Canadian Overseas Petrol... Share Discussion Threads

[greatfull dead] 28/8/2020 06:35

Fingers crossed we get 'THE' RNS by 2.30 pm today.

GLA,
GD

[asm5] 24/8/2020 22:35

Yes GD. Ed is an asset to this board!!’

[greatfull dead] 24/8/2020 22:04

ED,

That's what I was trying imply in post 3914.. Your technical description expanded on what I implied in the post.

ATB,
GD

[edgein] 24/8/2020 15:41

GD,

It may be possible that there could be some assets going in shallow waters from the majors like Shoreline picked up from Shell. Not sure what kind of scope COPL could manage in terms of purchasing power without the likes of 226 in production.

Asm,

Why are the majors pulling back from Nigeria? Well most of their assets are multi bn bbl deep water. That's just not that attractive to spend $1bn+ on assets with oil at $45/bbl. Economics are different in those fields compared to 226 at circa 50m water depth. The really huge fields in Nigeria tend to be off the shelf in the deeper waters 1-2000m sea depth. But the majors reluctance to get involved in $1bn+ projects puts more pressure on the Nigerians to get lots of these shallow water discoveries developed. I bet the likes of Shell, Chev and Exxon et al will have marginals that are non-core to them but the same fields could be very core to COPL.

Regards,
Ed.

[greatfull dead] 24/8/2020 14:42

ASM,

I have no idea. Possibly too much oil elsewhere and in the US.

ATB,
GD

[easwarareddy] 24/8/2020 14:30

Getting fed up waiting here. News seems to be a while away. Tempted to sell up and move elsewhere. Our previous news gains seem to have melted away

[asm5] 24/8/2020 13:04

hxxps://punchng.com/nnpc-generates-4-6bn-from-crude-exports-in-13-months/

[asm5] 24/8/2020 10:16

GD/ED
Why would they be selling?

[easwarareddy] 24/8/2020 09:00

Can't believe we've dropped back. Was hoping we'd be at 1p by now.

[greatfull dead] 24/8/2020 08:43

Ed,

I have copied certian parts of the article. One patrt surprised me.

" Fiscal uncertainty has delayed a decision reut.rs/3g28DoM on a multi-billion dollar expansion by Royal Dutch Shell (RDSa.L) and its partners,
while Chevron (CVX.N), Total (TOTF.PA) and ExxonMobil reut.rs/348WfAX (XOM.N) are selling various Nigerian assets.

This especially "Chevron (CVX.N), Total (TOTF.PA) and ExxonMobil reut.rs/348WfAX (XOM.N) are selling various Nigerian assets."

Hoping that COPL may just pick a little up!

ATB,
GD

[edgein] 24/8/2020 08:33

Asm,

As GD said, good find.

"Pumping its oil has historically been hugely profitable", hopefully it'll be even more profitable if Nigeria can get this bill passed. A good time to be picking up marginals or getting 226 drilled.

Regards,
Ed.

[greatfull dead] 24/8/2020 07:33

ASM,

Thank you for posting the link.

It made excellent reading. If some or all the oil reform bill can be achieved very quickly it would be very beneficial to COPL and obviously Nigeria..

Thanks again and ATB,
GD

[edgein] 21/8/2020 08:29

GD,

Very true. They're not exactly an offshore company with lots of experience drilling as you say. If micro caps like ZEN and ADME can get pre-qualified, then a team like AM and co with drilling circa 120 North Sea wells should be a breeze. Maybe we'll hear about that next week. Come on Art are you in or are you out? Hopefully the 226 extension will also be on the way soon too. Perhaps there'll be more info in the MD&A with the results due 31/8/20.

Regards,
Ed.

[greatfull dead] 20/8/2020 20:22

Ed,

Zenith Energy experience in offshore exploration is very limited and I do mean limited. They have submitted a comprehensive technical and commercial offer to the Ministry of Hydrocarbons of the Republic of the Congo for the award of a new 25-year licence in relation to the Tilapia oilfield, to be named “Tilapia II”.

IMO they are novices at offshore exploration. I was invested in them for there Azerbaijan venture which failed and now has been terminated and handed back to Socar. That venture was a total disaster. Fortunately for me I took out my small investment very quickly and lost a very small amount.

