Canadian Overseas Petrol... Share Discussion Threads

[the stinger] 06/6/2019 16:54

nicky21 ramping again...

[nicky21] 06/6/2019 16:46

we will get to there if Art turns this to a mid tier...

[miahkaysor] 06/6/2019 16:44

Thanks Ed - as always much appreciated. I remember these trading at 9p!

[edgein] 06/6/2019 16:28

Miah,

Art plans on turning this into a mid cap with the drilling of the 4 wells into the Noa discovery. He had an 80% success rate in the North sea (120 wells), never seen before, not been seen since. All thanks to their technical team at Oilexco, many of whom are in place at COPL. Its about the best appraisal target I've seen in 27 years of investing, its up to 253mmbbls from these compartments for the 6100ft sand. I hold millions of these but it would have been a larger holding had it not been in Nigeria. Nigeria is superb for reservoir quality and world class discoveries that tend to flow like a dream. Downside is political riks, corruption risk, and onshore pipeline attack and theft. But Art is planning development straight for export, it'll never go onshore to be refined. Still need to wait for the banks and government etc.

Its just about getting this bond away now and the balance of the $20m required for Shorecan to access the Trafigura/bank financing (they need 6000bopd too). If they secure the funding required its pretty much 4 back to back wells that will then be brought to early production and the licence converted to OML status. Thanks to the indigenous partner (shoreline). In a previous interview Art suggested that this one sand at 6100ft could have up to 400mmbbls recoverable. As Noeasy's post suggests there's more upside than that on this block, much more. Its getting past the first hurdles is the risky part. While I have a large holding its not in the top 5 of my porty, its certainly not risk free and won't be for everyone. But there is a chance its gonna be the Nigerian Oilexco. Key to OIL was getting out on the way up, same here. Once mid cap I don't intend to stay beyond that, minimum duration will be 4 wells, I may then decide to stay for phase II development. It dropped from 0.3p due to fake news that they'd lost the licence, £3m market cap is madness here. Its gonna be a legendary re-rate if Art can seal the deal here, just don't go too heavy in.

Regards,
Ed.

[nicky21] 06/6/2019 16:11

Edgein so they have a world class asset?

[miahkaysor] 06/6/2019 16:06

Hi Edgin,Just bought 4.4million earlier, whats your opinion on this company? I quite like your posts and read with interest.

[edgein] 06/6/2019 16:06

Good post over on the LSE thanks to noeasy, the potential of Noa below 6100ft shallow wells rarely gets a mention these days:

"Berta it would make sense particularly if this is correct;

'The Company, however, recognises additional resource potential beyond the 6100’ mapping horizon, and interprets thick pay sequences in both the 7200’ and 8000’ zones, which exhibit pronounced Extended Elastic Impedance (EEI) and Joint Impedance Facies Inversion (Ji-Fi) anomalies for hydrocarbons. The Anyala-1 discovery well had 55 metres of net pay in the 7200’ sand. COPL has used conservative assumptions for average porosity; average water saturation; and average net pay over 28,000 acres of prospective seismic anomalies to calculate in place oil resources (OOIP) of over 2.6 billion barrels for the 7200’ zone alone. The Company estimates that this could be doubled to over 5 billion bar- rels if the 8000’ zone is also taken into consideration. A conservative recovery factor of 25% provides a recoverable oil resource of approximately 1.4 billion barrels.'

And that makes sense if this makes sense,

'We believe the geological risk is low for the planned appraisal program, as the large number of wells drilled on and around Block OPL 226, provide exact physical data to model attribute responses tied directly to the seismic. The Company’s seismic interpretation reveals dramatic divergences between gas, oil and water saturated sands, and has enabled COPL to estimate significant in place oil resource potential in the 7200’ and 8000’ zones.'


Of course there is the small matter of getting to a drill on NOA 1 first."

I guess he means the Noa-2 appraisal well.

Regards,
Ed.

[nicky21] 06/6/2019 16:05

you could have bought at 0.0978p in the morning.

i wish i could but do not have any funds.

[smcl] 06/6/2019 15:57

Nick21- with you on that. It’s still risky but less so.

I’m in for some time now- best of luck.

