Member Info for bapuk

Hi all
Is this the first time supermajors rather than just majors has been mentioned in bpc context: “ farm-out or similar transaction as part of its overall risk mitigation and funding strategy, and has maintained an active dialogue with a number of interested parties, including a number of oil and gas majors and supermajors.”

Gla
Bapuk

Hi all
Cannot underestimate the importance of today’s RNS, it was out of BPC’s hands and in the gift of the BG s to grant.

The EA was the one fear I had (more than funding) to the drilling campaign/timing.

This is amazing news, the sky’s the limit now!
Gla
Bapuk

Hi, I make it conversion at 3p per share as 3p x 48,000,000 shares= £1.44 million... I may be wrong though!

Gla
Bapuk

Sorry Interestking, it’s probably just my suggestion that BPC keep 10-20% ownership in any farm-in deal. I have no basis for this % other than thinking that’s how much a major/supermajor would allow a small company like BPC to keep for the price of joining forces and providing capital/support for multi drilling. Perhaps that would have been the case last year, but as Eytan has suffered in the Proactive Investor interview, BPC can now go it alone, for one drill at least so I guess they’ll drive to keep a much higher % if agreeing any farm-in. Time for the major(s) to put up or shut up, words to that effect I think. Do you envisage that with any farm-in BPC would hold/keep operator status (to avoid the major drilling elsewhere than BPC’s intended sweet spot etc)?

I’m a genuine holder , perhaps not as long term as some of you chaps ... I bought BPC in 2010 at 9-23p range (!!) but sold out at loss, then rebought in much bigger amounts in 2018 onwards as it all looked like it was coming together ...I had never thought sp like 50p plus could be achieved until reading some of the posts like from yourself, even 20-40p would set me up for life but daring to dream bigger is making me question my sanity !!

Whatever sp “ceiling” to be reached, it will multibag from here so new investors should do handsomely even buying at current sp, it’s just deciding whether x3, x7, x10, x20 of current sp is a realistic goal. I suppose as some have suggested, can top slice at various points and leave rest to ride or hold it all till the end of BPC journey,

Thanks
Bapuk

Hi Shamima
I don’t mean farm-in would be negative to current sp at all...indeed I’m sure it would make the sp soar into double digits. What I mean is that if say on commencing drilling as things stand currently with bpc going alone the market prices bpc at a 250 million mcap (ie roughly 2.5 times current sp= 12p) but say instead we had a farm in and had given away 80% ownership but got multi-drill funding/partnership/20% share of the prospects, how far up or down does the sp go to reflect these disparate elements...? I’m not in finance sadly so this may all seem a bit naive...

Gla
Bapuk

Hi all
It’s great to be in seeing the sp finally start to mirror the near term prospects.

Reading all the posts this weekend has bolstered my hopes further. My problem is trying to work out what’s a “fair” BPC sp/mcap to expect with so many varied scenarios - with 100% ownership its relatively straightforward but if any farm-In, the fair value sp will have to be less to account for how much percentage ownership we give away to be partnered in presumably a multi drill campaign....hard to know what sp to ascribe to 10% or 20% residual ownership but with such a partnership...anyone made a spreadsheet to help work such things out ?

Gla
bapuk

Great news.

Is the EA the final hurdle we need to see RnSed before there is nothing to stop the drilling going ahead?

Gla
Bapuk

I’m sure any kickbacks here will be less than that incurred greasing the spiralling HS2 project here!
Gla
Bapuk

Sprite fan, on the money!
Onwards and upwards now,
Bapuk

Love dreaming about the massive profits to be made by holding long (even though I originally bought in double figures pence, over the years have averaged down to be in profit now)...but surely £1 is too ambitious, that would be £2 billion Mcap or more?!
Gla
Bapuk

It’s just the folk selling who need their beer money for the weekend, for them it’s closing out the day/week’s trade at a good profit, not interested in holding over the weekend.

To each his own, but those with deeper pockets know they can make a more sizeable profit holding even just a few weeks longer if not interested/no time for trading in and out,

IMHO
Bapuk

I don’t post often but enjoy reading the regular posters on the bb.

Thinking that if one was planning to buy/subscribe for shares at 2p in the Bahamas Mutual fund, then the current rise will only attract even more subscribers...as who would want to ignore the chance to double their money in the short term, or even bigger gains if holding for longer term.

So if this rise leads to an oversubscribed (>100 mil shares) MF, then BPC will be in the position as per the previous RNS to either issue more shares (at a price higher than 2p, hopefully lot higher) or the MF would have to buy more shares on open market, which should boost the sp further...? This is the relevant snippet from that RNS :
“To the extent that the initial subscription proceeds of the Fund exceed this predefined amount, the Fund may either request to acquire additional new shares directly from the Company (should the Company agree to issue such shares), or the Fund may seek to purchase existing shares openly on AIM, making the required market disclosure in either scenario.“

Seems to me this will create an ever-increasing pressure on the prevailing sp,
IMHO
Bapuk

Sorry if this is a stupid question, but does this mutual fund buy BPC shares in open market or get some form of issue of new shares? Just that with the former, I guess that’s good for existing shareholders as it will drive the sp up whereas the latter is more dilution?

Thanks
Bapuk

I haven’t had my OO or excess shares credited to my iii account today despite logging in and out a few times this am, still showing as 0 so will give it till end of day to show up before calling broker
Gla
Bapuk

I think the reason the sp is not moving up much is perhaps lots of PIs/ and maybe institutional investors who bought on open offer are rebalancing their portfolios by selling an equivalent number on open market now, so that their overall net number of BPC shares does not increase/unbalance their portfolio.

Just a theory...
Bapuk

the Company continues to pursue a farm-out as part of its overall funding strategy, and has received proposals for, “...and continues to develop and assess a number of other financing options. A decision to enact any of these other financing proposals will be taken, if required, based on the outcome of the farm-out process.”

Onwards and upwards now BPC!
Gla
Bapuk

I too have taken up my full allocation in OO, both in my ISA iii account and standard iii account , and applied for excess shares in both....as stated by many others on this forum, if this gets the company in a position to drill, then 2p will seem like a steal with all the positive operational milestone news to come in the next few months acting as a catalyst ,

IMHO
Bapuk

Dear all
Sorry for what may be a silly question: I’ve logged into iii to access my choice for open offer shares. For those who also deal on iii, in states the number of exercise subscription shares that one is entitled to (ie approx 1/5 of my holding) but it does not state how many Excess Application shares one is entitled to. Does anyone know how many excess shares one can apply for in this section (it’s an empty box so not sure if I can apply for any number of excess shares or some fraction of my holding )...?

Thanks
Bapuk

I had hoped for a better buy ratio than 1:5, they must be ultra confident of the offer being fully subscribed ...the sp is going to reflect this confidence today plus new folk buying in open market so as not to get left behind before sp surpasses 2p by much...
IMHO
Bapuk