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Jim
I’m getting fed up with you!.......
Yet again I have to say - “Great post - spot on Sir!” :)
GL
IK
X
Hi Mol
CLN optionality is at 2.5p.
GL
X
My money is on an RNS of some description or another before the 28th of this month. Even if only to lessen any panic if Seadrill don't say anything about contracts for rigs in the GOM. They release a fleet update at the end of this month. It would be great to see one of theirs contracted out for a few weeks to BPC. Either way I think something will be out this week. Fingers crossed, keep your nerve boys and girls.
Good post Jim. You are correct the CLN is a baseline to get us over the line to drill, a good insurance policy.
But if BoD can get a better funding solution which gives us shareholders better terms, then why not!
I have full confidence in the board after seeing how they have got us in this position up until now, so i have no doubt they are making decisions with us at the forefront!
GLA, i am expecting to see some buying tomorrow and increase in SP with a RNS soon to come on Thursday imo.
EA permits and rig details please Simon!!
Jim, isn’t the CLN triggered at or over 2p per share, therefore if the share price was say 10p the repayment could be as little as 100m shares issued?
One way or another we are drilling but but this rumour of 5p placing is suppressing the SP progression imo..
Mystery, if fully subscribed and with all interest applied I think the CLN will see approximately another 590m shares added to our total and not only will this put the breaks on our market cap it is a problem for us holders when trying to compete when offloading our shares. Wouldn’t it be better to take a hit now of between 250m & 300m shares and get this out the way and let them get flipped into a raft of positive news flow. The overhang would be gone in no time and we’d fly past recent highs in my opinion and if they found commercial oil, well.....
The CLN isn’t the end of the world if it’s needed, but it’s a baseline that BPC should try and better. We are going drilling, it’s all about getting the best bang for your buck for us patient shareholders.
You can’t help but feel someone in the farm in process will give in a little bit in the 11th hour, but who will that be?
Interesting post by jim the know but can i ask why you feel they would be doing everything to avoid the cln? Obviously a farm in is better but convertible loan in place is also great means they can get cracking on the drilling.
Also when does everyone think an RNS will come?
Best of luck to all of us. Im praying for a 0.50 of and when oil is found