Canadian Overseas Petrol... Share Discussion Threads

[edgein] 22/8/2019 14:08

msk,

Depends on the type of alt f, pure debt would be ideal, a jv with a large funded partner would have been more ideal if it had happened 2 years ago as there would have been less shares in issue and no money worries now. A convertible loan is also an alt f option for these small oilers but that can come with an equity element or warrants. Shorecan will need something like $13m above the $7m bond to get the show on the road imo. That the service financing and the Trafigura facility and they'll be practically home and dry. They're the most common alt f's that I've seen in the past.

They've now bought about 3 months breathing space for the above in some form or another to get delivered or else its another £500k. Hopefully Art will sign it off. Also left of field we could get something that noone ever mentions, the Moz PSC. That could also send these north at a serious rate of knots, that's another excellent asset in a top drawer location.

Regards,
Ed.

[msk7] 22/8/2019 12:48

a snippet from edgein posts earlier(see below).we most likely would have been wiped out or our shareholder value destroyed if company went for alternative finance now....let the pb come and then approvals and then alternative finance.at least we have cash for 3 months now.those trading this stock for the short term can clear off.






Guys these small placing are there to keep the show on the road, believe me the alternative is even less shareholder value if the cash ran out!

[livup967] 22/8/2019 12:37

there you go green as we speak
panic over LOL''

GLA

[livup967] 22/8/2019 12:34

yes MSK7'' 2 true
we are at 0.10p it will bounce around
back and forth but the long term trend is up
a little bit more patience required
here

REGARDS

[msk7] 22/8/2019 11:50

no need to moan about the placing because you can buy at 0.10p same
as the placees.market cap still only £3.2m after placing.just take a chill pill.

[greatfull dead] 22/8/2019 11:13

Security offshore Nigeria.

hxxp://www.nor-shipping.com/nigeria-invites-the-world-to-maritime-security-summit-on-gulf-of-guinea/

Dr Dakuku Peterside, The Director General of the Nigerian Maritime Administration and Safety Agency, (NIMASA)said "Nigerian zone of the Gulf has been become relatively free of security threats and is now relatively safe, a position corroborated by the Norwegian ambassador to Nigeria, Jens-Petter Kjemprud."

hxxps://businessday.ng/news/article/deep-blue-project-to-end-piracy-other-criminality-on-our-waters-amaechi/

GLA,
GD

[dave19w] 22/8/2019 10:59

Madmonkfin there are actually a lot of idle rigs ready stacked or new built all over the world right now so that is the least of our worries. PB needs sorting out ASAP and it should have been done by now.

[asm5] 22/8/2019 10:52

This week, the managing director of NNPC said the company planned to boost national production from below 2 million bpd to 3 million bpd by 2023. For this, Nigeria would need the help of foreign investors, and foreign investors would need assurances that their investments are secure. This is what likely prompted the pipeline security plans of NNPC and NSCDC.

hxxps://oilprice.com/Latest-Energy-News/World-News/Nigeria-Looks-To-Run-Oil-Pipeline-Vandals-Out-Of-Business.html

[madmonkflin] 22/8/2019 09:18

the trouble is having said we probably had an oil rig lined up as part of a deal earlier in the year it's probably gone somewhere else now. and fat chance of getting any drilling done in the next 6 months.

[edgein] 22/8/2019 08:59

Guys these small placing are there to keep the show on the road, believe me the alternative is even less shareholder value if the cash ran out! I've never seen a Nigerian oiler produce news on time so the wait continues. Hopefully progress will be made over the next 2-3 months from this latest 500k. As this is a non-producing small cap the likelihood of further equity at some point in the future is still quite high even alt f may require some element of equity too, convertible loan, attached warrants etc. If it means drilling that potential 253mmbbls recoverable at the first main formation at Noa I'm all on for it. Anything that gets these final stages over the line is a big +. The reason for this placing according to Art is to fund the gap until the progress is in place, if the progess means pb, alt f and service provider/rig contract it imo was a very small price to pay.

Regards,
Ed.

[jamie414] 21/8/2019 22:19

And they don't.
And your point is?

[orangelord] 21/8/2019 22:06

Some people don’t know what they are talking about (I don’t mean on here btw)
You posted that Jamie.

[jamie414] 21/8/2019 21:55

Very disappointing to have another cash call at these levels.
Especially for those that are LTH's.

[smcl] 21/8/2019 18:38

Overall it’s not altogether good news.

Arthur has been poor on the communication front.

Some people claimed close connections particularly on LSE but didn’t predict placing.

Giving away a chunk of the company for small potatoes.

I emailed him but didn’t get the courtesy of a reply.

Caution is warranted- not a cert by any means. It’s a gamble pure and simple. That’s how I am treating it. Pulled 30% of my holding out a few weeks back. Monitoring for now. If nothing happens in a couple of months...

[dave19w] 21/8/2019 17:48

Hard to believe the PB has taken so long. But I suspect it is with NNPC. Once sorted it will all flow.

[greatfull dead] 21/8/2019 16:36

Dipped my toes awhile ago...

GLA,
GD

[edgein] 21/8/2019 16:18

Dave, yeah fingers crossed. This pb has been on the go since April ish so its gotta end somewhere, hopefully in cheers rather than tears. We've got our money where our mouth is though. Not nearly my biggest holding but it would be a tad irritating if Art doesn't do the business here.

Regards,
Ed.

[dave19w] 21/8/2019 16:14

That’s true Ed. It’s standard to drop it to the placing price or thereabouts. I actually read this RNS and was pleased that it wasn’t lower. It’s been trading around this price for a while. And therefore doesn’t feel like a major defeat. Just a holding placing. With the reduced overheads I feel some optimism that it will carry us through the Africa time delays now. Those selling probably are thinking they will buy in cheaper later. They may not get that chance. The news could land before then. And I hope it will. Nothing to panic about yet here. And the potential upside is unrestricted

[edgein] 21/8/2019 15:32

Well often they'll drop share to the issue price regardless of volume. Folks weren't forced to sell below that today, but some threw in the towel regardless.

Regards,
Ed.

[edgein] 21/8/2019 15:31

msk,

Yup, just need that pb for starters then 226 is good to go according to the last numerous RNS releases. Ops can start in earnest which means rig contract and pre-drill alt f should also be a possibility. Fingers crossed, it all starts with the pb.

Regards,
Ed.

[msk7] 21/8/2019 15:29

the market makers have made a killing today buying cheap shares.only £160,000 worth traded.down 23% you could not make it up.

[msk7] 21/8/2019 15:26

Aex market cap is nearly £30m but ours is still £3.2m after todays placing so plenty of mileage left for us.

[edgein] 21/8/2019 15:23

msk,

I know we're main market but we're valued like one on AIM! I was just comparing them to peer group it would be a bit ridiculous to compare it to FTSE listed oilers would it not? Not many other small caps listed on the main market, AEX is about the only one that springs to mind. The most other like for like out there are other companies on AIM.

Yes he does and he's got the assets to do it. Hopefully he'll make some progress on the pb soon.

Regards,
Ed.

[msk7] 21/8/2019 15:15

Edegin we are not on AIM!!
main market we are on.
Art wants this to be a £500m -£750m company..mid tier.
so todays £500,000 placing is peanuts.its traders bailing out expecting alternative finance news.
let them bail out at a loss.