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On the surface, in many respects PI are cannon fodder that have been asked to go over the top too many times, dilution is the result, decimation another post Feb 8th.
In their minds PI are a means to an end - this is AIM, if we expect blue chip board accountability and comms for a penny share then thats out problem, annoying though it is.
The board have made mistakes, notably in their finance approach during the last 3 months.
As soon as they had reached the target $72m identified/secured/sourced they should have given an interview and explained the rationale. None of us knew of this target before it was announced as completed, couldnt understand what it was for in total as drill costs were $30-35m, didnt see the need for such massive dilution.
But no - just an incredible series of "fully funded" extremely agile goal post moves.
There is a deeper rationale for this funding approach and scale we dont fully know yet, that may emerge by April 16th.
No farm in decision ? Ok then we ramp up reserves in Saffron , gain RBL to bolster the $15m funds to hand and drill when 2,500 prod revenue allows.
If nothing else, BPC are good at planning, driving through obstacles, have had many years to work all nuances, action, reaction to the end position all encompassing goal - farm in.
They will have had an action plan for "non commercial - working system found" - that plan is now unfolding - very quick to appoint Gneiss as it was planned and agreed with them pre drill, dont seem down beat at all in RNS tone, bullish almost and certainly not apologetic - they are just driving on with this plan.
The enviro challenge, LO actions knocked them back but they carried on, its shows resilience if nothing else.
We bought in for the rise of a mega strike - BPC used our money to buy the CERP insurance assets and didnt even go for the optimum mega target in Bahamas first drill as outlined., instead seemingly an exploration toe dip drill at the northern edge of the B Structure, to test technical ability ,presence of HC - commercial would have been a bonus.
Jim alluded to enviro consultants acting for BG on board IceMax influencing the drill stopping before TD - great insight - the drill had established its main purpose by then - wasnt worth the risk of going deeper with higher pressures in the face of enviro scrutiny.
BG position is key - they have to ride two horse of enviro protection and possible income, but will only jump on to oil in full if the analysis/next drill gives them reason to. The objections is just to get votes, its not what they really think - they need oil wealth desperately, their last loan was at 12% interest - tourism is gone - this is real politick - managed safely this is huge for them.
Establish oil reserves then that country debt goes away - lenders would be very happy to bail them out on great terms by a country level RBL, production once developed will provide constant tax and royalty income for field l
Tiburn - agree BG is key.