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Starchild
Again with the “special interest groups” narrative?
You need to face up to the fact that we are all PIs here and that we don’t actually need anyone pulling our strings to make us disagree with your take on BPC.
SC
Thanks for the reply.
Yes I did look at the Bahammas media before I asked the question and that was one of the reasons
I asked you.
According to th PM and the AG as of Friday 26th March they stated in the media that they had not seen any renewal application, but that's not go say bpc hadn't done so or if they had done so before 31st March.
As regards to trolling if I remember correctly a while back you stated that you had got a member of your staff to go thru all my past posting history and posted a link to my profile on this bb so please don't talk to me about Trolling.
Have a nice day.
Jono44: Your comment Sunday ……‘Where did you find the info that the licences had been re applied for on 31/03/21.If you just made it up don't reply’
Respectfully, please do not troll or attempt to intimidate me. I told you yesterday…. DYOR. I am not your personal analyst. Neither will I answer questions from those that allegedly post negativity for selfish gain or for special interest groups. It will lead to more questions to facilitate even more negativity to further their agendas.
You made your mind up yesterday that you will force me to give you an answer, otherwise the implication is an admittance on my part of ‘I made it all up.’ I’ll give you a hint… look back at the Bahamas media news since March. DYOR and then apologise.
You used to post politely but now appear somewhat irritated.
Have a nice day
Starchild
https://www.lse.co.uk/profiles/starchild/
PS to All: It is not worth engaging directly with persons that spend 24x7 spouting anti-BPC messages, other than in exceptional circumstances. Why would those who admit to having no BPC shares spend so much time including weekends posting on this BB, unless for hidden agendas? GLA. Lots of news expected very soon.
SC
Where did you find the info that the licences had been re applied for on 31/03/21.
If you just made it up don't reply.
Thanks.
Perhaps you should stop engaging with them so their messages end up so prevalent on the board. Just don't engage with the messaging so it drops of the board
ZagEgypt: Respectfully, you have failed to read my post properly.
If I sent you an invoice for $7m for posting such an insulting post, you would likely not pay it and spend it on other things including going on a politeness course. The $7m would not be due other than by mutual consent unless a court ordered otherwise.
The same applies for the $10m Stena bill, $7m of which BPC is disputing.
Have a nice evening
Starchild
Star
Again with nonsense, you wrote the below that 7 million is hotly disputed and as such is now free to use for what ever BPC need it for.
You need to stop with you propaganda
8. Percy-1 went overbudget by $10m. True, but $7m is hotly disputed. This means the over budget was $3m plus whatever is finally agreed by mutual CONSENT which can be paid over many months. Part of this $7m could be used in the interim for points 1-7.
16 April 2021
The immediate anticipated cost of planned activities in Trinidad and Tobago and Suriname in the balance of H1 2021 (in particular, the drilling of Saffron 2 and the WNZ appraisal well) is approximately $4 million. The timing of future operations in both Trinidad and Tobago and Suriname remains dependent on the speed of permitting approvals, and Covid-19 access constraints. The Company will update the market with regards to the detailed work programme and timing of operations in due course.
Close-out of remaining costs associated with the drilling of Perseverance #1 (a number of which will not be finalised and become payable for 30-60 days post-well completion) is also ongoing.
In addition to securing further draw-downs under the conditional convertible note facility, the Company has access to a range of other potential funding sources, including utilising cash flow generated from production in Trinidad and Tobago and Suriname, reserve-based lending facilities in respect of the Company's petroleum reserves in Trinidad and Tobago (which are expected to grow during 2021), and generating prospective payments and back cost reimbursements through a farm-in to the licences in The Bahamas.
· In relation to the package of funding arrangements put in place between the Company and 1798 Volantis Fund Ltd ("the Investor") on 13 December 2020 ("the Funding Agreements"), the Company confirms that:
o a full and final reconciliation payment of approximately £370,000 in respect of the initial £7.5 million tranche has been made by BPC to the Investor, representing approximately 5 per cent. of the funds received by the Company under this initial tranche. This payment has been entirely offset by an agreed rebate of advisory and fundraising fees paid by the Company, such that the net cash cost to the Company in respect of the full and final reconciliation for this tranche of funding has been nil;
o the £3.75 million Call Option under the Funding Agreement has now fully lapsed; and
o the £3.75 million Put Option under the Funding Agreement, which was exercised by the Company on 12 January 2021, remains subject to a similar final reconciliation process on 16 April 2021, with the reconciliation amount (if any) able to be satisfied in cash or shares (or any combination thereof) at both parties' discretion, after which any obligations under the Put Option will be fully satisfied and the Funding Agreements will terminate.
