Canadian Overseas Petroleum 🇨🇦🛢- COPL

Atomic accounts being audited, shouldn’t be too long until relisting.

Fingers crossed for Nigerian news soon too

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Has anyone seen or heard any new yet?

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Other share dealing platforms have received notification that COPL intend to relist this month.

So i would imagine Freetrade have received similar.

Exciting times, get ready for rockets :rocket:

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When realistically are they going to relist? We were told April, then May and now it is June.

Anyone know how much those shares are going to be worth? 20 pence or less? :woman_shrugging:t6:

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I have seen a few posts on other sites that it’s due to be back up by the 28th of this month and a few people are saying it could be as much as 50p a share but for the actual numbers we will have to wait till the day

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Are there any links to where these quotes are coming from? My Google Fu is coming up short.

I only put in £10 so even if I only get £20 out of this I’d be chuffed. So congratulations to all of you guys who were invested in this. I’d literally just found COPL before the delisting. Wish I’d put in more.

I use sites such as Market Watch and Stockopedia but there is loads, i found them a while back by googling “share prodictions” all the main sites have chats and forums where you can get helpful tips and hits on shares such as COPL

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this is the current rate for COPL https://www.stockopedia.com/share-prices/canadian-overseas-petroleum-LON:COPL/

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Supposedly prospectus is finalised and it’s pending approval by fca. This has been a very complicated process with atomic accounts heavily scrutinised.

Regarding share price, I predict open will be around 1.5p to 2p.

50p is pure fantasy, unless there’s a consolidation of shares. At this point in time 1:10 is possible, however after agm (assuming resolutions pass) 1:100 could be the ratio.

Personally i think we’ll relist without a consolidation.

In other news, miscible flooding has been better than expectations, so expect positive news flow upon relisting.

GLA

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To quote Art:

“Performing beyond expectations”

:rocket:

That is really good news! I dont mind what the price will be as im sure it will continue to grow even after they put it back up.

we should hopefully see or hear something new in the next couple of hours

Any updates folks

sadly there is no new updates anywhere as of yet :frowning_face:

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Bi-weekly report wasn’t filed in Canada, so it would appear there has been “material change”, for which would invalidate the most recent fca prospectus if new performance figures got announced.

I’m thinking relisting should be imminent, given the skipped bi-weekly report (the bi-weekly report is mandatory for the Canadian listing).

Shortly followed by an updated report.

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AGM Summarised notes

Credit given to Paul S from telegram group.

Alright So here are my notes from the meeting as best as I can recall them:

  • Up to 100:1 consolidation approved, some debate still between the board and with lenders and where to fall between 10:1 and 100:1.

– Spent a good deal of time updating status of Prospectus/Q1 results and how the process is going

  • The Auditing of Atomic books is completed, COPL received the ‘final balances & books’ as of June the 16th.

  • The Auditing was delayed due to the unique nature of the Atomic ownership structure which was an S-corp, which passes all profits, losses, and their associated tax burdens to the sole member of atomic, so effectively COPL bought assets not a company. Since the US is not harmonized with IFRS, there is no accommodation in the code for an S-corp and Atomic had never undergone any audit by the IRS or anyone else, therefor three years of audited statements were needed. Art was able to negotiate with the FCA for delayed suspension until the 16th of March on those grounds.

  • The prospectus has been back and forth with the FCA and Artur said he expects the ‘last turn’ of the prospectus to happen with the FCA on Friday when they complete one last piece of the puzzle.

  • He then said to expect Q1 results to be released by by the middle of July or sooner, and that the Q1 results would then have to be ‘dropped into’ the prospectus for final approval.

  • He is not allowed to give any updates on operations while the prospectus is before the FCA. (OPINION INSERTION: he must have gotten an exception from the FCA for Q1, with the understanding they would be inserted into the prospectus)

  • Once the prospectus is released there is an entirely new website which is already complete and he will be able to give a full update on all the details of operations such as how injection is going.

  • Injection started at the beginning of April and although he can’t give us an update on production, it had responded well and has taken more gas than expected.

  • Question was asked about CUDA and their apparent insolvency art replied:
    That CUDA had not been participating in operations, they owed COPL a significant amount of money and that he had been in discussion with the independent board member and their lender and that their would be a solution in ‘near time’.

  • In response to a question about the Nigerian asset, Art mentioned that nothing new is happening in Nigeria due to COVID and restricted travel.

  • I asked a question about dilution, Art responded that their were no new projects planned in the near future that would required dilution, but that dilution is only bad if it is not used to create value, and that he also has access to the accordion feature on the debt facility. He also said he does not have any plans for another equity raise for any other reasons.

  • I asked about up-listing, to the TSX or into the US and he said that the complication of listing into the US may be too great and that their is not enough institutional support on the TSX for energy stocks to pursue that avenue, so the main equity and liquidity would continue to be generated on the LSE, but that in the meantime he was hoping to get more volume going on the CSE (OPINION INSERTION: likely with the q1 results). He also recommended some trading houses in Canada that would give me retail access to the LSE.

  • I asked about the Namibia subsidiary in the COPL structure and he said that it was nothing new and had been in the company for 'a long time;

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“ Canadian Overseas Petroleum Limited Announces Management Cease Trade Order has been extended to July 14, 2021”

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Brilliant news for COPL! :ok_hand:t2:

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Is tomorrow the day we find out?

Hopefully an update tomorrow.
Q1 results should be released.

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