Member Info for barnaby67

I noticed the shares issued in lieu of foregone pay are triggered by the first well being fully funded and not based on a successful outcome “approval of payment of deferred remuneration via the issue of new ordinary shares once the initial well is fully funded” so our board can cash in and pocket their money and not be in it for the “binary outcome”. I would hope we don’t see all the BPC team offloading as soon as the ink is dry on the contracts that mean the first drill is fully funded. Also do we think that being fully funded isn’t a guarantee we will drill - what further approvals might the BG still have to give, what will their attitude be towards not having a major with deep pockets behind the drill? Is this BPC just showing they will have fulfilled their obligations and so be in a position to ask for a licence extension if the BG do not sign off on the actual drill and then wait until they can get a major involved? Clearly having funding to be a major contributor to drill costs themselves will give them more bargaining in the discussions with farm-in partners - maybe this is a key negotiating strategy rather than any actual plan to go it alone?

Obviously no interest in farm-in then! I guess we now know why the major walked last August and they haven’t found anyone to commit even at these lower drill prices.

Looks like the end of our interest as existing shareholders in this one for any material upside as us little fish in our pond have just been thrown into the big wide ocean.

Cheers Harry. Will be interesting to see when on that line between now and early Oct we get to know when the AGM is going to be! Presumably it is already the latest it has ever been post prior year end (and date which accounts prepared as at?

Do we know what the latest date the AGM can be? From memory the RNS for setting last year’s AGM came out about mid-August for an AGM in first half of September?

Suggests to me they are delaying it for as long as possible as maybe news due mid to end September but they (it might seem) don’t know quite when yet (and wouldn’t want the AGM to be scheduled if such news followed in the weeks immediately following the AGM).

With the Adam R mantra tacked on that they look to deliver the investment plan to deliver significant increases in shareholder value over the next 3 to 5 years! Hardly offers reason to keep material investment here in the shorter term, but hopefully there will be at least some positive trajectory over that time. Hopefully the investment plan will be delivered through organic growth over that time rather than material fund raises and further dilution of existing shareholders!

Thanks all for some good points.

Due in IoM in mid Sept with some flexibility around dates. Would be a blinding day if Farm-out had been announced earlier that day! Admittedly doesn’t chime with my thinking on likely timescales so will book the work trip regardless!!!

Not aware this has been set as yet?

How long is a piece of string than when there might be some definitive news here, one way or the other (as clearly there is no certainty that the news will be positive and put a rocket up the backside of the SP)! My guess is that we could be at least 3 months off that company resolving announcement yet and then it could easily be a toss up whether it is very good or very bad.

Sorry, had assumed for the ones that weren’t in the know they would be rushing off to check their phones in light of my hugely warm stock tip. Best I got was a “good luck with that one mate ....” and a general feeling I was not the next insider guru they were hoping to meet at such an event!!!!!

Was at the cricket on a freebie yesterday. Quite a few O& G analysts part of the party. All bar one had never even heard of BPC (to my astonishment). The one that had reminded me as to how astonishing difficult it was to do the sort of deal contemplated here for a major to buy in to real actively frontier exploration as he described it. Came away thinking my big multi- bagger in waiting might be somewhat more of a long shot that I had been contemplating! Oh well at least we did win the WC!

Cloud = colour!!!

Definitely need head in the aforementioned to see any significant upside from here any time soon!!

I’m sticking but have a much reduced holding over recent times. Did well in the doubling from Dec but sold all the extra shares I bought and now have a much more modest core holding. Really hard to see this as other than being bound in maybe the 10-14p range for some considerable time. Business doing OK but not doing enough to generate any form of positive re-rate. If this share was a cloud for the next couple of years it would definitely be beige!!!

Put it this way a few very influential people in the area will kill it dead, stone dead and for all of foreseeable time. End of.

The point I was making is the market gave us benefit / recognition for that to get us to where we are now, and have been for a number of months. Beyond that it values us at a paltry 12p and does not see any potential (currently) beyond that (give or take a penny or so) and the business has been unable to seemingly do anything to generate a re-rate (eg as twice rightly points out, some new contracts maybe - we are a business that needs to win new contracts at the end of the day). The ship needed steadying but now it needs to show it can move forward!

Pretty disappointing there is absolutely no forward momentum behind this. The business seems utterly stuck in a rut and cannot engender any market confidence.

Trek, that’s right IMHO. Snippets you pick up here and there suggests no news until at least around AGM time and potentially into late Q3 or early Q4. I have sold quite a few of mine as I also believe the price will drift down through investor impatience and apathy and really don’t see much risk in my strategy that will, by the time news does come, have quite a few more. I’m very happy with the amount of hard cash I will have back on risk by the time news comes and continue to see this as a really good wager (it isn’t really an investment at this stage) - it will be hero or zero!!!

Looks like a brutal day ahead for BPC

Probably some investors here being seduced by the UJO news today. Probably thinking I can sell 300k shares here and use the £5k or so proceeds to buy the same number of UJO shares plus 2m such shares. Forgetting the differences in opportunity (and the number of shares in issue) that would see a big positive RNS here sending the BPC share price up potentially many times over. Not exactly overjoyed at visible / communicated progress here but i know i’d Rather not take any chances being out at this time for some other perceived opportunity.

Yes, it RNS to say deal done and here are the terms or RNS to say it wasn’t possible to reach a viable deal or no parties were prepared to do a deal to drill at this juncture (in spite of considerable interest and all that guff). If the latter then it is really game over and we would have done our money as wouldn’t then think it could be mothballed for a couple of years before trying again as they won’t get another licence renewal to facilitate that possibility.

Am feeling pretty negative today!!!