Canadian Overseas Petrol... Share Discussion Threads

[billthebank] 04/7/2019 10:44

True Jamie it is but sometimes it is interesting to have useful comments re another share if it is not simply a ramp Research is king and a heads up is sometimes useful. What really pi55es me off those is others with an agenda. YU. is definitely worth watching

Right COPL

Great to see this phoenix rising from the ashes. I was invested some time ago and was extremely lucky to escape with my shirt still on my back. There is definitely scope here and Arthur does know his stuff. I have bought back in and can see this quickly rise from here. Of course in no time the herd will arrive and then we could be in trouble. Nice start to the day and it would not surprise me to see this tes 0.3/0.4p inside the next few weeks!! GLAHs Having said all that a wee rise to p will be start!!!!!

[jamie414] 04/7/2019 10:33

Yu is for the Yu bb?

[msk7] 04/7/2019 10:31

Agree YU. is a bargain.

[madmonkflin] 04/7/2019 10:28

Don't think Yu will happen for a while although looks a bargain. Expect that to drift as they still haven't release Broker forecast. This looks like better near term bet.

[msk7] 04/7/2019 10:24

Thanks Edgein.Have put the proceeds into YU.Thats also due a Re Rating.

[madmonkflin] 04/7/2019 10:19

well Art says we're drilling by December so over a £1

[edgein] 04/7/2019 10:19

"COPL and its ShoreCan joint venture partner continue discussions with potential contractors and suppliers regarding the appraisal wells and several other wells."

I wonder if they're planning some expo drilling after the appraisal campaign as the March results were the first firm mention of additional wells. The block is huge and its not just Noa. I hope they do a jv beyond NOA though for that stage of any future drilling campaign.

Regards,
Ed.

[mikeyd277] 04/7/2019 10:17

What share price would be reasonable to expect for 2019 end

[edgein] 04/7/2019 10:16

msk,

Well done fella at least you can pay back that money you owe. I'm gonna sit it out till the end of 2020. Hopefully, fingers crossed, after 4 appraisal wells.

Regards,
Ed.

[madmonkflin] 04/7/2019 10:10

volatile? - where you been? all it's doing is going up.

[edgein] 04/7/2019 10:03

Mikey,

These were talked down from 0.34p on fake news that COPL had lost its licence in Nigeria, that turned out to be nonsense. Here's what's going on currently:

Highlights for the year ended 2018 are as follows:

-- Secured a term sheet of up to US$50 million into the Company's subsidiary ShoreCan from The Mauritius Commercial Bank Limited and Trafigura.

-- Completed financing in London that raised gross proceeds of GBP3.0 million.

-- Submitted the work programme for the drilling of no less than three appraisal wells in the NOA #1 area of key Nigeria off shore oil asset, OPL 226.

-- COPL and its ShoreCan joint venture partner continue discussions with potential contractors and suppliers regarding the appraisal wells and several other wells.

-- A large international offshore service provider approached COPL to bid for the appraisal wells. Discussions are ongoing.

-- During the fourth quarter, the NNPC granted conditional approval of a 24-month extension for the Phase-1 PSC subject to certain conditions including the submission of a Performance Bond of US$7 million.

-- On track to bring four appraisal wells onto production at a forecast initial production rate of 6-10,000 bpd per well, by the end of 2020.

-- Netherland Sewell and Associates, Inc. ("NSAI") has evaluated COPL's Contingent Resources and Prospective Resources on OPL 226 and produced a report as of December 31, 2018. The report, dated March 15, 2019 was prepared under Canadian National Instrument NI 51-101. The findings highlight the inherent value in the asset and underpin the Company's ultimate potential. A summary of the report can be found in the Company's Annual Information Form ("AIF") dated March 28, 2019. The complete report can be viewed under the Company's name at www.sedar.com or on the Company's website www.canoverseas.com.

Q1 Update

-- The Company's Nigerian Affiliate has accepted a term sheet from a recognized Nigerian Bank for the provision of a US$7 million Performance Bond which will meet the principal condition of the 24-month extension of Phase 1 of the OPL 226 PSC which runs until October 2020. Security for the Performance Bond will be provided by COPL's affiliate ShoreCan. The Company expects the Performance Bond to be in place to the satisfaction of the regulatory authorities in the coming weeks, at which point activities on OPL 226 can be commenced in earnest.

-- In March the Company's Nigerian Affiliate signed a non-binding letter of intent with an offshore drilling contractor for a new build high spec jack-up drilling rig. The rig is currently undergoing testing and final inspections before its acceptance by the contractor. Successful completion of these tests is one of the Affiliates' conditions in moving forward in the contracting process.

Arthur Millholland, President & CEO, commented:

"We are now well placed in the development of our strategically important Nigerian asset as we look to commence drilling of the appraisal wells later this year. This is a key step to enable COPL to become a successful mid-tier oil and gas company. Over the last year we have been focused on securing the required contracts and regulatory approvals for OPL 226, raising the necessary funds for the expanded and accelerated program of the asset, while at the same time sourcing contractors and suppliers to perform the drilling, logistics and supplies needed to enable production. We look to the future with confidence given the imminent commencement of operations and the recent evaluation of our Nigerian asset's resources."

That pretty much gets you up to speed. Investors are waiting for the conclusion of these talks/paperwork for the PB, rig, service provider etc etc. £5m cap prices this as if its not going to happen in Nigeria nor Mozambique. The reality is though that if they get the above these have more upside than most of the market favourites BPC, RMP and MATD combined.

Regards,
Ed.

[logica2me] 04/7/2019 09:58

I’m in for a few million. See where this one takes us

[mikeyd277] 04/7/2019 09:58

I want to get in around 0.1, will it return or have I missed the boat

[nicky21] 04/7/2019 09:23

am ready for it.

[woolybadger62] 04/7/2019 09:18

Nicky expect email shortly

[nicky21] 04/7/2019 08:25

Good battle going on between the shorts and longs.

[edgein] 04/7/2019 08:24

Bid so far today looking strong, all the sellers were given a premium to sell and buyers were still close to full ask. Art sent Oilexco from the mid teens to a high of £9.919 per share and a multi $bn company before the RBS pulled the carpet from under him. Once the performance bond is in, the work here can start in earnest according to Art. The shallow target in Noa is from 253mmbls P50 up to around 400mmbbls P10 (gross), COPL have 40% direct working interest in this asset. Hopefully the strong price is an indication that some in the know are getting into this micro cap as Art is looking to turn this one to mid cap. If all falls into place with Shoreline getting the PB and the rig contract/service provider signed its got stunning upside. Certainly high risk at present, but given the prize its gotta be high risk to just have a £5m cap.

Regards,
Ed.

[bradbury3559] 04/7/2019 08:14

Lift off. Watchers happy it's gone blue. Pile in

[letmepass] 04/7/2019 08:11

Should push high 20s today with volume

[letmepass] 04/7/2019 07:45

Well done nicky great to know.. Be adding more this morning

[woolybadger62] 04/7/2019 07:39

Nicky I have reported you for posting email and also have emailed the company stating what you are doing Emails are confidential