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After today's rms, I find it hard to believe that some posters on here have not got the humility to admit they were wrong.
It takes a special person to admit that, and it's clear certain individuals and one in particular lacks any decency to do so.
The relentless arrogance and belittling of anyone who did not share agree with their narrative was plain to see, and a few got banned from here for doing so.
I sincerely feel sorry for those who have lost out today and especially anyone who bought in or topped up while listening to the special interest amateur investor group that ramped here daily.
Hopefully a lesson learned and for what it's worth I have been in the same situation so no gloating from me.
ATB genuine pi's.
Starchild
“I hope those that bombarded negativity which became a self-fulfilling prophecy are happy with themselves for hurting LTHs so much, especially ex-LGO/CERP holders who have been affected worse of all in the last 5 years by dilution.”
Are you seriously suggesting that sceptical BB posters are to blame?
You really couldn`t make this up. Starchild IMO, I figure you are not invested here really as again the board have pulled another one to give real shareholders a kick in the guts. Keep up the constant `deep dive` ramping posts, keep trying to see all the sweetness reading between the lines. If you really are holding your so called millions you would not be feeling well today. However when you read real lines like below, they will just continue to dilute further and further, lower and lower, change name, change board, wash rinse repeat at shareholders cost. As below, even with success they are going to dilute.
Well done Starchild on your trading rampnation strategy, keep it going. I will need it for when I get back in!
In circumstances where the Saffron #2 well is not a success, the Company will be required to secure capital from alternative sources or the Company would be required to effect greater reductions to overheads, negotiate greater reductions in cash required for settlements as described above and/or not proceed with or defer discretionary expenditure on all or some of the work as summarised above.
Equally, in the event of success with the Saffron #2 well in Trinidad, and/or success with the WNZ well and EWT in Suriname, the Company will need additional funding to pursue development of those projects and for general working capital purposes, presently estimated to be $15 - $20 million in additional funding required through the balance of 2021.
In any of the above-noted circumstances where the Company would look to secure funding by way of alternative sources to meet any funding shortfall / incremental funding needs, there can be no assurance that the Company would be successful in securing any such alternative funding
If this lot were as skilled with the drill bit as they are at dilution we would all be multi-millionaires.
ZagEgypt more drills to come starting May 2021, literally weeks away
Rickierich
They only missed one dril that was more than 10 years in the planning, +120 million dollars spent with bills of over +10 million for the drill outstanding.
Let me think?????
Who takes the other side of the trade then Bully?
Why did they throw the baby out with the bath water?
They only missed one drill!
Bully: Where do you think they could short this at any given size? There would be no counterparty to the trade!
Star: Are yuou sure about this part? "Note a key point, …. ’ Any shares not taken up will be sold to institutional investors at the SAME [0.35p] price…..’ . "
As in it is underwritten at 0.35p?
The RNS states " with the Company intending for any shares not taken up in the Open Offer to be placed with institutional investors at the same price "
Key word - "Intending" SP & Co have intended to do a lot of things..
That would have worked if the share price was 0.5 but I cant see II's filling the gap without a substantial discount to the sp which currently stands at 0.375
Clearly, the conditions precedent (ie, the initial 0.8p funding bar) agreed with the Australian investor were NOT met, because the SP hovered between 0.45p-0.75p. BPC and the Australian investors (who no doubt had access to professional risk analysts clearly believed it would reach at least 0.8p, (especially leading to the S2 spud next month), otherwise the deal wouldn’t have been done at that rate. I shared this view and so did other commentators who post here in good faith, so we have absolutely nothing to be ashamed about.
I am frankly appalled at the gloating and personal attacks this morning. Message boards DO influence sentiment and in BPC’s case clearly affected the SP.
Had the SP been at the 0.8p+ levels and met conditions precedent, BPC would have had access to further funding from the Australians. But it didn’t. I hope those that bombarded negativity which became a self-fulfilling prophecy are happy with themselves for hurting LTHs so much, especially ex-LGO/CERP holders who have been affected worse of all in the last 5 years by dilution.
I need to do an RNS deep-dive over the weekend, however this morning Proactive provided a summary of the positives for the medium / long-term, refer to https://www.proactiveinvestors.co.uk/companies/news/947477/bahamas-petroleum-to-reset-and-rebrand-as-challenger-energy-group-947477.html . Note a key point, …. ’ Any shares not taken up will be sold to institutional investors at the SAME [0.35p] price…..’ . This explains why the SP is hovering at 0.4p, as the pro-investors buying today believe at 0.4p (£18.5m MCap) is very good value. Remember anyone wanting to exercise the right to buy at 0.35p, must have the shares first!
I am not enamoured by the share-dilution but can live with the lower SP pending the potential excellent stuff in the pipeline. I prefer share-dilution than selling assets, which would have been the last resort.
GLA
Starchild
https://www.lse.co.uk/profiles/starchild/