Canadian Overseas Petrol... Share Discussion Threads

[lithological heterogeneities] 21/12/2016 11:28

The $120m was for the 83% stake.So COPL could be in line for the full 100% remainder if exxon pull out of a second drill.

[lithological heterogeneities] 21/12/2016 11:27

ie the 17% is nothing to do with the $120m whatsoever.

[lithological heterogeneities] 21/12/2016 11:25

Mr k,COPL sold 83% to exxon for $120m leaving them with 17%.So COPL would not be owed 17% of the $120m or$60m. COPL will be owed 100% of whatever is left ($60m+) plus they keep their 17% stake.

[the patient investor] 21/12/2016 11:23

Looking forward to Artha's speech tomorro pm

A 3p speech?

[tidy 2] 21/12/2016 11:23

Good posts cheers

[mrkeysersoze] 21/12/2016 11:19

Lith,

We can only speculate at present as to the exact costs of the Mesurado-1 well.

IMO in today's market downturn & given that the West Saturns day rate was massively discounted at $225k per day, Mesurado-1 would cost a maximum of $45m-$60m. No wireline run just a straight forward P&A .....

The $120m would then reduce to say $60m of which COPL is free carried for their 17% paying interest. If you read the LB-13 PSC I couldn't find any clause allowing for the 2nd well in the 2nd exploration phase not to be drilled. I will gladly alter my view if anyone has an alternative view from the PSC?

$60m - 17% Carried interest = $10.2m US

So if Exxon relinquish LB-13 they "MAY" potentially have to settle with COPL along with NOCAL.

One way or another Arthurs interview will be enlightening to the market.

Mr K.

[deanroberthunt] 21/12/2016 11:16

No, but I am tracking the Armada Kracken ....

[lithological heterogeneities] 21/12/2016 11:15

Exxonmobil West Saturn drill ship status:Contracted to Jan 2017 at a day rate of $225,000 per day.Http://hugin.info/135817/R/2058454/771518.pdfSo we still have the drill ship and the day rate was substantially cheaper than the $0.5m-$1m per day originally forecast back in 2013 before the Liberia ebola outbreak put the drill on hold. Exxon could easily extend the drill as its now so cheap to do so in conparison to original forecasts.

[tidy 2] 21/12/2016 11:14

Nice buying now

[keya5000] 21/12/2016 11:13

Daft question but is anyone tracking the drill ship to see if its f@cked off back to port or if it is still in that vicinity?

[tidy 2] 21/12/2016 11:09

Good post Ih I'll ask on lse

[the patient investor] 21/12/2016 11:05

Tidy lol, how sweet

[lithological heterogeneities] 21/12/2016 11:04

1....We already know that exxon have booked the drill ship to Jan 2017 so there is a possibility ee may get another RNS very shortly for a second well. 2....However, if exxon are contracted to spend $120m and do not want to do a second well as this was bone dry, then does the contract force them to pay compensation for the difference to COPL, ie maybe $60m+ or whatever the figure may be. This would then fully fund OPL226 and buy more assets.Either way is good for COPL.

[deanroberthunt] 21/12/2016 10:53

do you want a medal?

[the patient investor] 21/12/2016 10:51

In with 4k ish quid at 1.84 211111 shares

[deanroberthunt] 21/12/2016 10:41

be over 3p by weeks out.

[10p here we come] 21/12/2016 10:35

COPL simmering nicely.

[tidy 2] 21/12/2016 10:33

Get in below 2p and smile at 4-5p

[deanroberthunt] 21/12/2016 10:31

also like pickled eggs and pickled chillies....

[the patient investor] 21/12/2016 10:31

July interview to Ceo millholland

[deanroberthunt] 21/12/2016 10:28

I know my pickled onions....done a few batches ready for Xmas Eve and Day :)

[10p here we come] 21/12/2016 10:18

Trust dean to know his onions.