Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Cars - Directors and Due Diligence - tell that to shareholders of many companies SXX, BMR, Sound - I could write a book about the companies that have allowed their directors to do their own thing having done their due diligence. Your comment is rather patronising - BUT no offence taken and we can leave it at that.
I have been with BPC for over a decade and I see the prospect of oil here - in fact massive amounts of oil. I am just not keen on some goal posts being moved at the last minute.
Simon Potter was nominated by Alan Burns to take over his role when he knew he was dying - therefore I have some trust in his capability of doing things right - but like my analogy earlier said - all the ingredients are there and thus I would hate to discover something that could kill me but had I known I may not have taken that fatal bite.
It certainly wasn’t aimed your comments!
:-)
Unfortunately I will miss the early August beer in the Grenadier. Double booked myself in Portugal.... Rodney you plonker.... !!!
Thank you Linton.
I’ll take that as a compliment.
We have alot of keyboard warriors that have never worked in the oil and gas industry... or close to it.
Carscoffee,
Leave them to make the best call for who?
A. The shareholders?
B. The major shareholders?
C. Their future wage packets?
D. A mixture of B and C?
Pump trump all very old news.
Bryn, I agree that they should provide us with more information but I have a feeling a lot is unable to be released due to merger rules.
My issue is that without the information pushing a no vote is dangerous when the BOD has unanimously voted for it.
If you don’t have faith at this point in the people in charge to have done the due diligence and to make the best decision then maybe you should not be involved in the company they are running.
They run the company not us unfortunately and we have to think they are qualified (more than us) to make the correct call.
Novice - I am playing devil's advocate here and I do not know Jim - it may just be a pseudonym used on the board. Just to say Jim has NEVER said he does not believe in the company - his lth status shows that he does have belief in the company - what I gather is that he would like the company to issue their full rationale about the merger/takeover - bear in mind BPC have the option of riding roughshod if the CERP vote does not go in favour.
Whilst there has been a number of bits of news telling us everything is great in the kitchen they have omitted telling us some of the ingredients of the very special Simleo soup - some of which people may have an allergy to. There is nothing wrong with asking the waiter/chef those specifics JUST IN CASE.
To the folk who keep mentioning selling up - haway lads - this is not a playground - nobody is saying BPC is a bad investment - further clarity is all that is being asked - whether we are as thick as mince, clever as Einstein - some valid questions need to be answered.
As it is not the school yard - let us all take a deep breath in, hold it for 5 seconds then let it go. This practice is best repeated half a dozen times. Stay safe - stay cool and stay alive ;@)
The Company has a clear and unambiguous obligation under its licences to drill an initial exploration well in The Bahamas during 2020. Discharge of this obligation will then allow the Company to enter the next exploration period, running for a further three years, and in the event of success seek a 30 year production lease that would allow for development of any discovered commercial reserves.
Drilling our exploration well will drive shareholder value. Recently, “the mission” seems to have become “get a farm-in”, whereas properly speaking “the mission” is and always has been to deliver the results of a first seismic-driven exploration well in The Bahamas.
The next 3 – 4 months will see the Company deliver on this obligation. Key news flow events will be announced related to rig and integrated well services delivery, environmental permits and data acquisition, provision of skilled people and funding. It is in this short timeframe, working on all four fronts, that will see drilling targeted for late 1Q2020
Simon Potter, Chief Executive Officer
Not another philosopher. Not that it means much by I’m in your corner Novice. Onwards and upwards.
Novice
The unknown unknown is ‘news to come’. I hope there is. There should be really, shouldn’t there?
You’ll find Jim has been championing this thought too.....
We’re all on the same team. No good comes from kicking the ball into your own net!
Patoir
Thanks for the post. I’m not trying to run anyone out though. Perhaps answer my question then, why would anyone who doesn’t believe in the company still keep their shares?
Just because a company has added additional income streams doesn’t mean a merger is a bad thing. There is more news to come aimo of course.... but why are we knocking the bod when there is still information to come our way ?
Novice
I think you stand alone there, with regards to Jim.
You won’t see me here much, but I have absolutely read every post on this board since I invested in BPC a few years back.
Jim has been and still is one of the biggest BPC bulls as far as I can tell and I read each of his posts with great interest.
Just because he has pointed out some worries he has, should not mean you should feel privileged to try and ‘run him out of town’.
I believe he sums up the thoughts of many holders, myself included, who want BPC to succeed, but have been left with frayed nerves since the ‘merger’ announcement and subsequent lack of complimentary updates.
