Canadian Overseas Petrol... Share Discussion Threads

[phurley] 31/12/2020 10:58

The bigger picture is that the Nigerian licence is lost and will not be renewed. Thats why they are striking this deal.

[edgein] 31/12/2020 08:29

Smacker,

Exactly. They needed to prove liquidity and they did so over Christmas! Easy access £6m on demand! Not many companies could do that, especially with 226 being concluded. This was all off the back of the strength of the US assets. Now its very much game on for next month and aiming for completion of the game changer asset. Then they can focus on consolidation of the asset and the African EOR project plus the juicy 226 asset too. COPL has never had a stronger hand than it does now. Onward and upwards.

Regards,
Ed.

[smackeraim] 31/12/2020 02:37

Tell me, how did you expect them to pay for this revenue generating asset? With thin air?He might be magic, but not that magic.

[smackeraim] 31/12/2020 00:15

I agree Edgein. As much as people just see the word "placing", how else was a pre revenue company going to transition to a significant revenue generating one, without stumping up some cash? In time people will see this is a good deal - not long too! $8m in coffers and £18m cap with a bright future, no dusters needed!!

[smcl] 30/12/2020 21:56

Ah shut up phurly - we need positivity.

[phurley] 30/12/2020 21:49

Warrants allow him and cronies to buy at 0.26. I could have stomached it if it was 0.5p - doesnt show any confidence at all doing warrants at 0.26 - its pure greed

[billthebank] 30/12/2020 20:36

Look at those late trades!!! Nearly 3% of the co if its valued at £20M

[justtrying1] 30/12/2020 16:33

Lots of placings too

[edgein] 30/12/2020 16:01

Cap still only £20m with more than $8m in the bank and in the process of landing 31mmboe! Lots of news coming early next year.

Regards,
Ed.

[edgein] 30/12/2020 15:53

Lots and lots of news flow to come.

Regards,
Ed.

[edgein] 30/12/2020 15:52

Good interview from Art:



Again confirming they're after 100% of these assets and can up the injection rate from 5mmcfd to 10mmcfd and are looking to exceed 5,000bopd gross!

Regards,
Ed.

[zxie] 30/12/2020 14:01

More lower next year

[zen12] 30/12/2020 09:35

Placing at 0.2 isn't it not 0.26?

[phurley] 30/12/2020 09:34

Its massive dilution. Its now not quite the bargain it was without the Nigerian licence. This new deal is no 'gamechanger' - the ratification of the licence in Nigeria most definitely is.

[asm5] 30/12/2020 08:58

Ryan Gaffney, CFO, added: "This Placing will allow the Company to progress the Atomic acquisition. We believe it will give confidence to the debt investors COPL has been in discussions with to provide the debt required to complete the transaction. We will now focus our attention to the next phase to completion."

[asm5] 30/12/2020 08:55

The net proceeds from the Placing will be used for the acquisition of Atomic Oil and Gas LLC announced by the Company on December 16, 2020, other expenditures related to the Atomic acquisition, and for general corporate purposes.





Arthur Millholland, President and CEO, commented: "This Placing entered into just before the Holiday period speaks volumes to the quality of the assets we will acquire under the Atomic acquisition. My participation in the Placing along with some new shareholders, and the support of existing shareholders who are well known investors in the Oil and Gas E&P space, some of whom I have known for 20 years, certainly confirms the quality of the opportunity we have entered into."

[phurley] 30/12/2020 08:55

Dilution dilution dilutionAnd wheres the Nigerian licence?Its gone. I am guessing we will soon get an RNS saying to that effect.

[letmepass] 30/12/2020 08:49

Ouch another bod taking every shareholder for granted

[phurley] 30/12/2020 08:44

The warrants to buy at 0.26 within 12 months are hardly inspiring are they? So even if they do rise from here - we still get screwed over. So its rape me now, knowing youre gonna rape me later.

[smcl] 30/12/2020 08:23

Broadly agree Ed. Have 4m although sold a few recently.