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The only problem with do your own research is, lots of people use these sites as part of their research.
Over the weekend this BB turned into what I consider as a school playground.
Hardly any constructive posts, instead it was full of tit for tatt personal squabbling.
I noticed the usernames.
I don't understand why it needs to descend to that level. I do understand that a lot of investor's saw their losses increase last week. However the SP fell to a lower level after Feb 8th.
I also understand that what is to come is very unpalatable and it means most of us; that long term ROI which was almost achievable has now been pushed back even further.
Evidently a few don't understand the information in the RNS & proposal and can only see the estimated rise in production, not the company costs going forward.
Spending more cash than one generates is simple insolvency maths. One can only operate like that for so long before the inevitable.
Seems that a lot of you blame Starchild for your investment losing value rather than the BOD or companies under performance.
If you have chosen to invest in BPC based on Star's research & recommendations without doing your own research & or invested more that you could afford to lose. Then I think the responsibility is yours and yours alone. The only person one should be angry at is oneself.
That being said Star, I do think the way your posts are laid out are in a way to present why people should invest in BPC. So I do understand why so much negativity is directed solely at you.
As for L.K possibly rejoining the BOD or even as CEO/Chair; like Potter I think that position is untenable.
Based on the companies financial outlook & RNS; I think Eytan is even a less capable CEO than Potter is. Right now I see BPC as the Titanic heading for the iceberg.
That being said, I would prefer L.K came back to steer the ship !!!
I don't know if Eytan is a qualifed geologist or petroleum engineer, if he has been on a team that has made oil discoveries, if he has managed a portfolio of producing wells, or whether he is just a guy with a degree in finance & business management. I don't know whether he has ever held a directorship or CEO role before.
This uncertainty has dictated my confidence in the company.
I have written off my paper losses on this company. If the SP manages to creep up to a breakeven level for me by mid 2023, great. If it doesn't, it doesn't.
Thebhoys - totally agree with you. SC filtered.
Absolutely correct. If this company where capable of delivering for the shareholders, they would have by now. The only thing they are good at producing is extra shares. Which they are very good at. They will never be cheap enough to warrant spending another penny on. If you invest anymore here you are a fool. It's that simple.
LOL this is funny
Absolutely correct. If this company where capable of delivering for the shareholders, they would have by now. The only thing they are good at producing is extra shares. Which they are very good at. They will never be cheap enough to warrant spending another penny on. If you invest anymore here you are a fool. It's that simple.
So i received a message saying did i want to participate in the placement @ at a certain price. So I have never come across this. Does it just mean i can buy some shares at the placement price? Also what happens to my existing shares? I assume i maintain the current volume but ultimately at the share offering price? is this correct?
Thanks and novice trader
This company has warning signs all over it from past performance. How anyone can post a positive picture on the future until actual delivery is absolutely deluded IMO. The share price will look after itself and IMO deliver no shareholder growth for an extremely long time. Ramping posters on here have their own agendas , paid, company employed, short term traders. Beware of all the false promises this company have failed to deliver in previous RNS’s . A very big warning sign.
@thebhoys, totally agree with you. Starchild has definitely found a way to miss my mood with his posts. I am 90% down on this dog, my own fault for listening to the fully funded for a drill message back in early 2020. But I didn’t know then that we would spend money on new licenses outside of Bahamas and merge with Cerp in order to get access to better/more favourable loans. Ha Ha to that plan.
Feel sorry for ex cerp holders.
BPC has debts from P1 even though it was fully fully funded that they now need to pay off.
This company has been, in my opinion as a share holder, mismanaged and the guys responsible are still there.
Willec - They are commonly known as wind up merchants (WUM), bets ignored and none of them are holders.
Now the dust has settled on last week I'm more intrigued to see how this all plays out over the coming weeks. IMHO if they renew the licences in the Bahamas then they will only do so if they are confident of farming in.
I have absolutely no idea why my post created such a reaction from Thebhoys. It was a very positive post using the analogy of an IPO, which is applicable today to BPC based on my bullet points...... because CEG is the name of the renamed BPC in a few weeks!
Oh well. Yet another poster who has removed me from his Christmas card list. I wish people would read posts properly before doing a knee jerk reaction and posting in anger.
Starchild
Any clue how to share price will react today
My thought is 10% down
I mean up ...lol
Starchild how dare you make light hearted banter about an IPO in which a company called BPC failed and was taken over for a penny by a company called CEG then have the audacity to bullet point, like every other morning the upside to the company just to get your usual points across.
LTH have not only lost a lot of money but 2 companies CERP and BPC incase your not aware.
I feel more for the CERP Holders who helped merge both companies.
I will be filtering you as I am not prepared to read such nonsense, especially after what’s happened.
No one who has suffered a loss could be so blasé, atrocious.
I’m tired of reading the same old nonsense, day after day, so will be filtering you.
I’m not going to get into an unsavoury exchange of words and will leave it at that.
Hope all the genuine holders ,the family, have a decent day.
ATB
Any clue how to share price will react today
My thought is 10% down
All this talk of the clues were there... I wonder if these ‘I told you so’ trolls would have the same rhetoric had P1 come in as expected?
