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.
I have no problem with individuals contacting the company with questions but in the case of rossannan even when he's given information by the CEO he decides it can't be relied upon and mounts a campaign of challenge for close to a year, involving multiple daily postings( to be fair, suspended for a limited period whilst some readers took up his invitation to pay cash in return for him not posting !) - only for it to end with Koot proving him wrong and rossannan slinking off tail between his legs, without any apology!
I was an accountant and was the registered office for several companies during that time and i also had several that had a PR address elsewhere in london as well. Nothing unusual. Probably part of the reason would be to avoid UK tax rates and charges.
Pretty unlikely for all of the companies registered in the IOM to actually have anything more than a brass plate on a wall there. But I have no problem with you, as a share holder, trying to contact the Company to get more information. Though maybe try a few other avenues.
Garry, you do know what a FPSO is don't you? Why would I want to ring BPC in the IOM, I just use email or social media to contact various people on the board. If you'd done proper research you wouldn't use the term incompetent, the track record of several of our senior team is very impressive/competent. They are mainly based in Australia (at the moment) Nassau or Houston for obvious reasons. A serviced office in the IOM is more than adequate for their purposes at the moment. Many large multi-nationals including majors use serviced offices why do you think companies like Regus exist? Also check out virtual-headquarters.com and others. It is very common and good business practice.
Given the best possible result we still won't need a FPSO for several years. That is of course assuming that that is the route taken, and from my amateur knowledge they are a very cost effective and flexible way of extracting and then delivering from a single well.
GG - Prospect makes the case for a minimalist approach communication wise for a company that has not produced anything for 10 years! Anybody seriously in the O&G business wanting to make contact with BPC put off by the HO set up is unlikely to be the sort of risk taker they are seeking to attract !
Your comments regarding the concept of FPSO stinking of incompetence would be more meaningful if you were able to explain why you believed it was problematic- perhaps ask oil worker 1 how the system works ? I don't believe Potter needs to have the FPSO on site for the drill - if we get a good result there will be plenty of cash to contract a suitable FPSO.
GG,
There are plenty of corporates with registered offices that are serviced. You'll find the practice common enough and no I don't see it as negative that BPC isn't paying out £30k a year for an empty desk in a serviced address. Nleeding heck we are in the Bahamas and with new tech you can park your arse as far as Australia and still get the show on the road. So, the points you are making is moot. You need to find telephone numbers away from dusty service offices.
Unfortunately GG there is no travel allowed into the IOM at present, or for the foreseeable. That's why they've been COVID free since the summer.
Jim the know - 21.10.2020 - 21.08 - You commented the following and may I add I do very much respect your posts and knowledge which far exceeds mine. “ Some of this is what weighs on the share price, people don’t fully trust them “. Well as a shareholder I’m beginning to think I don’t trust them when they don’t even have an actual genuine staffed head office and telephone number. No wonder as you say “ people don’t trust them “. Secondly I saw a video in which when questioned about how BPC was going To get the oil to market - Simon Potter said and I quote “ He was going to sell it off the back of a boat “. I’ve got visions of him and Ethan trying to flog dodgy barrels in the Caribbean off the back of a dinghy. Honestly, I’ve not been into this share long but it’s just stinks of incompetence. Another question since the Cerp takeover where has Mr Koot gone ? Im going to contact all the other BPC office’s tomorrow and take a little visit over to the head office shortly to see where all my dough is. The head office address for BPC is the same head office address as the “ panama papers “ and we all know what happened there !!
Tonsan & JBT2007 - please feel free to call the head office of Bahamas Petroleum Company PLC the number is Tel : 01624-647883. The message says initially you will be charged for calling this telephone number and when you do get through the receptionist knows nothing about Bahamas Petroleum Company, she stated to me she was just a receptionist for a number of companies. The office in London has a mobile telephone number only and the “ media contact is Billy Clegg”. I’m beginning to think Irene Krapp May be right after all !!
Fully funded drill! When this spuds do we expect a decline and then boom. Or little rises boom... trying to get an entry point. 2.5 is fair. The risk is if no oil or commercial viable then we’ve stripped all the cash and funding. Sp will be smashed to the floor and may never recover. 20-35% chance of discovery but it’s got to be a gusher and right grade etc.
Very exciting. Near term SP? 5-10p ? Even without th drill in... just hype ?
Just come off one of the worlds largest FPSOs for last 2 years... FPSO definitely makes sense as it minimises the infrastructure needed to produce. However, not without its own difficulties in ensuring the export route is always available- nice issue to have though! Also needs tie backs of course and will always require an additional drill rig to develop the reservoir.
Bottom line though - yes it makes sense but slightly underplayed what’s required to get an FPSO on site and exporting...
