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Starchild don't encourage the trollers
type 'CEG' on top left hand search box above
Hopefully the trollers are thick enough not to find it either
Cant locate the board?
BPC was reset and renamed to CEG at 0800am this morning. My understanding from contacting LSE is the old BPC posts will remain, but I suggest everyone moves to the CEG BB now. 2nd level console has moved there too.
GLA
Starchild
https://www.lse.co.uk/profiles/starchild/
This company is pretty much worthless now. Struggling to understand the current MCAP.
You’ve double counted. The $10m cash figure given pre-OO was inclusive of the $3m expected from Bizzell and the LO-related fee rebate.
“ (a) cash at hand, proceeds of fee rebates described below, and expected amounts of not as yet received funds under the Conditional Convertible Note facility (approximately $10 million);”
So if you want to class the $3m as “Available” then actual cash at bank is $17m. And if it is drawn it would of course add $3m to the debt figure.
Plus $17m would assume the fee rebate has been received. If the credit has already come in then the debit due to LO is $4m not $3.5m.
BPC financial snapshot 21/5/21
1. Cash in the bank
$20m including OO and Placing
2. Cash from production
c$250k/month excluding capex and OTCs. (@$60 PoO, minus $20/b extraction costs and minus G&A of $4m per year about to be reduced to c$3m)
3. Creditors short-term
$4m gross ($3.5m net) due to Lombard in June
$10-14m Bahamas legacy, mainly Stena. (BPC believes this can be reduced by 20%-30%, some potentially payable in shares)
$4m Saffron 2 and Suriname spuds
4. Available financing (we know of)
C$3m Bizzell imminent loan which was subject to the OO and Placing
£10m Bizzell @0.8p (old shares) remaining, subject to conditions.
RBL?
Infrastructure loans?
Pre-sell?
5. Debt
£500k (Legacy Bizzell. £2.5m in shares were issued yesterday, to clear most of the slate including interest accrued)
All figures approximate. Sources of above: https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2021/04/23135622/Open-Offer-Circular-Web.pdf and https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2021/04/28113530/Auctus-BPC-27.04.2021.pdf
Bottom line: The OO and Placing was mainly to pay legacy debts. Had $10-14m not been due to Stena, we would have been OK. A ‘spanner’ accidently dropped down the Percy-1 well, threw a spanner in the works and almost caused BPC to derail. It cost us 2B shares in dilution which I am NOT happy about, but that’s life. It was either that or nothing, but we can move on, unlike the turmoil facing Hurricane Energy. There are many potential goodies in the pipeline, and I hope all LTHs sitting on substantial paper losses, can recover most if not all their losses by next year, following this company reset.
This weekend is going to be very exciting. Forget the Trinidad spud Sunday, which I hope will be douze points. I’m talking Eurovision.
DYOR. GLA.
Starchild
https://www.lse.co.uk/profiles/starchild/
PS: it is pointless when LTHs publicly attack other LTHs. It’s bad enough when shorters and embittered ex-holders do so, so why add fuel to this fire? It doesn’t help, especially when attacking fellow LTHs integrity or honesty. It’s actually very spiteful. I have a thick skin, but it very much hurts when on the receiving end, while sitting on a current six figure loss.
Shore and Gneiss were responsible for the placing part - in fact that was $6m not $5m. They would have introduced BPC to IIs. BPC doesn’t have to involved them, but presumably felt their contacts were worth paying for. They’d also be working on a success only basis, so potentially wasting their efforts - that sort of work costs more.
Plus of course Gneiss have taken a lump of shares themselves; so too the sub placing agents perhaps. At the risk of getting my post detailed, I presume they are taking the risk of having to sell these shares at less than 0.35p so the warrants are payment for both this and the II introductions. I don’t think it’s a coincidence that Gneiss have taken 2.99% of the shares in issue, so they won’t have to disclose when they sell the shares.
Thanks for explaining how the warrants work Bohemia, but isn't it the shareholders and the company who have raised the 5m by way of the open offer rather the Gneiss?
As far as I was aware Gneiss were supposed to be managing the Bahamas farm in enquiries post p1 result analysis and from what I can see not a great deal has happened on this front?
Atb.
They haven’t got 100m shares - its 100m warrants, only worth something if the price goes above 0.35p.
They are shared by Shore Capital, Gneiss and other sub placing agents.
You may not like what they did, but it raised $5m. Without the $5m BPC had $11m cash and $18m of LO/Stena bills and no money for S2, so the company had to raise the funds somehow and who works for nothing?
in4cedros
For the last time: I kept posting that I expected Koot to do (and indeed thought he should do) a placing at those higher levels because he so clearly had CERP on a trajectory that would (as I illustrated at the time using CERP’s own figures to reveal the cash burn) end up with it running on empty.
