Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Bespoke, to a degree it is an assumption, but it is an assumption based on the RNS that states we have that money in the bank, so I assumed the BoD would be telling the truth ?
17.5m as of 31st October - Spends since then? Legal fees?
10m Hedge Fund
4m CLN
I do not believe they would have enough to complete the well and carry out the evaluation work
Jolly I still think we are good, I just think the deal was bad
Zag "Thats my 2 pennuth for the day."
You ain't getting 15% on that tuppence
Sharescare - You are assuming that there is enough money in the bank to cover the ongoing work/evaluation?
Thanks sharescare, warning signs are flashing now , wish I hadn’t been so rash and topped up yesterday, it appears a desperate deal
CarsCoffee,
Agree. Think we can agree that oil exists in the area P1 is drilling. It's not a question of if there is oil but one of hitting the bullseye.
Tight hole. No news during the drill.
What I think the BOD should do is forget all the information they have and just listen to what this board writes. I mean, can you imagine having real time l insight to where the drilling is at, know the explicit details of funding and continuing costs across all business activities.
But hold on, every one on here knows better and can 2nd guess or deep dive into what is really going on without actually knowing anything that is going on.
Thats my 2 pennuth for the day.
If they had found oil shows already on the drill would they not release this as news ,states that they are carrying on drilling,while carry out tests on samples.The longer no news the more of a concern that could indicate no oil shows
That was 12 years ago, Cuba produce 50,000 barrels per day.
Some of the sites in Cuba are very close to P1 and have been used as part of the reason for its chosen location.
Repsol drilled a well in Cuban waters in 2004 and found oil there, but for various reasons, including the longstanding U.S. trade embargo against the island, has not drilled again.
https://www.reuters.com/article/cuba-usa-repsol/u-s-lawmakers-urge-repsol-to-drop-cuba-oil-plans-idUKS1E78R1P920110928?edition-redirect=uk
Bespoke, regarding the latest put. I would say yes there were other options. For example if it is the case that oil has been found and the £3.5 million was needed right now, BPC could have used money in the bank, and then on news of a strike raised that same £3.5 million issuing extra shares at an elevated SP which would mean less shares to £3.5 million. Same money less dilution.
Let’s pray and pray.. we would be so unlucky not to strike some especially after all the years people have been waiting
Jdam,
Just a stone throw away from P1.
New Oil Deposits Discovered in Northern Cuba
The discovery came after drilling was down on what is known as block nine — a part of one of the 59 production areas in which Cuba divides its territory for oil exploration.
https://en.panampost.com/sabrina-martin/2016/08/02/new-oil-deposits-discovered-in-northeastern-cuba/
Hopefully we share the same black stuff!!
Foreign Oil Eyes 44 Billion Barrels In Cuba
One of the few foreign energy companies with a presence in Cuba is now seeking funding for a 2018 exploration drilling campaign for Block 9, which is expected to hold over 44 billion barrels of in-place potential oil reserves.
https://oilprice.com/Energy/Crude-Oil/Foreign-Oil-Eyes-44-Billion-Barrels-In-Cuba.html
Once again, significantly more buys than sells and the price dropping..............
The expected SP rise to spud and through drill was hi jacked by the placings and the JR challenge etc, perhaps traders now making do in this 2p range - bigger buys and sells to get the same £volume return they wanted?
No material news expected now until drill result after TD and testing..... presumably.
BPC can do what they want on their news flow however and tight hole/news blackout status could be rescinded in a blink any day if it suits them - they are through the first reservoir targets by now.
They wanted you to focus on the thread title brynjon............!
I'm sure it was a buy BTW........... :()
All the best (they're in cohorts............ ! :)
Sharescare.. Would you say the risks were greater this time then October?
Would you have preferred a placing at 1.6-1.7p with no guarantee? At the end of the day, If we have oil its just a 2p placing. The gaurantee is there for the risk factor. The BOD are privy to a lot more than we are. We have to believe they are acting in the best interests of the company
You think they could have raised the funds by existing holders at 2p? Well im not seeing many stepping up and buying on the open market at just above that price so I dont agree with that. Open Offers also take a lot of time to organise
20bn barrel oil discovery puts Cuba in the big league
https://www.theguardian.com/world/2008/oct/18/cuban-oil
The Australian company MEO Australia Ltd, who entered the field of oil exploration in Cuba in late 2015 through an agreement with CUPET, has found light oil on the northern coast of Cuba.
According to the website Align Research, the first estimates put the oil at a depth of between 2,000 and 3,500 meters, with a potential for 8,200 million barrels.
The discovery came after drilling was down on what is known as block nine — a part of one of the 59 production areas in which Cuba divides its territory for oil exploration.
Zone nine is reportedly full of hydrocarbon, as it is located near Varadero, the largest producing area in the country, operated by Canadian Sherritt; and Motembo, the first commercial site in the history of the Caribbean country.
That Happened to me yesterday. Close your browser and start again. That solved it for me anyway