London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East and have access to Premium Chat. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
LayLadyLay - always good to revisit an old sparring partner - I can now divulge you were the inspiration for my Post Office Book attitude to risk troll with latent aspirations for ownership of AIM O&G Ex&P shares. The recent market leading instant access NS&I Income Bond rate reduction from 1.16% AER to 0.01% must have been a devastating blow - can't blame Koot for that!
On the subject of the hugely successful Soldado fields although trolls may be bored with my occasional reference to them clearly the BPC board were not and considered it worth repeating with due prominence in a recent rns ! I also took heart from today's Interims ' To this end preparatory work has already commenced on the plans for the drilling of the appraisal/ development Saffron #2 well in the SWP of Trinidad '. Clearly my work is not yet done on SWP but giant strides made lately much to the chagrin of our trolls!
Talking of which I have to tell you how much I've enjoyed watching your team Leeds in the big time lately - do you think this augurs well for CERPers LOL? Your manager Bielsa deserves a lot of credit and he uses a good interpreter - have you thought about getting one for Irene as she seems to be struggling even more on here than the CERP board ?
Stay Safe !
Trek - thanks for your post earlier today - your support for the company is clearly welcomed but as I haven't seen the incontrovertible evidence yet I still maintain you should have given your mate a ' qualified YES ' - Spock knows the difference!
Thank you for the reply Trek. BPC have positioned themselves accordingly and have many options at their disposal should they be required. Whilst I wasn't jumping for joy on CERP (given the history of LGO) it is what it is and if anyone is able to get more from Trinidad through better management and injection.. then I'm sure BPC will do so.
I'm in till drill result. Always have been.
Yes I saw that in the RNS. I just used the headline figures using the lower number as I have said it is difficult to calculate the costs.
The reason why I sold was because of the CERP deal I didn’t see them hitting $15m in revs with macro as it was. I have been through numbers again, best I can and I think if there is a gap it’s in the range of 0-$4m for the drill which on a £95m mcap is not a lot.
They have explained the cerp deal and Uruguay etc as being needed to position the company to raise finance. With that achieved it should follow that the funding follows as needed.
I bought a few today. Will keep some powder dry though. My only interest is the drill having been in and out since 2000!
Trek is a good researcher and knowledgeable in the sector, based on his posts ive seen in other shares. He just calls it as he sees it.
I think the drill costs are $25m top end estimate plus $5m contingency assumed - so $30m is the low end of his workings.
Day rate went to $215k from memory.
Ice Max is a top ship, with an excellent technical team onboard and in support, this is no shoestring wildcat operation in total - and that includes the funding position - it will be funded in full, we just don't know the mix yet.
There have been a number of left field funding source news announcements, more pre drill are probably to be expected.
Trek... the $30m has been revised by 15% post initial estimates based upon better rig rate terms... but then you'll have known this surely. Its even in the latest RNS.
If there were a shortfall in funding - as some believe there is. What happens next? Stena still drill, just not for as long on site as needed ? - That wouldn't make any sense.
If the funding is short, Stena won't head to Bahama's. But they will have done their due diligence and know that the funding is in place surely.
The drill cost is 21-25M, not 30-35 but I’m sure you know that
It’s still difficult to see as interims look back but what we know...
Drill costs $30-35m
CLN’s available $16m
Cash balance, June $12m
Loss. $2.2m includes employee benefits and P1 prep costs and some merger accrual costs. I very much doubt all the merger costs will be in the $2.2m. A good deal of the legals will be in H2.
Cashflows they have clearly said they they expect revenues to cover operating costs at the END of 2021 ergo they are not coving now so that will be a pull on the $12m.
We know they have spent $54m on exploration costs to date, however, that would not include the rig costs as that wasn’t signed off until September but the long lead time logistics should be financed.
I think it pretty clear they will need the CLN’s converted and they will use the access to other financing that they have mentioned is available to close any funding gap. It’s just not clear from these numbers what that gap is...
$30m, less how much rig was, less 16m CLN, less say 12m in cash (v optimistic), less opex expenses.
Insurance and licenses are paid for.
You can see how you have one camp that believes it’s fully funded, another that it’s not funded and a third, where I sit that there is a gap but it can be funded.
'arry/in4cedros - you seem to be enjoying entertaining a new audience. Does this mean you will have some new material for Edinburgh Fringe as previous audiences were getting bored with "on a clear day you can see Soldado North 14 miles off the coast of Trinidad"?
