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Last post: Monkeydluffy, 19 Sep 2021 09:38
they should have transferred 1 in 10
Are my bpc shares now worthless or do they transfer to ceg
Are my bp shares now worthless
Started: NewIntheHousee, 5 Jun 2021 15:33
Last post: NewIntheHousee, 5 Jun 2021 15:33
can anyone tell me that please?
i know everything bring risk
but Big fishes in their offices before they biiiiig failure they filled up they accounts with bonuses etc etc
and now price is goin more down. I hope soon at leats from my 10k what i invest will be able to see something over 1k because its just terrible to see how big mistake i did to trust them.
Hi
Can someone advise why there’s no share price available today???
I am aware that Co. changed name etc but where can I get current share price?
Thanks in advance
Started: Excelcior, 28 May 2021 11:16
Last post: Excelcior, 28 May 2021 11:16
Check out prd, one that wins. Dump this. Morroco drill in June dyor
Finally found something eh
share consolidation only
Wtf 900%
Started: Rob95, 27 May 2021 08:43
Last post: nlondon1234, 27 May 2021 22:56
Ah end of an era.Thought the worst or that the bod had pulled some stunt or taken it private (perhaps not Occam’s razor on 2nd thoughts).
Changed name to Challenger Energy Group. CEG.
Sorry to be so ignorant but can someone please tell me what has happened here. Thank you
Started: Private_Investor, 27 May 2021 11:20
Last post: Private_Investor, 27 May 2021 11:20
Thank you for resurrecting the BPC ticker. Take good care of it.
I hope your stint proves more fruitful for shareholders than the previous incumbent.
Best of luck.
Started: Private_Investor, 27 May 2021 11:18
Last post: Private_Investor, 27 May 2021 11:18
it may however prove to be the beginning of the end.
Last post: Hantsome, 25 May 2021 21:51
This going to zero is possibly an omen for Challenger.
After years of holding shares in this company I finally got out a few months ago without a major loss, however my thoughts at the time were some day to get back in. This is no longer my intention as it now looks impossible that I would ever make a profit as the company looks to be down and out.
Started: molokai, 21 May 2021 15:17
Last post: laallee, 22 May 2021 11:18
Take care buddy.
a lesson learned? ..... https://www.youtube.com/watch?v=Y3AM00DH0Zo
Started: icemax, 21 May 2021 10:32
Last post: laallee, 22 May 2021 11:17
Contrary laallee?
I was hopeful whilst there was hope, I am realistic when hope has gone. I know when I am beaten.
Nothing contrary, just a realisation and a need to adapt to the changes in my investments.
Good luck.
Mon, 8th Feb 2021 07:00
RNS Number : 2382O
Bahamas Petroleum Company PLC
08 February 2021
8 February 2021
Bahamas Petroleum Company plc
("BPC" or the "Company")
Perseverance #1 - Completion of Drilling
BPC, the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development, and exploration assets across the region, provides the following update on the drilling of its Perseverance #1 well in The Bahamas.
Highlights
· The Perseverance #1 well in The Bahamas has encountered hydrocarbons, successfully validated the structural model and the petroleum system, and drilled a majority of the potential reservoirs of interest, thus fulfilling the core technical objectives of the well
· Whilst the well encountered oil, indicated from LWD (Logging while drilling) tools, gas chromatography and mud logs, commercial volumes of oil have not been proven at this well location
· The validation of a competent seal, good reservoir quality, charge and the presence of oil points to significant hydrocarbon potential remaining in various independent, untested play systems and structures within BPC's extensive acreage
· Drilling has now ceased, the well having reached a depth of approximately 3,900 meters without incident, and the well will now be permanently plugged and abandoned
· Over the coming weeks BPC will undertake a detailed evaluation of all technical information gathered during drilling. In this context, BPC will review the appropriate way forward for future monetisation of its business in The Bahamas, in particular with a view to renewal of a farm-in process
· Near term operational activity will now focus on the Company's 2021 work programme in Trinidad and Tobago and Suriname, targeting exit production of c.2,500 bopd and prospect maturation in Uruguay
Simon Potter, CEO of BPC, said:
"I am proud to say that after many years of diligent effort we did what we said we would do: BPC drilled the Perseverance #1 well safely and without incident, testing for the presence of hydrocarbons in the Southern Seas of The Bahamas. This was the very specific objective of the well - not a scientific or geologic experiment, but to seek hydrocarbons in commercial quantities.
