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I'm not a troll.. .. I don't post here every day spamming crap like some do..
The boards are for current debates aren't they?
I'm waiting for someone who has less than 1m shares before Perseverance #1 to show me a convincing argument to hold or buy?
We have £13m in the bank
£14m CLN and this is for starters
Willec
88e had the most glossy best ever presentations and reports and they fallied on all 6 drills to get it right. They had Farmouts , placements and paid drillers in shares all failed.
You and Bpc still have not shown where is the money coming from to fund these drills. You cannot depend on one drill to leap frog and pay for other drills.
And yes I have a few shares in here so it my money jumping around at a lost right now.
Sorry troll - what is a pr1?
willec...
Are you a post pr1?
We still have the other drills, I am just saying Saffron 2 is the first, look at the presentation last month FFS
Willec,
So you guys only have one sure well to drill and based on that you have cash flow for other Wells?
What happens if S2 fails , where is the money coming from?
I am being real here nor am I ramper or deramper. I grew up in Trinidad and worked in the oils fields both in Trinidad and the offshore Northsea. I do have knowledge on the oil exploration business so I can't be fooled with tech data.
This will help when S2 production happens after the drill next month, creating a better cashflow.
Willec,
With all these drills scheduled, where are they getting the money to do so? Looks like further placements and dilutions . If placements are the order of the day then you guys will always have to keep buying to otherwise your share size sinks. I only managed to keep up with 88e but buying more cheap shares and cashing in on the spuds.
Has no one seen the drilling schedule this year FFS. This year and next year will be the most drills ever carried out by BPC. Looks good all the way to the end of next year starting in literally a few weeks time.
ZoomRader..
What if i would have thought that a couple of years ago and today my shares resemble just 10% of my original holdings?
Who to say history won't repeat itself in a couple of years here.. Leppard never changes its spots?
Difference here is you guys have producing Wells while 88e has only a few jars of oils that's they have extracted from mud samples. I think think this share is very long term, one in which you buy and forget then come back in a year or two.
ZoomRader
Good advise. It wouldnt have worked here though if you was invested in here it actually went down around spud by around 30% lol. And that was ment to be the big one..1 billion barrels..
Trouble is alot of us here are now trapped in at 90% loss so this boards gonna be pretty grim for awhile.. :(
About 6 years ago 88e had a share offer for "qualified holders". I took up the share offer when it opened and immediately you could buy on the open market for non holders at a price below what was offered to existing holders. So I bought at the offer price and had a paper loss. I think it was around less then 0.4p dropping to 0.29p. On their first drill the Lab results came back and it shot to around 4p . I made a huge amount of money from that share offer. I brought at the offer price and then on the opened market price. I held on and waited until the 4p , I did not expect that rapid rise but I took profit and I carried free shares over. On every 88e drill to date I made profit . It was a cycle of placements, dilutions to which I brought when the prices was low and sold on the spud. I too was hoping for the £1 share then 60p to 40p and now it looks like 10p to 15p for 88e sell off. Moral is to wait and take the prices when cheap and then sell on the spud. I have given up major take overs , buy outs and just riding the waves.
Hope profit for all , cheers
Sold yesterday at a 40% loss and put the money in BOIL. The RNS does outline a way forward but for me there is too much uncertainty (risk) over the open offer and the placement. I will keep an eye on how things go here and may buy back later.
Good luck everyone.
I sold yesterday mainly because there are arguably better shares out there that could recoup losses quicker (prd, zphr, boil, echo, senx, adv) plus I'm generally impatient as I didn't want to hang around to 2022-23.
So should you hold in the hope it rises eventually or sell now and do the above or buy back in after the consolidation?
The usual pattern is that the sp will dip below the Open Offer price and will remain there until the overhang has gone which could take many months, any spikes will be sold in to by the LL thus keeping the sp in a very narrow range.
The big question is why take part in the OO when you will almost certainly be able to pay less on the open market (happens nearly every time), the only time I've seen the opposite is companies with good assets and crucially no debts. A big red flag for me in the rns is that the LL could potentially get the remaining shares (the slack) at any price lower than 0.35p depending on the current sp.
As for holding, I've seen the sp of many companies in a similar financial situation slowly drift down where eventually the remaining assets get sold to cover the bod's wages or where they can't get placings away at which point it normally becomes a shell company and delists, pretty sure that won't happen here.
In BPC favour, it's does have good assets but it just needs to get a grip on it's finances and stop saying they're fully funded when obviously they're not.
