Andrada Mining acquisition elevates the miner to emerging mid-tier status. Watch the video here.
I think, because of the advancement of oil extracting technologies over the last 30 years, hitherto forgotten territories are now being seen as HIGHLY desirable prospects.
In the past you drilled a hole in the ground and if you were very lucky, oils poured out of the ground. If it didn't you abandoned the location and moved on.
Now the science of oil in the ground discoveries has moved on. More of a case of "there is definitely oil down there, but it's a lot more tricky to extract, AND how do we best get it out.?"
Exxon abandoned the COPL owned fields many, many years ago.
BUT they, or someone like them with the resources to make it happen are now are hoping to come back for more. !!
Could be a good year for COPL !!!
If the interested party "want the lot" and the Proposed JV negotiations are "hugely complicated"
you might think it would be a no brainer for them to prefer a full takeover. (then it's NOT complicated , and they got the lot. )
I do think the JV is key to our success otherwise we may carry on limping along, no doubt more fundraising at the cost of shareholders until we finally achieve cash flow positive.
A JV announcement would be transformative. Not just the influx of new investment and resources BUT the validation that what we have is commercially desirable to a major operator.
Why is it taking so long, what is holding it up, what sort of deal are we going to get offered, is it definitely going to happen??? Too many questions as the SP slides further.
Yep, the trend would seem to be favouring us. Low cost, on shore....
And also, how much EVEN LESS emissions if one uses captured CO2 to extract the oil then bury the CO2 underground.
What you need is a company with a load of oil underground that has geology that is conducive to carbon capture storage.
Hmmmm. Nice.
can't believe that post currently has 4 rec's !
the disingenuous posts are the worst whereby the poster would love buy in cheaper.
so, you are waiting for sub 1p. then what you gonna do ? buy at £4million market cap and start ramping.?
you **** the company off but are actually looking to buy in cheap. ? feeble, morally repugnant, self serving posting.
You sometimes have to be careful what you wish for.
Getting rid of the board might sound like a good idea to some.
I think a new management team would have little regard for losses of shareholders prior to them taking charge.
They would probably do a strategic revue and conclude COPL is way undercapitalised and saddled with debt, and so do a massive debt right off/ financial restructuring diluting existing shareholders to almost nothing.
I remember it very well at GKP. And they had shedloads of oil. !!
Hey Brel, That is what Kathy told me to re: 1000:1
But it does sound a bit lame.
If COPL had said something along the lines of..." Our medium term plans are to list on a US market to attract US investors. We plan to change our name to align with that and the fact that all our operations are based in US. To list there and attract US investors we will need to consolidate the current SP up to a maximum of 100:1.."
I think a lot of us would be congratulating COPL .
But we are being asked to vote for consolidation at 1000:1 .........to deter shorters and traders !!!!!
We know COPL is high risk.
It is going to fly or die. Take your choice and stop moaning.
"....Discussions with a large oil company who approached the Company regarding the exploitation of its Frontier oil resources are continuing with current focus on commercial terms. These discussions, as well as the identity of the party involved, will remain confidential until their disclosure is appropriate by agreement. Substantial additional technical evaluation has been undertaken during this period, which has led to a better understanding, and increased confidence, of this resource...."
Speel, the JV is still very much on the agenda. If you look at the short term operational objectives on Sedar.com
The Company's short-term operations will focus on:
• continuing and increasing production of its Wyoming assets;
• further developing the facilities to handle gas injection and increased production capacity at the BFSU;
• recompleting up to 6 existing cased wells in the Cole Creek Frontier 1 sands to increase oil production;
• drilling new wells in the BFSU and the CCU areas;
• establishing a joint venture with a large oil company with operations in Wyoming to appraise and develop
the Company's deep oil discovery;
• refinancing the Senior Credit Facility ("SCF") to reduce the Company's cost of capital (see "Capital
Resources and Liquidity – Indebtedness"); and
• maintaining the Company's environmental, social and governance ("ESG") operating credentials.
For what its's worth, I had a reply from Kathy yesterday.
Seems like the rebranding and consolidation is in preparation for a possible US listing.
U.S. investors love investing in US companies.
Any consolidation will be to achieve that objective....which will NOT require 1000:1
I think things could be looking promising for COPL.
BUT why did they have to shoot themselves in the foot by saying 1000:1
Could have easily said 100:1....for the time being.
Maybe it was a typo and they are too embarrassed to admit it .....lol
All COPL had to do to allay shareholder concerns was to request something a lot les than 1000:1. But they didn't and it has worried a lot of people, which suggests how out of touch with market reactions to what they say is.
IF they had made a statement saying they were requesting 100:1 and the reasons being were to go for a possible US listing AND also attract institutional investors AND potential future fundraising we would all have been congratulating them. SP would have taken off.
They could always opt for more consolidation in the future if they really needed it rather than propose such a huge one right now.
"....They looking to trade on senior US exchange and want share above $1.Will also make it more difficult for short sellers to f--k with share price..."
Great, all for that.
BUT why 1000:1. Current sp of 5.5p at 1000:1 is £55. 100:1 would be more than adequate at £5.50
I do think the the 1000:1 is a mis-step by COPL if Art thinks he can get that by investors by suggesting that they are not "savvy " enough to appreciate the benefits.
We are not stupid. We know consolidation is not dilution on the face of it. BUT the scale of the potential consolidation would only be necessary IF major refinancing is being considered.
A statement by the company would be very much appreciated to clarify the position.
Are we getting the RBL, are we getting the JV, OR are we getting another huge fund raising to send LTH's into oblivion.
The traders in the short term will be simply tracking the converting bondholders I would imagine.
Buy in the low 5's and sell anything around 6.5p.
Those converting will dry up soon, or eventually, and of course we hopefully have VERY good news to come, probably before the AGM at the end of the month. If I was Art I would be working very hard to get the JV signed off before then.