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Tuckman -"Then if I get my money back I will sprint away from here as fast as I can and then be free from this journey. It’s been a blast and lessons learned". Absolutely right mate. 100% agree.
Yes I will run along when I please thanks very much. You want to name call then you just show yourself up for what you are. I have spare time today to chat about the rights and wrongs the ups and downs and the history and current facts available to us to debate. I am not attached to this free bb, as I have other things to do. I can switch off and wait for the next RNS, ask yourself are you addicted, desperate, especially if you only can see one side of the story. I am still invested as I believe this can recover but unfortunately I do not know as of yet how and what angle will the recovery come from. Will the Bahamas results keep the field in play, will they get the drills going again this quarter, will they have enough funds or will they have to raise. So many unanswered questions. Imo only a very quick traders would buy/sell here at the moment and the volume is right down which backs up my thoughts. Potential could be round the corner and I really am hoping they get these 2 drills up and running with mega results soon enough. Then if I get my money back I will sprint away from here as fast as I can and then be free from this journey. It’s been a blast and lessons learned.
Oh look a new project for me to tuck into - FriarTuckman I see you old boy...
This is primed to start moving north, make the most of the low sp and buy, I have and fully loaded. Atb
Ahh bless, sadly you are the one getting worked up. Your posting history and narrative indicate the problems you have. Get help. I certainly am not the BB censor, that is a silly comment to make. I do not discourage debate but IMO you are the one who ramps this to the sky and just what if there is no farm in, what if the results just are not good enough? We had an exclusivity agreement in the past. What happened to that. Can you deal with the fact there might no be a farm in! We have not even had the full well results yet so let’s not get ahead of ourselves shall we.
Talk is cheap and actions speak louder than words, no action yet on the next 2 wells. Let’s see that first then get excited? Is there a problem we are not aware of. Why did the drill not go to TD, did they run out of money because of problems. Did you see that coming? This is why the SP is where it is. Can you see that or are have your rose tinted glasses blinded you to the potential worries some people may have?
Keep the ramping going, we hopefully will get a decent RNS soon enough I hope and you can then get on your mighty horse again and ramp away!
Grow up and debate the positives and the negatives. Only the actions will develop this SP now.
Petrodollar/bonum
Buy. Copl. Now. You can always come back here. This will be same price. Nowhere is going.
Great post Tuckman - sums it up perfectly for any potential investors looking to ‘grab a bargain’; it’s only cheap or a bargain if we can produce any value.
According to RNSs we should be drilling 2 wells within the next 3 weeks .... oil can be $200 a barrel, but if we’ve only got 500bopd it’s gonna take a while to get that share value up ....
Deep underwater Petro?, 230 posts in the last 30 days, desperation springs to mind? Switch off and get some help as you are embarrassing yourself. Just wait for the next news and I hope for us all its good and adds meat to the bones. Lets wait for clarity, and hopefully value add.
Petrodollar/bonum
look like this share is fully dead
I am not clogging up the board day after day with non substance posts making a fool out of myself. I just deal with current facts and current Sp. Why have you not declared a TR1 yet then Bonum with all you purchases?. You are just embarrassing yourself. If you even think that anything that is said on here will alter the SP then just go ahead then in your `fantasy world` and your `fantasy holding`.
Atb & have a restful day ;)
Starchild - with regard to point 7 recent changes related to Supplemental Petroleum Tax , SPT which was levied at 18% when WTI exceeded $50 - the threshold has been raised to $75 for ‘ smaller ‘ fields ( which should cover the ex-CERP portfolio) .
Although 18% is clearly less than 50% it was still a very regressive tax because there were very few opportunities to offset expenses against it so that a rise in WTI just above $50 would have producers in Trinidad receiving reduced income at a time when globally other producers were cracking open the champagne! One company in Trinidad even paid for a derivative to insure against that eventuality!
Petroleum Profits Tax, PPT is levied at 50% and is similar to Corporation Tax , allowing for deductible expenses and allowances - CERP have plenty of these so not a major issue in short term - shame it’s not as good as Bahamas tax but c’est la vie !
Give it a rest Petro/Bonum you really are getting so boring now with your ramping. Starchild I love your enthusiasm and keep up the good work but you must acknowledge and deal with the fact that the current SP is what it is. IMO without any crystal clear clarity of finances tidied up and future drill information delivered to the market, all the trust in the company and Mr Potter is currently gone. The history of the last year has IMO not put the company in a good light especially after all the information that has come from previous RNS`s (funding etc) . The future has potential we all know but until the water is clear we can only just sit and wait that news is good for those still invested.
1. There is no guarantee of any farm in until it is signed. History not good.
2. No clue on current funds until all parties are paid up and settled.
3. No current idea on current income/expenditure.
4. No idea on Spud dates, was Feb, now Q1 but still no firm dates.
IMO there are many more `unknowns` so currently with all these unknowns would you invest right now or just wait?
