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Things are moving so fast it’s hard to keep up. It's kinda funny considering some people were complaining of lack of news a few weeks ago. My views on the placing RNS some of which has been stated by others yesterday:
1. An institutional placing is much better than a CLN. A CLN holder is almost guaranteed to fully dispose of their shares ASAP. Although Bizzell showed restraint, Trafalgar dumped.
2. Institutional investors may de-risk some of their discounted shares leading to spud, however more prone to look at the overall long-term picture.
3. The extra +/- 270 million shares represents a minor dilution of +/- 8%
4. We still have NO debt.
5. The management team have the confidence to put $400,000 of their own money in the placing. This is always a positive sign.
6. And why only £6m and not £10m or £12m? I believe it is because the BoD have a few cards up their sleeve to replace the Bizzell CLN. This could be a Stena JV or leveraging CERP assets.
7. I’ll keep watching ‘this space’.
8. The percy-1 drill (and maybe others) WILL happen.
BTW, to those who have PRD and BPC shares, I did apologise this morning on the PRD BB for my posts yesterday. I will not be taking a position on PRD at this time.
IMHO. DYOR
Starchild
xxx
Star
Seems 1 leap forward and then let's leap back again, maybe I am being negative but when you expect to see a large chunk of your gains gone (as i expect this morning) its disheartening.
Now it may be a case that people will take this opportunity to enter or top up and the sp won't be as badly affected as the Derampers are dreaming about.
Morning rant finished, off to the gym
Zag: I invested in BPC (and topped up many times) for the big Percy-1 drill. I fully accept and respect that you and many others plan to profit from the SP surge as we go to spud, and then sell some or all of their holdings. unless my circumstances unexpectedly change, I do not plan to do so. To me it's one step forward.
Over the next day or so, institutional investors will have the opportunity to bid, so we don't know the result of the placing and SP until then. Their analysts will see the opportunity taking into account that the first 0.6p (£20m market cap) of the discounted SP represents CERP's value which was independently assessed prior to merger. IMHO, I will be surprised if the placing is NOT oversubscribed at a fair price. it's only £6 million quid with a bi-product.....the marketing exercise of inviting bidders may stir interest in Institutional investors that failed in their bids to join the party. Whales.
Starchild
xxx
Agreed the placing will be better in the long run than the cln, however a lot of PI’s are not interested in the “mid -long ter” there focus is on the here and now, all they see is the sp gaining traction then bang ! It’s brought back down, agreed it’s good the bod are putting money in, I would definitely have participated given the opportunity, as far I am concerned it’s free money to buy in at those levels
Star
The book build was over night
We will know the results by 7.30am today !!!
Bespoke: you are absolutely right.....RNS just out
RNS today:
Stena JV still a possibility
Farm-out still a possibility (still talking with majors)
£9.5m 475,000,000 new shares at 2p
Institutional investors know its a no brainer to buy in at 2p... Easy multi bagger for them.
(iv) "Drill for equity" type arrangements: Another common financing structure in the oil and gas industry is a "drill for equity" type arrangement, whereby major service providers commute part of their fees into an ownership interest in the underlying project. Several such options may be available to the Company. For example, as previously announced, in the contract for the provision of a drilling rig with Stena Drilling, BPC granted several investment options to Stena Drilling such that, prior to 1 December 2020, Stena Drilling has the right (but not the obligation, and there can be no assurance that Stena Drilling will exercise the right, all or in part) to (i) subscribe for up to $10 million of new equity in BPC on the same terms and conditions as would apply in any BPC capital raising, or (ii) farm-in to the BPC southern licences on the basis of $10 million for a 10% non-operated working interest. If Stena Drilling were to seek to take up either of these investment options, the consideration could be satisfied either in cash or by way of offset against amounts payable by BPC under the Rig Contact. Similar "drill for equity" type arrangements may be possible in respect of drilling operations elsewhere in the BPC portfolio.
To the extent that any one or a combination of the above funding alternatives are successfully concluded on terms acceptable to the Company, the amount of capital available to the Company would likely materially increase, and would be additive to existing funding sources. Such funding could be applied towards eliminating reliance on convertible note funding instruments entirely, and/or expanding/extending the current work programme, or alternatively proceeds could be applied to a much broader work programme across the Company's asset base.
About a 15% dilution so can live with that - no more deramps about not being able to fund the drill for Percy 1. wouls till like to see JV or farm in though and hope Travalgar are not one of the II's.
i found this para interesting....key point CERP is a $20m potential funding source subject to the CPR...
....'Reserve-based lending facilities: The Company has indicated publicly that it is seeking to undertake a portfolio wide Competent Persons' Review (CPR), with a goal of 1 mmbbl of certified 2P reserves (net) by the end of 2020, and 10 mmbbl of certified 2P reserves (net) by the end of 2021. Certified 2P reserves are a readily monetisable asset, and the Company has commenced discussion with several providers of financing facilities that advance funding against the assessed value of 2P reserves ("reserve-based lending facilities", or "RBLs". Based on the level of targeted 2P reserves and typical RBL lending arrangements (including those currently under evaluation), access to in the order of $20m of capital is considered by the Company to be a realistic goal....'
So they managed to raise almost 2million more than the maximum they wanted which was 7.8million