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Liaison between BPC's drilling team and Stena Drilling is already underway, with the teams working to prepare bridging documentation to manage the interface between the two companies' management systems. This work will continue over the coming weeks along with protocols to assure continuous operations and updating of the logistics plan for uninterrupted essential supplies and equipment to the drill ship.
The Company has received formal notification from the Government of The Bahamas that on an interim basis, a 3.5 months force majeure extension to the second exploration period of the Company's southern licences in The Bahamas has been granted, such that the current term of those licences will now extend to at least mid-April 2021, and by which time BPC must have commenced well activities.
In4 you obviously have history with Ross from the Cerp days that I am not privvy to. I'm only going off what I've read on here. No ones asking you to join any fan club (bit melodramatic don't you think) so no need for me to grant forgiveness. Hopefully news soon to give us all something else to discuss. Have a great day.
Willibob - dross did fully commit as he claimed to have bought in, having fully analysed the funding position, not much has changed since, except dross is now out, citing POO price. Now he's on here regularly concerning himself with the options for the BOD - I think they need his input as keenly as Koot needed him to be doubting his assurance he could drill Saffron without a Placing , multiple times daily, for close to a year!
dross has every right to attempt to control the agenda here but it won't stop me commenting on his posts - at the moment he's still treading carefully here - hasn't proceeded to the next stage where he asks that readers pay cash for him to stop posting for certain periods ! ( I kid you not it actually happened on CERP board with him ! ) . Such conduct might be ok with you willibob but it didn't go down well with the masses on CERP so forgive me if I decline any invitations to join the dross fan club!
Everyone has their own risk appetite and will also interpret things differently. I am positive on BPC and I have prob invested more than I should but I believe the reward is worth the risk. That's just my opinion based on my risk appetite. However I think Ross is right to bring up the funding as a discussion as it has not been clarified exactly by BPC as to which way it will be managed. For some it won't matter! As they have been told via numerous presentations that we are fully funded to drill Perseverance 1 in early 2021. For others they will want to know exactly what options have been taken to fund the drill and won't relax or fully commit until they know, even if that means paying a few pence more per share. It may be that Eytan and Potter don't exactly yet themselves and could depend on what Stena Dr ide to do. Personally I'm happy and confident that funding will be in place one way or another to drill P1. I can see why others may be not be though. I don't think people should be ridiculed for asking appropriate questions. Until we receive an RNS explaining exactly what the funding strategy is I see nothing wrong with asking the question.
dross - I can see why you're bothered about it as the SP has already moved against you whilst you've dithered - you told us you sold cos of POO not the funding option risk - was that a good decision- too be frank no one cares - plenty of risk in this share - I've never seen anyone advocating it for widows and orphans or PO Book riskers - are you sure you should be involved here 12 inches or not !
There are some on here who think that the funding has been unlocked and that we just haven’t been told yet. Highly unlikely, whatever the IceMAX is doing right now.
The most positive unlocking scenario with some basis in reality is probably Stena getting involved and the other funding, as far as it remains necessary, falling into line on the back of that. A Stena farm in seems unlikely - drilling companies don’t make their money by betting on the outcome of exploratory wells - but if Stena took the subscription option they could probably offload enough shares onto eager PIs to make the exercise worthwhile before the IceMAX was even on site.
If Stena don’t become involved though, equity will probably need to take one for the team in time-honoured AIM tradition. That should allow the other funding to fall into line and ignore breached conditions etc. This may sound like a less positive scenario but it is difficult to argue that any unlocking scenario would actually be negative here.
In the current climate I think the chances of a significant payment from PRD are diminishing.
Happy on the sidelines with the oil price where it is right now and interims due (financials, though backward looking, are usually a bit of a reality check in these situations). Anything is possible though.
Ok that will be interesting but will it be the consolidated results of the merger or just the first six months to June prior to merger in which case history will have rendered almost useless. What the post Balance sheet events part has to say that might be of more interest. A seperate RNS might come out wiith it.
This rocket is at the moment on a delayed take off pattern due to illness concerns and NASA control not fully onside yet. But when it does take off it will shift right through the gears very fast with very little getting in its way. We will have the odd ejection moment first for those who have not done the proper altitude training etc and then for those too scared of going round the dark side of the moon. But once we are there if you excuse the Pink Floyd analogy a bit further there should be plenty of Money, Money Money for all who have stayed the trip.
I agree when running your own business one of things you need to do is keep people informed even if putting them on a holding pattern. This is far better than just leaving them wondering if they have been forgotten. We need something from BoD just a little something a bit more often might not be about the main event but something ie in this case what is happening with Trinidad. A lot of people think that is a waste of time personally i think it is more important than a lot of people give it credit for.
I, like im sure multiple people on here run or have run businesses, keeping stakeholders abreast of events is key to keeping them informed and happy and this simply isn't the case here. I'm more than happy to sit for a little while longer until I get the return I want and whilst the markets around implode but this isn't the way to run a business.
Zag: I don't understand why the tone of your post. Using a simple analogy, let's assume mortgages have been offered to buy a house. One of the lenders, who has the very best rates, promises to respond within 4 weeks. Assuming the seller of the property is happy to wait, the buyer can't turn up at the lender banging fists on the table demanding an immediate answer. I believe the result would be negative.
If you were the BoD, what would you do for an RNS 'update' when it has clearly been stated Stena have until 31/10 to make a JV decision?