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It shows just how crazy the markets are currently when a small oil company can announce that it has just lost ownership of most of its asset that has the potential to produce oil, yet its share price rockets by more than 100%! I am of course talking about consistent AIM failure, Canadian Overseas Petroleum (COPL), and its OPL226 licence in Nigeria which has apparently been on the verge of reaching production for several years now, and was due to have an appraisal well drilled later this year, but that was before the emergence of Covid-19 and I’d be surprised if that goes ahead as planned. Even more so following the latest news...
I commented yesterday on I3 Energy (I3E) as the subject of ramping on social media, and as expected the share price has fallen back today. One of todays ramp is Canadian Overseas Petroleum Ltd (COPL), up 40% as I type. This stock is heading for Zero in my view.
Canadian Overseas Petroleum (COPL) has the honour of being in my crap quartet of utterly worthless and pointless oil and gas companies. I commented in June on this piece of shit noting the company had declared a need for unrealistically substantial funding via equity placings over the following 12 months. It’s now out of cash, again. Why bother with a placing to keep the lights on?
My good friend Gary Newman has covered Canadian Overseas Petroleum (COPL) a number of times on this website, most recently on 29th May when he came to the view the placing RNS’ed at that time would only keep the lights on for a short while, a view I shared. Just a few days later, the company (which has a standard listing on the main market) suddenly seemed to realise it would need to issue a prospectus to complete the placing. Of course a prospectus has to pass review by the UK Listing Authority, which is part of the FCA. Now the FCA does not always get everything correct (cough cough!), but I have more faith in a UKLA review than any AIM Nomad review.
At the lower end of the market if you want to get an idea of who was inside on placings then social media is often a good indicator, and in particular some of the accounts on Twitter which have significant numbers of followers and have been pushing the company hard just prior to an equity raise...
If there were any prizes for being the worst performing company at the lower end of the market, then Canadian Overseas Petroleum (COPL) would definitely be up there as one of the contenders.
I’ve been bearish on Canadian Overseas Petroleum (COPL) for some time now, and recent developments have done nothing to make me change my stance on the company, particularly with regard to its operations in Nigeria.
Canadian Overseas Petroleum (COPL) is a company which I have been pretty negative on in recent times, and certainly nothing has happened to change my view on it, certainly in the shorter term.
The announcement of a change of strategy today from Canadian Overseas (COPL) has not been welcomed by the City's No 1 oil analyst Zac "the Knife" Phillips of SP Angel who slams what is proposed as "financing folly". The great man opines:
Spotting a placing coming on the smaller shares isn’t always that hard, and is usually a combination of the company getting to a point in time where typical cash burn suggests that funds will be low, and perhaps even more importantly, taking note of those who suddenly seem very keen on that particular company!
Canadian Overseas Petroleum (COPL) is a company that I have followed for a while now and recently I have noticed it getting a fair bit of attention again – certainly as much as we’ve seen since the failed drill in Liberia back in late 2016.
It never ceases to amaze me just how much some are prepared to risk on very high risk AIM companies where the odds are against them, and this is a sure-fire way to quickly see all of your money go up in smoke!
Shares in Canadian Overseas Petroleum (COPL) have performed brilliantly since I tipped them as a buy, but I would now be looking to bank at least some of that profit in the near future.
Many private investors love a bit of a gamble on a big exploration oil drill and there is always plenty of hype surrounding them, but over the past year or so very few have taken place, certainly compared to previous years anyway.
Canadian Overseas Petroleum is a new name to me on the stock market. But this does not really matter too much as far as current conditions are concerned on the equities front, given that almost every company with the work “oil” or petroleum in its name seems to be very well bid indeed.
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