Tonsan, I understand that train of thought and it’s not that those things aren’t possible but they can’t hide behind that for 10 years. Other similar companies operating in this sector seem to do a better job of communicating.
The truth is for a long time they weren’t doing a lot but no one outside the company can ever verify that so people will just have to agree to disagree. Yes they should be busy but they also have over 50 employees now so the workload is spread.
Some of this is what weighs on the share price, people don’t fully trust them or understand what they are doing. We are still nine the wiser as to what this CERP *******s is all about. I’m not thick enough to not understand whatvpicture they’re trying to paint, I get that, but scratch below the surface and there’s nothing there.
The only plausible reason for buying CERP is the hope they can turn it around a little bit, just enough to mitigate the annual jingling of the charity box and secure their jobs.
What’s that I hear, ‘sell up and move on Jim!’. No us the answer. I’ve never doubted their technical competence in being able to sort this drill out, neither the geology they are going to drill. So I’ll be sticking around for the results thank you, which if they hit oil will still be very significant for me even after the billions of dilution.
What makes this journey slightly more bitter is they played the farm-in tune for a very long time and hid behind NDA’s but the thing that got this moving was the Bizzell CLN and given the relationship between the BPC Executive and messers Bizzell & Carnegie, this avenue could have been pursued earlier, possibly in more buoyant economic times and that may have forced a major.
Truth is they haven’t done a great job of all this, they’ve done a bang average job to date. Some don’t like to admit this as it’s taken up years of their life, there’s a bit of Stockholm Syndrome going on.
Only they really know how straight a bat they’ve played in this respect, we will never know.
Look at the wealth of experience, knowledge and connections at a high level in this company, they always knew they could pull this off when they really had to. The drill has never been and never is in doubt, it’s only ever been about when.
BPC has more than a virtual office on the IoM. I see it every week. I have no idea why you cannot get an answer except that they are obviously frantic pulling together the huge number of critical paths in time for 15th Dec. Offices here work as normal as we have been virus free in the community for some months.
JTK: As was explained at more than one AGM, the Board often want to be more open but the Nomads govern what they can say and when. I agree that Potter is paranoid about leaks but then leaks work both ways for retail innvestors.
Garry, you get used to the radio silence from them and the selfish oneway relationship. They have a very much a ‘need to know’ type relationship with the people who keep the gravy flowing and it’ll never change.
The Secret Service leak more information to the public than BPC.
With respect Garry, you may be behind the times. Why would they need a physical office and with Covid ongoing any IOM employees may be working from home. Communication is so easy on a virtual basis these days that you don't need physical premises. As a shareholder I would actually be quite annoyed if they were wasting money having a receptionist sitting in an office on the IOM twiddling there thumbs. IOM is there for tax reasons only and the historical connection to our founder, Alan Burns. Just email them you will probably get a response. It's also easy to track some of our executive team down via various social media, it's the way of the world now.
GG: I totally agree that any company whether £10m or £1b market cap should eventually get back to its shareholders. Over the last year BPC has got back to me eventually. Suggest you escalate so it can resolve these interim communication teething problems. What if you were Exxon gagging for a farm-in?
Best
Starchild
Hi Star - not trying to cause any trouble but my son, pointed it out, ( he is very dubious of BPC ), Its not a case of escalating a complaint as I dont have one, but the simple matter of fact is a company that is going to drill for an estimated 1 billion barrels of oil and has a market capital of £95m should be expected to have the resources to pay for " a head office" that probably costs in the region of £30,000 per annum.
GG: I highly respect many of your posts. I'm not answering for BPC as I have no direct or indirect relationship however what you say surprises me. If you get nowhere using the generic email or phone number, perhaps escalate using https://www.bpcplc.com/contacts/grievances/
As Eytan stated yesterday, things are hectic at present. However I too would be miffed if no response was eventually forthcoming.
Good luck
Starchild
https://www.lse.co.uk/profiles/starchild/
I dont know about finding oil it would be nice to find an employee of Bahamas Petroleum Company PLC who could answer the phone at their " Head Office ".
This is to everyone. I am looking for a very simple answer to a very simple question.
When I contacted the Bahamas Petroleum Company PLC head office based in the Isle of Man why did nobody know who answered know who Bahamas Petroleum Company was and secondly it was quite obvious a virtual office answered by a virtual secretary for a host of companies who knew nothing about the company. I would have thought a company with a market capital with £95m would have a UK office and not a virtual office.
Donald Trump - I mean on either WTI or Brent ?
Donald Trump - so what is your prediction ? Im not being critical in any way appreciate your viewpoint.
P1 is bigger than you think and people will want part of it.I aw somone predict £1 on another site on oil discovery.