Talk of better companies out there?? I’d love to see them highlight future ten bagger companies to invest in - that was we can descend their chat boards and ram their failure right back at them...
So come on Jono, Dross, Bully - put your money where your mouth is... or don’t you have the minerals?
No the close out costs are $14m as described in 4.1. The co are telling you they think they can reduce the cash cost (negotiations and pay-with-shares) by 20-30% and if they do the cash saving is c$4.5m, I.e. the cash cost is $9.5m.
Costs associated with The Bahamas and closing out Perseverance 1 are about $4.5m this includes licence renewal costs.
4.2
(e) completion of negotiations in relation to licence renewals in The Bahamas and completion of invoicing, payment scheduling and resolution of disputes and final settlement of estimated costs associated with the completed drilling of Perseverance #1, such that the aggregate amount of cash payments required in respect of licence fees and ‘close-out’ of Perseverance #1 are consistent with the description in Section 4.1 above (approximately $4.5 million).
Ps: off topic... Leo's company Tulip Oil (he has been CEO for only a few months) was acquired by Kistos PLC last week. See https://www.londonstockexchange.com/news-article/KIST/acquisition-of-tulip-oil-for-eur222-75-million/14944137
I personally would be pleased if he rejoined the BPC BoD and helped to fulfil his vision of turning CERP (then BPC, now CEG) into a 500m company. That would make an interesting story: sold CERP, joined BPC, left BPC, joined Tulip (made a large ROI for its shareholders), joined CEG and ditto in a year or two. His CV would become very valuable for future appointments.
Just thinking, not predicting. GLA
Starchild
Imagine a new company is about to IPO/float on AIM next month, and you received a prospectus based on the essence of the live BPC one issued Saturday https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2021/04/23135622/Open-Offer-Circular-Web.pdf
This new company is called CEG PLC and will purchase for one penny all the assets and liabilities of an old company called BPC.
Liabilities:
A November loan from Bizzell for £3m, with a further £2m available the morning after the IPO. Total £5m.
Assets CEG acquired for one penny:
1. Cash in the bank, less legacy debts owed to LoL ($4m) and Stena (c$8m after negotiating offsets)
2. 450-500boe/day producing $3m/ year free cash, pre capex and OTCs, based on $60 PoO. To conserve cash, CEG has stated it will make opex reductions of 20-30%, from the current $4m/ year.
3. A headcount of 80 qualified staff and management.
4. An $85m Trinidad tax credit for certain future profits.
5. The possibility for a farm-in in the Bahamas. In fact, $140m was spent by its predecessor BPC over 10 years, which can potentially be monetized at any time.
6. The possibility for a farm-in in Uruguay.
7. An imminent Trinidad spud in weeks called Saffron 2.
8. A Suriname EWS/spud in the summer
9. Potentially 7 more Saffron spuds in Trinidad as its south west peninsula is believed to hold 200+mboe
10. Three financial institutions have agreed in principle to provide reserve based lending (cheap), infrastructure lending (cheap) or a shares-backed CLN (partly dilutive).
11. To fully hedge this investment, if everything goes wrong, CEG will farm-out most of its Trinidad business, shrink the payroll, and collect cash on success without further capex. Its tax credits alone are worth millions. (I made this bit up, apart from the tax credits)
Rhetorical questions:
BPC’s Mcap this morning is £19m (0.4p SP). What do you think CEG’s MCap could be…
(a) On the morning of the IPO?
(b) In 3 months?
(c) On Dec 2021 (assuming the stated goal of 2500boe / day is reached)?
(d) On Dec 2022?
All my posts are in good faith. I stand by the opinion I stated on several occasions when the SP was between 0.5p – 0.6p…. ‘There’s very little scope for the SP to fall further LONG-TERM, yet huge potential for a surge in the short-term. AIM is quick to punish and quick to reward its listed penny share companies….’
Always DYOR. IMHO. Sell, hold, buy….it’s up to you of course. GLA.
Starchild
https://www.lse.co.uk/profiles/starchild/
Ps… It is deeply upsetting when real shareholders, frustrated at their current paper losses, attack the motives or integrity of other real shareholders. Trolls, de-rampers and BPC haters who have no shares, FEED on this. I firmly believe their constant negativity and machine gun posting 24x7 has contributed to keeping the SP below 0.8p.
Well you think we are going bust, just like the other trolls. Why would someone invest here, or anyway, if they thought the company is going bust.
You are just an uninvested troll, one of many on here.
Willec your posts are really beyond a joke.
Recently you were predicting 10p before year end which means £1 post consolidation and you think I'm a prat.
jono44 - You really are a prat aren't you
Patoir
The blame lies with Bpc management, they run the company for a salary hence responsibility is theirs.
Willec when you got hit with the stupid stick you were suppose to let it go not keep hitting yourself with it.
He is probably still upset over P1. Time for the really drilling to begin instead of wildcat drills and when we find oil in S2 we can put that straight into production providing a regular income see the sp steadily rising with drills still to come this year. Looking very good to me and a message for the trolls - instead of talking tripe on here support and hold or sell and clear off. Noone is forcing you to hold this share. Also, for those in too deep with too heavity loss saying too late to sell I would say you must have confidence in the drilling program not to sell up and move on no matter how much the trolls are down.
Stinker, not stunner