Member Info for Bespoke

Sorry, My mistake. I was looking at the 5m trade at 2.15

Ralph, That was a sell from Friday. Check the date and time

Cars - I agree with that. I’ll buy more if the put is taken. I would see it as a bullish signal as to the drilling progress

If it’s not taken. I’ll hold out for the results and hope that it wasn’t needed or there’s an alternative and not necessarily to do with drilling to date

GL all. We will know soon enough !

If the money was needed to complete the drill / relevant work before informing the market?

I don’t think Stena would be keen on buy now, pay after you raise finances kind of deal !

Sharescare, it’s a tight hole drill. They couldn’t use info that isn’t in the public domain thus far to gain betting financing terms

"Now after this new deal being tabled if we take the funding I assume we have oil or the board have just put us into bankruptcy and ruined their careers."

Cars - This is exactly as I see it. It would be financial suicide to take the money with the guarantee in place if they weren't certain that the hedge fund would be able to sell into a rising market. ie We have oil

They know what will happen if the drill is a duster, The SP will crash deep below 1p. I cant see any possible circumstance where they could take the extra funds without being pretty damn certain there is oil down there in size! It would also be pointless taking the money as they would need to pay most of it back in subsidy payments to allow the HF to get their 15% on a duster!

Make of this what you will but I do not believe the BOD would leverage up the bet on success. Remember they have an edge here as they will have a fair amount on info on the drilling to date which will be ~24 days deep and likely to have passed through some of the initial targets

Siddy
Or they couldn't agree on a % split? Let's be honest, no one thought BPC would be drilling this 100% independently? Majors likely didn't and played hard ball on a % split. Who know? All irrelevant now and we will know the outcome of the drill in the not to distant future

We know Simon isn't keen on giving much away. Prior to the merger; CERP had a deal in place for a free carry on Saffron 2 - 75/25 revenue in favour of the contractor flipping to 75/25 to CERP after costs paid back. Simon clearly wasn't keen on this and pulled out of the arrangement electing to go it alone!

Moop - finance decision is on the 13th

Next court hearing is on the 14th “A hearing to determine if BPC should be formally added as a party to the action will be held on 14 January 2021”!

Extension unrelated to court hearing

The 5m and 2m look like buys to me?

I was expecting some late delayed sells to pop up but nothing has. Maybe still working an order and it will show on Monday?

Some large chunky buys today, They are fed from somewhere as the SP closed slightly down

Ross - no reply as of yet

Am I right in saying that prior to BPC deciding whether or not of take up the put option on Jan 13th the drill will have passed through the Mid Aptian sector which is ~3730m deep?

Jdam - I did

Ross, It is also the holders who will also reap the rewards on a commercial discovery. We all know the risks here. Everyone is free to buy as sell as they wish. We must all take responsibility for our trades

How do you think the SP would hold up with 8-10m shares getting dumped on the market daily?

Cc: Do you think the persistent legal battle and uncertainty regarding the drill has held back the SP at all?

Which situation would you prefer?

A) 8-10m shares dumped on the market daily up to Feb 20th?
B) Board agreeing an extension to ease the selling pressure in the run up to results whilst already have a good indication of the first targets? The advantage here is having info that no other party is privy to, I do not think they are walking us into financial suicide. P1 was always somewhat binary, I don't feel like the board have gone 100x leverage with the extension!!!!

Hedge funds aren't dumb money either! They wouldn't be so easily fooled!

In your head it appears the drill is already a duster? Not sure why you remain holding so many shares when you keep going on about a duster? Do you have any belief in the outcome?

Glass half full even!!

CC: The legal issues have had a huge bearing here. The extension to give them a free fun at results is actually a net positive for us shareholders (Given the current state of play) There isn't a market to absorb 8-10m shares per day. The SP would be decimated. Im looking at the bigger picture and as always, Half glass full!!

Thebhoys - There is nothing wrong with discussing issues. Not everything will be positive and we have to remove the rose tinted specs and look at the whole picture.

There are certain elements that I am not happy with, I don't hide that fact. There is a difference between out and out negativity to try and influence the price downwards and discussing legitimate concerns. It makes healthy debate

Stena didn't want to know when they were offered a deal previously. Given all of the legal issues I cant imagine they would be interested now.

It's a tight hole drill. They cant release any info about it in order to get a better finance deal

Stena would normally be dealing with Majors, I dont think they are in the game for buy now pay later style deals

The board will have a good understanding of the drill to date

I can not envisage them leading us into financial suicide with what your project

What’s the flip side of your scenario? What depth do you think the drill is currently at ?