Canadian Overseas Petrol... Share Discussion Threads

[edgein] 16/8/2021 11:38

Ride,

Well some were stupid enough to short EUA, so the answer to your question is likely yes, there's probably some that speculated that Atomic wouldn't close. Which it did, they'll be up early tomorrow and sweating tonight. :) The rest of us, feet up, waiting for the action and watch Wyoming develop from production and reserves. Production increased 50% in short order since April from the miscible flood and there's great upside from the planned horizontal wells into the Dakota and Frontier formations. Ops update eagerly awaited.

Regards,
Ed.

[ride daice] 16/8/2021 11:17

Does anybody know if there was much short interest at the time of the SUS ? It could get interesting if there was.

[edgein] 16/8/2021 10:42

1975,

No need to pump here, Wyoming is set to produce light oil for COPL for the next 30-40 years, that's all the pumping that's required. Perhaps at some point Essar/Shorecan will be pumping it out of Nigeria too. In the mean time though 30mmbbls of light oil is a great place to start, Art is also hunting some more from last week's RNS (13/08/21). You'll just have scramble for the shares just like the rest of those not already in.

Regards,
Ed.

[zxie] 16/8/2021 10:26

Boooom tomorrow

[thehitman1] 16/8/2021 10:22

Go back to sleep.

[roberts1975] 16/8/2021 09:31

The mms will be running their hands together tomorrow.Those in this share already are pumping away hoping to entice people to 1. buy in at open tomorrow at spiked prices2. Mms will oblige and take the price up allowing buys only3. Sellers wnt be able to sell then at some point the stale sellers will be unloading and the mms will rip this down.

[gooner1886] 16/8/2021 07:25

Are there enough shares in issue here?

[edgein] 16/8/2021 07:22

Great to see us on the verge of transformation with the relist due tomorrow morning. Art again teasing us with the mention of the ops update, looking forward to have a read at that.

Arthur Millholland, President & CEO, commented:

"I am delighted today to see the Company's shares readmitted to trading on the London Stock Exchange following the completion of the Atomic Acquisition in March and the subsequent readmission process which have together been an eight month cumulative journey in the making. I would like to thank our investors for their patience during this time and look forward to the opportunities and future the Company has as a result of now becoming a versatile oil and gas exploration and production and development company as a result of the Atomic Acquisition."

Looking forward to what they achieve on these US and African assets over the next 12 months and beyond.

Regards,
Ed.

[newhorrizon] 15/8/2021 18:58

Oh you got that wrong!

[newhorrizon] 15/8/2021 18:56

No it is ahead

[luckyabbeygale] 14/8/2021 18:11

I often have to deposit £250 when I am getting close to 50 percent, which is the minimum deposit IG Index allows.
I have 4 of my main holdings fall on there this year. MTL fell from 2.5p to 1.2p intraday. ORR fell from 1p to 0.45p. Vast from 9p to 6.5p. Fusion fell from 140 to 110. I managed to sell off more than half my MTL at 2.3p, and some Vast at 9p.
I have many more shares on there too. All for an account valued at 4 grand plus whats coming from COPL soon.
I am extremely lucky that my margin has not stopped me out of anything.

COPL is going to help me keep all my shares on there for the long term.

[sportbilly1976] 14/8/2021 11:18

Be careful as they auto close once that hits 50%Eurasia margins were doubled during suspension last year (mine went 25% to 50%)I did ask, if this was my only holding and I refused/couldn't increase the margin what would you do - suspended so couldn't close the position...no answer!

[luckyabbeygale] 14/8/2021 08:04

I wish ZPHR suspended in the same way. Then my account now be on 100 percent margin. I had to start eBay again because I couldn't live with losing out on 6k, and eBay will take me another 6 months to get that back.

[luckyabbeygale] 14/8/2021 08:00

Hi Ed, Funny enough IG Index did not apply any extra margin for keeping COPL throughout the suspension. I heard they did with Eurasia Mining. I assume that decision it is to do with how risky they think the company is. I wish other shares I have held in the past was suspended like COPL is, and then I would not of sold out to soon. As I do almost every single time.

