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The Terms have backfired largely due to the legal issues but Would you rather the market have to absorb 8-10m shares daily at the current SP with the given level of demand?

To me it projects BPC as being confident in the drill thus far and don't anticipate the hedge fund having any issues offloading in size after the results are out

CC: I've emailed BPC for clarification and will post up any reply I get here.

What would you make of the extension in the time given to sell the shares; Should BPC confirm that this is the case?

So they are extending the time given for BPC to pay any arrears as a goodwill gesture? They get no benefit???

Would the hedge fund be putting up more money if BPC were already asking for a delay in paying back any arrears from the first tranche?

CC: I've emailed BPC for clarification but I do not think your are correct here

Whats in it for the hedge fund if your interpretation is correct? Why would they accept any delay in payment? There's zero benefit for them

PageofCups - Agree, That's how I am reading it

CC: The RNS states "this extension allowing a considerably longer window for the determination of the need for a reconciliation payment"

The window for determination would be the same it it wasn't extended? ie Spud date to Feb 20th. I'm reading this as the 60 day window is extended to 16th April ?

The Hedge Fund haven't even crossed below the 7% threshold yet so they are still holding 315+m shares. They would need to be offloading 8-10m to be out before Feb 20th? An extension would tie in with the fact that they are not aggressively offloading and it would be beneficial to both parties. Why would the hedge fund be interested in giving them more time to pay back legally binding figure? They most certainly are not charities!!

"which BPC considers to be to its advantage."

Now why could this be to its advantage ?? Would this be the case if things were not going to plan?!

Imagine the market having to absorb 300+ million shares on a duster? The BOD are not that incompetent!!!

No chance. This is positive IMO. They must like what they have already seen as to offer this guarantee would be financial suicide on duster!

Star - They have the 30% time frame guarantee

If they dump the price to sub 2p they could likely clear the lot in a day or two and bpc would need to make up the difference.

Imo That’s why they aren’t in a rush ! They hold all of the ace cards here ! They win either way

Star - What is the risk element for Lombard in lending the money?

I’d say it’s pretty damn clear why they are going “ out of there way to be flexible and nice!!”

That’s certainly an option Ross , would actually make sense given what else is currently on the table

Cars - currently the cerp assets at best cover costs

Don’t see how they could borrow against them as where would the repayments come from ? what kind of rates do you think would be available if it was possible given the risk ?

If they need to take the money tomorrow it’s without knowing the outcome of the P1 drill so I would say alternative options at this stage are slim to none

ShareScare - From the last TR1 (17th Dec) they needed to offload a further ~14m shares to cross below the 7% threshold which would be notifiable.

They clearly haven't been aggressive in selling as of yet

That's true! We haven't had a 7% TR1 as of yet so still holding 315+ million

They'll be needing to offload 8-10 million per day should they wish to be totally out before the end of the guarantee period

The placing was for 375m shares. They have 330m left.

CC - it’s the recent placing ! They took 375m shares with the 15%/60 day guarantee

In4

Leo give us the details of the farm in deal

I just double checked, it was 75% to the partner until costs repaid and then flipped to 75:25 to cerp when paid back

See the video here - https://www.youtube.com/watch?v=Nmn8Nk0MA9I

From about 8m 20s onwards

Make you wonder if the BPC guys were realistic with what they wanted from partners and if the dilution will turn out to be shareholder favorable!

I’m guessing The board aren’t too interested in sharing !!

After the CERP merger there was a free carry for saffron 2 in place. I believe it was costs back and then 25% ongoing ? Simon didn’t like the deal so we faced dilution to fund it ourselves

Perhaps he was a little unrealistic in what they wanted from a partner ? Time will tell if he made the right choices

The share will trade as normal