The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Window dressing. That's all.
Thanks Interestking - I can blame the medication lol. ;@)
Hi Bryn
The showcase is by Leno not BPC and typically theses are low cost - cup of coffeedrinks with all the usual suspects/mates getting together for a chat. Very much an offshore gathering of the great and the good.
The converse to your point is that they may have had so much demand that they are considering my “crazy” idea below.
Like you I may be overthinking.
GL mon ami.
X
I find it odd that so close to the closure date for the MF that the company is showcasing it.
Why the expense with a showcase with 2 weeks left today?
Have they had little interest?
Would the money be better spent showcasing the benefits of the drill programme to the local people?
Just mulling things over, the grey cells have been given a kick in the a55 lately so overthinking a lot of things.
also Harryoffdock will need to notify via an RNS When he passes 3% threshold..... ;-)
Funding is in place, the MF is to satisfy the Bahamians imo as $2m is small fry in the scheme of things. RNSs will be thick and fast in February & March...
Arm, technically the EA is a condition of the loan note, there are clauses that state all permits and authorisations should be obtained in order to draw down on the money. As i have stated previously though i think the EA will be a little later than this and will come when it comes, but it will come.
We were told spud was end Q1. Without funding in place that target is sure to slip. In fact its time to ask when we will know if this is going to happen - or not.
I would in no way class myself as a knowledgeable oily, but there are some hard deadlines, such as the end of the initial subscription period of the Mutual Fund, 7th February.
And there are the hard-ish deadlines such as the Bizzell CLN on 15th February. I read that the Environmental Authorisation needs to be sorted by 17th March.
The outcome of these events would need an RNS.
Do we have a knowledgeable oily that can gauge just how many RNS’s we could expect and approx when ahead of spud before say April 20th? I could list a few but it’s not my skill.
Trek
Advisers to a Bahamas-based oil explorer will showcase its ÂŁ2m investment fund to sophisticated and institutional investors during a presentation at Luciano's this week.
The BPC Investment Fund, which began taking investor subscriptions on January 6, was created by the Bahamas Petroleum Company as a vehicle through which Bahamian investors can enjoy potentially huge returns if it strikes commercial quantities of oil in this country's waters.
Simon Potter, BPC's chief executive, said the company's success could be transformational to the Bahamian economy, and add significantly to the government's revenue base, if its exploration activities strike oil.
"In 2016, the then-government established a framework in law for the establishment of a Sovereign Wealth Fund, not dissimilar to other oil producing countries, [that would be] used for the purpose of harnessing such revenues from natural resources to benefit The Bahamas and its people," said Mr Potter.
"Beyond this, however, we at BPC have long believed that Bahamians should be able to invest in the company, and, in this way, have an interest in their own national resource. We therefore initiated a process via Leno Corporate Services that created a Bahamas-domiciled mutual fund to provide a vehicle for investors to have the opportunity to invest in BPC's project of potentially national significance."
BPC plans to sink its first exploratory well in March/April 2020 in waters about 100 miles south-west of Andros. The drill rig ship will be stationed 15 miles off the Maritime Border with Cuba. Any extractions will go straight from the ship to a cash market.
http://www.tribune242.com/news/2020/jan/23/oil-explorer-to-showcase-2m-fund-to-big-investors/