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Someone - who shall remain nameless - has repeatedly pushed the idea of an Azinam - GBP reverse takeover. In reply, I've noted that this would be a disaster because the owners of Azinam (Seacrest and PGS) have lost hundreds of millions of dollars during their misadventures worldwide and would not be able to add any value to the combined entity.

These posts on reddddit below lay out the case in detail, using extracts from companies house, public webpages and even from PGS' own annual reports. Every statement in the summary is back up by independent references in the supporting materials. It's quite a fun thing to read!

https://www.reddit.com/user/DecentBlokes/comments/igbmq1/pgs_exposed/?utm_source=share&utm_medium=web2x&context=3

https://www.reddit.com/user/DecentBlokes/comments/igbp5y/pgs_exposed_supporting_materials/?utm_source=share&utm_medium=web2x&context=3

I'm not really into this debate on which block is better - 29 or 94. Personally, I don't think anybody knows at this stage. In contrast, I sincerely believe that GBP needs both blocks to survive and prosper.

In Italy, GBP's license applications have been stymied by arguments over Environmental Decrees, which have now been referred to the European Court. Resolving this issue will take time, unfortunately, as do all things in which the EU is involved.

So in reality, GBP is a Namibia-focused oil company. Which is fine.

However, all oil companies try to maintain a portfolio of multiple assets so that they can mathematically spread risk (geological, commercial, political, etc) over a collection of unrelated, uncorrelated properties. If GBP loses PEL 29 (heaven forbid) then they become a "one block - one well" company, which is exceedingly risky. Their entire future would depend on drilling and succeeding in PEL 94 alone.

That's why I wrote below about the "circular" challenges that Peter is likely facing when attempting to raise funds. Most institutional investors like to know that their placement funds will be used to pursue a range of feasible options, any of which could generate the returns that they seek. Asking investors to fund a company with only one block is like asking them to walk into a casino and risk all their money on just one number and one spin in roulette. It is possible that there are some funds willing to take such a risk, but I think it's pretty obvious that holding more assets will generate more institutional interest.

That's why I want the company to keep both blocks in Namibia.

I imagine that there is some sort of circular - chicken and egg conversation going on between the Namibians, GBP and Panmure.

The Namibians are probably saying to GBP: "We'll give you an extension on PEL 29 if you raise funds and commit to a revised work program...and possibly find a farm in partner for your assets"

Whereas Panmure is probably saying much the same thing in reply to GBP: "We can raise funds if you secure an extension on PEL 29 with a modest work program commitment...and possibly find a farm in partner for your assets"

It will be interesting to see how it all shakes out. I have many fingers crossed on behalf of the Peter Posse :)

Hahaha. Exhibit A

Awwww Jim, you're so puerile. I have nothing to do with any of those other participants whom you routinely list. Obviously, you are unable to deal with the facts and evidence in my posts and therefore have to resort to making spurious links between the various people who disagree with you. Every time you can't deal with the objective facts in a post you vomit mindless guff about the person who posted it. Try to focus on the stock itself, if you can.

If I had to give GBP a rating I'd actually call it a "long term speculative BUY".

Indeed. The 3D seismic with Namcor is a positive development, as I noted. I hope it helps GBP facilitate a farm out, that would be an excellent step forward.

Hopefully they don't farm out to Azinam, because Azinam's funding position must be pretty tenuous given that M&P kicked them out of two blocks for "non payment". Also, Azinam already has a presence in three blocks near GBP's, so it's unclear why they would need or want another one in the same neighbourhood.

Oh dear, the latest stream of effluent from Jim is remarkable...

And I quote: "Online bid slowly ticking up 1.33p". Honestly, who cares? Anyone who can read a chart will realise that GBP has traded in the range of 1-2p for at least the last FIVE YEARS! Any movement within this 1-2p range is utterly meaningless...it is just the random walk that all shares experience during periods without meaningful news flow. Ridiculous ramping from Jim.

Hmmm, what's next? Ahhh Azimuth. Well actually Jim, Azimuth has had that same website for at least five years also. And the only mentionable changes during that period were the deletion of the "Azipac" assets, which they lost because they couldn't afford the work programs. Don't believe me about Azipac? Then just google "frank inouye azipac" and read for yourself.

What about the other bits of Azimuth?
There have been no announcements about Azilat since 2015... So that one is another yawn-fest.
No activity in Azeire at all other than license awards and extensions.
Azinor was unable to farm out any of its North Sea prospects, so they had to turn to another Seacrest related entity (called SeaPulse) to attempt a drilling campaign. They announced their intention to drill in 2020 but no rigs have been secured, no specific timing has been announced and nothing appears to be happening at all.
And Azinam...well, as I pointed out previously (and I can provide the link again if you've forgotten) Azinam tried and FAILED to complete an IPO several years ago when the oil price was much higher than today. Since then, they've walked away from a few blocks in Namibia and failed to do anything on the blocks that they still hold. So, they're hardly a good spouse for GBP.

Zeta Resources provided most of Seacrest's funding (Don't believe me? Then read it yourself in Zeta's annual reports). Originally Zeta invested in Seacrest at $1 per share but over the years this value has consistently fallen until in recent reports Zeta valued its shares in Seacrest in the 20-30c range, meaning that Seacrest has LOST 70+% of its value since inception and surely ****ed off its biggest shareholder. If Seacrest had any funds then they wouldn't be shedding portfolio companies (Azipac), or walking away from assets in Namibia after spending tens of million on seismic surveys, and they would certainly be drilling in Azinor's blocks as soon as physically possible...but they are not.

I do agree with you that GBP has better blocks than TRP, in Namibia. I also agree that Peter's announcement about his seismic deal with Namcor was positive.

