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Jim - FWIW - I still want to know more before I put all of my eggs in the basket - it has been a bit of a shock to the system with Uruguay and in quick successtion CERP when all we really wanted to know was when the drill bit will start spinning.
That said there has been a couple of subs on the sidelines warming up with the recent holdings RNS which was perhaps a positive - BUT we still need to know a bit more - Not a lot has been discussed about the potential of Uruguay and the massive potential there - we will need boots on the ground, people who are trained and up to speed and it appears there are a few skilled staff at CERP who may or may not be able to be quickly pivoted there. All of course speculation pending the overdue information from the company.
Stay safe all - A new day will dawn - the weather outside my window has been as stormy as this board over the weekend with thunder/lightning storms, almost gale force winds and now the sun is cracking the flags.
Glide I was agreeing with your sentiment about not having sufficient funds and the drill not happening which seems to be obviously but not to all it seems. The timing of the drill announcement and the fact that CERP (Leo) had already been in talks with BPC in my view is no coincidence. I have been reading the board and I still believe that the current drill and finance to complete is reliant on the merger and BPC would be taking a risk by voting no.
Star, fortunately I’m pretty strong willed, stubborn and don’t make many knee jerk decisions so I’m around for the long haul fortunately/unfortunately, depending on which side of the merger argument people are on.
What I don’t understand is why are people so afraid of my opinion on this merger deal and want me to move on? I still believe in the P#1 geology and what the company states about being ready and able to drill it, I simply don’t want BPC to acquire CERP on the terms in front of us. They bring nothing to the party as it stands other than liabilities and that won’t change for a considerable number of months so if we’d have waited for a few more nuggets of news flow on P#1 progress (license extension, rig named, EA modified and rubber stamped) we’d have picked CERP up for half the outlay now.
Maybe the worry is CERP wouldn’t have survived that long and the liquidation process would have seen it ripped up into its constituent parts? The seagulls would have ensured nothing remained.
Why can no one, absolutely no one, provide a fiscal argument as to why CERP are worth £25m and how that will be paid back without risking the very existence of BPC? I’ve still not heard this yet.
The market are treating this like a hinderance at the moment with the gradual chipping away of the sp. If these so called strong positions people or saying are validation of the merger were true why has the share price only trickled down? I say the reason is because these positions are taking advantage of a market anomaly and trading that position and they are not ‘investing’ on the merits and fortunes of either company. It could be any two companies.
My requests to our BoD is simple: explain what CERP’s cash burn is, what is their break even cost per barrel, where’s the low hanging fruit to increase production, how long will this take and crucially how much and how will they fund this? Is any of that unreasonable?
JimInTheKnow, as a nobody with a lot (for me) invested here, I have sat back, and watched the flow of this message board, since the Cerp announcement. I also posted last October that I thought that BPC were having trouble raising enough money to achieve a drill as the money markets were getting worried about lending. ( got a bit ridiculed for that, I shrugged). I know nothing really except what my eyes tell me. When a plumber or a van driver couldn’t afford a house then The economies have over heated at that time. Money is more difficult to find. covid has added to that uncertainty. I don’t think that BPC really had enough of everything to drill last April, there wasn’t a drill rig named, there wasn’t a date set even with a few weeks to the supposed drill window. Covid came in, a drilling partner is announced, where it wasn’t before, why? I was prepared to go shoot or bust, I am still in profit if I sell, but I do find this a difficult investment to trust. I will stay in, because from the original premis that big oil is to be found, for me, still holds. But the hubris of February 2020 looks a little silly now. I don’t see the value of the merger. If Perseverance fails, the merger (IMHO) is irrelevant. I also see this as a way of giving the company board longevity rather than sticking to the longheld aim of a drill for BPC in Bahamas based on older and newer surveys. I would vote no to the merger given.p a chance
Jim, respectfully under the circumstances I urge you to sell your shares as you have no faith in the company or its board of directors. It also means you will have more time on your hands than wasting it on this forum.
What I was wanting to add further before the message crashed on me....
They have been at this well over 10yrs with no results, they often move the goal posts. We are constantly told of jam tomorrow and given there are no obvious benefits to this merger than more jam tomorrow, are the people singing the praises of this deal on here with accounts opened since the turn of the year plants from the company who knew what was going on and to come?
It’s very difficult to think otherwise about those who think there is nothing wrong with this deal as there are obviously flaws which are never acknowledged, just more jam tomorrow. There’s a definite theme.
Of late I’ve come to wonder how trustworthy BPC actually is. Given there are no material facts that benefit this merger, the only facts are CERP is a loss making company in a world of low oil prices. That the only thing this merger would appear to guarantee is the longevity of BPC’s board