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i will not buy into the placing because of (a) no confidence in how they will generate revenues moving forward and (b) consolidation. b without a is a pointless exercise, we have seen that with LGO at the time. The SP will only drift further south. The 3.5p will quickly become 2, 1 etc....it's a illusion to think this consolidation alone will do anything. I'd rather they simply focus on fixing the business
The respective paragraph in my "Unimpressed" post addresses your the point you have raised.
Funding post consolidation will mainly come from the convertible loan (£10m) at 8p. See Resolution 5 giving authority to allot shares at 8p. Note this is a resolution that if passed will be the price that shares can only be issued at (8p) otherwise another general meeting will be needed with a new resolution. Non dilutive funding can come from prepayment of future oil production, RBL, farmout proceeds.
with a lot more money when will discover oil and start production as early as next month in Saffron2
Wait until the end of the year when we have completed all the planned drills
So Bully1985 finally admitts he is a 'troll'
Onlybpc as I stated some days ago "why anyone would subscribe to an OO price of 3.5p when the company states a further $25M needed to process the Saffron field development", makes no sense to me.
Now if the OO price was set at 1.5p, that would make sense to subscribe.
Spending £25M of additional capital yet to be raised, with an forecasted financial return of deploying that capex of $8-12.6M is a potential 50-75% loss of value.
If that capex was a one off and ROI would indeed take 24months. Then the numbers would stack up notwithstanding capex & opex.
If the push to 4000bpd then requires additional capital not funded through organic cash generated income but indeed more share issuing. Then the SP will be pinned.
Thus my expectation on a 1-1.5p target by year end depending on 5 wells being successfully executed and in full production.
Separately I expect Eytan to claim a salary higher than Potter so even though 2 board members will leave. I suspect the boards total renumeration will increase therefore draining company finances even further.
That was because only the idiots ignored SWP and the other assets brough only from CERP and now SP went into Uruguay.
It is not only about the Bahamas, but sadly losers on here think it is for some reason.
Can anyone point me to the operations carried out which generated this tax pool?
What was the total spend, since an Operator only receives a % as tax credit for different ops?
I guess it is in the financials...?
Please anyone, simply list the 5 or 10 operations which generated this pool, and highlight the major items on which PI invested funds were spent, which filled this tax pool.
e.g.
1.) Saffron 1 = 1.5MMUSD
2.) Workovers = 50-100KUSD ea. at Goudron.
3.) misc. studies , say 500KUSD.
4.)....
5.)...
Grateful for any assistance.
No open offer for me because the SP can be nearly zero depending on the market makers. I would wait until the SP is half what it is now. When Starchild was giving strong buy at 4 I stated that if Ibought at 4 it will go to 3. It's less than 4 now. I'm so glad I filtered the ramper
great post, unfortunately, b.o.d wont care for us pi's.
i remember years ago seeing an interview with Arsene Wenger, when he done press conferences...he would always talk in a way as to talk directly to the players, through the media, he would address the camera as if it were his changing room full of his players.
when simon/ eytan talk about "shareholder value" they are not talking to us private lths, but to the institutions and big holders...his players.
we...with xxx'xxx(xxx?) are the viewers ..or fans....being fleeced again and again to drive the ship...
these interviews are for BHP or whoever eytan is batting his eyelids at.
im done getting my hopes up here....i think big mad harry called this a gravy train a long time ago, and he is looking less mad by the day,
would love to hear a candid interview with leo koot on what pushed him,....id imagine when he heard endless dillution upon failure he took his shares and ran.
not too familiar with cerp prior to the merger,i voted yes because i thought it was a good move anyway, but boy am i fxxkxxg glad id happened because we would be done by now.
we need cerp input more than ever now,...ive basically written that money bpc off....so its up to you trini boys to make this come good.
still undecided on my open offer either....no more gravy arsene!!
Egg chaser, hopefully yes our paths will cross and it will certainly be more than 1 pint in telling the stories of ups and downs and the perils and pitfalls of investing. Sadly I guess no holiday in the Bahamas just quite yet on the back of P1 but there is still hope of something. I will always be keeping my eye on here for the future. Again best of luck
I think it’s time for a grab
....
I hope they read your post too SvS.
The SP is currently trading above the Open Offer proposal. At some point it will have to hit the OO price, it may even dip below it based on a shortfall in subscriptions. It may not hit the OO if over subscription occurs.
My expected price target leading up to spud has been demolished by recent news.
2 days away from the Proactive presentation. I hope someone from the company reads this BB and will address any discrepancies or concerns that have been shared.
I am trying to stay focused on the fact that BPC's current production is circa 450bpd. Hopefully even higher with the 6 IT wells now producing.
I find the recent news is very distracting and somewhat contradictory of "focusing on Trinidad to consolidate".
Eytan & Benjamin are the current companies finance men. So if the financing going forward is unclear or seen as badly negotiated. The buck stops with them.
I don't know what the Chairman's position is, whether the proposed decisions have come from him or the board collectively. To me, he appears to be a passenger, firstly in a ship steered by Potter and now by Eytan.
I have no information to base any opinion on the company structure as I wasn't even aware that BPC existed pre-merger news.
That being said, BPC appear to be "passing the company between themselves".
I would rather a competent CEO with a proven record in great execution and achieved targets be brought in.
From my understanding the current board have all been a part of a 10 year mission plan which has managed to raise & spend a lot of money but not managed to generate any, other than acquiring the CERP assets.
And when we are 8 weeks away from the combined company actually generating their first dollar of income, we get an value destroying proposal.
My current fear is BPC will now extract all the value in the T&T assets and the only people who will benefit from those assets will be the BOD & the institutional financiers, not shareholders.
Tuckman = one of the gents amongst us.. by all means post - I’m not here to say who can and can’t but hope others will remember the decent folk that’s all.
Same to you sir and for the record I’ll be the 1st to buy you a pint in the pub!
You won't get under 35 they could go to institutions at that price and probably should have
The byoys - happy to share with you my investment account which shows I hold many millions of shares here. More than happy to share with you.
Oh and that I have held them since around 2017.
TNever seen anything like that
I might be wrong
27-Apr-21 09:31:05 0.36 10,000,000 Sell* 36.00k O
Look like that guy sold it already with a loss of 4K
Egg chaser, yes value in your posts, I shall leave this alone now and just watch from a far. If the board doesn’t allow constructive fact based argument of positive and negative just because someone has sold at a loss then so be it. Good luck in trying to reduce your losses, best wishes
Thebhoys - I agree with you. I have filtered Starchild, willec and noviceinv too. Much better board now.
Trinidad had definite potential, but is it enough to move the business out of regular placings I don't know and don't trust the BOD.
Todays price is .36 which is worrying taking into account that the placing price is .35.
Wide beauty until after placing.