Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Robbla
Again though, where is the $25M coming from?
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.
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.
dubed
But is the CLN funding actually available to BPC? Last time I looked that ball was with Bizzells and the Family Office. It is their call, not BPC’s.
Ross, if you are meaning that that bpc does not have the total amount in cash and that the additional convertibles etc need to occur, then yes. But has the funding been put in place, yes it has.
dubed
“funding is in place for the first spud”
If that is the case, why would the market be suggesting in any way that a raise was on the cards at this stage? Why wouldn’t BPC just wait for the drill result - funders would be queuing up in the event of success and in the event of failure dilution into near oblivion is pretty much unavoidable, whether or not there is spare cash in the bank.
Ross, funding is in place for the first spud. So if the market is telling us anything - and I'll reserve judgement on that - it's telling us that they will use this opp to get funds for the second spud.
dubed
“ there will be a further raise for a second spud”
The market may be telling us that there will be a raise for the first spud...
onlybpc
I used to live up there - where are you exactly?
Scarface72
We’re waiting for the raise.
Can't believe some people are actually unhappy that a spud date and rig selection has be set. What then are you waiting for exactly.
Crazy people... With more time than sense.
Stena confirming that the aim is spud before Xmas this will go up significantly today no doubt about it.
Rp11ace
Will it? It hasn’t so far.
Well its the weekend here so won't see your posts.
Have a good one all.
ZagEgypt
Much though I would love to, I’m afraid I’m here all day.
Ross
Please start your vacation early, Fife is waiting for you.
Private_Investor
Where’s the funding Potter? A more pertinent question than ever. Not a single word about funding in that RNS. As I’ve said before, funding is a how question, not a whether question. But it is the question.
ZagEgypt
Agreed, except the Finance bit.
*whole
brynjon
I saw the document you are referring to and, as I asked jimtheknow earlier, what else are Stena going to say? This who,e conversation is, after all, more about how the drill is going to be funded than about whether it is going to be funded.
Whether it is going to be funded (i.e. whether it is going to happen at all) is a conversation about scenarios that are much more negative than equity simply taking one for the team.
It seems ross would rather not pay attention to the documents available to him, though will insist on creating doubt about the finance to those who have not read the information available.
You quite rightly pulled out the information about the Ice Max earlier and if he cares not to allow the information to sink in then that is for him and his followers/kin.
Yes i understand but it would only make sense if this was the absolutely last brick to go into place. A placement would come in at below market price for the shares at moment afterall who would pay more if you can get it for this price on the open market. This would dilute the share price significantly (probably below the 2p threshold that keeps on being mentioned). So as i say it would be a last resort and i would have thought my now would have been taken up.
The other thinking is that if the BoD were thinking of this route they would tried everything way of RNS however irrelevant to try and boost the share price to get the maximum return. The BoD have made no effort in any way to boost price over last two months so a placement in my mind would be ridiculous but as you says needs must.
Ibiza28
As jimtheknow points out any equity raise would likely be a placing and as far as the price is concerned they will do what they have to if it is necessary to unlock everything else.
Rocket13
Thanks but it’s Fife for me!
ross, you'll end up on filter with Mad Harry if you keep twisting my words. I don't say it "would likely be a placing" as you state, I say an equity placement is possible and wouldn't surprise. My personal opinion is that a farm-out is most likely at the moment, not a big raise via equity.
At this stage my most likely scenario is a small unconditional subscription to the CLN on 15th October, a farm-out with Stena involvement, and the Facility not used unless a success case on drilling.