Member Info for Antha

The big problem now is if the price keeps dropping nobody will take part in the OO which the Bizzell facilty is conditional to the successful closing of the Open Offer.

If you have 100 shares @ 0.35p they will be consolidated 10 to 1 therefore afterwards you will have 10 shares @ 3.50p but still the same value.
The Open Offer gives you the opportunity to buy additional shares at a set price of 0.35p no matter what the current share price is, obviously Open Offer's are only worth doing if the current share price is higher which at the moment isn't.

They're showing now and typically all the large sells are actually buys.
10 days to go for Q1 results, investors can then get a better picture of increased production rates and expenditure.

Managed to get my final topup of 500K first thing this morning and again it's not showing in the trades, naughty mm's.

This bb is so addictive, I just can't seem to ignore it.

Bohemia & Bully, it's a bit like what has happened to HUR in that the bondholders have taken 95% ownership of the company via debt repayment leaving the poor shareholders with a paltry 5%.
In BPC case if the upcoming drills don't go as planned then there's two options left, the above or the selling off of assets (eg to PRD) leaving just a shell, been in a few shares where this has happened.
The one thing that is certain, it's all about what the bod can get out of it for themselves, the shareholders won't get a look in.

GG, great post I couldn't have summed it up better myself.

TB definitely selling again, expect a TR1 in a day or two then watch the sp fall again, same pattern as last time.

65p to buy, thought the rns was actually very good, market obviously doesn't like the words "6 months".

Yes that was a very interesting read, just shows how much potential there is here.

If it dips below 3p I will topup again to take my holding to 2M, then hold long term along with COPL.

Zag, I believe StarChild to be a genuine shareholder and there's no need to be offensive.

StarChild, a few counter counter arguments.

The Bahamas assets can never be monetized if there's no farm in/out/jv in the next three years, the licenses will then either be dropped or refused if no well has been drilled.

As Zag has pointed out, BPC's debts are far higher than you are stating.

Surely it's negligent for a bod to say they are fully funded when they weren't and not to have had a contingency plan in place for unforeseen circumstances such as Covid, effectively everything to do with the P1 drill was a failure which nearly bankrupted the company.

But you are right about the CERP merger, that has saved BPC for now although that isn't guaranteed (see my previous post).

I'm not advocating changing the board, I'm merely pointing out that there are other alternatives to the status quo.

I did lose substantial money here although small fry compared to some but I'm certainly not upset about it as that's part of share trading, you win some you lose some and have since clawed some back trading BOIL.

The reason why I first posted is that I think you paint an overly too optimistic picture of BPC's assets and finances obviously to attract new investors and also to get back your six figure loss, I was just simply putting across a more realistic view of the situation the company finds itself in.

I won't post again until the last trading day of the year where I will give an update if it was better to hold, sell and re-buy after consolidation, or sell and buy the six shares that I previously mentioned. GLA

"How would we all get together to vote no and organise agm to reorganize board?"

I believe if enough shareholders (forget the percentage) get together they can request an EGM with a number of resolutions one of which would be to remove the entire board or named individuals, it's best to leave someone there as an interim ceo whilst other would-be directors are found, even a BPC shareholder with financial or O&G experience could be voted in. The hard part is finding good directors, you don't want to end up with a Parsons/Lenigas/Sefton in charge or you will be wiped out.

StarChild, apologies for posting as I said I wouldn't but had to pick you up on a few points.

(1) "Any shortfall will be covered with an II placing at the same rate"
That would be true if the sp was a lot higher, II's are not stupid so they would never pay 0.35p when the bid is already at 0.32p. If the OO is under subscribed by a big margin I can see the II's getting them for 0.25p thus giving them their usual 20% profit, remember the placing price was UP TO 0.35p.

(2) "Furthermore, Bizzell shows confidence in the company’s potential by still keeping the funding bar @0.8p when they could have asked for repayment at the OO price of @0.35p"
Bizzell's Facility has been amended once already from 2.5p to 0.8p, there is nothing to stop them renegotiating again from 0.8p to 0.35p especially now that they have someone on the board to ok it, I've been in shares before where the "Notes" price have been revised down multiple times.

(3) "A key point being made: the current share price and Mcap is based purely on the current measly 450-500boe / day product"
The market only takes in to account assets that are already earning or budgeted for, so licenses that hold billions of oil or gas are ignored if there's no funds to progress them (some countries actually award licenses for free as long as they get a percentage of future profits) also any future farm in/out/jv are worthless until it actually happens.
So BPC's current Mcap is £17M with revenue of $3M or £2.2M and no debt, one way of working out Mcap is by comparison with it's peers so for example SENX (which I'm in) it's Mcap is £35M with revenue of £31.6M and no debt, the difference in annual earnings is x14, I let you work out which Mcap is wrong.

(4) "It is a total NO BRAINER to vote for the 5 resolutions. If these votes are not passed (other than the company rename one), the situation will be dire. BPC will not be able to 'reset' and move forward unless there is a plan B"
Actually, the better/sensible option would be to vote NO for everything, call an EGM to vote the entire board off, then get a competent board in who would then progress the company in the shareholders interests, I've seen it been done before and it works.

As for willec, everything relies on the next drilled well being a total success (there's no room for failure or indeed a backup plan as there's no money left to progress), so what happens if it's a duster or high water content or no pressure? You seem to think everything from this point on will be a success when in fact the chances are it will be the opposite, there's a reason why these assets have been passed between four companies.

The only news that will raise the sp significantly is a farm in/out/jv, the longer it takes the lesser the chance.

I wonder if Tiburn or CarsCoffee are still here?

Quite possibly the best first post ever which clearly outlines the amazing fundamentals here, you're obviously an old hand at this, thanks for taking the time to provide your calculations.

I'm reasoning that the sp will rise from Tuesday onwards in anticipation of better than expected Q1 results, even if nothing happens I'm going to hold these long term as I can see at least 10p by the end of the year.

All those sells of 3.04p and above are in fact buys including my topup of 500K, just a case of holding now for the inevitable rise.

Yes certainly looking good, I think the new base is 250p.

Didn't realize OML 83 is producing 50,000 bopd, that is impressive.

I wouldn't read too much in to that, think it would only get a rns if a substantial contract was awarded which I assume none as yet have.
As I said before IDS is a very long term hold, without news it will inevitably dip below 200p again, I will be buying more then.

Beza - from the 26 November 2020 RNS:

Placing to raise approximately USD20 million by way of accelerated bookbuild

Proposed capitalisation of all Debt

Serinus Energy plc ("Serinus" or the "Company") (AIM:SENX, WSE:SEN) announces its intention to undertake an equity placement of approximately USD20 million (the "Placing"). The Placing will be effected by way of an accelerated bookbuild, which will be launched immediately following this announcement at a price of 2 pence (the "Placing Price").

The proceeds of the Placing will be used as part of a proposal to retire the EBRD Convertible Debt, and for the installation of the first pumps in a well work over programme for the Sabria field in Tunisia.

Well considering 88E is currently valued at £189M without ever producing any oil or gas and drilling multiple dusters, it is amazing that SENX is only valued at £35M with massive oil reserves, currently selling gas, no debt, money in the bank and an experienced O&G bod.
At £189M, SENX share price would be 16.3p, a nice 5 bagger from this level.