Share Name Share Symbol Market Type Share ISIN Share Description
Canadian Overseas Petroleum Limited LSE:COPL London Ordinary Share CA13643D1078 COM SHS NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  -0.005 -1.22% 0.405 61,986,818 12:32:48
Bid Price Offer Price High Price Low Price Open Price
0.40 0.41 0.42 0.405 0.41
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -4.92 20
Last Trade Time Trade Type Trade Size Trade Price Currency
13:46:16 O 95,611 0.409 GBX

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Date Time Title Posts
10/8/202008:33*****Canadian Overseas Petroleum*****3,832
09/8/202011:28◄ CANADIAN OVERSEAS PETROLEUM ►4,160
21/7/202007:30BUY 8,546
20/7/202023:54SELL COPL113
04/12/201900:53*****Canadian Overseas Petroleum***** TARGET 0P ADMINISTRATION LOOMS8

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Canadian Overseas Petrol... Daily Update: Canadian Overseas Petroleum Limited is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker COPL. The last closing price for Canadian Overseas Petrol... was 0.41p.
Canadian Overseas Petroleum Limited has a 4 week average price of 0.29p and a 12 week average price of 0.03p.
The 1 year high share price is 0.59p while the 1 year low share price is currently 0.03p.
There are currently 4,817,503,698 shares in issue and the average daily traded volume is 351,862,230 shares. The market capitalisation of Canadian Overseas Petroleum Limited is £19,510,889.98.
9tintin: Edgein I guess you were not around to praise Arthur at the time of the ExxonMobil fiasco (2016) I still hold my shares from then - but have lost a hell of a lot of money due to a certain Mr Millholland!! Share price for COPL then ,,,,,,,,,,,,,,,,,,10p !!! We live and learn. tintin
edgein: Hopefully Art will do an interview with proactive or LSE soon as he could do with promoting these transformational events. Also an intriguing question to ask would be about their current and active acquisition strategy with Shoreline. Are they Shoreline's tech partner for the Nigerian marginal field bid round? That also fits in with the option of acquisition at low or no upfront costs as it'll mainly be based on agreed future spend on the asset. We know that Art's plan here is to become a mid cap producer, he did more than that at Oilexco through their seismic interpretation. I held OIL as they drilled Brenda and Nicol fields. They weren't a traditional trapping mechanism in the North Sea, they were subtle stratigraphic, not like the large 4 way anticline of Anyala/Noa. He had a great tech dept that identified those targets for OIL and gave them a 75% strike rate. They have a very similar tech team at COPL, that's what makes this one very exciting. As a result he sent OIL from about CAD$25m to several $bn market cap until RBS pulled the plug. Art will be determined to right that wronng and that's the main reason I'm holding this until at least phase I of the drilling and perhaps beyond. Just imagine what a new Nigerian marginal would do to our share price/market cap let alone free carried drilling on 226. Regards, Ed.
kcowe: Courtesy skittish Lse . To me the whole point of the court proceedings issued by Essar on 6th April 2020 was to snaffle the entire licence in April/May through COPL being unable to defend the proceedings/perform the contract because they were cashless, whilst there was still time, at that point in time, for Essar get the licence extended for their sole benefit prior to end September 2020. That opportunity has now long since passed, and after COPL obtained an offer of £2M financing on 30th April 2020 Essar knew COPL could then drag out the court proceedings beyond the licence renewal date thus undermining the whole objective of Essars proceedings. At that date Essar knew that the licence would expire without being renewed, unless the parties could come to an agreement prior which could be put to the Nigerian authorities in order to obtain an extension. It is noticeable that in the annual results RNS of 13th May 2020 COPL did not refer at all to the Essar proceedings, although the parties were obviously in negotiation - maybe to say anything would have jeopardised the situation. Agreement with Essar was announced on 4th June 2020, subject to legals and licence extension. The proceedings, although now deferred, were a one shot chance - Essar couldn't pull it off - so resurrecting those now would serve no purpose - COPL has little money, but can drag out the proceedings beyond the licence expiry date if they were to be activated again. So "the deal" - which is actually agreed - is the only game in town now for both parties, and has been for quite a while now. It is that deal or the licence expires on 30th September 2020 and both lose everything at OPL226. That AM was quite effusive in the RNS of 21st July 2020 - ""With the commercial terms settled in the agreement in principal, the legal language over a number of agreements has largely been agreed upon. Both parties continue to work amicably towards completion and have agreed to extend the backstop date for two weeks, but we both hope this will be wrapped up earlier than that. We continue to look forward to the future working relationship with Essar to unlock the potential of OPL 226."" is important. Contrast that with 13-5-20 when they were still negotiating and AM said nothing - suggest all is now still good in working relationship terms. The deal is agreed, legals "largely" (legal speak) agreed upon - just could be the odd dotted "i" here and there - suggests to me that it is only the licence extension outstanding - and that is beyond the direct means of the parties to influence - "we both hope this will be wrapped up earlier than that". Maybe licence renewal delayed by the 2020 licencing round - pre qualification extended several times? The "big buying" 10 days ago and share price strength following 3 placings suggests that all is still well (to me) bar getting the licence extended so happy here for it to take as long as they need. We'll get news one way or another by 5th August
