Canadian Overseas Petrol... Share Discussion Threads

[smcl] 25/4/2019 15:22

Bloe- who knows - it’s all a guessing game don’t you know. Who’s an expert on the Market? Don’t know about you but I’m not.

Let’s hope for good things!!

[phoenix equity] 25/4/2019 15:18

In for some more on that shake.

[bloewillblow1] 25/4/2019 15:18

Edgin Why should this be 20-30m without any oil??? bLOE is 28m mcap and is producing already Dnt be stupid Company has potential like RMP has potential but we all know how that wentThis one could soon follow suit

[smcl] 25/4/2019 15:09

Thanks Ed that’s good material.

[edgein] 25/4/2019 14:43

Smcl,

This one should be £20-30m ahead of these wells, perhaps higher if they secure that $100m service financing as suggested above. There may still be part equity even though Art is suggesting other routes in those interviews (he's got more of these than any of us). So won't really want to dilute himself either. If all is in place and they're about to spud these I could see 1-2p here (that's if we don't get more shares/dilution). Of course if the 3-4 wells come in as expected that's 40% of up to 24-40,000bopd, even 25% of that is a material amount of production to COPL. They need these wells to do a mimimum of 6,000bopd total to get the Trafigura funding above. 40% of the maximum expected flow rates is well into mid cap status, that would be 16,000bopd net. That's the perfect result, but things in this sector or on AIM are rarely that. I'd be over the moon for the 4 to do 6,000-10,000bopd total. They did after all get Trafigura interested in the potential oil for export, that alone suggests they're interested in the possible size of this project. If Art somehow manages to pull this off it'll go down in AIM history as legendary status. A long way to go yet, we're still barely scratchin £3m.

Regards,
Ed.

[smcl] 25/4/2019 14:30

Thanks Ed. How far would you see this going on significant news? I see 1-1.5p within weeks. Only my opinion - NAI.

[edgein] 25/4/2019 14:27

For anyone who doesn't know who Trafigura are here's a little info for you:

They're one of the worlds biggest commodity trading companies.

CEO: Jeremy Weir
Headquarters: Amsterdam, Netherlands
Revenue: 180.7 billion USD (2018)

Regards,
Ed.

[edgein] 25/4/2019 14:24

Remember this:

"30 July 2018

Canadian Overseas Petroleum

Receives Project Financing Term Sheet for Nigerian Development Project

Calgary, Canada, July 30, 2018 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: TSX-V) & (COPL: LSE), an international oil and gas exploration and development company, is pleased to announced that its 50% owned joint venture company, Shoreline Canadian Overseas Petroleum Development Corporation ("ShoreCan"), has received and agreed to a project financing and offtake agreement term sheet (the "Term Sheet"), providing for a minimum US$30 million to a maximum of US$50 million Senior Secured Facility (the "Facility"), for investment by ShoreCan into its 80% owned affiliate Essar Exploration and Production Limited (Nigeria) ("Essar Nigeria") from The Mauritius Commercial Bank Limited ("MCB") and Trafigura PTE Ltd. (Trafigura").

The Facility would provide funding for all production related expenditures following the drilling and testing of the initial production well to be drilled by Essar Nigeria on its 100% contracted interest in OPL226, which is located in shallow to mid-water offshore Nigeria. Drawing on the Facility is contingent on among other things:

-- An additional US$20 million to US$33 million of funding from ShoreCan;

-- US$100 million funding from an offshore oil services group ("Service Provider") to deliver the project;

-- A minimum of 6,000 bbl./d production rate averaged over 20 days;
-- The execution of a formal definitive binding agreement between the parties"

Regards,
Ed.

[smcl] 25/4/2019 14:23

Ed- there is no doubt it’s exciting times.

As they so often say ‘ Timing is everything’. I feel for those LTH’s who deservedly need good news. Hopefully it is now.

