Share Name Share Symbol Market Type Share ISIN Share Description
Canadian Overseas Petroleum Limited LSE:COPL London Ordinary Share CA13643D1078 COM SHS NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  -0.01 -3.7% 0.26 70,365,815 15:03:19
Bid Price Offer Price High Price Low Price Open Price
0.255 0.265 0.27 0.26 0.27
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -4.92 25
Last Trade Time Trade Type Trade Size Trade Price Currency
16:26:51 O 4,967,239 0.2625 GBX

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Date Time Title Posts
22/1/202109:25*****Canadian Overseas Petroleum*****4,336
03/11/202015:21◄ CANADIAN OVERSEAS PETROLEUM ►4,166
21/7/202006:30BUY 8,546
20/7/202022:54SELL COPL113
04/12/201900:53*****Canadian Overseas Petroleum***** TARGET 0P ADMINISTRATION LOOMS8

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Canadian Overseas Petrol... Daily Update: Canadian Overseas Petroleum Limited is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker COPL. The last closing price for Canadian Overseas Petrol... was 0.27p.
Canadian Overseas Petroleum Limited has a 4 week average price of 0.22p and a 12 week average price of 0.17p.
The 1 year high share price is 0.59p while the 1 year low share price is currently 0.03p.
There are currently 9,657,246,472 shares in issue and the average daily traded volume is 264,748,613 shares. The market capitalisation of Canadian Overseas Petroleum Limited is £25,108,840.83.
edgein: Smacker there is every reason for it to be: Ryan Gaffney, CFO, added : "The closing of both portions of the Placing will allow the Company to progress the Atomic acquisition. COPL's access to the equity markets has provided much confidence to debt investors with whom we are in discussions with to provide the balance of funds required to complete the transaction. We are targeting the receipt of binding Term Sheets from the targeted investors in the near term thus allowing COPL to progress to completion." The comment above does mention the word "placing" so there is a risk it will trigger more snowflakes. Regards, Ed.
edgein: IAWT, No not really, did you realise that 5m shares at 0.05p is only £2.5k, 10m just £5k? I've an 8 figure holding and yes it did cost many thousands, but its still not my biggest holding by value. But don't worry I'm a former EUA holder from a 0.37p average, I can easily afford it. :) I'm among a few here that's had faith that Art will bring home the bacon, even when the share price was 0.035p there was no NT to buy back then with the amount of capitulators there were about. Whether you believe me or not its of little consequence, I'm more interested in what happens with the USA asset, the west African EOR asset and 226. Great to see the recent support for the company as they got their hands on $8m quite quickly and easily from a few phone calls from Art, exciting times ahead. Regards, Ed.
edgein: Well no pain no gain. This is proof of liquidity and if that means acquiring 31mmboe then its still every bit as game changing today as it was yesterday. Noone can make money on COPL? Really? This placing is slightly over twice my average price in COPL. I've an 8 figure holding and not selling a single one. US acquisition, WA EOR field and 226 all on the cards at the moment all makes these an easy hold for me at the moment. Art and his mates did want into this placing at the bottom as they'll be pretty sure of the upside on their cash from here. Regards, Ed.
