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Have one more go.
Bloody predictive should read Tilburn
Sorry should have included Tilburg there.
Ok thanks for that.
Thinking about starting a crowdfunder to restart pr1 and go the full hog.
Or one that enables potter to take voluntary redundancy....
Ibiza - I suspect you’ve been over indulging in the Ibiza good life - Tiburn just posted that in response to a disturbing query from fatalalbert!
Tilburn really helpful by referencing to an ariticle dated Dec 14th 2020 ie 6 days before we spud and now over two months old. Please give us more accurate information.
Its their old activity to raise cash or the drill
http://gneiss.energy/gneiss-energy-acts-as-financial-adviser-and-sole-arranger-for-bahamas-petroleum-company-plc-on-up-to-us20-million-raise/
Gneiss Energy is pleased to announce that we have acted as Financial Adviser and Sole Arranger for Bahamas Petroleum Company plc (AIM:BPC) on BPC’s funding of up to US$20 million with a leading European alternative asset manager.
BPC Plc, the Caribbean and Atlantic margin focused oil and gas company, with exploration, production, appraisal and development assets across the region, announced today that it has entered into agreements under which BPC has the potential to access gross funding of £15 million (US$20 million).
BPC will immediately receive gross proceeds of £7.5 million (US$10 million) through the issue of shares at a price of 2.0p each. BPC has also entered into a Funding Option Agreement, whereby BPC has an option, at its sole discretion, to raise up to a further £3.75 million (US$5 million) from the Investor within 10 business days after the spud of the Perseverance #1 well on substantially the same terms; if BPC so elects, the Investor has the option to double that amount, thereby providing BPC discretionary access to the full £15 million (US$20 million).
I've just had a look at the Gneiss website and it is quote "Charging up to $20 million for Placing" facilitation for BPC. There is no mention that I can seeing unless someone else can find it on Gneiss's webpages of digging out the best merger/farm in/out deal for BPC. I am very disappointed as a very LTH holder of this stock that Mr Potter is not telling the truth about what Gneiss are being retained for.
Farm-in and oil ‘found’ rumours
Respected LTH commentator Pageofcups would never start a Farm-out rumour unless he believed his source was credible. Let’s say this rumour resulted in the SP temporarily surging, it would mean instead of being c70% down, POC would only be c60% down! H/er posting history shows no evidence of being manipulative, therefore there is no motive to concoct a baseless rumour. The same applied to Laallee over Jmann’s ‘lots of oil has been found’ posts. On the latter Jmann likely stated this in good faith and may be ultimately vindicated, despite it being non-commercial, ie, below 150m-200m boe. Because even 75m is still ‘lots’.
The fact is since 8/2/21, BPC are still in talks with majors. Monetization of Bahamas acreage has been accelerated with GNEISS since 16/2. 2 weeks is a ample time to knock on many doors and as stated in the RNS, to get unsolicited JV interest direct. I am not an expert on oil-well autopsies however I suspect the 80-20 rule applies. For 20% of the time/resource, 80% of the analysis can be done to prove what was logged in real time since spud on 20/12. It is possible it will take the remaining 80% of the time to finalise 20% of the final tech analysis. This probably means BPC/GNEISS has enough intel to be in the middle of negotiations. If there is substantial interest, there is a huge incentive to act quickly: BPC may do a deal with someone else.
Take-over rumours
There are 2 types of takeover/merger. Hostile and non-hostile. A question recently posed was why would a company pay for a farm-out when they can buy (or try to buy) BPC with its currently low SP? Opinions:
1. If hostile, we would know about it. The SP would surge as the predator builds a position over a few days until a TR-1 RNS is issued.
2. With BPC’s relatively low trading volumes, a mere 20m of buys/sells from the same person has made the SP move. What would happen if someone bought 5% (240m shares) over a few days?
3. The offer would have to be a lot more than the SP after this surge, for 51% shareholders to accept. The BoD and BPC staff (c10% held including options) would not.
4. It is unlikely a major would act in this way to save say, $50m in petty cash. I am not aware of any instance it has been done to a tiny energy company as it could be bad for PR.
5. A Major is unlikely to be interested in ex-CERP assets, or the hassle of disposing them.
6. A small player such as PRD could try this to get its hands’ on Trinidad assets, and then dispose of Bahamas acreage to pay for it. Let them try!
7. If non-hostile, it would have to be a lot more than the potential of Ex-CERP assets, Bahamas, and Uruguay. BPC is NOT in need of cash to survive. However if next week BPC recommended a takeover by Shell for 6p paid in Shell shares, I’d probably vote, erm, erm,…’yes’.
IMHO. DYOR. Have a great Saturday.
Starchild
https://www.lse.co.uk/profiles/starchild/