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jono, I imagine Bully's post was removed because it used obscene urban slang, not because it opposed Starchild's post. Posts are not removed because they dare to have a contrary view, so don't be silly.
Fatalcharm,
Imo there was nothing obscene about Bull1985's post this morning and it only got reported/removed because it dared to oppose the 'king'.
Seen worse on lse and a lot worse on the other forum, where a few on here sometimes forget themselves but it is what it is.
Your 'King's post this morning was nonsense simple as that, and it was a 'pile .. ........', you fill in the blanks.
Unbelievable
If I was King seriously.
Tiburn:
I posed the question to the Proactive, about whether shareholders would get a more detailed update about the findings from P1. Eytan answered this on the 6th of May in the Proactive Q & A video and said that the analysis is still being completed. The Bahamas government are yet to be informed and shareholders should get an update of the highlights in 6-8 weeks (from 6th May)
See 7m15s: https://www.youtube.com/watch?v=97B0ZuskdrI
I'm still fairly confident of a farm out, but don't personally expect any news on this until around October / November, after the license extensions have been approved, the court case has been resolved, and the dust has settled a little. These things do not happen overnight.
Hello, Jono, this morning you posted this -
"Don't agree fatalcharm,
Bully1985 said exactly what was my mind when I read Starchild's post.
"if I was King" seriously, says it all.
Anyway 14 recommends means I'm not alone in my view."
Of course you are entitled to disagree with me, and agree with Bully, and I would have put the original Bully post here, but I see that Bully's post, and the thread, has been removed. No doubt, anyone else who uses obscene urban language towards Starchild, or anyone else, will be met with the same censorship.
Let's keep it pleasant please, because a few on here are posting like an*lly retentive social misfits.
Good morning to the family
Tiburn have a look at ZPHR. I will leave it at that my friend.
Don't agree fatalcharm,
Bully1985 said exactly what was my mind when I read Starchild's post.
"if I was King" seriously, says it all.
Anyway 14 recommends means I'm not alone in my view.
Tiburn,
A rationale and reasonable POV. I hope it comes good. I was first invested here in 2010/11, my kids have all grown up and got their own lives now! Thankfully I took a little out along the way and derisked ahead of #p1 and then dumped the rest at .6 from memory at around a 50% loss.
I just couldn’t see it doing a double from there so sold but all said it’s like a lost friend now and I hope there is a gem still in the story. The elusive farm in would be great!
GL
Trek
Trek
Thanks for HE1 tip, also bought there.
This one I have to hold to allow some value to return - no point selling at this SP and realising the loss - BPC at its lowest ebb right now , but there is a plan at least for a return.
We shall see - If Saffron2 comes in and they can sort the dire finances then they have a chance - nothing more than that.
I bought CERP pre merger, think Saffron discovery and it 8 other potential cousins in SWP may deliver, enough at least for BPC to survive and perhaps allow some progression - but we have to be realistic here, there are so many constraints and negatives which need to be overcome.
I have no great optimism here until some progression, but all is not lost yet.
I also thought that Potter was retained for farm in discussions, leaves the door open , nothing more than that. They must have finalised the data analysis post drill by now, obviously no firm takers so far, however as we know these Companies move slowly when considering such a substantial investment, the Jurassic play does look interesting, just not as cogent a business case as the Company made it to be perhaps and which I believed, as it provided some hope of ROI, the Geology is what it is and may yet pay off, but I was wrong to value this aspect so highly as were BPC to have spun this so much, appointing Gneiss to manage farm in interest seems like a PR exercise now.
Its back to square one now in Bahamas, albeit with much better data - a Major paid for exclusivity pre drill, so further interest post P#1 drill isnt precluded.
Meanwhile
We will rant and we'll roar like true British sailors, We'll rant and we'll roar all on the salt seas
GLA
Star,
I am amused by your prescience and yet knowing all this you still went and bought and then held onto a shed load of BPC after the results. You really couldn’t make it up!
On the other hand I cut my loss here on my last trade and added to He1 which I did share with the BB. Now substantially in profit and on a free carry to ride the drill targeting $50bn assets with no guarantees of course albeit I am a little confident.
Hold and hug does not always pay.
Good luck with your investments
Trek
I would not have gone after a off sea oil licence because I would have understood that a deep sea drill would be biting off more than I can chew. leave that stuff to the big guys.
Had I been appointed as BPC’s CEO 10+ years ago, I would have done the following:
Plan A
• Launch a PLC using an IPO
• Base the company in a no or low tax jurisdiction
• Acquire rights to explore Bahamian waters
• Spend 10s of millions getting historical data, and do 2D and 3D
• It would cost $100m to drill, so I’d seek a farm-in partner. Result: dilution at the asset level.
• Drill Percy-1 or go to plan B
Plan B
• If no farm-in partner (or if all offers derisory), I would self-drill.
• Good news: drill costs have plummeted
• Bad news: we only have $1m and need a lot more, so….
• I would do a rights issue at 2p to existing shareholders and a mutual fund soon after
• I would get external financing by issuing more shares. Result: dilution at the share level.
• I would continue to seek a farm-in partner
• But….a global pandemic strikes. So, I am forced to do plan C.
Plan C
• During the pandemic, I would continue to seek a farm-in partner
• I would offer to merge with CERP and issue shares to do so. Result: dilution at the share level but the Bahamas result is hedged
• Knowing offshore drill operators are going broke, I’d negotiate a superb deal. I would even offer 10% of the Percy-1 asset for $10m to save Capex.
• So far so good. We’re now on plan D
Plan D
• I would continue to seek a farm-in partner
• I would raise finance when needed in various waves at 2p+
• I wouldn’t give a damn about day-traders whining on BBs about overhangs
• I would time the last funding (inc cash for ex-CERP dev) a few weeks before spud as the SP will soar (See PRD!)
• But a 3rd Covid wave hits and a bunch of enviros attempt to injunct my drill. Funding withdrawn, so….
Plan E
• I would borrow from a hedge fund as a last resort at 2p even with 15% guarantee.
• Drill done. Result: WPS found but non commercial
• The cost is $10m over-budget + $4m owed to the hedge fund
• I would negotiate the price down as it wasn’t BPC’s fault a metal bar fell down the bleedin’ hole.
Plan F
• I would concentrate on Trinidad, but the c$10m has left a $ hole.
• I would continue to seek a farm-in partner and open a data room. If farm-in partners are interested we would keep silent until after license renewal and court case.
• I would do a deal with Bizzell
• DESPITE DOING VERY LITTLE WRONG, I would offer to resign and offer Bizzell be part of the BoD subject to its continued funding
• The resignation offer is refused as I have done very little wrong and anyway, I’m needed for the imminent farm-in discussions as I know the key players many years
• Bizzell agree to fund at 0.8p as long as an open offer and placement is done to pay off $10m legacy debts.
• This is where we are today, with a potentially huge upside tomorrow.
I own several companies and can honestly state, there is very little I would have done differently. But, what would you have done differently if you were king?
GLA
Starchild
https://www.ls