· Lastly, the Company has settled a number of corporate creditors through the issuance of, in aggregate, 135 million new BPC shares ("New BPC Shares"). Application has been made for the New BPC Shares to be admitted to trading on the AIM market of the London Stock Exchange and it is expected that admission will take place, and trading in New BPC Shares will commence, at 8:00am on 22 February 2021 ("Admission").
The Company currently has approximately $15 million of available cash (inclusive of the funds to be made available on 28 February 2021 under the Facility).
o BPC retains the right, at is sole election, to scale back the remaining availability of the Notes by up to £7.5 million and BPC will now also have the additional ability at any time during the term of the Notes, at its sole discretion, to issue a notice to redeem the Notes early, by way of cash payment of the subscription price, all accrued coupon to the time of redemption, an early redemption premium of 5 per cent, and the issue of options to acquire the equivalent of 30% of the number of shares the redeemed Notes would otherwise have converted into, with such options to have an exercise price of 0.8p per share and an expiry date of 31 December 2023. If the Company does elect to redeem the Notes in this way, the provider will first have a 10-day period in which it may elect to convert the Notes the subject of an early redemption notice; and
o the fee payable to the provider on subscriptions for Notes is 6 per cent.
All other terms and conditions of the Facility remain unchanged, as previously advised.
· BPC has reached agreement with the provider of its conditional fixed conversion price convertible note facility (the "Facility") to establish revised terms for the Facility and extend this Facility to ensure it remains available through the course of 2021 drilling operations in Trinidad and Tobago and Suriname, as follows:
o the conversion price of all notes issued under the Facility ("Notes") has been amended from 2.5p to 0.8p;
o the maturity date for all Notes will be a single maturity date of 31 December 2023, regardless of the date of issue of the relevant Notes;
o the coupon on the Notes remains 12 per cent., to accrue from the date of receipt of any subscription funds by the Company;
o coupon will be payable periodically throughout the term of the Notes, on each of 30 June 2021, 31 December 2021, 30 June 2022, 31 December 2022, 30 June 2023, and 31 December 2023 (each an "Interest Payment Date");
o on any Interest Payment Date, BPC can elect (at its sole discretion) to capitalise up to 50 per cent. of the coupon accrued on the Notes at the relevant Interest Payment Date, with any amount not capitalised to be paid in cash. Alternatively, BPC can elect to pay 100 per cent. of the coupon accrued on the Notes at the relevant Interest Payment Date in the form of BPC ordinary shares, to be issued at a price equivalent to 90 per cent of the volume weighted average price of BPC's shares in the 10 trading days prior to the relevant Interest Payment Date. This variation reflects BPC management's expectation that the Company, which is targeting material growth in production and cashflow through the course of 2021 and beyond, will have the ability to cash settle coupon (all or in part) throughout the term of the Notes, which will then allow the Company to use available surplus cashflow from production for this purpose, thereby reducing the overall potential dilutive impact of the Notes;
o the provider has agreed to make an immediate additional £2 million subscription for Notes on an unconditional basis, thus increasing to £5 million the total amount of Notes subscribed for to-date, with settlement for the additional subscription (and coupon accrual commencement) on 28 February 2021;
o the last date for subscription for further amounts of Notes, up to the total undrawn Facility availability of £10 million, is extended to 16 April 2021, and this date will be extended further to 30 June 2021 if a minimum of £8.5 million of Notes in aggregate have been subscribed for by 16 April 2021. The ability to draw-down on these remaining funds remains subject to satisfaction of certain conditions precedent, which the Company and the provider are engaging on collaboratively;
SC
Asking other people on a bb is one form of researching that I use.
