George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
So that’s min 6p or 25% premium to the sp at the time of already north of 6p
Once advanced,Conditional Convertible Loan would be for a term of 3 years, with a coupon of 12% per annum, convertible at a price of either 6p per share or a 25% premium to any hypothetical future equity issuance, whichever is lower. So min 6p or 25% premium to sp at time
The Framework Agreement stipulates that the parties must seek to enter into such definitive contract by 11 October 2019 (or such later date as the parties may agree). Having rigs already identified as per this Framework Agreement allows BPC, with Seadrill's input and support, to begin necessary time-sensitive preparatory work, and to complete permitting processes ahead of drilling.
Good point made by shaf on advfn ref BPC. We were looking at over $150m drilling cost for 2 wells.
Now $25m for each well.
Brilliant news and will only get better. 50% of this BPC will likely have to cover so $25m but likely at a mega premium to the £33m cap now having a 30bn barrels target.
BPC has the largest target available on the AIM market right now 30bn barrels which has increased from 28bn bbls.
Chances of this increasing again post drilling - likely id imagine.
All for the current cap of £33m
Bahamas Petroleum Initial Well To Cost Less Than Half Prior Estimate
Source: Alliance News
s Petroleum Co PLC on Wednesday said it is on track to drill its initial exploration well in the first half of 2020 at a much lower estimated cost...
Well I may be a little late to the party but I just bought in! Looks like a great little opportunity to me.
Don’t have permits, cash or partner to drill. Good luck (seriously hope it all vibes good)
Cap only 35m quid. We have 30bn barrel target.
4p next stop. Zak Mir.
https://twitter.com/share_talk/status/1164123883181682688?s=21
Ah Degsy - you are back ;@)
All for a £35m cap company also. Currently.
There are a couple of remarks within the RNS which I have my own opinions on - I have put speech marks at the bits I mean:-
A notice convening the Annual General Meeting of Shareholders on 17 September 2019 has been prepared for despatch on 23 August 2019, "at which shareholder approval for these matters will be sought."
The Company has sought to put in place a package of critical supply and service contracts, along with finance and certain other arrangements "(which will be tabled with shareholders for approval at the Annual General Meeting), representing a coordinated approach to undertaking this activity."
the Company is now embarking on a course to drilling of an initial exploration well during the first half of 2020, "in the event that a farm-in is not concluded by then."
"enable BPC to demonstrate financial capacity to potential farm-in partners (which the Company considers may strengthen the Company's position in farm-in negotiations)"
30 billion barrels field now on track for delivery. Well done all holders the future is bright for BPC.
A major will fund the other 50% of the well now a rig has been booked and the well costs are so cheap. $25m to drill two wells is nothing to a major for a 50/50 farmout.
Doubt if the financial strategy is anything to do withCEO. He admitted at AGM that he’s a geologist not a financier. Hence the involvement of McQ. This has their DNA all over it .
Shareholders get to vote on....scroll down RNS for details also on website.
1. Approve £10m note converted into shares
2 BoD want more powers over share issuance within parameters of RNS, basically for incentives for staff
3. Scrape old options and issue new ones as per table
4. Pay directors sht loads of shares once well is FUNDED.
Or whats not said don’t vote for it and we loose the license and drill chance.
I know it seems jobs for the boys esp Potter but at least we should all now be aligned for success. There are also clauses on when they can sell options. Note funded not when/if we strike oil which is reasonable else they don’t get paid. As I have said for me it’s now getting together headroom for a second drill while the experts do the planning. That’s where Potter’s energy should be now on Farm out and finance coz he probably know little about the actual ops.
Trek, In to the end with risk money.
Can anyone please explain what will this mean to the existing shareholders?
AGM called for 17 September 2019, to approve, inter alia, the convertible note investment, a proposed expanded share issuance authority, a proposed cancellation of existing options to be replaced with issue of revised new options, and approval of payment of deferred remuneration via the issue of new ordinary shares once the initial well is fully funded.