RE: Senior Debt Re-Finance Update08 Aug 2022 19:36
When It comes to warrants, placings and bonds, I take whatever they say with a pinch of salt. The steel piping for me was a ready made excuse for further delays. I’m braced for more of them, my hope in the meantime is that they can increase production so it’s an easier pill to swallow, spend a dollar to make 2 as Art said.
RE: Senior Debt Re-Finance Update08 Aug 2022 19:18
“Target borrowing base of $50 million to $60 million”
How much is the current debt? I hope a revolver facility that Tiburn discussed is in addition to the “borrowing base” otherwise more placings will be needed or production numbers will need ramping up to fund further wells.
Let’s hope it’s the latter. Q3 report will be interesting, I can see the sp kicking around these depressing levels until then.
After today, I’m further convinced the remit here for Art is to get a dozen wells flowing to attract an offer from a major next year. In my view, I think his main aim is to prove the potential rather than exploiting it. I don’t buy all that tube casing excuses, this is classic stalling tactics to buy a bit more time and manage expectations short term. It will be interesting to see if we can finally get to that magical 5000bbls per day figure by end of year, he sounded bullish on the production at least increasing from here now in which is reassuring. Finally, Art seems to look better every time I see him, which I take as another positive, he doesn’t look stressed to the hilt…then again COPL is affording him a very luxurious lifestyle so we have to factor that in. Will try and switch off until Christmas, I suggest others do the same as Groundhog Day ain’t good for your health. Spread the wealth Art!
RE: MMs are reading this board laughing all the way to the bank08 Aug 2022 13:12
@Shouston - you’ve managed to look the man in the eye so if you’re still confident then that’s a positive for me. Was hoping for a steady rise up to 30-40p this month but I’ve dampened my expectations after recent activity, it’s like a big oil tanker on the turn.
London, United Kingdom; Calgary, Canada: August 8, 2022 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona Counties, Wyoming, USA, has issued 9,995,002 common shares pursuant to a conversion of $2,000,000 principal of 2025 Bonds and 5,895,000 common shares to its financial adviser and brokers in connection with its Convertible Bond financing.
Applications will be made to the FCA for these shares to be admitted to the Official List and to the London Stock Exchange for the Placing Shares to be admitted to trading on the London Stock Exchange's main market for listed securities within the next twelve months, in accordance with Listing Rule 14.3.4. Following these share issues the Company has a total of 260,339,466 Common Shares issued and outstanding. There are no Common Shares held in treasury and therefore the total number of voting rights in the Company is 260,339,466. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
The Company has also granted broker warrants exercisable over 5,895,000 common shares at an exercise price of 16.75 pence per share and expiring 90 days from 26 July 2022.