city analyst1: Fellow investors, further to my previous posts, I’ve decided to take a long and hard look at the Atomic transaction in its entirety. Here goes… So, what’s the actual deal? • COPL is to acquire Atomic Oil & Gas LLC for a consideration of £39.9m ($54m) consisting of assumed debt, cash and shares. • Atomic is a privately-held, shale oil and gas play with assets in the Powder River Basin (in the State of Wyoming, USA). It is majority-owned by 74yr-old David Michael Walsh, the company's current President. Mr Walsh, who is currently knee-deep in debt, is working around the clock to try and stave off bankruptcy (see link below). • Atomic operates interests in 52,258 acres (gross) of contiguous leasehold. There are two oil production units within the block: the Barron Flats unit (57.7% WI) and the Cole Creek unit (66.7%). • A non-refundable deposit of £740,000 ($1m) has already been paid. • A debt-financed payment of £5.9m ($8 million) is now due on, or before, December 31, 2020, for 15% of Atomic's working interest in the Barron Flats and the Cole Creek units. • COPL will then take ownership of £19.2m ($26m) of Atomic’s bank debt. • COPL will then take ownership of an additional debt (accounts payables, director fees, pensions, etc.) of £11.1m ($15m). • Finally, COPL will issue Atomic Oil and Gas LLC COPL shares worth £2.95m ($4m). At 0.002pence per share, COPL could potentially issue 1.5bn shares to meet this requirement. • Previously known as Monreal Plc, debt specialist Eight Capital Partners will be overseeing the entire transaction. • The effective date of the transaction was December 1, 2020. • COPL ‘expects’ to complete the acquisition by January 31, 2021. So, from the above, I deduce the following: • COPL needs to find £5.9m before December 31, 2020 – in 10 days’ time! • COPL needs to issue shares worth £2.95m ($4m) to Atomic before January 31, 2021. If priced at 0.002pence per share, 1.5bn shares could be issued to meet this requirement. • On January 31 2021, and if all goes to plan, COPL will inherit £30.3m of Atomic’s debt but only control 57.7% (Baron) and 66.7% (Cole) of Atomic’s producing assets. Currently, no detail has been provided on the financial covenants surrounding the debt or the identity of the owner of the remaining 42.3% (of Baron) and 33.3% (of Cole). • Finally, COPL will need to raise additional cash for routine operational expenditure before January 31, 2021. Now, and to be absolutely clear, the above is not necessarily negative. It simply provides full visibility of the fiscal challenges attached to the transaction. Thus, going forward, the nature of the required financing, the detail behind the £30.3m debt, the audited oil production numbers, and Atomic's breakeven price (of oil per barrel) will determine the true value of COPL shares, and, subsequently, trigger a revaluation of the shares. It is, nevertheless, important to note that, according to Deloitte Energy Consultants, shale remains a relatively high-cost and capital-intensive method of recovering oil and gas from rocks. Its growth in recent years depended on prices artificially propped up by the Opec cartel’s decision to keep cutting production. The Permian Basin of Texas and New Mexico is the most prolific shale oilfield in the world, let alone the US. But even here, prices above $35 a barrel are needed to turn a profit. That aside, Arthur Millholland appears to have landed a 'material' opportunity through this 'distressed sale' which is likely to return a poor result for Mr Walsh who is under enormous economic duress. AIMHO. Https:// Https:// Https:// Https:// .
36jay: Funding update imminent and confirmed.No more placing.Soon 1p+.#copl Email confirmation from copl's IR that $1m deposit has already been paid from company funds - they had $2.2m at 30 Sep. No placing required for deposit. Copl are planning to fund the rest of the deal through debt and shares issued to seller.
edgein: Too right Art, too right! Arthur Millholland, President and CEO, commented: "This is a game-changing acquisition which will materially reposition COPL as a production company with assets that have a long-term lifecycle and rapid production opportunity. Oil production assets of this quality, having an incline curve rather than a decline curve, are rarely available for purchase. Circumstances surrounding the Covid-19 situation created this favourable opportunity for COPL. With this acquisition, in addition to the substantial upside potential already present in our Nigerian offshore project, the Company is now strategically well placed to deliver enhanced value and returns to shareholders." Regards, Ed.
edgein: Shauny, Yes indeed today looks like a prime example of that. They moved it down on a perceived delay (even though the company didn't say extension had to be granted by the 30th). Traders were caught on the back foot and anyone unlucky enough to have sold is now struggling to get back in as the share price flys back up again on small volumes too. The tiny cap here makes these compelling on extension of the licence given the agreement with Essar, Nigerians are notoriously slow but tend to get there in the end. COPL's strength is reflected by the size of its partners with Essar and Shoreline. Agreed, there'll be significant interest when the extension lands and the next acquisition. We may actually get some progress on the Moz PSC at some point too. The speed these move you'd need to watch your monitor non-stop to catch these swift moves. I was reading over other companies today and I missed the move from circa 2% up to almost 15% up. So anyone who has been trading these needs to be very careful or they'll find the door closed. I don't currently post on the LSE, I do read there regularly and there's a lot of good posters over there. I don't really have the time unfortunately to post beyond ADVFN. Regards, Ed.
charlesjames1: And just like that on a public bulletin board you have appointed yourself king. Shares in issue have a dramatic bearing on the share price Firstly, it shows that the company has a severe disregard for its shareholders In that it issues them like confetti. This warns off potential buyers. Secondly, they pay their bills with shares. A clear sign that they are skint and another red flag. So before you spout about MC is king. Don’t kid yourself. A rising share price needs to attract new blood for it to be sustained. Good luck.
kcowe: 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
bronislav: 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.
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