· COPL currently estimates the total reservoir volume of the discovery to be 1.5 billion to 1.9 billion Bbl. of Oil in Place ("OIP"), of which 1.275 billion to 1.64 billion Bbl. of OIP underlays COPL lands
Arthur Millholland, President & CEO of COPL, commented
This figure does not take into account oil in place and probable on existing working finds, neither does it include the whole of the finds on copl lands owned 85% that have not been subject to a 3rd party resources report, and why would they, but it’s real enough to make a difference on selling.
AM was very late getting the news out and was likely dealing with our buyer at that time, now we jump through hoops to the finishing line, just like every other huge find by a small cap till everyone is happy.
Personal think that AM is in no huge rush, and if the offer is not as good as it gets then he will just keep going and prove up the finds, and at the same time make money, and at some point this will snowball .
Subject to shareholder approval, Zanaga will issue 286.3 million new Zanaga shares to Glencore Projects to complete the acquisition. This represents a 48% stake. Plus two directors on the Board
So all this means is a change of liability and the company paying the bills. Where is there any extra value here?
To the few who are too lazy or not bothered to find the conclusions of the Scott report, the link is to the COPL website, free for all to read along with other very interesting well-detailed information,
https://www.canoverseas.com/wp-content/uploads/2022/10/COPL-Press-Release-RNS-Final.pdf
With £7k buys. who kidding who
MMs need to take this up to pull out more sellers as I said no free float here all we need now is a sustained Bull run to prove to the market we have faith in what is quite obvious to me a sound investment Just learning to walk.
Going on the last 14 trading days very little free float here, although a lot of day traders. Looking at the trades today it seems the MMs need to take this up to Create a market taking out a lot of the day traders . All looking good from here on and Looking to regain some of the losses were made over the previous six months. His for 22p Friday
Even in a fire Sale COPL would fetch 100 million.
We are nowhere near fair value After having the MM walk this down with the hired help and LSE.
Pis most long term were stung with the bill for there professional fee’s.
Well if people have viewed his last two interviews there’s nothing surprising with these amazing results, coming a little prematurely IMO as they are still restricted slowly slowly catches the big oil .
We will see a sustained increase in oil now to 1st October with the work overs and upgrades to pipe work already underway, and bringing down the gas pressure will alow them to open up the valves safely and get that oil flowing at better rates.
Unbelievable great price to get in at IMO will be £+ before Christmas if these vertical drills go’s well.
maqsood7 There is always the TR1 that must be inbound going on the last week's trading, and would set this BB on fire.
Next week expecting news on RBL and an update from AM on flowing wells. As was hinted in his last proactive interview, he more or less said they were flowing very well till he retracted and said presumed to keep him on the right side of what can be said. His buy-to-day more or less confirms the direction of share price now and is about time.
Interesting day to release news on such a large purchase of shares from AM.
I wonder what is coming tomorrow fingers crossed news of RBL And timeline for the drills.
Good luck or long-term holders