. Which is a direct result of the "lending not a placing honest".

Why would they short a £40M MCAP company? Unless they work for a "no frills" VC fund. The "funding" AM has done is driving the share price down and it's got zero to do with Brown****e Capital shorting the stock.

I am annoyed too but lets get real

I work in drug development and there is no way an antibody therapeutic costs $2000 per course (Sotrovimab) unless they are manufacturing it in a bath tub...

IFN b is on the market as a biosimilar (generic drug) sold by loads of companies and produced in vast quantities. The only difference is the mode of delivery. It will still be more expensive that Paxlovid but will be cheaper than Sotrovimab

First two hours, 3.7M shares churned. 2.1M buys, 1.17M sells and 441K unknowns on SharePad. Price dropping despite 70% of the trades in the first hour being buys...

@LargeGin

Good comparison. JOG has 40M shares with a market cap of £83M, isn't dual listed, and has a decent management team.

Maybe this takes off long term (or Art retires and a new team turn it around), I certainly hope it does but its stinks that all the convertible loans are being dumped on PIs when they didn't get invited to fund the development.

They don't have to take it at £1, they only have to pay 16p in the UK and whatever in the US. If a major wanted this then they'd be buying it up now and maybe having to pay a bit more on the remaining shares.

Would you offer a £1 for something you can buy at 15.5?

Just look at the dilution:

34.8m shares in 2019
48.7m shares in 2020
194.5m shares in 2021
260.3M shares by the end of 2022 assuming there are no more placings

While I believe that the oil is there, I'm starting to question if Art has the skill set to do anything with it. Zephyr has far less reserves but is valued at 2x COPL now. I really hope I'm wrong....

green box chump? COPL paid for my new car

I've been trading this for months; gave up on this being the next TXP a long time ago...

It bottoms, starts to turn up, has a run then stops on a sixpence before a placing or it gets sold mercilessly. Rinse repeat.

Churning out placing shares, warrants, and / or convertible shares.... take your pick

"We remain fortunate to have a strong and supportive equity ownership base." - Art - 19th April 2022

Similar volume yesterday and this moved a huge amount. No large sales today so they must have a lot of stock to clear or there is a large seller being churned??

Don't forget the warrants trigger at 24 from the recent raise. I guess that puts a lid on the upside until they churn out unless it jumps beyond that level in one go

Exactly, I wasn't far off the other day saying this should 3 - 4 bag based on the 38.2 mbbls of 2P @ $4 a barrel in the ground. Unrisked is not important now, 60p is the first goal and then its heading to I3E / JSE size *if* Fed Deep bears out and production continues to grow.

So the risked NAV rose from 54 to 60p and that more than offsets the dilution.....

Refinance to RBL, increase production and drill 3-4 wells per year as per the government mandate to reach 4000 bbl/d and without the Fed Deep this has three bags in it. Once production increases you de-risk reserves to release another bag.

Then there is the fed deep exploration that adds 11p / share now and more later.

All we need now is the new Non-Exec to sort the financing out and Arty to deliver over the next 8 -12 months.

Thanks CharliexGB

Anyone seen the new Hannam & Partners research note? Research tree has it but I can't access it without saying I am a crypto millionaire sophisticated investor...

Obviously he has had enough. Not sure what you expect to gain by asking him; especially if you took the time to read the plethora of posts on COPL that he has written over a long period of time.

His point is: last placing was in early December @ 20p and now, after the large oil discovery, the next one 4 months later is at.... 20p. That is kinda a kick in the nuts isn't it?

I guess the MM's knew the placing price hence the drop to 20

"The Financial Statements are prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. Currently, the Company does not have adequate financing to develop its operations and the Company is pursuing exploration projects and contracts that will require substantial additional financing before they are able to generate positive operating cash flows. Furthermore, as at December 31, 2021 the Company was in default on its senior credit facility as disclosed in note 14 for: (i) failure to meet a liquidity covenant due mainly to an uncollected joint interest receivable from a partner that is in receivership (see note 23b); and (ii) failure to notify the Lender of material events involving the joint interest partner in receivership. Subsequent to December 31, 2021, the Company received a waiver from its lender with respect to the defaults and accordingly has become subject to the terms of the original senior credit facility dated March 16, 2021. There is no assurance that the Company will be able to obtain adequate financing in the future or that such financing will be obtained on terms acceptable to the Company. The Company currently does not have sufficient working capital and cash flows to cover forecasted operating and capital expenditures for the next 12 months."