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dubed
What I’m saying is that if I was them I would insist that equity took one for the team before I put my money back on the table.
The opportunity to drill multiple reservoirs with 3D imagining that shows traps and potential seals for £25m would be looking a gift horse from a oil man point of view.
No ones pulling the plug on this now...
...speaking of pulling, looks like the first Lion has been pulled from Potters @rse. Well done.
Robbla
Again though, where is the $25M coming from?
From your mouth no doubt, we all no what comes out of that!!!!
Have you any spare socks?
Funding is in place the optionality to view others as well. I couldn’t careless if I’m brutally honest, be it farmin, JV with Stena, equity raise, placing or open offer. All are there and options are clearly defined.
We have our drill ship and spud date. The rest is nailed on imo.
jimtheknow
“Speculation now should fall on not whether the Company can fund this, the chances of this are diminishing by the day...”
As you know, speculation has long been about how rather than whether the drill would be funded. Mine anyway (and I haven’t seen any other posters speculating about the drill never being funded).
"where is the $25M coming from?"
Naughty. Missed the old icemax potato boat, did we?
There's still time you know.
dubed
So where is the $25M coming from?
Are you new to bpc, have you not kept track of the various RNS issued by the company since March? The company even half of the amount in cash. But surely know that, as you have been pointed to the specific RNS on many occasions. Look, I'm sorry that you mistimed your entry but, as I said, you still have time.
formal notification from Stena Drilling,
Would they give "formal notification " if they couldn't see the money? NO!
Wombles are short
dubed
I have missed a couple of great trading opportunities, certainly, but I have read all the RNSs and it is crystal clear that the next one needs to be about funding.
Oultonmike
No doubt they can see the funding, but the market is still waiting. As I have said before, the question is how, not whether.
Problem is this could hit 10p in the mean time. Easiest way to raise the funds is to rocket the SP.
NellyB
Is that not more about the distinction between fees paid to Stena and expenses borne by BPC?
Ross, agreed, the next one needs to be about which of the options for the remaining funding they are going with. But when you come out with thing like "where's the $25m" coming from, we start to move away from having a discussion into the arean of deramping. You know, I know it. We also know that the spud is on, in less than 3 months. So me and you also know that farting around trying to get an entry point much lower than 2.5 will look a pretty stupid move by then.
dubed
Asking "where's the $25m coming from?” is not about deramping, it’s about the information necessary to weigh up the balance of risk and reward. That’s what I’m holding out for, not a share price.
Ross, now you see if you'd asked "where's the other half of the £25m from, in terms of the options we have secured" I want to chat with you further, and even possibly share in your thoughts and concerns. But you didn't, did you. The spud is on, the icemax cometh. You might get your lower price, and fair play if you do. But not from me.
Ross, with respect we are drilling, they clearly have the money otherwise they wouldn't have announced the date! Watch this next week when the II's start sniffing around and the MM's can't satisfy demand, then it will get interesting and you will have missed out massively, just saying.
dubed
What are the options that have been secured at this stage, apart from BPC’s diminishing bank balance? As far as the market is aware that bank balance is the only option under BPC’s control. The other options depend on third parties deciding to play ball - Stena, Bizzells, the Family Office. Of course, BPC can always use the AIM ATM, which I am sure Stena appreciate and which may have facilitated today’s RNS (an RNS which in turn facilitates any such trip to the AIM ATM)...
Ross, indeed. So your concern is that one or any of the options put in place for the remaining funds might not materialise and that there will be an additional placing - such that as we approach spud this would mean the SP would fail to acheive 5-7p? It's a reasonable conjecture, but my chips are on a doubling of the price as we move towards spud. Good luck with your entry price, and fair play.
Dubed, as SC has previously mentioned there are several options for funding. Placing would obviously lower the sp but from where to where? Any JV or farm in would likely see the opposite and therefore sp rise ahead of spud. My personal take is that there won't be a placing. Each to their own.
dubed - some have suggested that rossannan trained as the mole in Whack - a - Mole machines - you've got to admire his stamina - the other trolls have run out of steam !
dubed
Again, it’s not about an entry price so much as clarity on funding. I was happy enough to take a small position when BPC was at 2p without having that clarity, but I knocked that on the head when the macro headwinds started blowing again. My fun portfolio is pretty fully invested in pharmas, gold miners, new tech and other O&G right now, so I will not be making room for even a small position in BPC without such clarity. But even if a substantial placing was announced on Monday, I’m not sure that would ultimately prevent your pre-spud bag (given the clarity that such news, however unexpected in some quarters, would bring).
keith1
You have a point there - when the macro outlook is less than rosy something that offers hope value and plenty of news flow can hold up very well compared to a known quantity like a bank or airline or the like. This is one of the reasons I piled back into ORPH the other day.
Interestingly, 93% of Spreadex clients with a BPC position are long. There’s having unanswered questions and then there’s being one of the 7%!
Not for me.