[nicky21] 06/6/2019 15:44

good luck..

feels like the upward trend has started..

over the last year this has been walked down for no reason

the fundamentals have stayed the same

[ultra capital] 06/6/2019 15:25

Bought 30 million.

[nicky21] 05/6/2019 10:14

smcl agree worst companies have recovered.
hopefully this is the bottom.

[edgein] 05/6/2019 08:10

Shujja,

You too fella, going strong, got plenty of years left in old Ed yet, how have you been? Have you taken some COPL? Certainly not without its risks but check out that recent presentation. If Art/Shoreline are able to secure that remaining $20m financing (bond likely the first step in that) then this one is likely to achieve legendary status. I held Oilexco through the drilling at Brenda and Nicol as they used a similar AVO re-processing as they've used on Noa. If they get the ball rolling here, and its still an if until the bond is secured and the remaining balance, its the best project I've seen on LSE since the OIL days. Nigerian wells due to the world class reservoirs are like those in the north sea, that's why each well here has a pre-drill profile of 6-10,000bopd. If SRSP can secure the funding for Ejulebe/Ororo/Elsewhere then I cannot see it being an issue for $20m when Shoreline are involved as equal partners with COPL. They're already talked Trafigura into it for the post-production finance. Risky but exciting times ahead.

Regards,
Ed.

[shujja1] 05/6/2019 02:27

Ed good to see you still around mate .how are you mate. We know each other since Caspian Holdings Around the mid 1990s .

[smcl] 04/6/2019 20:07

This will see 10p - just an opinion.

Maybe take a year or more.

Worse companies on AIM have achieved a recovery.Thus is listed on the Main.

No advice intended. It’s risky but you won’t make big money without risk!!

Keep investments affordable.

[the stinger] 04/6/2019 19:54

nicky21....thought you said a while back you'd never see 0.010p...

[smcl] 04/6/2019 19:43

I hate some of the loon brains you get on these sites.

Can’t keep it civilized and informative.

Ignore them- filter them!

[nicky21] 04/6/2019 19:25

no wander your posts get deleted on LSE when you post utter garbage.

post some decent comment about copl??

[nicky21] 04/6/2019 19:21

shut up tracey spencer.
this will turn out to be a good investment.BUY some tomorrow.

its just the DELAYS which is hammering everything.

[mr copl] 04/6/2019 16:56

have called this wrong....


bought at much higher prices....


now at these prices these are a real steal...

thats if they get PB in place all approvals and drilling commencing this year

easy 5 to 10 baggar should be an exciting few weeks


just rised a small amount as they may have some other funding lined up or even maybe another joint partner

[nicky21] 04/6/2019 13:43

This will not go bust .Arthur has an ace up his sleeve hence only rised £497,000.

Its just African Time which has messed this company.


Look at Clontarf Energy they been waiting 10 years to get Ratification of their Ghana Licence.


Once we get all approvals in place then the fun will start here.

[deanmatlazin] 04/6/2019 13:13

Another EEL....either suspended soon or share consolidation 100-1 with more fundraising. £400000 per month to run a company that is doing what now? Badly managed company that not thinking of conserving cash at all.

Verdict : Will go bust in few months

[nicky21] 04/6/2019 12:23

Edegin agree with you we do not need a Shareholders Action Group as it could jepordise everything.


we could be so close to transformational news hence we only rised $497,000 and Art may have alternative finance lined up.

he left the placing really late it was obvious he was expecting some kind of news from Nigeria

[edgein] 04/6/2019 10:08

Putting it this way, the company raise an additional £3m or $3.6m to help secure the $20m of gap financing required for Shoreline/COPL to get this project up and running and 40% wi of 24-40,000bopd (not that is the plan otherwise the recently placing would have been larger). That would result in mid-cap status from the 4 planned wells if successful. Standing in the way of that option or any other option or thinking they're so self-important to tell the company when they can or cannot raise money is crazy. Also having an additional partner from alt-finance could also lead to other issues. Also any potential jv at this late stage would not only need negotiated but also approved by the NNPC/DPR so be careful what you wish for so they could wave goodbye to 2019 drilling. Of course the ideal scenario is alt-financing/debt/bond but the company should be able to pursue all avenues open including equity. So hopefully they'll not let ego's get in the way and wind their neck in. Especially as one of those behind this group is a mentally unstable gambler by his own admission.

Regards,
Ed.