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Harry - Hope you keep your word and toodle off - Mayt...
If this deal goes thru on the scant information we have at the moment I will be amazed, there is no logic to it in my opinion unless we are being deceived for some reason, and if we are for what reason.took us 10 years to get to were we were pre Covid. Has taken 10 weeks to change course in a totally different direction, how can anyone claim to have done due diligence, you couldn't let your cat out without a face mask during that period"" come on something stinks n I don't want to be the one who says told you so, if this is such a good deal why have the board gone to ground. thought the board had become more transparent over the last year n praised em for that. Now were back to no comment .
Maytal last time i heard from you, you accused me of saying I worked for Sirius. On that occasion you had to eat humble pie as you blasted your mouth off without your head in gear, if you don't like what I post please feel free to filter me,i won't take offence have a nice day.
Harry - " Am going to give it til end off next week without any substantial details of what is going on a lot of you will be pleased to know i will be selling up and moving on.". Is that promise? I for one hope we don't hear a peep, so you can keep your promise and depart, along with your incessant negativity. Mayt...
Good post Bryn
I assume Stena's drilling diary may have been thinned out of late. Id like to believe that their operational division won't have difficulty in providing the rig for P1 in good enough time to negate the the force majeuer worries.
You're absolutely right that the acquisition of CERP is the 'thorn in the side' of the Co presently. I really don't believe the BOD are a bunch of poltroons, but equally I would like to see them play their hand sooner rather than later. Before merger would be nice, but I can't see that now.
I will say though, that the BOD seem emboldened of late, either they are recklessly arrogant or perhaps they know their 'bold steps' will pay off.
Thank you Bryn,
Potter has assured us we are as good as locked and loaded and nothing will distract us from P1.
It’s funny how a good lump of us do not believe every word he says!
Either way, this time next year we’ll know if we have been rogered or not.
I m just not 100% confident that potter is giving any consideration to us private investors who have supported the company thus far by digging in to our pockets. No sympathy required mind, I’m a big boy!
My plan is to be out of this on the P1 result, CERP etc can keep Potter busy and anyone else who is interested. Win or lose, I’ll be off.
I think it was Page of Cups who so nicely labelled anyone who disagrees with the BoD as thick?
Hopefully I’ll get a chance to pick his brains and see where I went wrong in life....
I think a lot of new fingers have found their way into the pie , the small guys will always take the risk through being naieve. The big guys will always take spoils,really really hope am wrong but got the t/shirt.
It would be nice lallee to get on and sort P1 - the Vox Podcast of the 9th June has Mr P stating - we are "locked and loaded" with "Funding Strategy in place - Drill Planning in place" and more importantly that Uruguay would not be a distraction.
That said Uruguay should not be a distraction - it is the pesky merger/takeover which has created consternation.
Rolling on a couple of days and the interview about the CERP acquisition again SP states there will be no distraction on the aim to get P1 undertaken and futher stating the team are in a high state of readiness with a discreet drilling team with the ability to mobilise at any time, having signed the unconditional rig contract with Stena and the rig will definitely arrive between middle of December and February and they already have the globally reknowned service companies on hand that were ready to go in March. We also have all the long lead and critical items bought and paid for and in storage in a warehouse.
So with those few nuggets of information we are in the hands of Stena to deliver the well in a timely manner.
The company appear to have done their due diligence so what can possibly go wrong?
I can't wait any longer I don't receive any salary from the company,I don't receive any bonuses from the company, all I have done for eight years is pay their wage bill on promise. I just don't understand were they are coming from now, it has always been a swings n roundabouts share but now the future is so unpredictable. We need clarification and we need it now, I'm not against a merger/takeover but we must know the boards vision and how this will be achieved practically and finanacialy.
Please let me just say what a great thread this is.
Polite debating and no forcing of opinions down anybody’s throat or ridicule any views.
Take care and Stay Frosty.
Our only possible saviour in this venture is an $80 per barrel oil price along with a decent P1 result.
Get the piddling production of CERP profitable and hook a whale in the Bahamas all by early 2021
Anything less and this combined farce could languish at 3p for years.
We need 2 from 2. Nothing less will do because the dilution will decimate any value so it has to be countered by the oil price.
Oil at $60 is achievable, we had that pre Covid, above that and sustainable? We might have to rely on more political upheaval!
Potter will be just fine though. He has enough to do with his Atlantic Focused Oil & Gas Champion of a lovechild.
We sit, we wait. We hope
Am going to give it til end off next week without any substantial details of what is going on a lot of you will be pleased to know i will be selling up and moving on. I will at least leave in profit 9 years enough for me.
Hit the nail on the head pumpntrump.
I am certain they don't have more than 10m in the bank.
Best case scenario is after the merger the Cerp assets are coated in over the 25% dilution.
