Canadian Overseas Petrol... Share Discussion Threads

[phalen] 06/6/2017 08:38

From LSE a round up of the AGM........

XOP
-Art had just flown in to town and was heading back to Switzerland to deal with Nigeria financing
-Will not be consolidating shares (push back from large Canadian institutional holder to not do)
-Financing has effectively closed
-Latest funding was oversubscribed. Could have obtained $6M pounds.
-Might consider doing a Canadian Offering
-Other things going on which Art could not discuss which has prevented Management and Board from buying on the open market.
-They are "blacked out"

Nigeria
-Deal with Essar is done and ministerial consent cannot be withheld. Will take a bit more time but will not delay progress.
-Will not be equity funded
-Engaged Cofarco(Zeus) in January
-Currently have a proposal in front of them from service company for $30M. XOP does not like terms of deal
-Curently looking at other proposals
-In talks with oil trading group
-COPL has large Nigeria data room that has been generating some interest
-Looking to wrap up in July with funds available in September
-Nigeria could be potentially worth more net to XOP than Liberia would have been if succesful.
-Have identified rig currently in Cameroon, 2.5 years old, that is "hot stacked"
-Oil revenue will stay offshore and thus not access Nigerian banking system.
-No issue getting money out of Nigeria
-First five years tax free (pioneer status)
-Then 35% tax

Liberia
-Decision will be made by August 25th
-Still going over seismic
-thought the risk would be a gas discovery
-believe that they can accurately map the sands they encountered.
-First drill cost just over $60M. Unlikely to get funds back from $120 if no second drill
-Art feels that Exxon most likely WILL NOT go back to Liberia for a second drill given what they have spent already ($250M)
-If this is the case, COPL would get 100% of the block.
-COPL has been in talks with government to discuss other options with what could be done if Exxon bail
-Have exchanged well data with other operator up and down coast of Africa
-Couldn't hear who he said had just drilled a well similar to the Liberia well for $20M. Rig rates have dropped significantly.

[ronjoe77] 01/6/2017 11:54

this is going to .5p...don't think so this is going to the wall,it will be suspended and it won't come back....

[phoenix equity] 31/5/2017 08:57

Big 2.5 mil sell

[deanroberthunt] 26/5/2017 07:36

He never had a private jet, had a Jag though.

[ultra capital] 25/5/2017 13:08

Is Arthur's surname 'daley' !!

[deanroberthunt] 25/5/2017 13:03

don't think he'll manage a private jet for 3.3m, maybe he can borrow Lewis's

[deanroberthunt] 25/5/2017 10:11

1/2p coming sooner than even I thought, maybe lower?

[deanroberthunt] 25/5/2017 10:11

he's got form...

[deanroberthunt] 25/5/2017 08:24

and Arthur buying £100k is pocket change to him, if he'd bought £1m, then one could consider that a decent amount of skin in the game...

[deanroberthunt] 25/5/2017 08:06

it'll get to 0.5p, always does

[phoenix equity] 25/5/2017 07:49

Maybe Robert. Arthur buying approximately £100k worth of stock at 0.5p. I'm a buyer at that price too.

[snickerdog] 25/5/2017 07:48

This is COPL back from the dead

[deanroberthunt] 25/5/2017 07:48

might be worth a punt in and around 1/2p

[peterlowen] 25/5/2017 07:15

Life left in the old dog....Still holding

[deanroberthunt] 25/5/2017 07:06

PALCING AT 0.5P, QUELLE SURPRISE!

[ultra capital] 24/5/2017 11:50

With little cash I see fair value here at £2.5m which would be 0.4p share price. It is getting there quickly now.

[phoenix equity] 24/5/2017 10:00

Suspension looming here.

[glenbo1] 18/5/2017 16:56

This is going to .5pNo positive news or news on the second still after the duster

[phoenix equity] 18/5/2017 16:54

Good afternoon. I'm good thank you. Hope your well. I was in when it was Irg. But not in echo now.

[phoenix equity] 18/5/2017 15:40

0.5p coming. Big sell in system.

[deanroberthunt] 08/5/2017 08:53

0.5p placing