Your posts display a deep knowledge and balanced intelligent point of view. They are appreciated. Thanks again.

[edgein] 25/4/2019 14:18

Smcl,

You're welcome fella, exciting times for sure. From those interviews Art expects us to move forward into the drilling phase and suggested the market hadn't recognised the progress made to date. The fact that they got Trafigura in on the offtake is a clue about the scale of this project, that and the full field development potentially taking 29 wells. I cannot see anther AIM oiler that matches this for upside vs current valuation. Market was pricing this one as if it wasn't gonna happen, recent interviews suggest otherwise. I cannot see Shoreline having a problem securing that rig after the LoI nor an issue for Shoreline/COPL (Shorecan) getting this bond away. Lets hope we all see that mid-cap that Art hopes for. He did after all turn OIL into a multi bn $ company with a remarkable North Sea strike rate of around 75% (which included their exploration wells as well as all those appraisal, something like 120 wells). He's got his tech team here with him too.

Regards,
Ed.

[smcl] 25/4/2019 14:10

Agree Ed - have a reasonable holding from some time now. Hopefully it’s our time...thanks for note

[edgein] 25/4/2019 13:56

Smcl,

Given the assets here and its now starting to look like progress is being made it was massively oversold. Likely be a much larger cap as it approaches drilling, still only valued at just over £3m which is insane if they get the funding to drill those 4 wells. Vendor/service financing is similar to what SRSP are suggesting they'll use too. At just over £3m its not risk free, but upside looks significantly greater than downside that's for sure. Noa structure is massive.

Regards,
Ed.

[smcl] 25/4/2019 13:22

Of course it’s risky but what if....it comes in with good or great news!!

It’s a punt....

[phoenix equity] 25/4/2019 13:12

Bought 10m at 0.13p

[bloewillblow1] 25/4/2019 12:59

Will be more red by end of day A pump and dump scam operated by twitter crews and gangs They organise their entry and then ramp then exit before ramping the next one Cnt you thicko see it

[bobaxe1] 25/4/2019 12:23

Going blue

[edgein] 25/4/2019 09:15

Bill,

Yes, it'll be interesting to hear who the rig owners are and who the service provider is. Sounds like Art has more to say once the performance bond is in place and they can get started with the work.

Regards,
Ed.

[nicky21] 25/4/2019 09:15

its only profit taking going on and a tree shake by MMs.

[bloewillblow1] 25/4/2019 09:13

Soon red before collapse

[edgein] 25/4/2019 09:02

Bill,

Yes and from the recent interview Art has said the bulk of the funding will come from the service provider (as yet undisclosed, we'll likely know who that is if/when its signed off). SLB are providing hundreds of millions to the development in the adjoining block right next to NOA. Once they get the final elements of the funding in place that may lead into the funding arranged with the bank and Trafigura for the next part of the development. Sounds like the performance bond arranged between COPL/Shoreline and the Nigerian bank will kick things off.

Regards,
Ed.

[billthebank] 25/4/2019 08:57

THIS IS WHAT I LIKE

In March the Company's Nigerian Affiliate signed a non-binding letter of intent with an offshore drilling contractor for a new build high spec jack-up drilling rig. The rig is currently undergoing testing and final inspections before its acceptance by the contractor. Successful completion of these tests is one of the Affiliates' conditions in moving forward in the contracting process.

SHOULDNT BE TOO LONG TO WAIT!!

[nicky21] 25/4/2019 08:48

looks like big buyer in background.the big sells are being easily absorbed.

[herb clark] 25/4/2019 08:47

Are buys showing as sells?

[billthebank] 25/4/2019 08:46

In March the Company's Nigerian Affiliate signed a non-binding letter of intent with an offshore drilling contractor for a new build high spec jack-up drilling rig. The rig is currently undergoing testing and final inspections before its acceptance by the contractor. Successful completion of these tests is one of the Affiliates' conditions in moving forward in the contracting process.