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Bryn, with you on this one. IMO finance is there. It’s just a question of whether there might be more advantageous offers before D day. We’re going to drill. Take a bet on strike or no strike. For me it’s as simple as that. Not interested in CERP. Not why I came here. My vision of what a success might bring in terms of reward has been dented by a strategy that the board has still not satisfactorily articulated which I find shocking, but I will stay all in until the outcome of P1 is known and then scarper as I no longer trust the board in the long term. Each to their own. My beef and horse radish will be a conch salad at Twin Brothers on Arawak Cay
Unconditional agreement with Stena Drilling for the provision of a state of the art, sixth generation drilling rig, including integrated supply of a Managed Pressure Drilling (MPD) unit.
· Firm window for commencement of drilling between 15 December 2020 and 1 February 2021, consistent with licence obligations as extended by the Covid-19 force majeure event.
· Reduced estimated total cost of Perseverance #1, down by approximately 15%, based on the contracted rig rate and rates for other contracted services and equipment, reflecting changes to the global operating environment.
· Perseverance #1 well targeting recoverable P50 oil resources 0.77 billion barrels, with an upside of 1.44 billion barrels. Reduced cost estimate creates scope for expanded formation evaluation work in the success case, without increasing previous estimated total capital requirement.
· Optimal funding strategy and timing, including farm-out process, being reassessed accordingly.
Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said:
"In March 2020, we were within weeks of commencing the drilling of our Perseverance #1 well when we were compelled to defer our planned drilling programme due to the impacts of the Covid-19 pandemic. Immediately we undertook a range of activities necessary to reschedule activity toward the end of 2020 and into the first quarter of 2021, consistent with our licence obligations (as extended for the declared force majeure event), by which time we expect the worst of the broad suite of impacts of the pandemic to be behind us. To this end we are pleased to announce that we have today entered into a rig contract with Stena Drilling, which provides a firm series of parameters on rig rate, provision of MPD, mobilisation and demobilisation costs, and defines a revised drilling window of 15 December 2020 to 1 February 2021.
This decision - to lock in a rig now, at an already favourable rig rate, rather than try and second guess what markets and availability will look like later in the year - speaks to our intent to ensure Perseverance #1 is drilled at the soonest opportunity, and provides the necessary certainty needed for operational planning. Acting decisively in this way is consistent with our single-minded focus on technical delivery. Importantly, the commercial parameters in the rig contract have allowed us to not only revise down significantly the anticipated well cost, but also clears the way to revisit our funding strategy with adequate time to ensure we have the funds available as and when we need them, on the best possible terms. I look forward to updating shareholders in the coming months as we continue making progress towards recommencing operations."
He may know something others do not - therein lies the thought about doing research.
To be honest - I do not know the answer as I have no Percy and Robin whispering in my ears.
No one needs to declare the source of their information, my thoughts are that finance is not an issue otherwise we would not have Stena sending a ship over to be re-trimmed for action some 6 months before it is due at its next gig which is not for BPC.
With the family office finance plus other avenues of revenue which have been mentioned in the various presentations, I do not fear for the availability of finances at decent terms.
There have been many suggestions as to the source of that finance, the worst case scenario has been discussed many times already.
Repayment of any loans will not be an issue on a decent strike.
If of course we do not get a positive strike after all this huffing and puffing about the quality in the data room then we do not really need to know how it will be repaid I'm afraid.
We are either invested at a low entry price for a massive win - or we are loaded with cheap shares which are worth zip.
These are the two scenarios we have - we make our own personal choices on a personal basis, and certainly not on the say so of someone else unless they are well insured by the FCA guidelines.
Tomorrow is the beginning of another week of toing and froing.
Will we get an RNS ? My money is on a couple of price monitoring before we get some juicy news - though would be happy to be incorrect.
Estimate of SP at anytime during the week - personally don't care so long as we have at least one blue day - pay day will be when the drill ship is mobilised and when the drill hits the crust.
Stay safe - stay relaxed and always keep a light nearby should one need to go exploring in the dark. ;@)
brynjon
What I am interested in is the basis on which Interestking can say
“We have finance...trust me we have.”
On the face of it, until an RNS says otherwise, BPC currently does not have finance. So the challenge to Interestking is to explain what information he is party to that the market isn’t.
rossannan - clearly this is a case of the old adage Do Your Own Research.
Now I am not saying it will give you the answer to which you insist on receiving - Interestking and others are satisfied all is in hand - you and others believe not so - which is why we should all do our own individual research, whether that is speaking with Percy and Robin or otherwise.
We all wish to nail our flag to our respective masts - I have done my bit of research and suitably happy that it is NOT a risk free investment.
Folk are either in or they are out BUT it is an individuals OWN CHOICE whether they risk it all on a statement from an anonymous poster, similarly it is an individual's choice as to when to press the BUY or SELL button.
Stay safe all ;@)
Interestking
That’s all well and good but your challenge is not to share your CV but to back up your statement that
“We have finance...trust me we have.”
So please tell us what you know about finance that we don’t. Are Stena farming in? Or are they subscribing? Or is equity taking one for the team in time-honoured AIM tradition?
Do tell.
Rossannman
Oh dear!
I was just relaxing with my first glass of Chablis and you had to spike my guns!
I will not get into a how big is yours argument cos I don’t need to. Oh ok I will!
I’ve got more money than you’ve ever dreamed of!
Suffice to say I used to work for the CURRENT largest financial institution in The World.
I did many billion $ deals.
I made several billion $ for said institution.
I dealt with oilcos @ the boardroom level.