Trek - i was a bit surprised by your response - you seem genuine - but unfortunately you've ventured an opinion on this based on ignorance.
The question from your mate was ' have they got enough cash to fully fund the drill or not ? '
- you've answered Yes but this has been debated here intensely for last few weeks and I believe it's fair to say that most people BELIEVE they will have enough cash but I've yet to see incontrovertible evidence supporting it even though I also believe they can finance the drill with the exact path not yet publicly stated - many permutations- including a Placing - but I don't believe anyone is bothered about a pending Placing to cover a second drill !
If you've got incontrovertible evidence let's see it to back up your ' YES ' answer - otherwise your answer should have been a qualified yes - Spock would understand the difference!
My bad - forgot to filter the Rocket troll. The one with no credibility after he said he was off. Have now filtered. Can I suggest LTHs filter or, if not, simply ignore
I am not trolling. I respect xyz as a poster as we have shared other investments in the past and I gave what in my view is an honest assessment. Time will tell.
I have my moments but he will know that I am not a ramper having been constructively critical of both SNG and AVCT that we have held since pence.
Boom! 80p is back on.
There ya go!
Good luck with your investments.
Trek - it's good to try and vary the trolling theme but majoring on second drill as the reason for a Placing is unlikely to win you a place in the Trioll Hall of Fame - are you and Rocket part of a Klingon mission ?
‘Have they got enough cash to fully fund the drill or not ?’
Yes for one drill but imo no contingency. If they need a second drill or sidetrack they will need to come to market unless driller comes up with an option.
They are reviewing the finances as a final part of the plan, it’s in the RNS. I think they will raise to ensure they have eventualities covered. That is, second drill, sidetrack, technical/weather delays.
Peeps here don’t like to hear it but imo it’s better to raise now than take a chance on a forced raise later which could be at fractions of a pence. If they raise now they should be able to get away with 2p and the market would probably like it.
However, all said if you are having a punt for the drill I guess now is as good a time as any to buy as 2 p or 3p when this could make 10p matters little for a few k. The pity is the number of shares now in issue which means there is much less to go around. It’s a 100m drill for sure but the days of an 80p party look a long way off now.
I have been in and out of Bpc for 10 years and in profit.
“Bahamas Petroleum Company (BPC) announced receipt of formal notification from Stena Drilling nominating the Stena IceMAX as the intended drill rig for the upcoming Perseverance #1 well and indicating the start of the contracted window (commencing 15 December 2020) as the approximate time for the arrival of the drill ship, with well spud three to four days later. All that’s needed now is the money to pay for it.”
Sorry about my wording xxxyyyzzz.
Been a lot of wombles saying there's going to be a placing. As you have seen we are good to go drill.
Kind regards and all the best Mike
"For those asking about the funding.
Are you about to invest or a deramping womble?"
About to invest so was a genuine question.
Many thanks for the 17 Aug video link. Very helpful indeed. Farm-in before CLNs.
Have been researching all this year's RNSs since I posted the question.
Will be buying in this week.
Thanks guys for your replies and good luck to all.
Finance is 100% in place for perseverance1, maybe not on the best terms in the world, but imo that will change very quickly over the next few weeks, The majors have pushed us to a cliff edge for years. Bod have not always been forthcoming to their shareholders but always been firm in wot they are sat on, after much deliberation I now think they have really played a blinder here ( I REPEAT A BLINDER) wot bpc have achieved to date has never been equalled, it's now SHOWTIME FOR THE MAJORS N YOU COULD SEE SOME MAJOR DEALS BEING DONE OVER NEXT COUPLE OF WEEKS IMOP, (((REMEMBER WATCH THIS SPACE))).
For those asking about the funding.
Are you about to invest or a deramping womble? READ THE RNS's. Watch the videos linked below posted by some great peeps on here.
It's your money do some research.
Look at the sp pre-covid. We were about to go drill but wisely postponed.
Drill ship contract signed and date announced.
We are heading back to the 5p imho. Not sure how quickly but when Ice Max sets sail it will be at least 5p.
Done to death - finance is in place - several options - several opinions - but finance strategy is sound and in place as per the board.
Should anyone not wish to trust the board's opinion as to whether the strategy is sound, then feel free to discuss with them rather than here, as those within the company have the real answers and rationale behind their statement that the financial strategy is in place.
The rig is nominated and not cheap to do so - we will no doubt hear about any funding issues in the near future.
Presently all appears to be in hand/positive.
Have they got enough cash to fully fund the drill or not ?
Yes or no ?