But for the life of me I can't understand why you speak about Impact / Africa Energy / Total in South Africa??? Geologically, these blocks are a million miles away from GBP... I'm pretty sure that someone is drilling wells near Vladivostok too, perhaps they are also relevant to GBP? hahaha

Oh wow Jim! Did you make an extra £30????? Yayyyyyyyy

I'm talking about the Walvis basin, Jim, and you know very well that Exxon is out of there. Check Azinam's website and even you can read that there is no Exxon in PEL 44, for example.

Who exactly is waiting for forced sellers of GBP stock and why would there be any forced sellers in the first place? Anyone who feels "forced" to sell an AIM listed penny stock clearly wouldn't own a sizeable stake. You think there are mythical vulture funds lurking in the shadows waiting to scoop up a few thousand pounds worth of GBP stock from non-existent forced sellers? Hilarious.

Jim, you recently attempted to brag about a GBP stock purchase at (I don't remember your exact number) close to 0.9p. What sort of paltry sums do you deal with? The volumes available when GBP dropped below 1p were tiny... You couldn't possibly have accumulated more than a few £k at prices below 1p. What are you chasing? A 30% gain on a £2k investment? Pathetic. Not even worth the effort. That's probably why you are here pumping everyday, trying to push up the price to turn your nanoscopic gamble into something that at least qualifies as microscopic.

Ahhhh so funny. "...there is a demand for shares...". What demand? A massive £3-5k per day? Oh my GOD! Hold the press!

Marmited, I think we largely agree, assuming that I've interpreted your post correctly.

Why do I mention other options (like raising huge amounts of funding, or undergoing an RTO, or enjoying the benefits of a massive rise in share price thanks to brokers reports)? Because some people on this board have advocated all of these options repeatedly. So when I zero in on a farm out as being the only realistic option, I like to tick other options off the list at the same time. Otherwise someone like Jim will pop up with a "magical jump in share price driven by brokers notes followed by a £50m fund raising event combined with an RTO from Azinam and a deepwater well paid for by SeaPulse and champagne all round for any muppet dumb enough to believe his blatant ramping..." All happening imminently of course.

I can't find any fault with Bishop's analysis. Based on well-established run rates it seems likely that GBP will be out of cash by year end or Q1 2021 at the latest.

With a current market cap of £2-3m on any given day and a 25% placement capacity, they can only hope to raise £500-750k, markets willing, which could take them through to the end of 2021. But such a paltry amount is obviously not enough to acquire 3D seismic or drill a well or do anything else except keep the lights on.

To reset (i.e. boost) the company's valuation, they need some substantial news.:
We all know that GBP needs an extension on block 29, which they will probably get, but that's not "substantial" news.
No wells nearby have yet been announced, as in, announced with an actual drilling rig attached.
There have been no recent farm ins - in fact, Tullow and Exxon have actually gone in the opposite direction and departed.
GBP's neighbours - Tower, Azinam and Eco - all need farm in partners to afford drilling and none have been announced yet.
So...
The only real option left is a favourable farm out. Which has actually been the case for at least the last 5 years.

I couldn't care less about the broker's note. It will be nice to read and will surely contain swathes of risked NPV calculations, but a broker's note alone is not going to substantially affect GBP's market cap. (And clearly hasn't yet...)

Yawn

Linguistic Analysis, eh, Invertoroilgas. Have you been watching "Manhunt: Unabomber" on Netflix, perhaps? ;)

I like how Jim ignores the objective discussions below and simply throws poo from his little sandpit at everyone who disagrees with him. Instead of answering my post about GBP's five-year chart he simply calls me Geowiz. Well done. Genius.

Again, I reiterate, that I am not negative on GBP at all. I am simply chatting about realistic options for the company.
Not pumping, not dumping, just pretty much neutral.

Agreed Geowiz, with both points.

Jim, you do know how to use the charting function here, right? Look at the 5 year chart for GBP, the price has hovered between 1-2p for >95% of the entire 5-year period! There were a few very brief spikes to 3p and a couple of short troughs down below 0.75p.

I think Marmited has it right when he notes that "GBP has always been reliant on a farm out deal. It has never been big enough to go alone when drills were costing $80 million and above". GBP must either farm-out, or get bought out entirely.

I love it when Jim writes about "substantial rises" and "sitting on large profits currently". It's hilarious. GBP has been in the 1-2p range for years, quite literally. And recent volumes have still been tiny. Most days the volume barely breaches a few £k, if that, which means that no one has bought "in size".

Not sure there is any point Bertie. LandOcean/Sibo own an enormous stake in STA and will get whatever result they want from the EGM. At the moment they want to replace the board with pliant patsies who will gratefully delay/renegotiate/write-off the $1.2m pending payment due from LandOcean. Who knows what will happen with the tax liabilities during this "renegotiation"? One thing for sure though, the puppet masters won't hesitate to dump STA in the muck if it's necessary to protect the LandOcean mothership...

I totally agree Legache. Glacial pace indeed. Now their market cap is way too small for them to raise the cash required to drill alone. They are obligated to find a farm-out partner or do some sort of deal with an adventurous oilfield services provider, because there's really no other way out of the cul-de-sac into which they've blithely driven.

Funny little thing you are, Jim. So emotional...so irrational.

I don't know these other people to whom you refer. I think your paranoid, delusional little ramper's mind is jumping at shadows.

If you read my posts you'll see that they have been balanced. I agree that GBP has great potential and I calmly suggest that a farm out is there most likely route forward. I do sincerely hope they succeed. On the other hand, I don't agree with your merger/RTO assertions, but when I disagree with you I do so politely and factually.

Try to rise to the occasion, if you can.