Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Nelly B, there was in fact something like a $7m shortfall in funding across the funding piece (all capex and opex), and which had nothing to do with the court case. They effectively went into the drill $7m short, but then racked up a similar overspend in drilling and legal cost, and hey presto you have your $14.5m overspend.
We put too much pressure on them about dilution when they should have just taken the money. When it was on the table. Also no environmentalist no problems for real.
Nice £40K buy at top ask show after close.
Could someone know good news just round the corner.
I am just saying Saffron 2 is spuddings very soon so watch this space.
Willec
You need to stop your ramping and be realistic. You are becoming annoying now. Just chill .
There is no money for the planned upcoming drills
According to the presentation will spud 4 - 6 weeks from now
Just browsing at my smart investor account and Bahamas petroleum are ex div on 23/April 2021
Must be another joke that’s made me laugh if I get ten pence will be more than my investments worth lol hanging in there hope all is enjoying the sunshine
No Willec I don’t think they will go bust however. 1 you need money to pay for drills, wages, licenses etc. At the moment they have not got any so they go to the shareholders for as they say a company reset. Oh yes let the shareholders bail us out for another 18 months or so while we start again. We messed up but you can bail us out at your cost. There is no guarantee the drills will be a successful there is no guarantee on the future POO it could go up or down no one knows. While all this takes time, bopd production will drop off at saffron and while still paying of debts they need more capital expenditure. Where does this come from I wonder, the shareholders wash rinse repeat, change the company name etc etc. They even just have the cheek just to cut overheads by 20/30%. Should be more like 50+ and then just wait for that kick in the guts RNS when they award themselves bonus this and that on the back of shareholders.
Not much more to say, those that ramped got it wrong and are still talking potential. Show me the real positive developments and I might invest but not at this price. Dilution is coming , they said it in the RNS, it will not be done in the shareholders best interest. Good luck whatever anyone decides to do.
We will not go bust with all the possibilities, would say almost guarenteed oil in Saffron 2 and then work on the other drills there after. We are on 7 drilling sites this year alone:
https://twitter.com/BPCplc/status/1376521572018749440/photo/1
NellyB, you could say the company told mis truths. They say they were fully funded for the drill. They had the potential to be fully funded. Fact, it was not. They say they have facilities at this price then another and another. It is all potential. They have no money until the deal is concluded and the cash is in the bank. They have been full of false promises and I for one am guilty of believing them in the past. People on here can say what they like about the funding. Until it is done the only way they will get money is through dilution and it is happening. The writing is on the wall, plain and simple. They have proved no means of developing anything that benefits shareholders. They have given us so much rubbish sadly I couldn’t take anymore and sold. Do they care, no they don’t.
For me at the moment remember a company Max petroleum. That went bust.
Looking at the presentation, after P1, we have 5 different sited drilling planned this year, so wait and see what happen on this sites before trolling. SP a lot higher by end of year.
Garry Graham,
Do a little digging and you will find that BPC had funding in place for the P1 drill, which was taken off the table due to the last minute legal challenge. If the BOD locked in funding earlier and paid interest fees from shareholders money, would you be patting Simon on the back for a job well done?
The drill failed due to bad luck, not a lack of planning for unforeseen circumstances (legal challenge and steel down the well).
I am however still scratching my head as to how there was $14m overspend, when the drill was terminated within the 45-60 target days, AND we had a $5 contingency built-in.
I am down heavily like everyone else. BOD has screwed the shareholders by continual lies over being "fully funded". Potter was absolutely useless as a CEO at best and deceitful at worse. I have little or no faith in his stooge Uliel but then again who would want to take over this mess. I got very greedy and lost a lot of money. I bought into the bull**** being spouted by Potter , Uliel and Co and will probably never get any of my money back but I am not cashing in on a 90% loss. I WILL NOT be buying any more into this dog of a company with this BOD. Virtually all the BOD are non-execs which pretty much says everything really. The chief Financial officer is totally inept and an embarrassment. BPC spent $150m and didn't even drill to target depth, were not financed properly to do this drill. What total and complete utter shambles. I don't believe a word of truth that comes through from the board of directors and I believe neither does the market hence the share price being a third of a penny. BPC is a sad joke! Anyone who can ramp this share must be totally deluded. All in my own opinion from a shareholder with a 90% loss. GG
Resolution 5 is unequivocal and important. Gives authority to allot shares at 8p.
