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“First they ignore you. Then they ridicule you. And then they attack you and want to burn you. And then they build monuments to you." Nicholas Klein
We are almost there, hold on!
Ignorant people always want to kick you when you are down,then they disappear when things are going great again,sad,sad,little,individuals, probably still living at home with mummy washing there socks,, we have a huge gas
pressure in the reservour,sand jetting or water cutting is used to cut through 10mm sheet plates,so a little hardened by heat mud shouldnt stand a chance against it,i know this is deep under ground but check out any you tube video of what high pressure water/sand jetting can do.. it can also flush out turds from a blocked 8 inch pipe 100 ft from the toilet.im sure this is just a setback by trying to spend as little as possible, just look at other companys on here with a mountain of dept, continuously raising money from bad management, high interest rates and repayment deadlines with the bod taking large wages for years right up to bankruptcy, this is NOT one of those companys.
Sorry if you still have money in copl, but , check out there debt, bod and wages, this went from 38p 3 yrs ago to 2p last year then i invested a small sum as they had upgraded there low pressure pipes to steel,and now they are in debt,bad management with large wages and a price of 0.05p you could say this is a example of what i just posted,,, alb. to anyone taking a risk on this company,but personally i think its very high risk of bankruptcy , the bod seem to be getting paid ok...... dyor
The gas is still there......
That's the important thing to remember.
The next well should help by giving a better overall picture of what's connected.
The conventional method did not gain the results we hoped for, however it will of helped with the understanding of how best to use the sand jet program.
I have to admit I'm getting nervous but my head says this is still a great investment.
@oldslow judging from this I'd say it's not a very high risk but a foregone conclusion!
Based off the most current cash-flow projections, the Company forecasts that its cash reserves will be fully depleted in the first week of March 2024 and that the Company will require additional funding to be able to continue operations beyond such date. The Company has sought, and so far been unable to obtain, such additional funding.
But that's for the copl BB to discuss.
Seriously i really think you should go back and read the RNS's and do a bit of basic maths.
July 31 2023
Proposed Placing to raise a minimum of £7 million[1]
The net proceeds of the Placing will be used for completion of an extended rigless testing programme for MOU-1, MOU-3 and MOU-4, commencement of CNG development studies and tendering for long lead items, residual MOU-4 well costs and general working capital.
In the event of excess demand, the Company reserves the right to increase the size of the Placing in its sole discretion.
1st August
pleased to announce that the Bookbuild was oversubscribed and it has successfully raised gross proceeds of £10 million, with good new institutional support, pursuant to the Placing.
A total of 90,909,090 new ordinary shares of nil par value ("Ordinary Shares") were placed with investors ("Placing Shares"), at an issue price of 11 pence (the "Placing Price").
7th November
On completion, PRD has paid to CEG US$1 million;
A further US$1 million, due to be paid by PRD to CEG 6 months after the Completion Date, will instead be paid immediately by PRD direct to the MEEI, in part agreed settlement of past dues on the Cory Moruga licence;
And exchange rate 1.218 in November 2023 according to HMRC official figures.
Wanted to raise a minimum of £7m Actually raised £10m to cover
Spent $2m at 1.218 = £1.65m
Excess £8.35m
Required amount £7m therefore we have more than £1.35 over and above what we require.
I would say we were fully funded.
The only other thing is that occasionally it is necessary to prove a negative before moving and that is exactly what the company did and said it would do. No more and no less. Went in proved it as far as necessary and withdrew. I should imagine it was a very cheap drill and certainly NOT £8.35m.
So to reiterate others I would say we are fully funded.
Every so often pays to read RNS's rather than listen to whole load of rubbish that is being spouted.
Ibiza...
I think they were talking about copl not Predator.
@Rob - That's my understanding also.
@Ibiza - I found your assessment useful and should help those not familiar or expert with the finances. Thanks for this.