COPL with their partners have way more experience than Zenith and surely would again impress the DPR for another opportunity offshore Nigeria and the NNPC finally give the extension of the exploration period under the OPL 226 PSC beyond the current term ending September 30, 2020.

ATB,
GD

[edgein] 20/8/2020 14:44

So we at least know Zen are bidding for a large undeveloped production near term asset, what about you Art, are you just watching or are you as active as your "about the company" statements suggest?

P.S. I'd prefer if you replied via RNS. :)

Regards,
Ed.

[edgein] 20/8/2020 14:41

Comments from ZEN's management today:

Andrea Cattaneo, Chief Executive Officer, commented:

"We are very pleased to have successfully pre-qualified for the 2020 Bid Round with our Nigerian partner. This Bid Round represents an exceptionally rare opportunity for Zenith to acquire at highly advantageous terms, a large, underdeveloped, near-term production asset. This is especially the case in the current low oil price environment.

Further, the near-term production potential of certain assets is expected to facilitate the achievement of financing agreements to support the required acquisition and development costs necessary to restore commercial production from these assets.

I look forward with great enthusiasm to further progressing this opportunity."

Come on Art give us something similar!

COPL have recently finished off most recent news releases with something similar to the following:

"About the Company:

The Company is actively pursuing opportunities in Nigeria and sub-Saharan Africa in partnership with Shoreline Energy International Limited ("Shoreline") as part of its strategy to generate stable cash flow from secure offshore and onshore assets."

Come on Art are you in or out? Don't let Zen and ADME beat you to it, a large undeveloped near-term production asset would put the cat among the pigeons with out low cap.

Regards,
Ed.

[greatfull dead] 20/8/2020 10:23

Ed,

Thank you for the full explanation.

ATB,
GD

[edgein] 20/8/2020 10:16

GD,

Well that was previously the plan. Phase I was to be 3-4 wells drilled from one location, one vertical with at least 2 deviated wells into at least one other fault block. Hopefully once the licence is extended they'll give out a full plan of operations ahead and we'll see what Essar has lined up for us. Also eyes peeled for acquisition(s). Had the 226 not been resolved any acquisition would have most likely constituted a RTO, but not so sure now, depends on what reserves etc would come with any potential marginal field.

Regards,
Ed.

[greatfull dead] 20/8/2020 10:12

Ed,

I do hope they get at least 3 drills done in one year once all the paperwork and approvals have been duly signed.

ATB,
GD

[edgein] 20/8/2020 09:13

GD,

Yes the majority of posters on ADVFN and LSE are the same. But that's a blatant attempt to mislead posters by suggesting that boes and Bopds would be the same. Its different if he had chosen a comparable oil company, and there's a few cheap oil producers out there for sure. COPL are targeting 15% of a potential 6-10,000bopd per well (its all in the presentations). That will give folks an idea of the potential of COPL's planned cluster wells. Will Essar stick to the same well plan, who knows, but if they do we're looking at a cluster well with 3 to 4 production legs (Oilexco style).

Regards,
Ed.

[greatfull dead] 20/8/2020 08:59

Ed,

On the COPL LSE share chat there is as you well know posters that post complete nonsense also some that do not, they make reading the LSE share chat worthwhile. I read LSE share chat forums on all my stocks.

I also post when I have a point to make or disagree with a poster, which is not that often.

ATB,
GD

[edgein] 20/8/2020 08:23

Someone keeps comparing COPL to SDX on the LSE which is complete nonsense! Here's why:

SDX are a gas producer, they do around 5,000boepd, but don't be fooled by that because its gas not oil. 1 boe is around 6mcf. However the price of gas in Egypt is around $1.04 per Mcf, therefore 1 boe of Egyptian gas is around $6/boe. When you compare that to the Nigerian oil price of $45-47/bbl its significantly less. Its the equivalent of 660bopd of Nigerian oil and they're capped at over £30m. If/when Noa-2 is drilled then I'd expect COPL after 90 days to be testing wells higher than their total production (assuming they take up their option of an extra 10% on 226). So in fact due to the fact that Noa-2 is estimated to do more than SDX from a single well it makes these look high potential at just over £20m cap. That's without going into what the 9 compartments of Noa may contain reserves wise.

Regards,
Ed.