Canadian Overseas Petrol... Share Discussion Threads

[asm5] 27/7/2020 14:29

Spot on ED

[hazl] 27/7/2020 14:28

little steps up....

[hazl] 27/7/2020 14:11

Thanks Ed.

[edgein] 27/7/2020 13:55

Hazl,

Two days last week a total of about 1bn shares changed hands 690m followed next day with over 300m. Average volumes tend to be around 200m on a quiet day so as you suggest still very liquid. Should hopefully get even more liquid if Art can get this deal signed off and Noa drilled.

On an unrelated side note, good to see gold move above $1900oz.

Regards,
Ed.

[edgein] 27/7/2020 13:52

"What oil/gas expertise do Art and his team have?"

They were the same guys that turned North Sea Oilexco from a sub £20m company to one worth several $bn at its peak. They did that through drilling 120 wells with about 75% success rate (still unmatched in the UK North Sea).

Oil drills are not cheap, first success rate is 25%.

Noa isn't an exploration target its appraisal. First compartment is beside Noa-1, second compartment is downdip of Anyala gas/oil field. Nao-2 is targeting beside the discovery well, only this time they'll be drilling a production/developmental well.

Regards,
Ed.

[rtayya1] 27/7/2020 13:34

Hi Bronislav, I have heard that Essar Steel and not what I perceived Essar Oil are the other party,the Jv. What does Essar Steel know about Oil/gas? This is just a desparate grab for money, not joint expertise in oil/gas sector. We always hear in RNs of great news of chairman, Jv, expertise in oil/gas positions of 25/30 years but that's not the case here which is shocking. What oil/gas expertise do Art and his team have? Well let's see let the lying duck blossom into a graceful swan one day and prove his worth. Can see more money, placing pumped into this for expertise from Essar's side as this is huge gusher we are talking about, the petroleum engineers on both sides need to be working hard to get the oil out. That is not a small feat and timely and costly.Looking back at other oilers they have had to go through what Copl have and some hit that sweet spot first and many do not. Oil drills are not cheap, first success rate is 25%. Can Essar manage in the expertise of oil, it is a serious study not just about stumping up cash, job done and bob's your uncle we have oil gusher. It's not that easy. Watch this space Jv........

[hazl] 27/7/2020 11:19

There was plenty of appetite for the shares in the placings is the way I'm looking at it and the decision will be soon.
So I'm giving it a go .

IMO

[hazl] 27/7/2020 10:30

offer seems to be rising.

[hazl] 27/7/2020 10:29

late trades coming out.....

[billthebank] 27/7/2020 10:14

Hopefully all will be well.Only have a week to wait.Was undecided re this and TILS for my top up.Hopefully timed it right for a change

[edgein] 27/7/2020 09:35

Bill,

Perhaps it was a condition from Essar, but more likely a condition for debt funding future 226 development. An RBL lender will want to see a healthy balance sheet, that's the most likely source imo for the $6m option on 226 and future development costs (conditional on closing of the Essar agreement first of course).

Regards,
Ed.

[hazl] 27/7/2020 09:35

I have had a go at these again.

Nothing's guaranteed, but at this price I am willing to take a punt.

Good luck folks.

[billthebank] 27/7/2020 09:30

Thanks Edgein. Personally I feel that Essar have asked COPL to ensure they are debt free as part of the negotiations and thus why AM has capitalised his loan to the company. COPL has not been in such a strong footing as it is now IMO and hopefully all will be clear and we will be closer to 0.8p than 0.4 by next week. Not long to wait now. TBH I need 1p only now to break even but would like more.Greedy I know but this has been a long time waiting.

[edgein] 27/7/2020 08:55

Bill,

I would doubt it, they normally sell shortly after or even before getting stock. Look at the volume on COPL this last month. Those shares have probably changed hands several times since then as there are a number of lth's here that aren't interested in trading down here. I have an average of about 0.07p in this one and I'm not interested in joining in the churn before drilling on Noa or acquisition of a new asset. So in summary like YA and RF both long gone, it'll be interesting to see if COPL draw down on that loan or perhaps they don't need it now that they're on much firmer financial ground thanks to the Essar agreement being reached.

Regards,
Ed.

[bronislav] 27/7/2020 08:30

Rtayya.
Given the chairman's track record he is clearly experienced in oil and gas but personally I wouldn't believe a word he says.His latest podcast was extremely negative and we then we hit a price of 0.035 p we then get the 4th June rns and the essar and shore coming together.Since then we have had placings and the share price movements and volume suggests to me that the placing shares on the whole are being rinsed.From 0.035 to 0.5 in itself is a great rise but then we have placings with share price movements of at least 30 per cent.If there is anyone in the know it would be a great opportunity to make a killing..It's certainly a possibility but no certainty this scenario has played out.All that said if there is a deal agreed upon and signed up by the legal teams then this has a lot of potential.

[rtayya1] 25/7/2020 18:33

Hi Bronislav, there seems to be a high percentage of sells at end of day after buying intraday. Can't for me figure out why peeps are buying 10 days before, can only say they can't 3 or 4 bag that quickly anywhere else. They can but don't have the skill. They got plenty shares in over a time bought. This might me a multibillion dollar drill but we wont be billionaires, hahaha.

[billthebank] 25/7/2020 13:08

Hey guys Can anyine remind me what is the position te YA and also Riverfort? Do they still have chunky holdimg?

[bernymadoff] 24/7/2020 20:25

Decent close and some nice sized buys popped up in the last hour. Sp showed great strength today - every time it dipped below 0.40 it got bought up quickly. I fancy the buying will just get stronger as we get closer to the latest backstop date of 4 Aug for the deal sign-off. Those huge buys yesterday tell me that it's a done deal. And I'm pretty confident it won't go to the wire. Looking for at least a penny here on the deal announcement. GLA

[9naz] 24/7/2020 16:50

Nobody prepared to take the risk and hold over the weekend, in case the placement specialist does another one on a Sunday, like the previous two Sunday placements, with his mates , who always forward sell, guaranteed profits.

[billthebank] 24/7/2020 16:08

Very surprised his is red today.Rumours not strong enough clearly!!!

[bronislav] 24/7/2020 14:39

I wonder if this is another placing being forward sold.it looks like the same pattern.

[easwarareddy] 24/7/2020 11:10

Lift off again....

[lukic] 24/7/2020 10:44

Some serious buying going on today :-)