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Yes Art should be focused on getting production up and getting the JV across the line
rather than frightening private investors with a potential 1000:1 consolidation.
Yes we know that is not dilution of itself and can be beneficial to attract institutional investors who wont touch stocks
with les than $4 sp (in the U.S), however our current sp of 5.4p at 1000:1 would give an sp of £54
That is way over what would be needed for the benefits, so kind of imply LOTS more fund raising in the future. A 100% placing would give an sp of £27
Well it isn't going to happen any time soon regardless.
Need to start making big in roads into increasing revenue.
I do think this year will be pivotal, and we could well be doing rather well by the end of the year.
3-5000bopd and a JV. What price the sp then?
The proposed consolidation is, in my view, all about preparedness for a NYSE listing.
Got to be good news.
https://finance.yahoo.com/news/5-threshold-trading-strategy-explained-180144123.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAJNhjHc9HG9BfI0St1HXP51gErEwf-0MASTM4mMtGvl5KytLz3PxszzvmmDM1yVEbn_zKkoA0gJEeFmOX3lfWEBjtAI2az9h3kEZSpKS0lQZIpWyywJDgAfMhM85HbR1WuK4n5I35IdQ-nnpXny_P54IEAjaJDBmgbOp2e-wj0bj#:~:text=Stocks%20that%20trade%20below%20%245%20are%20considered%20so%20risky%20that,fall%20below%20the%20%245%20mark.
I think the only option for beleaguered shareholders is , if possible, top up every time there is a bond conversion.
Take the cheap shares from the bondholders cashing out. They are NOT investors. They don't care less about COPL. Their cashing out has no reflection on the merits of the prospects of the business, just churning prophet for them.
The dilution is frustrating, but there has never been a cheaper time to maintain your share of the business.
I've had another top up at 5.5p today.
The way I see it my best option is to get aligned with the bondholders. I have been trying to double my holding.
Almost there.
My plan will be to exit in stages after each of my buy prices has generated an acceptable profit to me.
Well I think we all thought the oil would come out of the ground quicker and easier.
Things don't always work out how you hope.
BUT I do think the oil WILL come out of the ground quicker and easier than has been quite soon.
I am expecting well over 2000bopd when the high pressure pipe is in and a slow ramp up to 5000bopd in the medium term.
Not sure if it IS insider dealing relating to a JV.
They are being paid in shares not dealing them. And also a JV with a large oil company is also already in the public domain.
The name remains behind NDA, however a JV agreement with ANY large oil company would affect the share price.
Mccarthy Tetrault have been representing COPL for many years whether it be a farm in agreement, fund raises via a placing, or sale of assets.
The payment in shares may be an accumulated bill covering various services, notably, relating to some or all recent activity which may or may not include new bond arrangements, RBL, JV.
https://www.mccarthy.ca/en/work/cases/canadian-overseas-petroleum-signs-earn-agreement
https://www.mccarthy.ca/en/work/cases/canadian-overseas-petroleum-closes-c6-million-common-share-offering
https://www.mccarthy.ca/en/work/cases/canadian-overseas-petroleum-sells-80-interest-liberia-block-lb-13-exxonmobil
The last link is particularly interesting/relevant, our old friends...."I know them, they know me"
I don't think pi's selling is keeping the price down. Must be still be some bondholders out here who are happy to sell down to 6p ish and still make money. Pi's are still buying at these prices and the mm's seem happy as they are making a market. !
Who knows how long this will take to play out. BUT at some point I think we may see some big gains.
Tuesday will be interesting.
Last Thursday we had a bit of a first day new tax year ISA buying and maybe a bit of FOMO from a very low SP.
With the reset of the bonds at 6.75p will be interesting to see if we can get past that, OR, will SOME of the bondholders be happy to sell into any rise.
Yep, it's all about getting production up, Everything falls into place after that.
Cash positive, No more dilutiion, RBL, JV. ,,, etc.
Production at 5000bopd, sign the JV and start drilling the fed deep and we are flying.
Yes there are 100's of operators in Wyoming.
BUT from Jiddy's emails with Art we have:
"What is driving our prospective partner is a long term EOR project utilising a substantial CO2 resource they hold in Wyoming."
That narrows the field a bit. What is the shortlist now ??
Be nice to get a bullish and optimistic Ops' update Monday.
Fully funded for near term objectives
Production currently at 1800bopd.
Increase in production planned, resolving high pressure and waxing issues.
Targeting 5000 bopd by end of 2023
JV imminent with First Fed deep well to commence as soon as agreement reached.
RBL imminent