We would love to hear your thoughts about our site and services, please take our survey here.
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. 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.
Ibiza 28 - Admire your optimism mate and would love it to materialize but its never going to happen, it has lots of flaws. namely, I don't think for a minute there are 28bn barrels of oil in the Bahamas. P1 has just been plugged and I would be amazed if there would be any further drilling in the Bahamas or any will ever will take place in the licenses we hold. I see no reason why a major could be bothered either politically, financially, ethically or any other reason to get involved in a drill in this region. 1. The Bahamas government is a pain in the ass to deal with and would just be a hindrance to a major. Even the Prime Minister said he was not a fan of drilling despite possible billions in oil revenues. 2. The environmentalists and the ethical repercussions to the name of the oil major would be a deterrent alone. 3. Financially - why would an oil major drill in an area where oil has never been commercially discovered previously. There's been a few players who have looked at this region but if there was something there the licenses would not have been snapped up by BPC. As for a farm in why not just buy BPC it's worth **** all! I think however hard the pill is to swallow as shareholders we have to be realistic and recognize this is a duster and a white elephant. Does anyone think for a minute Leo Koot would have left if the P1 would have been commercially successful or a farm in was in the pipeline. Leo knew it was a flop and could not get out of the company quick enough and he is no fool. The only hope is that Leo's old oilfields can be turned around and we can see the SP go to at least 1.5p and we can all get a tiny bit back in this dog of a share if it rises. It is a poorly run company and a dog of a share to hold.
As i see it we either sell now for 0.5p knowing that in a probable break up of the company it would be worth more than a 0.5p or we sit and wait and see. Riceman may well be right this maybe just another lot of hot air coming from management but i do not believe we would have engaged Gneiss if we did not feel that this was real. Anyway our need to make a deal is greater than it was back then.
Would we like more information from management ideally yes but what would we do withit. We 5bn shares give or take held by umpteen million shareholders and i bet if you asked them they would probably have umpteen million different views on what the company would do and then complain they have not enacted their plan.
Some while ago i emailed my ideas through to the company and needless to say have not had a response.
My idea is simple what ever deal we make this share price will never reach the heights it should because the MM's will play it and milk it for all is worth. I think the company should sell on the whole Bahamas field to one of the super majors if interested almost any price. Assuming that out there there is 28bn barrels of oil. Even if sold at 1c a barrel that is 280m 1.4 exchange rate gives £200m ie 4p per share. Then i would immediately buy back all shares in company 4p per share. Re name the company as we no longer in the Bahamas to Atlantic Region Oil and Gas (AROG) and issue new shares from the Share Premium account at no cost of 1 for every 10 previously held. ie 500m shares. Assuming CERP assets valued at 50m new share price would immediately be 10p and those who want out altogether can sell up and move on and those who think that CERP assets undervalued could hang on in and sell later. For those who do not know the Share Premium account in the company is massive because of all the dilution and has very few uses other than to issue out bonus shares to existing shareholders. This would give all shareholders a equal chance rather than a fastest finger wins contest.