Tuesday 23 October 2018 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
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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