Member Info for barnaby67

But you do have to admit that someone that posts on a BB on a share they have no financial interest in is one big saddo. Will almost certainly be someone that lost what little money they had scrapped together and is now bitter, sits in their bedroom in their PJ’s in their elderly parents home on their PC, rarely venturing out apart to stand on the end of the platform of their local mainline station or when their mum sends them down to the local Asda to buy bread and milk, doesn’t even have enough self confidence to join their local branch of Camra and go to beer festivals with similar guys with beards.

Many thanks for your thoughts Notaflipper on this matter. As always very gratefully received by me and I am sure many others on this board. All went well with my mum’s funeral - can’t believe that was 6 weeks ago now. Great to see my dad getting stuck into the gardening and counting down the days to the World Cup!

Notaflipper - what is your definition (in terms of likely SP) of a distressed sale?

Opulentia - here's hoping that comes to pass!

Ironic - you have got the point about the warrants wrong. The warrants were issued to Shore Capital in the summer 2017 for their role in arranging the placing then at a price of 1p with an expiry date of mid 2019. The fact that they exercised in May 2018 can be interpreted in more than one way - whether they hold the shares or sold at around 3p for a �300k gain is anyone's guess!

30 working days is up on Monday - there have been two Bahamas public holidays on working days since the start of the period for BG questions / requests for further info on the EA.

There is no doubt that today’s news has been very disappointingly received by the market. It does feel like a significant advancement in the potential of this business with some tantalising comments in the announcement. However the market doesn’t seem to reward potential at the moment - there won’t be much additional revenue if any in 2018 but presumably some additional cost associated with the set-up of the arrangements. Think we will stabilise around 8p for a while until market has sight of financial outcome of ongoing scuffle with Illumina!

I don't think news on contracts (however big and positive) is going to have much sustainable positive impact on the SP at this point. All about getting clarity on litigation (and continued spend on legal resources pursuing this) and financial settlement etc and where this sits relative to current financial resources. Unresolved action with Illumina still a big drag on SP, even though we have seen a good move from lows already anticipating the ultimate outcome of the excellent business development. Just need to hang in there for a few months yet is my feeling.

This was submitted on Thursday, 26 April. The PETROLEUM (OFFSHORE ENVIRONMENTAL PROTECTION AND POLLUTION CONTROL) REGULATIONS, 2016 state (in paragraph 3.4(2) - "Within no later than thirty working days from the date of receipt of an application for the grant of an environmental authorisation, the Minister may, in writing, require an applicant to submit any additional information that is considered necessary in support thereof". With a couple of Bahamian public holidays in the period, I make the 30 working days as up on Monday, 11 June. However, this is just a period by which the Minister is able to request additional information - it doesn't say that the EA is approved within this time (whether directly or via a "no objection"). Can anyone point to where the Act or Regs say the Minister has to approve (or not object) to an EA within 30 (working) days of a submitted EA? As far as i can tell from a quick search there is no time limit on the approval (or no objection) from the point in time that the EA is submitted and the 30 (working) days has passed for the Minister to request additional information to support that provided in the EA (or question the information provided in the EA). Will be interesting if BPC issue an RNS between now and (end of) next Monday to give an update on the EA (ie did the Minister request additional information or query any of the information submitted). I am not expecting an RNS to say the EA has been approved on that timescale and suspect it may take a good while longer.

Michael - if you ever open a bookies remind me never to bet with you. I assume that 2.1 is 2.1/1 and not the decimal version of the price 11/10 (ie 2.1 includ s stake). Even with that interpretation you are betting to at least a 40% ovveround! Not even on course bookies at a greyhound BAGS card have those sort of margins! Ps still like the sentiment though!!

My biggest concern is not with the assets, but rather will the BG be brave enough to get fully behind offshore O&G exploration or will they keep finding excuses to kick the cab down the road and (in my view foolishly) pursue other avenues to try and balance the budget. My in-laws just returned from a 3 week holiday in the Bahamas and my father-in-law asked pretty much everyone he came into contact with whether they were in favour (and all the potential rewards that came with that) or against and almost without exception ordinary folk were just simply vehemently against. So it will take some bold decisions from the BG to press the button knowing that unless there is success and that comes quickly they will out of power at the next election. Have reduced my holding by two-thirds and happy with the risk of having to buy in higher on BG(EA) approval as i’m Much happier taking the deal risk - I just don’t trust the BG to take the brave decision (remaining in power and all the “benefits” that come with that for the politicians can be very compelling)!!

Shame we couldn’t hold the gains of this morning. There are a lot that are prepared to sell when the price pushes over 8p it seems. More fool them!

the news to come? Surely as house broker they would have a lot of inside info?

They were issued to the June 2017 placing broker Shore Capital as compensation for services provided to BPC in connection with the placing and totalled 15.6m (ie today’s RNS effectively stated they exercised the full amount of warrants issued to them). They still had just over a year left to exercise so interesting on their timing to exercise now. Exercise price was 1p so they would have swelled BPC coffers by another 150k, but they would have trousered probably around 400k if they had been forward selling these over the last week or so!! Interesting to establish if they have sold or are holding because they see big upside (in which case why exercise now when they had a year left and could have exercised when they sold at at a price that many speculate could be well north of here with

But why would you exercise now as a warrant holder if you aren’t banging up against the exercise date and part with the cash to hold the stock when you can just keep the entitlement to buy (and not part with your cash yet - not an insubstantial sum assuming the same entity exercised all 16m warrants). Not saying warrant holder sold or are holding stock they have subscribed for, just saying it is more likely they did to sell to pocket the difference (as probably unlikely they would have forward sold that quantum of a penny stock and kept warrants).

The warrant holder would probably want to exercise at a point close to when they want to sell the shares they acquire (big profit here at the moment for the warrant holders as the subscription price must have been south of 1p) to minimise cash outflow I would imagine (ie they just bank the difference). Could be a negative in that they think price has peaked for time being and is on way down or is at risk of negative news (eg EA delay etc) or the exercise date might be looming and they will pay subscription price and hold the shares because they thing good news around the corner. In short who knows why they are exercising at this point (might have had more of a clue if I bothered looking up the details of the warrants)!!!!!

Does anyone recall how many warrants were issued as part of the 2017 placing (sorry being lazy not looking up myself) and what was the exercise price and date by which they have to be exercised?

Have to admit the AG comments in this article didn’t exactly inspire confidence that the BG are ready to give this their wholehearted support yet. Can see a situation here where the can is kicked down the road for quite a bit yet. Potter came across pretty well in the article though - never thought I’d ever say that!!

Sold my remaining shares here when I saw the announcement last Thurs. Don’t remember too many examples where it ever turns out well for s/h’s when a very large s/h sells out. In fact I can’t think of too many stronger sell signals!!!

Good luck with that one Bigoiler - you are a very brave man!!!