Drilling at Saffron will lead to immediate production and then on to the othjer drills for 2021 as said by BOD
Good luck to you Willec if you are suffering a massive loss, sadly though your history of king ramping posts do seem to pass through any sort of reality of what is going on here. A successful saffron (not everything goes to plan) will only keep the lights on. The company have admitted there will be more dilution with or without success . There is currently no shareholder growth available in the short/medium term here IMO , but a guarantee of dilution.
The share price and volume trade will dictate which direction this will go, nothing that is mentioned on here will do anything to alter its direction. Facts are facts and history is all there to be seen. No reading between the lines, the lines are just in plain sight. Whatever you are doing on here, whatever your game is. Good luck and take care
Glad you agreed Druid - finally people thinking instead of trolling
That's right Willec, it will be the one!
Just like it was for CERP remember!?
A significant material company changing discovery..
This is what I have been saying all along - Saffron 2 will be the one
fair play if your right.
if at least they have the money to get going,...start to self fund..we should be ok.
just need cerps saffron to save the day.
gla
Tckman - lets see what happens when the drill begins turning in Saffron next month - momentum will change
Thebhoys , great post, I like many others including friends have lost money on these high risk high reward shares but we do have to take it on the chin and suffer, we knew the risks. What pains me is the company lies ie ‘fully funded’ and other issues pre result. No doubt they have been able to release those RNS’s with approval but sadly for me this company is as good as finished with the present board members in place. How can anyone trust them with what has happened in the past. I have sold out fully but will keep an eye on here as maybe with a lot more changes and good fortune there might be some potential left here. Sadly again the financial situation here is really bad and so much more dilution is on the cards with or without success on the next drill. Even the date for the next drill we have been lied to a few times. Potter and co should all have gone. New structure , new blood but I doubt anyone would want to take over as it is such a mess. If he ever gets a job at another company, wow major warning.
Yes the family will hurt as this has been a project many years in the making with many ups and downs but for me the book is closed. Without radical change, no sequel. If any LTH’s keep the faith then I wish you great luck and good fortune. For those playing the bb game, well I shall have different wishes for them. Take care
The Daily Star - " Leo's company Tulip Oil (he has been CEO for only a few months) was acquired by Kistos PLC last week.
I personally would be pleased if he rejoined the BPC BoD and helped to fulfil his vision of turning CERP (then BPC, now CEG) into a 500m company. "
Leo has been chairman of Tulip for a very long time not a few months and you need to be aware that Tulip Oil Netherlands, subject of a sale to Kistos, is a subsidiary of Tulip Oil and not the whole company. On completion of the transaction Tulip will be an equity and debt holder in Kistos.
Leo is unlikely to be going anywhere soon as Tulip now intends to advance the development of it's 90% interest in Rhein Petroleum.
Has everyone read this?
14 mill to pay for peserverance costs, with likely issue of more shares as part payment?
following the completion and outcome of the drilling of Perseverance #1, a final reconciliation payment to a fund managed by Lombard Odier ($4 million) is due in June 2021, and the Company is in the process of finalising residual costs, payment terms, schedule and resolving various items in dispute relating to the drilling of Perseverance #1, which process it expects to complete in due course but is expected to amount to approximately $14 million payable through into H2 2021 (although the Company expects to achieve a discount/reductions to this amount as a result of commercial negotiations and agreed resolutions to items in dispute and/or be able to satisfy part of this amount in the form of shares, and has assumed an aggregate 20 per cent. - 30 per cent. reduction in cash required for settlements on this basis);(i) realising business development opportunities to expand the portfolio based upon projected value generation (to be determined);(j) any incremental costs associated with renewal of the Company's licences in The Bahamas, including community programs, and ongoing legal costs as may be required to continue to successfully defend the Company's licences in the event of ongoing environmental challenges in The Bahamas (to be determined), and (k) corporate overhead costs up to $4 million, although as noted previously, the Company is initiating a cost reduction exercise across its business with a view to reducing corporate overhead costs by 20 per cent. - 30 per cent.
BPC got a good opinion of diversification which they so desperated required at the time. Now it looks like CERP assets will be the driving force behind BPC fantastic future ahead starting with the S2 drill next month.