easwarareddy: Hi just an update.... i emailed cathy again.. much better response. I said...Hi CathyThe recent second placing seems to have totally stopped any rise in the share price.  If anything now its below placing price.  Like i said at the time,  i just felt it was unnecessary and at the wrong time,  especially when share price was only beginning to recover from the last placing.  Hopefully our ceo will release some big news soon to kick start the share price and offer value to holders including himself. ......................Reply from cathy:Hi Yes I am expecting some good things to happen but the timing is always difficult to pin down. Kind Regards, Cathy HumeChief Executive Officer
easwarareddy: I emailed cathy regarding some of the concerns expressed on this board of another placing and the effects it had albeit temporary on share price. ReplyWhile we appreciate hearing from shareholders, it appears that you have not observed that Mr. Millholland is one of our largest shareholders so he, of all investors, is very aware of share dilution. He has participated in a significant way on virtually all placements, some of which were at prices between 5 and 50 cents. I encourage you to study insider purchases prior to pointing fingers to the person who has the most to loose, our CEO. It is your opinion, and perhaps that of a few shareholders, that trust has been eroded.  Our shareholders buy and sell shares to suit their personal objectives. We have never asked you to buy shares for example. This was your decision, not COPL's. Kind Regards, Cathy HumeChief Executive Officer
pwhite73: easwarareddy With its joint venture partner Shoreline and the dispute with Essar settled COPL had become an investment stock. The more so given its highly prospective oil licences in Nigeria. This is why every man and his dog was scrambling for the stock last week. This indiscriminate and value destructive placing arranged on a Sunday has moved COPL from an investment stock back to a trading stock. This is why a buy at 0.32p makes sense. What you fail to understand is that in one fell swoop they destroyed the confidence small private investors had in the company. Recovery back to the 40s is not a matter of days its a matter of weeks. What they done will also have a deleterious effect on the share price when any progress news is made in Nigeria. Small investors won't hold they'll scarper with their meagre profits. When is the next 0.30p placing will be the question on everybody's lips? I don't think you appreciate just how serious their actions over the weekend were in terms of undermining investor confidence.
pwhite73: easwarareddy - "Oh so its badly managed but if share price goes to 30 then your buying?" The company is not badly managed if it goes to 30. It is small shareholders that are badly treated given they only had a similar placing less than two weeks ago and the price has climbed since then. The company is still the same and the prospects remain the same its just that as a small PI I can make more money if I wait for the share price to drop back to the placing price of 30 which it will.
edgein: Bill, The share price will eventually catch up with events. Around the start of the year we didn't know where the cash was coming from and Essar were threatening to take them to court over $63m in back costs. Now that's been resolved and we have a funding that could result in little to no dilution as it would only start being paid back 6 months after first draw down. A lot has happened in the last couple of weeks let alone the next 6 months. Essar and COPL need to get their skates on too, no sitting on hands anymore. Licence expires in October, I could see another 6 months extension to that easy given the covid-19 situation since March. So we can imo look forward to the next few months. As operator its up to Essar now to sort out that performance bond and get these wells drilled. Even at 5% free carried that's potentially 300-500bopd per well and about 12-15mmbbls at the P50 for two of the Noa formations (6000ft, 7000ft). So clearly the 15% net option could be as much as 900-1500bopd per well to COPL and we're currently at around £4m cap. We haven't even started to re-rate yet if COPL can clear the way through to drilling. Then we have the same team on Noa that were involved with OIL and its unmatched 75% drill success rate in the NS (out of around 120 wells). That's pretty much why I got myself fully loaded before the Essar situation reached agreement. There's a lot needs to happen now in the near term but the ball is firmly in Essar's court now to get it done. Imo Rosneft/Trafigura won't want to lose 226. So still happy to hold these for the next 3-4 wells, whatever Noa phase I turns out to be. Will be interesting to see where the share price goes in the mean time given our current cap. Regards, Ed.
edgein: Good to see this alternative to the £2m financing as it potentially entirely removes that large dilution. Last deal was positive in that COPL also shared in the benefits of a rising share price. This time though its low interest on only £600k that can be potentially paid back from another small placing or potentially cash flow/alternative developmental finance (if Noa-2 is successful). The next placing could be well in excess of 1p now that there is no immediate threat of dilution. I bet Art is thinking the share price will be much higher by the time this new small financing is due to be repaid. Again Art is flexible and moving as things progress towards first oil, didn't stay with the first deal and just getting in enough cash on the current deal. Regards, Ed.
mrmark1: The License is a production sharing contract or PSC. Essar Nigeria is the contractor and NNPC is the concessionaire. This license is a sole risk contract meaning NNPC has no right of back in. The fiscal terms of the License are standard for the water depth. Once oil flow over 10,000 bbl/d is demonstrated, it is converted to a OML, or oil mining license. I've noticed a lot of chat about the license but it's not accurate and gossip. Yes the company should be alleviating these fears with PR and confirmations but the license is in good order. COPL need to drill at least one well by October 2020. Simply put the company needs to complete the project finance and with it a CLN to support the plc costs. If that happens we all know the liquidity and fall in COPL share price and will be on the radar of a very wide audience. I'm buying slowly into weak selling between 1.5-3m m/c. Good luck
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