[ride daice] 13/8/2021 12:50

The homepage of the CUDA website describes the company as follows...

A NEW, WELL-CAPITALIZED, HIGH NETBACK, LIGHT OIL, NORTH AMERICAN PRODUCER FOCUSED ON DELIVERING STRONG ORGANIC GROWTH TO SHAREHOLDERS

[edgein] 13/8/2021 12:49

Lucky,

You're welcome.

Certainly, BFU production is to peak around the end of next year according to current models from the COPL presentation. It'll also take some time for these proceedings to go through the courts so max upside will certainly be over the longer term. I'm sure you're looking forward to next week and watch your spreadbet margins improve dramatically. We could get some early volatility, but imo the share price trajectory over the longer term will follow the oil production trajectory, so exciting times for sure. Makes you wonder what's next, I was starting to think that Cuda had gotten away. With COPL's current cash balance there's potential for all sorts of news, from USA to West Africa. I guess given the suspension from March your spreads must be close to closure now too. But given we're close to relist looks like you're lucky by name lucky by nature. :)

Regards,
Ed.

[luckyabbeygale] 13/8/2021 12:40

Thank you Edgein for your very interesting analysis of the situation.
This gives more of a case for holding for the longer term. I rather that be the case, since my spread bet account is a long way from having any funds available. As at the moment I am on 59 percent Equity Margin Ratio.

[tidy 2] 13/8/2021 12:16

Good news for COPL well done team.

[edgein] 13/8/2021 12:14

Skidaddle,

Yeah but they don't have that sort of cash lying around, they're already on the verge of going bust:

Arthur Millholland, President & CEO, commented:

"It is unfortunate that our Southwestern affiliate has had to resort to this action against Cuda, as their interest in the Barron Flats Shannon Miscible Unit is the principal asset of Cuda Oil and Gas Inc. Regrettably, it appears Cuda Oil and Gas Inc. are insolvent, and this is the fundamental cause of the issue. We and our advisors have had ongoing discussions with the Management and certain Independent Directors of Cuda Oil and Gas Inc., the parent of Cuda and their other secured creditors: Bridging through their Receiver, PWC Canada; and Tallinn to actively resolve this current issue and to address similar ongoing issues that we foresee with Cuda's continued participation in the Barron Flats Unit. The action we have undertaken in the Wyoming State Court is a measure of our frustration as to the direction of the discussions that we have had to date with Cuda's parent Cuda Oil and Gas Inc. and its creditors in order to find an amicable resolution. Thus we have deemed the commencement of legal proceedings necessary to protect the ongoing interests of Southwestern".

So its the BFU they're after.

Regards,
Ed.

[rob_swift] 13/8/2021 12:12

Well said Phurley

[skidaddle] 13/8/2021 12:10

COPL are saying they want their money or more probably in-kind (Cuda assets).

[edgein] 13/8/2021 12:10

Lucky,

Yes its good for COPL but not so good for Cuda shareholders. Cuda owe Atomic millions of dollars and with the current drilling plans and miscible flood plans they must still be unable to meet their share of costs plus previous debt. So that's likely to be a breach of the Joint Operating Agreement (JOA) which is standard to have those in joint ventures. Therefore Cuda's inability to pay has then forced COPL/Southwestern to go after their BFU assets in the court to settle their debt to COPL. There is a chance that the courts will find in our favour bringing the wi up to 85% of BFU for very low cost, certainly way lower cost than the oil reserves would cost. So very positive for COPL and very negative for Cuda. If the court finds in favour of COPL then it would likely spell the end of Cuda as they would lose their production. COPL therefore gaining their share of production and reserves.

Circa 60% of these assets offers great upside to COPL via the acquisition of Atomic, gaining Cuda's share of BFU would be even better still. I can't see how the NOP could keep pace with COPL/Atomic this year or next. So all coming to a head very soon.

Regards,
Ed.