Donald Rumsfeld once mentioned known knowns, known Unknown’s and unknown unknowns, we have been thrust into a situation where the ratio of what we know to what we don’t has skewed in favour of the latter. If you are absolutely comfortable with this, than I applaud you, but don’t assume that every holder is.
With greatest respect.
Patoir
And leave this one..... it’s a bit tiresome listening to what you are saying. Especially when most of it I’m sorry to say is not meaningful at all. Doesn’t make sense.
Jim you can’t believe in bpc. Maybe you use to but you don’t like it anymore. Instead of bit***** about them why don’t you find another stock Which you like.
Tiburn we were told that the funds were already there to complete the drill and that was back in June now it between December and February that’s why I want the merger. Like I said to Jim it’s all about security for me. Maybe I don’t believe the board as much as i would like to.
But Jim
Its just an analysis from Star based on what our CEO has stated in merger FAQ on the BPC site
https://www.bpcplc.com/investors/proposed-merger/proposed-merger-faqs/
Q: Will colombus merger divert cash from drilling in the Bahamas?
A: ....BPC believes that the combination with Columbus will significantly improve the combined entity’s access to capital.
The details may not be as Star outlined on bond access, but the outcome is valid as postulated.
If you don't believe what BPC says that another matter !
Jim you are a BPC diehard and you want to go it alone. You can’t have much, if anything, to lose that’s all I can say. Tiburn how do you get Jim’s stance? He talks a load of tosh and as for the analogy or in layman’s terms a comparison regarding a couple going for a mortgage and the merger, well what can I say. You’ll be happy to know I will not be commenting on anymore of your posts.
Tiburn, and that just exemplifies the nonsense that was being peddled.
Tiburn - I agree with your entrenched comment - I think once we receive an update things will become a lot clearer for everyone concerned .
Thankfully I see no malice from anyone and their will be conviviality once more on the board and certainly when IK sorts out the non-vegetarian sarnies for us all. I think we all need a dose of joy these days and I look forward to being the Cheshire cat in the not too distant future. Good films to watch if you want to be down in the dumps I, Daniel Blake - you can see me arresting the poor soul - Green Mile - I am nowhere in sight, similarly My Girl. They will all keep you on your knees.
Happy funny films Top Secret - where there are many laughs and quick and easy humour, Silent Movie and any of the Airplane films which should work more muscles on the face and make you look younger.
Stay safe all.
Jim
I was just posting Stars comment on potential bond availability - and extrapolating from that as it could allow for P#2
I would be happy to merge with CERP if that's what it takes to get two+ drills in Bahamas, but that's just my view.
But I do get your stance completely - I invested originally without any even vague drill self funding potential and waiting endlessly for Major farm in - so to get P#1 self funded was a coup and very pleasing.
Now we could dilute just before that drill with the merger, which was a shock, but i get it now.
For me, the merger could allow more ammo to get Bahamas oil found rather than just having a single shot derringer.
But each to their own - not worth the argument really as positions are entrenched by now.
Jim
My thoughts exactly.
Tiburn, As i do, i'd like to challenge that smoke and mirrors statement about being a joint entity makes them bigger/better. I'm a pretty hardcore BPC holder but even i will admit BPC are nothing without a find at P#1 so how does adding BPC onto CERP make CERP any bigger/better? It doesn't does it. Its a great sound bite to put out and make an analogy with a couple going for a mortgage but if you add nothing, to something tiny, you still end up with something tiny.
And that means, as has been stated before, all roads lead back to success or failure of P#1 so i'd rather do that without CERP at this moment in time.
Star posted a vg summation on Sunday, one aspect especially caught my eye:
"CERP is too small to access the bond market. BPC is too risky. Combined BPC/CERP can and will, otherwise the CERP BoD would not have unanimously agreed to a merger that would require a massive CLN. It’s similar to a couple wishing to get a mortgage. Separately they do not earn enough (or have enough security) to get the loan, but jointly they can."
So if a bond is gained post merger - this may not be just for CERP asset development, it could be for funding P#2 aswell - and if so, Stena may offer a better overall day rate deal for two rigs back to back.
If P#1 dust then P#2 is still in the chamber - the drill data results can be used to update the Geological model and make P#2 drill location more likely to succeed.
If each Perseverance drill is around $20m - 25m, with BPC $36m funds identified so far, a further $20m bond may cover P#2 and CERP field development, a lot of onshore drilling can be done with that funding scale.
Or if P#1 a success, then no need for P#2 by BPC own funds, any bond considered can be used for CERP asset development in full.
Either way CERP assets get funded and fast tracked towards production to benefit all.