And that was exactly what happened, with CERP accumulating the Lind debt instead, leaving it in the vulnerable state that eventually saw it pitched into the merger with BPC.
The legacy of Leo Koot’s questionable financial management wasn’t just the shareholder value destruction ultimately inflicted by Perseverance. There was plenty of pain along the way - remember that the Lind debt became the Trafalgar debt in the merger and then became the Trafalgar shares. It was the hasty dumping of those shares that battered the BPC share price last summer.
As for asking folk to sponsor me not to post to raise money for charity - how does that demonstrate that my posts had any traction on the share price? All it demonstrated was that a few folk were happy to give money to a good cause to stop me posting.
Could someone enlighten me on what Gneiss have actually done to warrant 100m shares in compensation for services rendered please?
From what I can see they have done absolutely nothing to benefit the company to date, am I missing something?
rossannan - only you know why you ran a campaign, extending over many months, sometimes involving multiple daily posting, attempting to persuade readers that, on the issue of drilling Saffron without a Placing they should not rely on Koot’s statement!
You clearly know your posts have traction as you invited readers to pay cash to stop you posting for a period !
in4cedros
Why would I want a lower SP, or even imagine that my posts could have that kind of traction in the first place?
Point is, based on balance of probabilities, you were just trolling to get a lower SP !
Antha et al - I have always posted circa 95% water cut as that’s unlikely to be seen as ramping, based on the parameters in the RNS.
IMO if Saffron 1 produced NIL it wouldn’t change the case for Saffron 2 ! The drillers of Saffron 1 offered to drill Saffron 2 FOR FREE, in return for a SHARE OF PRODUCTION. As such a drill could cost in the region of $2 million that indicates a high level of confidence in the outcome. That offer is probably more meaningful than BPC projected figures or any negative troll numbers.
DYOR - Saffron 2 could be a duster or it could exceed expectations- didn’t Dickens write a book about that?
in4cedros
Well, as I said, the share price was just under 5p when I stopped posting. So what is your point?
rossannan - most people associate a Placing with a reduced SP - certainly that has been the usual experience for CERP shareholders over the years - BPC shareholders have also experienced that(I was a tad surprised that the recent Placing post closure of the OO was got away at the OO price but some got 4 year warrants as sweetener!) .
Surely you are not attempting to suggest you were unaware of the likely effect a Placing would have on the SP. The fact that most didn’t believe your tosh is by the way - perhaps they put more store on what Koot said, on that specific subject, than what you said, from your armchair at home!
I told you before I don’t post my trading position on bulletin boards - why would I change my stance to gratify YOU!
Antha - I thought I read it somewhere it was 90% water 10% oil.
RNS Number : 8833K
Columbus Energy Resources PLC
27 April 2020
Saffron Discoveries - Lower Cruse and Middle Cruse
Leo Koot, Executive Chairman of Columbus, commented:
In the Middle Cruse, we discovered medium quality crude (17° to 20° API) with a high water cut (circa 90%-95%). The Middle Cruse reservoir shows good pressure support, with the right completion design and field development plan, we can deliver a reliable oil and revenue stream from the multiple oil-bearing intervals we have identified. We have already sold our first oil produced from the Middle Cruse to Heritage (340 bbls).
Full text of RNS ...
https://www.lse.co.uk/rns/CERP/saffron-discoveries-lower-cruse-and-middle-cruse-opyw7u99ly6rscf.html
DaProphet don't forget 10:1, so you are saying 50p. OK more like it I was not going that high just yet but still
in4cedros
Given that I stopped posting completely when CERP’s share price was just under 5p, how could anyone who sold up on the back of my posts about cash burn actually have lost out? The CERP share price subsequently slid and never even made it back above the 2s.
And why are you still refusing to say whether you had shares in CERP at the time of Saffron 1 and whether you have shares in BPC now? You don’t have to be a shareholder to post about a company, not in my book anyway, but posters are usually happy to say one way or the other.
It is basically 3.25p already on Trinidad alone.
Saffron 2 production and straight to market
Suriname
Prospects of 30 wells in the Saffron basin and the oil is down there
I bet you are so glad BPC has former CERP assets. Think BPC would not be here now if not for CERP
And i'd be happy for 5p given the achievements so far..
Are you off your noodle "Pillec" ?
25p in a few months??
My arse!
I'd be suprised if the price goes above 5p