In a technical sense, the well successfully validated the existence of oil, seal and reservoir. Together, these factors verify the existence of a working Lower Cretaceous petroleum system and sequences of reservoir quality within the Aptian, pointing to the overall hydrocarbon potential of other untested prospects captured by BPC's extensive acreage holding. However, at the Perseverance #1 location the volumes of oil encountered are not commercial.
Perseverance #1 is the first exploration well in The Bahamas for decades, and the data gathered from this well will prove invaluable in providing a modern analysis as to the regional potential of the petroleum system, which, in our view, reduces technical
Alans Burns, smell of statoil in the morning, ramper uncas, contrary laallee, ah farewell to the dream them, and thank you for the trading opportunities, some lost, but mostly won. You have served us well. Adieu.
Started: Starchild, 21 May 2021 07:58
Last post: Antha, 21 May 2021 09:58
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.
Started: Andy881, 21 May 2021 09:25
Last post: SANTIAGO666, 21 May 2021 09:52
What are you doing on this board anyway ? Move to Challenger
The name is changed already in ISA accounts as well
Can’t buy or sell BPC shares in Investment account since this morning
I hope that's not an omen....the last company with CEG as a ticker went in to administration......
Started: Starchild, 21 May 2021 09:12
Last post: willec, 21 May 2021 09:19
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/
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?
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?
Started: Starchild, 20 May 2021 14:00
Last post: rossannan, 21 May 2021 01:27
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.
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?
Started: ShouldveSold, 20 May 2021 18:57
Last post: ShouldveSold, 20 May 2021 18:57
Lots of talk & predictions about the success/failure of/on S2 based on S1 results.
Rather than rehashing S1 data, I am just going to wait for the actual well results to determine how successful the well is & base an outlook on that.
S1 was the exploration well.
Started: BigBear2, 20 May 2021 16:10
Last post: BigBear2, 20 May 2021 16:10
Must be in background
Last post: LayLadyLay, 20 May 2021 15:21
Kevin55 - agree with all except for the 3 million profit. CERP lost £4.12m in 2019 and who knows how much in the six months of 2020 before merging with BPC.
EXCELLENT summing up there. short, sour and straight to the heart of the matter! good post!
Since the merger BPC have now diluted this share by 5.5 billion including the OO Just within one year alone
After the consolidation it will be 700 million shares but they have the option to dilute this share by another 750 before the end of 2022 and knowing their past history of how much they love to dilute you can guarantee they will.
This will bring the of 1.4 billion shares.
10 years ago they had about 700 million at 25p
Making no money
April 2020 they had 1.4 billion at about 3 to 3.5p
Making no money
At present its 7 billion shares at .0035p
Making 3 million per year at present
Strange looking back 10 years was producing nothing at 25 p
After consolidation it will be at the same shares level it was 10 years ago difference is that it now making 3 million profit but the price is 3.5p what a strange world.
Started: andyh1978, 20 May 2021 12:44
Last post: willec, 20 May 2021 14:55
boil bagged with a 5 billion placing with no drill for years we have a drill next week and only a month to wait to results this will bag minimum imo
PageofCups,
The RNS states that 750,289,637 shares are being issued as part of the Open Offer - at 0.35p a share that raises £2.63m. It also states that the agents will seek 'to place the balance of Open Offer shares'. These shares have yet to be placed so they have yet to raise the minimum of £5m, have they?
No, the £5m condition was in relation to the £2m due in June. Here is the relevant part of the OO Circular:
"The date for funding and issue of the £2 million of Convertible Notes previously committed on an unconditional basis and initially intended to be drawn / funded at the end of February 2021 has now been rescheduled to be no later than 14 June 2021 (that is, concurrent with the anticipated completion of the drilling of the Saffron #2 well, but not dependent on the completion or outcome of the Saffron #2 well), as well as now expressed to be conditional on the Fundraising having successfully secured at least £5 million;"
However, as that paragraph alludes to, the £2m was due to be paid to the company on an unconditional basis in February and it wasn't. So you can believe that it will now arrive in June but you should apply at least some level of scrutiny.
The £10m was and remains just a facility. The >£5m raise was not necessary or sufficient condition for the £10m. It will be drawn down if both sides agree suitable conditions are met in the future: i.e. it is not unconditionally available just like it wasn't unconditionally available during P1 (when it ultimately was not delivered upon, hence the LO nightmare).
'they're' and 'their'
The condition for future funding by Bizzell at 8p per share was that a minimum of £5m be raised in the OO and Placing. £6.9m was raised, therefore the condition has been met and funding at 8p is now available which means follow on drilling after Saffron 2 and further production.