Canadian Overseas Petrol... Share Discussion Threads

[newtoaim] 03/8/2020 10:31

They wanted to get this done before the 2 week deadline given it didnt could be a further extension or bad news here

[kcowe] 02/8/2020 17:09

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

[hazl] 31/7/2020 16:01

Tenacity has to be the word for him from the little time I've been in here .

[phurley] 31/7/2020 15:42

I hope he comes good. He is not great with the truth historically.

[edgein] 31/7/2020 15:11

Hazl,

Lets hope so, it'll either be the green light or a little more time imo. Hopefully the former. Hopefully it'll be a freeze frame moment rather than fast forward to the end of the movie.

Regards,
Ed.

[hazl] 31/7/2020 15:09

It's like waiting for the end of a movie...to find out the final conclusion!

[edgein] 31/7/2020 15:08

Hazl,

That too! :) Absolutely no risk no reward, potential risk is almost as high as the potential reward!

Regards,
Ed.

[hazl] 31/7/2020 15:07

I like a bit of a speculative stock and this one is certainly in that category!

[hazl] 31/7/2020 15:06

the 'minerals' or the tenacity lol

[edgein] 31/7/2020 12:41

Phurley,

Well he's got to Tuesday and technically he could announce an update on Wednesday. To give AM credit though he's been keeping the market informed quite well since the Essar dispute has been preliminarily resolved. Before that over previous years he certainly was more evasive. A couple of days isn't long to wait now for those with the minerals
to stay in.

Regards,
Ed.

[kcowe] 30/7/2020 12:58

Had placings at 0.3p Why would they place at 0.1p when the Boss converted a loan of $200,000 @0.3p a couple of weeks ago lol.

[texaschaser] 30/7/2020 10:42

pump before placing. 0.1p?

[rpt_regal_petroleum_buy_now] 30/7/2020 10:23

Buy JKX - best buy at the moment in O+G sector.

11,000 boepd production|||pe 2.6 ||| price to book value 0.20 ||| Return on Capital. 14.4% ||| Return on Equity 12.3%. |||Operating Margin. 31%. |||book value £146m ( present MCap £30m!)||| earnings yield 125% |||book value per share 85p |||EV £19.9m |||debt free |||cash rich ||| Gas prices rising

[hazl] 30/7/2020 09:05

I thought the offer was slowly rising.

[edgein] 29/7/2020 11:38

Bill it sure is. We seem to be clearing out some of the short termers before we get there, hopefully prove to be less resistance then if the news is what we're hoping for. Fingers crossed Art will get the deal signed off.

Regards,
Ed.

[billthebank] 29/7/2020 07:53

News is due by Monday!!!!

[phurley] 28/7/2020 17:56

I just hope AM has not conned us.Time to get the agreement done now.

[hazl] 28/7/2020 16:47

Some people are using this as a trading share, between news and it has a definite trading range.
I'm with bill on this I am waiting news one way or the other ....let's hope it's good!

[billthebank] 28/7/2020 09:18

I dontvreally care about these small fluctuations. Pleased for those who are buying sub 0.4 as inside a week we will be closer to 1p!!

[hazl] 28/7/2020 08:54

Not for long is my expectation.

[daar] 28/7/2020 08:48

Dump dump dump

[asm5] 27/7/2020 14:30

Spot on Ed