P.S. As for my bet with Irene and the fact that I'm no longer a shareholder this will be my last post here, GLA.
Precisely, and I feel the SWP end product will be massive look at want is coming up for the rest of the year and next year.
The trolls are mainly sad Perservance fans that still think BPC is a one drill wonder and they 'baby' P1 can't fail, so sad to see this pathetic P1 followers trolling.
They can not understand that the company has other assets and think if P1 failsw the company fails or that is want they what.
Hi Guys,
At the risk of being trolled, I have been invested in BPC for many years now. I still believe in them, & that belief is backed up by the fact that there is definitely oil in Trinidad, & BPC are pumping. Okay, we’re not yet talking big outputs, BUT, what is being produced, goes towards a regular revenue stream. Worth hanging in there for the present, me thinks. BW’s. H.
FFS forget Perseverance, we have better opportunities of finding oil being with Saffron 2.
All the trolls ditching the4 companies future are just Perseverance hanger on who can't more on. The company has and drilling next month just wait for the results.
Perseverance is dead and always a one hit wander which is why SP diversified. It is CERP assets which will generate income for BPC whether you like it or not.
It is good to see you have not lost your sense of humour Fatal.
Saffron overview
In March 2020 the Saffron #1 well resulted in a discovery—Located in South West Peninsula of Trinidad and Tobago
The Saffron #2 appraisal well is set to spud mid-May 2021, designed to assess producibility of field—High CoSgiven drilling a known discovery, at same surface location as Saffron #1—Saffron #2 itself can be put on production, with ready access to infrastructure—Well budget US$3m(includes completion)—Single well potential production up to 300 bopd, EUR >200,000 bbls—= incremental FCF of US$1.8m p.a.+ (based on 200 bopd)
successful Saffron #2 well will enable a full Saffron field development— 5- 9 additional wells in 2021 – incremental production of 1,000 – 1,500 bopd, incremental FCF of US$8 – 12m p.a.—Longer term up to 30 wells over 2 years –incremental production of 4,000 bopd, up to 6,000 bopd, and incremental FCF of US$25m+ p.a.
What is not to like - the site is already to drill in the next few weeks. Why prepare a site if no money to drill, makes no sense. Trolls trying to scare us into think BPC has no money = completely rubbish. They have enough mo0ney to drill S2, why prepare the site if not
Starchild
“Persons who had NO shares contributed to the problem by bombarding negativity 24x7 on BBs. Current and potential investors do read BBs because small AIM companies have little mainstream media coverage. BBs are goldfish bowls of market sentiment. A few posters who had NO shares and for unknown reasons allegedly DESPISE BPC posted negativity 7 days a week. This certainly contributed to the SP not exceeding 0.8p. Had it done so, Bizzell would have been more inclined to continue funding at the 0.8p level.”
You are saying that those of us whose take on BPC’s financial position was more accurate than the scenarios that you, Tiburn etc. were painting (of us all, it turns out that Bohemia was closest to the mark) are to blame because we did not leave your scenarios unquestioned.
First of all, that really exaggerates the power and significance of BBs and underestimates the role of the market. The market clearly had its own take on BPC in the wake of Perseverance and once the existence, though not the full extent, of the funding issues became apparent (some time ago now), 0.8p+ was arguably always out of the question.
Secondly though, it is just a really strange argument to run. If we had been wrong and you had been right and our posts had actually had the kind of traction that you imagine they did, you might have a point. But you are left saying, in effect, that BPC’s last best hope lay in allowing an inaccurate narrative to flourish unchallenged.
Anyway, it will take time for the dust to settle here and I don’t feel that BPC will present any kind of opportunity until it does, so you will not be seeing me here again until June at the earliest.
Just to add; its my opinion based on that paragraph, any shareholders who chooses to subscribe to the open offer would see the value of any subscription halved by year end.
The company outlook for me has gone from very positive to self destructive with that RNS.
I see paper losses now being locked in till 2023.
Star
Take a week of posting, I assure you your posts are falling on deaf ears as your credibility and deep dives mean nothing as you are never right. The blame game is not on the people posting negativity, it rests with Potter and the BOD and the one constant lie " we are fully funded".
Tell your paymasters BPC you will take sometime off and then come back when the space shuttle is ready for take off.
NellyB was spot on when pointing out that naming the company after a shuttle disaster is such a silly thing to do. They should have opted for something more appropriate.
How about New York Mining