Canadian Overseas Petrol... Share Discussion Threads

[billthebank] 05/8/2020 08:08

Unbelievable valuation £16M!!!! Should be closer to 1.5p IMO!!!

[michael boyle1] 05/8/2020 07:26

Hoping to pick up some more of these early doors
The risk has been reduced considerably now

[edgein] 04/8/2020 16:56

Phurley,

Another reason the rise was muted which is more obvious is that people have been waiting since around the 4th of June to see this deal ratified. That allowed traders to get in during that time. They or at least some of them chose to sell the news. However there has been and will be more buyers. This is LSE listed and there's been some decent sized buying since the announcement £20k plus per trade. We're currently just over £20m cap and Essar and partners are likely to want to see Noa drilled near term. With the involvement of Shoreline in the consortium this isn't like normal offshore drilling, drill appraisal wells, get an FDP together wait about 4 years for planning and engineering studies. In Nigeria due to the indigenous partner companies submit an FDP to the DPR prior to getting a licence extended, COPL had already done this. With shoreline onboard they can move to early production if these early wells are successful, no 4 year wait etc. If all goes to plan COPL could be sitting on 15% of a producing 226 by early next year. If that is the course this one takes anyone holding now will be sitting tidy, very tidy indeed.

Regards,
Ed.

[lukic] 04/8/2020 16:55

Picked up another 200,000 just before close. Couldn't resist ;-)

[phurley] 04/8/2020 16:47

HazlI truly hope it does. I was just suggesting why the rise was muted. I was hoping for 1p at least. Onwards and upwards and lets hope finally shareholders get rewarded.

[hazl] 04/8/2020 16:45

Phurley you seem surprised all round.

First you're eating humble pie now you're at it again!

I imagine that it will rise again tomorrow.

[edgein] 04/8/2020 16:45

phurley,

That could well be a Nigerian marginal with next to no up front costs just an agreed spend over time. See SRSP who have for the past few years been trying to acquire assets on that basis.

Regards,
Ed.

[phurley] 04/8/2020 16:42

For these acquisitions he alluded to in the release.

[edgein] 04/8/2020 16:39

Phurley,


Raise for what? COPL are now free carried until 90 days after Noa-2 completes. They can then decide if they want to pay just 20% of historic costs to gain 30% total of 226. The first 9 compartments of Noa have circa 450mmbbls estimated recoverable. They've raised significant funds recently also clearing their debt in the process. Also with Shoreline an indigenous partner in this consortium they can go for the early production scheme from Noa. Are they likely to raise after the completion and testing of Noa-2 to exercise that option? Most likely however bear in mind that a successful, especially tested Noa-2, would then have attributable reserves if economic. Therefore RBL for Noa development also becomes an option. Of course if Noa-2 is successful the share price would be much higher too. :)

It'll be interesting to see if Shoreline gets selected for the marginal field bid round in the coming months.

Regards,
Ed.

[phurley] 04/8/2020 16:22

Very surprised at the lack of rise. May be investors are wary of a further raise at 0.5p

[edgein] 04/8/2020 16:21

Good volume, above 750m today so far.

Regards,
Ed.

[bmwman3] 04/8/2020 16:18

Letting it go a little now big finish coming

[bmwman3] 04/8/2020 16:16

May well open considerably marked up in the morning imho!

[bmwman3] 04/8/2020 16:09

Much further! A decent rise will come this week at some point imho! They're not gonna be able to hold this back!

[easwarareddy] 04/8/2020 16:07

True... plus this will go further over next few days

[bmwman3] 04/8/2020 16:04

In here for a long while now not selling any either!

[asm5] 04/8/2020 16:01

Agree ED. Not selling any at all.

[justaman] 04/8/2020 16:00

Either or Ed, both should lead to a decent rise once cleared as new buyers come in. All the best

[bmwman3] 04/8/2020 15:56

Rising quick now

[edgein] 04/8/2020 15:55

I don't think there is any overhang left here. Have you seen the volumes since the last placing? :) Billions of shares have changed hands since. More like a lot of short termers got in ahead of the news and are now leaving. Some of us won't sell a bean here until Noa is in production.

Regards,
Ed.

[justaman] 04/8/2020 15:55

Already moving back north but a good move north due yet

[justaman] 04/8/2020 15:54

Because placees sell? It'll rise over the coming days. Relax

[sapper2476] 04/8/2020 15:51

Money money money. Simple as that.

[zen12] 04/8/2020 15:50

Why they let it rise, if there is an overhang?