Canadian Overseas Petrol... Share Discussion Threads

[mr roper] 23/11/2016 09:27

The Lung, there is always the possibility that the spud happens in November and Xom inform us in mid December. As I say, they pretty much do what they want regardless.

[thelung] 23/11/2016 09:15

effiert, not sure ADVFN needs spammed with COPL....

[thelung] 23/11/2016 08:59

Me too and your realism is well placed, but I'm at a loss to understand why there wouldn't be a Nov spud given what we know. Hey ho, it will happen when it happens, as you say.

[mr roper] 23/11/2016 08:55

TheLung, XOM are masters at doing whatever they want and telling no one about it. Until an RNS drops confirming Spud the rest is just guesswork and I've seen that go badly many, many times..

[ride daice] 23/11/2016 08:50

Where is the mini cruise ship ?

[ayesha4] 23/11/2016 08:38

Coiled spring mate....

[thelung] 23/11/2016 08:38

Mr Roper, I hear your realism, but why would Exxon have West Saturn on site for 11 days prior to spud? A supply ship pulled alongside 4 days ago.

[ccr1958] 23/11/2016 08:32

Yes 'imminently' like in the next week or so !

[ayesha4] 23/11/2016 08:28

Mr RoperMy understanding after talking with their PR yesterday is that Exxon had West Saturn til 8th December and decided to move it now early and extend the contract. The new contract runs from 8th December til end January but they already had it and plan to drill imminently once all supplies are on site.

[effiert] 23/11/2016 08:26

You guys ought to look at the last few posts at COPL. Spudding soon and could have an extra 2 free drills carried by EXXON. COPL already have two free drills in the pipeline one of which is spudding in the next week

[ccr1958] 23/11/2016 08:25

We will know when they are spudding the share price will be a lot nearer 15p imo..

[blueblood] 23/11/2016 07:53

What is the $value of the free carry? Oh my lord 4 free drills is game changer!

[mr roper] 23/11/2016 07:51

yes..makes a change from the posters on the board who assume that because a ship is within 200km of Liberia they must have spud and are drilling...

[effiert] 23/11/2016 07:48

Errr Mr Roper decemeber is a week away!! Spud is around first week of decemeber!!

Will only build from here

[mr roper] 23/11/2016 07:44

I'm not expecting a spud rns until December..earlier would be nice though.

[effiert] 23/11/2016 07:32

Looks like we could get an extra 2 drills free carry at these rates.. imagine 4 drills free carried here. £££;£

Time to smell the coffee and load up here before it really starts to run away

[ayesha4] 23/11/2016 07:19

COPL‏ @COPLinvestor
Seadrill announced their contract for Liberia drilling.

[westmoreland lad] 22/11/2016 21:49

Sigora -- I was in PANr from 18p. They took 3 chuffing years to crack the code and did. The odds of success for their 1st well were less than 20% ( track record )

SOU similar odds -- ask Steelwatch. Many thanks to him I got back in at 17.8p

RD -- You'll be welcomed at PVR bb - great folk but sadly all limping just now !

[effiert] 22/11/2016 21:37

Fund Manager Warren Irvine has not seen a Higher-Octane More awesome risk/reward situation then this in 30 YEARS!!


WI: There is Canadian Overseas Petroleum Ltd. (XOP:TSX.V). I've been in the business 30 years, and I have never seen a higher-octane, more awesome risk/reward situation than this one.

"The market cap for Canadian Overseas Petroleum is sub-CA$20M, yet it would participate in a well of which it would own 17%, and Exxon is prepared to spend $120M drilling it."
The company managed to obtain Block 13 in offshore Liberia, a very lucrative oil block. Millholland put his technical team on this project, and they found that the targets on the block are quite extraordinary. It is exciting enough that Exxon Mobil Corp. (XOM:NYSE) paid $130 million ($130M) to get involved in the project and, in addition, agreed to spend $120M to drill the first few wells. It's a very strong stamp of approval, Exxon moving forward with this project and deciding to partner with a very small junior. Generally, juniors don't operate in the offshore realm, so Canadian Overseas Petroleum is rare in that respect. Exxon was prepared to drill the initial wells about two-and-a-half years ago when the outbreak of Ebola in Liberia took place, and Exxon shut down its offices in Monrovia. We've basically been delayed two-and-a-half to three years. Exxon mentioned in a press release late last year it looked as if it was prepared to drill the well in late 2016/early 2017.

3

The market cap for Canadian Overseas Petroleum is sub-CA$20M, yet it would participate in a well of which it would own 17%, and Exxon is prepared to spend $120M drilling it. What's exciting is the reserve engineers are indicating that if there is oil found in the target areas, the expected recoverable number of barrels net to Canadian Overseas Petroleum is half a billion barrels, worth in today's market about US$2.5 billion. So a company trading at less than CA$20M, if successful, could be trading at multiple billions of dollars in market cap, or several dollars per share. The important thing to note here is that even in this terrible time with respect to oil exploration, Exxon is still keen to move forward.

TGR: This is offshore drilling. How long does it take to do that drilling and to get the results?

WI: It would take several months to drill the first hole. If a discovery is made, there will also be certain production tests that Exxon will need to do. Then once that is completed, there's also a follow-up No. 2 target. So the news will not stop. There are lots of exciting and interesting things happening.

[ayesha4] 22/11/2016 21:25

Still see this at 20p pre target depth.

[effiert] 22/11/2016 21:22

donmac101
Posts: 492


Spoke with company PR yellow jersey today. confirmed there would be rns release on spud .Shouldnt be long now.With rig costs so low this is a no brainer.Biggest drill in a decade fill your boots time.

[ride daice] 22/11/2016 21:22

Seeking alpha quoting that day rates reach absolute bottom.

"West Saturn got a one-well contract with Exxon Mobil (NYSE:XOM). The rig will work from December 2016 to January 2017 at a dayrate of $225,000. The previous dayrate for the rig was $634,000, but this was the dayrate negotiated at the peak for offshore drilling industry. The 65% discount from the peak level is consistent with what we have seen so far."

How much is our carry worth :-)

[ayesha4] 22/11/2016 21:03

Amazing that this hasnt raced ahead. Im extremely confident that it still will.

[richardhewson] 22/11/2016 20:40

Confirmation now on the Seadrill website that West Saturn is on contract to Exxon in Liberia until Jan 17 at a rate of $225k per day.
The drill must be turning now!