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azul - poc was speaking of the Stena Forth, currently off Gibraltar and heading to Las Palmas.
poc - not sure it has the MPD capability that is mentioned in the initial mention of the rig to be supplied by Stena.
Not a scooby as to what the difference is technically, however, that was the standard mentioned.
Yes but in May 2021..... bpc are first ;)
She is in Las Palmas harbour now , arrived Friday
WE have been in Las Palmas for 5 days now
Should arrive at Las Palmas end of September.
Stena Forth will also be going to Las Palmas Port for maintenance before drilling for Tullow offshore Suriname. Expected date for mobilisation is late December/ early January 2021. Drilling expected to start in January/February 2021. Contracted for one well.
jimtheknow - excellent post my long suffering comrade - he went a while ago with the others giving a green response. I spend much less time on here as a result.
ross, I can help you here with some wise words. This share is clearly and obviously not for you so you should call it a day and try and put your money to use elsewhere for better returns. You have far too many doubts and if you went on to lose (more?) money I would hate to think what your disposition would be like.
You've asked some great questions and kicked the tyres, as everyone should, but you know yourself now that BPC isn't right for you. Listen to your gut feeling and move on, you know that's the right thing to do and you'll be able to potentially say you dodged that bullet. Asking the same questions over and over again is just going to produce the same answers.
jimtheknow
“it is absolutely about believing them”
I am sure that the BPC BoD are honest in their aspirations for BPC. No doubt Leo Koot was honest in his aspirations for CERP too. But circumstances and bad decisions can frustrate honest aspirations.
You have to look beyond the rhetoric. I am sure that the BPC BoD have been looking to improve on the existing funding arrangements. One problem is that the current climate is not exactly conducive to such improvements.
Their primary problem though is that, as far as we know, they remain locked out of even these existing CLN-based funding arrangements. I have already suggested that, in the current climate and at this late stage, it may not be realistic to expect these arrangements to be replaced. So they need to be unlocked. I expect this to be achieved, but how it will be achieved remains unclear. Neither Bizzells nor the Family Office is a charity and I would expect both of these outfits to be taking a hard headed approach. I think mortgage analogies are badly misplaced - it is time and process that unlocks a mortgage in principle - significantly more than that is needed here.
A positive scenario would be Stena acting as a white knight to unlock and indeed partially replace these arrangements. The black knight scenario, which is arguably becoming more of a possibility as time goes on, is equity taking one for the team. You can of course argue that any unlocking is a good unlocking and that this would be but a scratch.
For the avoidance of doubt, it seems to me that in the current climate any possibility of a significant payment from PRD is receding.
Jim - I started to write something similar (minus the CERP bit!) but gave up. Thanks for making the effort and fwiw I fully endorse your comments. SF.
ross, it is absolutely about believing them. I have stated this in other posts... BPC haven't gone around and mumbled something about funding under a cough, like trying to disguise a fart. They have front and centre gone out and done roadshow after roadshow stating they have the ability to access funds in a measured and proportionate way as and when they need it and that they are trying to improve on that funding in various ways. There's absolutely no way they can go back on what they have said, they have been very clear and unambiguous in stating funding is available. I think one poster compared it to having a mortgage in principle, it's the same thing.
We have already paid Bizzell a good number of shares to 'secure' the CLN baseline funding, those shares to Bizzell may be for nothing if we get a better option e.g. farm-in. The conditions precedent for accessing the CLN are only what you wold expect to go drilling and security against a loan e.g. insurance, rig, etc. There's nothing unusual here.
As for the family office 'Facility', the people putting up this money doubled their potential support to BPC at a time the world economic environment looked a little uncertain, they could have easily backed away but they went in 100% more. If you believe they don't believe in this company, the BoD or the project then that is your opinion, mine is that they very much believe in tis project and are willing to put significant money where their mouth is. If this Facility were no longer available then that would be an RNS'able piece of information, this has never came. Believe what you want but these people understood the macro events gripping the world and stood by BPC in that transient very uncertain period.
The only thing I still have a hump on about is the CERP deal, I don't think it represented value for money at that time. I do believe though that this BoD aren't stupid and therefore they knew something better would come from it and I'm inclined to believe this is because a farm-out is very much in play.
If you are risk averse, keep waiting, it's your money and your choice.
jimtheknow
But it’s not a question of believing the BoD or not - they are not (as far as I am aware) saying anything more than that they are hopeful of unlocking the funding one way or the other. Did I miss a meeting?
Its much easier for Stena to confirm and give very close approximations on dates for the Repsol contract as it's a lot further in the future and the ship will have undertaken work for BPC first, it's more difficult for them to get off the pot for the first contract in the queue with all the work that is required to be completed on the ship. Because of that I don't expect imminent news on the BPC contract until Stena are sufficiently into their reactivation process and they have clear visibility of an end date for that. I would love to be proved wrong but I doubt we'll get confirmation of the ship for at least another 2 weeks.
As for funding, if greater certainty on this is what some people crave then they are going to have to wait for that and likely pay the premium above todays share price that commands. You either believe the BoD on this or you don't, if you don't then you probably shouldn't invest in this share at all as this would be a pretty seismic thing they are lying about. I believe them on funding and barring another black swan event I believe they will drill, and I believe in the geology, so I think todays price offers good value.
Bryn: agreed. It also gives some contingency in the event of a hiccup. For example if one or more of the crew got Covid, the drill ship doesn't need to go to Mexico until May/June, yet potentially finish the Bahamas before hurricane season and the theoretical current Force Majeure date of April 15 2021. This wouldn't be possible id the IceMax was scheduled to be in the China Seas in May.
Starchild
Starchils
Star - this is of course what we anticipate and hope is true, though as we know we have never had a steady run to date.
Whilst I am happy this is the case, always nice to have an alternate view just in case. Tick Tock goes the clock - extremely slowly ;@)
this was news on linkedin yesterday via our facebook group anybody wanting to see the post from Sten can sign up and follow them on Linkedin
Arma/Bryn: IceMax 2021 ....
Jan/Feb in Bahamas for Percy-1 exploratory well.
May/June for a few weeks in Mexico (while the BPC core samples etc analysed).
After Mexico back in the Bahamas 4th quarter to drill Percy-2 or Percy-1 appraisal wells.
Starchild
xxx
arma - sadly no mention of little old BPC
"The contract with Repsol is Stena Drilling's third one secured in the past month. Earlier this month, Stena announced new contracts for its rigs with Tullow Oil in Suriname and PSE Kinsale Energy in Ireland."
News should be forthcoming soon - hopefully we will get ours out of the way in good time for it to shift quickly for a quick refurb and off to the Mexican gig.
https://www.oedigital.com/news/481851-repsol-picks-stena-drilling-rig-for-mexican-ops