Canadian Overseas Petrol... Share Discussion Threads

[sportbilly1976] 24/2/2021 10:53

close above 0.3p - yep

technical target now 0.7p, news notwithstanding

[nasarsaddique] 24/2/2021 09:16

Could HSBC be our lender? Or at least one of them?

[sportbilly1976] 24/2/2021 08:17

Nice reaction first thing.

Now this, due (based on comments) by cob tomorrow:

Arthur Millholland, President and CEO, commented : "This loan will facilitate the completion of the Atomic acquisition which will be materially value enhancing to COPL, providing an immediate and growing revenue stream from day one. Crude oil prices have increased by 50% since we entered into the transaction thus enhancing the overall value of the proposition. Working with our new colleagues we plan to accelerate the production profile from the Atomic assets. This represents a step change in the strategic growth opportunities open to COPL and we look to the future with renewed confidence."

Ryan Gaffney, CFO, added: "Approval of the Credit Facility by the Lender's investment committee is a key milestone to completing the Atomic acquisition. The quality of the assets we are acquiring has allowed the Company to attract the debt necessary to complete and we are working with the Lender to complete loan documentation in the coming week."

[edgein] 24/2/2021 07:48

Asm,

Definitely, its the asset and future and the circa $250m NAV of the new assets (close to financial close) that has done the business for them. Cap here is still only circa £30m!

Sport,

Yeah true, yet again not many £30m companies are in the process of acquiring 31mmboe of 2P (only the beginning). Proven developed producing reserves too. Sales tanks, flow limes, gas injection and compression its all there and operational. COPL just need to collect and sell the light sweet crude produced, effective date 1st Dec 2020. Oil price has done rather well since! Onward and upwards, I'm looking forward to the consolidation of the USA asset and the acquisition of the west African EOR too. :)

Regards,
Ed.

[sportbilly1976] 24/2/2021 07:27

Good to see institutional support here...can't be many O&G companies of this size market cap they invest in.

[asm5] 23/2/2021 19:46

Yes Ed.
Great confidence!!!
Not long now.

[edgein] 23/2/2021 18:02

I see HSBC taken around 5%.

Regards,
Ed.

[sportbilly1976] 23/2/2021 11:38

added a few more at 0.304

[billthebank] 23/2/2021 10:49

Extraordinarly. I guess thats cos there are soo many shares in issue? Or maybe its cos AM is full of promise? Who knows.Holding!!

[sportbilly1976] 23/2/2021 10:13

0.305 trades are buys...seems v quiet considering the news imminent

[sportbilly1976] 22/2/2021 12:05

68 mln (delayed reporting) trade just rolled through at .311

[edgein] 19/2/2021 12:19

Bill,

Not long now though:

"Ryan Gaffney, CFO, added: "Approval of the Credit Facility by the Lender's investment committee is a key milestone to completing the Atomic acquisition. The quality of the assets we are acquiring has allowed the Company to attract the debt necessary to complete and we are working with the Lender to complete loan documentation in the coming week."

Regards,
Ed.

[blueblood] 19/2/2021 10:03

So funding agreed and asset purchase should he confirmed next week. Markets not cottoned on to the numbers behind this deal and given current PoO it's a gamechanger for COPL. Looking towards 1p in next few months as initial target.

[billthebank] 18/2/2021 12:46

Disappointing reaction after todays news but at least we are in the 0.3s now

[philjeans] 18/2/2021 10:04

Cheap shares going fast a traders sell and run, and investors BUY for 1p short term target.

Petrol prices going up all over the world!

[ride daice] 18/2/2021 08:07

I'm actually starting to see some daylight at the end of the Liberian tunnel.

[edgein] 18/2/2021 07:33

Yeah chaps, no wonder there was around 8% of the company traded yesterday, gonna be another busy one today too! Loan approved just a little bit of work to do to allow draw down and then off we go with $41m to Atomic. A very material acquisition indeed Art as the oil price is up circa 50% since the deal was arranged. Looking for a busy day. Transformational asset one about to conclude, I'm also looking forward to the next one once the dust settles on the Atomic deal.

Regards,
Ed.

[philjeans] 18/2/2021 07:26

Excellent news!

Back up to 1p before long.

BUY for me,

[edgein] 17/2/2021 13:49

Ride,

The guys involved with this field had quite a bit of debt and Art got them out of a hole. The NOP owes Atomic quite a few million too. Art has been able to refinance the owners of Atomic with the $12.2m placing ($8m paid to earn 15% of the asset) and possibly soon the $60m debt package to get the rest of the Atomic assets. So they'll do quite well from it in the end. Their loss and unfortunate timing/events/covid is our gain and good timing.

Bill,

It looks to be on the verge of a breakout going back to October 20. Hopefully next stop 0.4p.

Regards,
Ed.

[julianw2] 17/2/2021 13:47

Finally started to move up

[billthebank] 17/2/2021 13:43

Starting to pick up again at last!! Hopefully a good day for me with COPL and GDR

[ride daice] 17/2/2021 13:20

I'm wondering whether the fella who sold Atomic is kicking himself now. I guess very few people foresaw that POO would recovery so strongly in the last couple of months.

[ride daice] 17/2/2021 12:57

Thank You.

[edgein] 17/2/2021 12:35

Even though there's lots of shares in issue now they still seem to be fairly tightly held. Some of the last placings were with Arts mates and industry contacts and they'll know that the scale of the Atomic deal makes these very cheap. Cost price of about $2.18 per boe paid, WTI now circa $60/bbl.

Regards,
Ed.