I like many others are sitting on a loss and might add if we get clarity but when you post `There is NO logical explanation to the current BPC SP/Mcap as its assets including cash are IMO worth more than its MCap.` You IMO need to see the current light. Best wishes and I hope like many others you do well from BPC in the end and get your money back and more for your family. Take care
Regards a Hostile Bid for PRD, Paul Griffins would laught at Simon Potter and chase him out of the room, PRD, No Debt, Would PRD shareholders want to get into bed with a failing company massively in debt.... Cerp holders are wishing that they had never heard of BPC, Prd has to much going for it, Hence todays SP . Maybe wishful thinking Starchild
I have said, and say again Petro I shall buy in again at the Next placement.
If there isn't one, then maybe I have missed out and wish everyone every success, but these long winded posts by 3 posters almost sound like a paid advertisements!!!!!
Petro
Wrong again
I never said ex-cerp was worthless, that is you adding words which I never wrote.
Zag: It doesn't work that way. BPC would have zero shares. PRD would issue additional shares and swap them with BPC. (think BPC CERP merger) Refer to my post again. ex-CERP does have value even though you appear to think it's worthless. It is not.
Starchild
So that takes BPC up to 10 billion shares issued if you believe this goes ahead.
And it would have to be Hostile as PRD shareholders wouldn't want any part of BPC
Zag: 'Hostile take over bid of PRD, might I ask the question as to how is this funded??'
New, inflated PRD shares in return for currently deflated BPC ones! However I doubt anything will happen on this front till April. It assumes, PRD SP will increase further and if no positive news from BPC. Hence the 'star-alignment' comment.
GL
Starchild
Star
Hostile take over bid of PRD, might I ask the question as to how is this funded??
BPC’s market cap today is £26m. CERP merger price was £25m. in addition, BPC paid off the £2m Lind facility.
Updates:
(a) Refer to 2019 CERP accounts page 14 (https://find-and-update.company-information.service.gov.uk/company/05901339/filing-history ). Note: since the T+T Gov closed the local refinery, CERP/BPC earns MORE than PoO WTI prices by selling direct to Heritage.
(b) PRD SP has tripled on arguably less expectations compared to BPC (+25% yesterday). I have a HUNCH (not a conspiracy theory) the recent surge is partly artificial for a POSSIBLE BPC hostile bid dependant on April star alignments, with ‘special interests’ ‘playing’ with the BPC SP too.
There is NO logical explanation to the current BPC SP/Mcap as its assets including cash are IMO worth more than its MCap.
Why?
1. BPC has more cash today vs CERP. I estimate $6m net after paying all its Percy-1 bills. CERP had $2m on 31/12/19 before facing Covid-19 and PoO collapse.
2. BPC has access to additional funds to develop ex-CERP assets. CERP did not.
3. BPC is on track to spud/test key ex-CERP assets within weeks. CERP did not.
4. The PRD CO2 testing, which BPC can benefit from, was successful.
5. The PRD SP has tripled in the last few weeks. Some, but not most of this, can be attributed to the above.
6. BPC has increased to 500b/day in Dec 2020 and expects further increases. CERP had no spare cash to maintain wells. Productivity dropped from 1000+ b/day in 2018 to c450b/day in 2020.
7. The Gov’s 50% special petroleum tax applied for $50+/b. Since 1/1/21 it is $75/b WTI. Very good for BPC.
8. Analysts believe PoO could hit $100/b in 2022/23.
9. A recent CPR increased BPC’s 2P reserves by 30%. 1.3mboe x $40/b NPV10 is more than BPC’s market cap today.
10. BPC believes it will reach 2500b/day production by year end. To-date the BPC BoD has met goals under its control.
11. If BPC reaches 2500b/day, net profit 2022 onwards (excluding capex and c$4m for all operating expenses) @$60 PoO will be c$30m/year. Pure cash.
12. In Sep 2019, CERP hit £50m market cap (5p SP, 1B shares), even when WTI PoO was $55/b and without points 7 + 8. (Charts https://wallmine.com/lse/cerp and https://www.investing.com/commodities/crude-oil )
13. Today, BPC has something CERP did not: potential monetisation/farm-in of Bahamas acreage despite no commercial find as yet.
So, only based on the historic CERP SP and only for points 1-12 above, IMO BPC’s current Mcap/SP is seriously undervalued. The market is still nervous re the Percy-1 result and awaiting imminent news, despite point 13 having a potentially sudden massive upside to the SP.
IMO the SP should be at least 1p+ (£50m+ Market cap) purely on ex-CERP assets and possibly more due to CERP work in progress. But this excludes Bahamas.
IMHO. DYOR. GLA.
Starchild
https://www.lse.co.uk/profiles/starchild/