I have already said that if I think bpc is investable and I might do so again.
At the moment I don't think it is but one thing I am looking for is confirmation of the licences
renewal application has been submitted.
You stated that they had applied for the on the last possible day, 31/03/21, if you dont have definitive proof just say so but if you do can you share.
I like to know facts.
I don't and never have had any reason for bpc to fail, there are to many people invested and are sitting on substantial losses, so for that reason I certainly do not want to see bpc fail.
Hope bpc is a success for the record.
We are of course outstanding on a promise from SP. "By mid April, the Bahamas will know if they are an oil rich nation"
On the basis that the full P1 analyses is still outstanding then I assume this conclusion is also outstanding, again assuming the reference will be to the Jurassic (which we didn't drill).
Jono44: DYOR. I'm not your personal analyst. Not that you need one as you have no interest in BPC other than hoping it fails for reasons you have never shared with us. Why do you post here? DYOR.
Starchild
SC
10. BPC has the funds to renew its licenses otherwise it wouldn’t have applied on 31/3/21. Pllleassseeee!
Could you post a link to where this info can be found.
A record was broken yesterday to the lowest price for funding potentially being 0.1p!!! At least the person stating this has been honourable enough not to machine gun post and honest by admitting to having a 0.45p short.
Rebuttals re ex-CERP assets
Refer to 26/3 RNS https://polaris.brighterir.com/public/bahamas_petroleum_company/news/rns/story/ry4n3kr and page 9 of the presentation https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2021/03/25213812/bpc-update-presentation-march-21.pdf
1. At $60 PoO, BPC is making enough revenue to cover all opex with $3m/year free cashflow after $4m/ year G&A, excluding OTCs and Capex.
2. It has the $1m capex for incremental production programs. Success = 100 bopd = $1m/year free cash. (ROI 1 year)
3. It has the $2-3m capex to spud S2 Trinidad in May. Success = 200-300 bopd = $2-3m/year free cash. (ROI 1 year)
4. It has access to $2-3m capex to spud Suriname and do an EWT in July. Success = 500+ bopd = $2.5m/year free cash. (ROI 1 year)
5. New Biz development opportunities 100+ bopd $0.7m/year free cash. Capex needed $2.5m - $3m. (ROI 4 years). Can be partly financed with RBL.
BPC does NOT have the capex, unless there is a Farm-in involving a refund of some back-costs or RBL/infrastructure lending based on 2-5 above being successful, for ….
6. The Saffron 3, 4, 5, 6, 7, 8, 9 full-field development (2-3 years) 4,000+ bopd $25m+/year free cash. Capex needed <$60m. (ROI 2 years). IMO it can use RBL in a success case based on a CPR to spud the next Saffron one by one.
7. The infill drilling programs 200 - 400 bopd $3m - $4.5m/year net profit. Capex needed <$6m. (ROI 2 years)
Key point A: Banks love to lend for projects, whether oil production or a gold mine, that gives an ROI in 1-2 years. BPC does NOT need tens of millions now nor is it insolvent.
Rebuttals re Bahamas
8. Percy-1 went overbudget by $10m. True, but $7m is hotly disputed. This means the over budget was $3m plus whatever is finally agreed by mutual CONSENT which can be paid over many months. Part of this $7m could be used in the interim for points 1-7.
9. BPC does not have $40-60m funds to drill Percy-2. True, but I don’t care. It has 3 years to do so and self-fund from ex-CERP profits OR a farm-in/JV.
10. BPC has the funds to renew its licenses otherwise it wouldn’t have applied on 31/3/21. Pllleassseeee!
Key point B: BPC is NOT broke. It doesn’t need gazillions now, up-front. If points 1-7 are even partly a success, it will have cash to develop and ‘pay-as-you-go.’ How? Surplus cash, RBL, and infrastructure lending. And any farm-in/JV would be a mega bonus, but BPC doesn’t need it. Had the CERP merger not happened, BPC would be up the creek without a paddle. It isn’t and has plenty of time to get the best deal without having to plead to a major on bended knees.
The RNS this week will answer many questions. DYOR. Enjoy Sunday. GLA.
Starchild
https://www.lse.co.uk/profiles/starchild