I dealt with the biggest food chains @ the boardroom level.
And various other multinationals @ the boardroom level.
Along with many other varied businesses.
I worked in London/NY/Geneva/Zurich/Frankfurt to name but a few.
I had 250 senior execs reporting to me @ 1 point.
Now Percy and Robin just flew down and told me I’m going on a bit.
I don’t like doing this “up my own a..e” stuff that you obviously do – BUT SOMETIMES………
Now then – proof of pudding time and you regular posting guys know I am not here for acclamation:
Please “recommend” or disparage @ your convenience.
Cos I’m getting fed up with the idiots.
GL ALL STALWARTS.
IK
XX
Noviceinv - your 18:32hrs post is correct apart from one thing - 'Come on krapper you know it is in place.'. Krapper knows nothing thick as two short planks (Oh sorry that is being unjust to the planks).
Nobody should trust anyone on here, all things are said in opinions and hopefully we’ll researched information.
In regards to funding, yes we are funded. Check out the last however many presentations where we are told we are fully funded. Unless you are accusing the bpc board of lying? Which is a criminal offence. Guess it would be hard to prove as they haven’t said funding is in place publicly, oh, wait, they have. Meaning funding is in place. Come on krapper you know it is in place.
Couldn’t agree more willec. News flow should follow this week in my opinion. Price by end of next week will higher than cob Friday imo with continued rises there after. I’m not ramping, lth here but more confident than ever with Bpc right now.
Interestking
None of the updates since then have changed the fact that BPC has
“no ability to draw down on the ... convertible loan facilities and there can be no certainty that the facilities will be or remain available for drawdown in the future.”
So your challenge is to back up your statement that
“We have finance...trust me we have.”
So please tell us what you know about finance that we don’t. Are Stena farming in? Or are they subscribing? Or is equity taking one for the team in time-honoured AIM tradition?
Do tell.
This week definitely a lovely blue week. The ship is being readied for departure to Bahamas this is only going one wat now and this is up.
Maybe Lockdown in UK, but 'Lockdown in Bahamas' please. This is where the work is carrying on and as we get closer to spud - ignore the UK it is all focused on Bahamas and the work here. We have a while before we find oil yet alone it going to market. Wake up.
I will try my best to deramp or shall I ask Irene as I know Rocket has been crying all weekend - Arhhhh!
---
Now back in reality - message to all you trolls :
Suck it up big rises to come this week looking forward to 5p + very soon
IK - you can lead a horse to water...........
Hi guys - for information this is what I get to read these days : -
This message has been filtered, please adjust your filters to view
I have to say, it is very refreshing. Stay safe ;@)
Still being a 7wat I see rocket. Ahhh did you miss out at buying in at 2p. Ahhhh poor guy. Come in everybody let’s deramp so we can get rocket in at 2 or satisfy his short position. Ahhhh poor rocky rock rock
Drilling P1 in December must happen.
We couldn't hope to get a cheaper price to drill.
Find the oil and hopefully by the time we start pumping it out poo will have recovered.
Easy
Gla
Rossannan.
You’ve obviously missed dozens of updates since then and I’m trying to be polite as we all LTHs are.
BUT I’m not surprised!
GL
IK
XX
Petrodollar
All I have seen on funding is what amounts to wishful thinking re Stena etc. - nothing concrete about the unlocking of the funding impasse that would justify Interestking’s statement: “We have finance...trust me we have”.
So it is over to Interestking to back that statement up. I can’t see anything online that suggests that the impasse has now been broken (by the way, the local rampers will want to avoid any Google search that includes the terms “Bizzell Capital Partners” and “Australian Tax Office”).
P$ which has been my point all along !! ;@)
Interestking
“We have finance – and don’t come back @ me with yeah but no but – trust me we have – your choice! You don’t initiate a drillship without it!”
The company’s latest official position on finance remains:
“As at 31 December 2019 and the execution date of these financial statements [1 June 2020] the Group had no ability to draw down on the above convertible loan facilities and there can be no certainty that the facilities will be or remain available for drawdown in the future.”
How can anything happen on the operational front until these funding arrangements are either unlocked or replaced? What do you know that the market doesn’t? Because the market knows about the IceMAX sailing to Las Palmas and it isn’t reading any more into that than it should. Hopefully you aren’t either.
So please tell us what you know about finance that we don’t.
Star/ Parry
Thank goodness for other insomniacs or travelers – which I used to do 18/24.
Star /Parry great info — Btw Star - was a squirrel not a fox - don’t want to build up my machismo too much!
X
Also to – I hate this with avengeance – thank you P_I for his very good commentary hier soir.
Ya know what - we have really good exponents of investment analysis here.
Great statisticians/researchers etc.
Some very very good Pros – in the oil business past and present.
I have thrown the numbers around many times, based on very serious research over the 10+ years invested here.
And with all due respect I could discourse with any “expert” on any perspective relative to BPC
Including SP & EU (except insider knowledge.)
The point I would like to make whilst also trying not to be up my own a..e!
It is all immaterial now:
We have a drillship.
We have finance – and don’t come back @ me with yeah but no but – trust me we have – your choice! You don’t initiate a drillship without it!
We will drill and we will/or not find oil.
I tend to spend my days being somewhat relaxed and yes not caring about where the next £10k is coming from.
That’s called old age and been there.
And pompous ass if ya like.
Patience – - - - ………….this is literally onboard.
As my fav poster says – “Be safe”
But as I also say - be happy and don’t sweat the small stuff.
GL
IK
XX