A lot of people would have invested between the 2.4 - 3.4 mark looking for a rise pre drill and let the profit run on the result of the drill. Making money on AIM stocks is very rarely that easy.
Pump, that was my understanding too, however when I queried potential dilution as part of funding the P1 in a post on here on 31st May. IK replied that the drill was fully funded, so I didn't think any more of it.
I can understand why you'd start to feel like you are, I don't think you're alone. Your opinion on efficiencies etc is interesting and not something that had crossed my mind
re RNS - Exactly.
Could that be the reason for the 1.8 b dilution in shares they are proposing if we vote for the merger?
My understanding is they currently have 10m in the bank and the drill will cost a min of 25m.
They have a financing option which would lead to further dilution so cant really see the benefit to the merger and introducing another 25% dilution?
The feeling in my gut is starting to turn negative on this tbh. I have voted for the merger as fear the market response to the sp without it and can see a very realistic u turn on p1 coming shortly after.
The new story will be efficiencies they can deliver into the CERP assets and the prospect of what is in the new prospect.
I really hope I am wrong but if I am where is the RNS to say so?
Just to add to my previous message, here's the email I sent. No answer was given to whether or not we were 3 weeks away from drilling.
Mon, Jun 15, 10:51 AM
Hi thanks for the provided links, I have previously seen them but will give them another look.
I would be grateful if you could pass on my following query to the appropriate person/area.
In one of the recent interviews it was mentioned that BPC was 3 weeks away from drilling prior to covid, is this correct? I would've thought had this been the case an update would've been provided to shareholders that a drilling rig had been contracted but this wasn't the case. Given the demands on equipment I don't think it unreasonable to expect that if we were 3 weeks from drilling then a rig contract would've been in place - what has happened with that contract?
Mon, Jun 15, 11:19 AM
Please can I refer you to our RNS which deals with the announcement of the rig contract https://polaris.brighterir.com/public/bahamas_petroleum_company/news/rns/story/rdzqj8w
I hope that answers your queries.
Bahamas Petroleum Company plc.
Just catching up..Harry, I too have 100% confidence in the data. I agree that they have moved the goalposts. I don't think we'll see any further info pre- merger and agree with Patoir - IMO if additional information was forthcoming it should have been made available before the paperwork was sent (I received mine today).
Pump, do you think we could be exposed for funding for P1 if the merger doesn't go ahead? as I understood it P1s finance is already in place, so the merger result shouldn't impact that?
The board maybe encouraging the merge with CERP so as to give them other avenues if P1 doesn't work out..on the face of it, thats a good idea, after all nothing is guaranteed but I feel we need to be provided with more info of how the financials will work after the merger.
What I'm sure none of us would like to happen is for P1 to fail and then have to raise funds to keep an even bigger (post merger) company running..where BPC might weather a failed P1 on its own, I'm not sure it could do that and keep CERP going too.
Up until recently the BOD had my full support, but the lack of information has rocked this. To add to this, I recently email and queried why, if as SP said we were only weeks away from drilling pre covid. there was no RNS informing of a rig being signed (pls correct me if it was mentioned somewhere). Yet as soon as a rig is signed for later in the year and RNS is issued.
This seemed odd to me and further influences my trust in them. Especially when the reply I received directed me to the RNS issued for the rig signing later in the year (my email to them quite clearly mentioned pre covid). It was almost as if they were trying to deflect the question.
I would like more than anything to believe that there is a hell of a lot more going on than we know about, and for the most part my trust in bpc remains...but it is starting to decrease.
None of the above was intended to ramp/deramp just offer my opinion and thoughts...here's hoping further information is made available.
I may be way off the mark and I hope for fuffs sake I am wrong cos believe me there is oil there in the Bahamas without question imo. something just ain't adding up here. One of my biggest fears is were being manipulated by the big boys. We would be the last to know, what other beds are our family financiers sat in we don't know . All we can do is await more detail if not forthcoming I will be selling up guaranteed, if things are all good n bod have nothing to hide then newsflow should be imminent if not I will leave it all to the more trusting.
I may be getting paranoid but it makes you think whether the family fund financing bpc, already had interests in cerps.
I have been waiting for something else from the Co, but I'm now sceptical we'll get it pre merger. Some holders have already received their 'ballots', so some may have already cast their votes. If the Co wanted to ensure we would all vote yes, surely they would have sugared the pill before the 'ballots' we sent?
I agree with Harry.
I am still in and have voted for the merger but am far from happy at the moment:
Short term if the merger doesn't go ahead it will be negative for the share price and potentially leave us exposed for funding p1.
A yes vote and we see approx 25% dilution.
I call that a s**t sandwich. My fear is and has always been that the merger is to compensate for bad news in the Bahamas.
As the company always states they have to do the due diligence before any decisions are made, they are now denying us the right to do due diligence by giving us very scant information at best.