Member Info for Bespoke

Wirral Borough Council as administrative authority for Merseyside Pension Fund Have taken a 2% stake in BPC as per FORM 8.3 release this morning

Carscoffee - this is why I thought you would need to disclose your purchase recently as it is over 1% of the share capital in cerp -

FORM 8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

“ A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

Rule 8.3 of the Takeover Code (the "Code")”

The merger will benefit schroders with the increased liquidity! They’ll have a much smaller slice of a larger pie enabling them to exit faster.

We’ve already had a consolidation under Leo !

People were moaning about 2.5% dilution to pay LIND and the contractors on here !

There is the liquidity aspect also. People generally take part in placings on the assumption they can flip for a profit

We have lind, contractors and schroders selling as it is !

The dilution required would have killed the SP

What sort of discounts do you think would be needed for a placing ?

S2 won’t be online for 6-12 months. We would only get 25% from that until the drilling contractor is paid back

Schroders are offloading 10% of the company

Goudron isn’t paying the bills

Yes a placing would have been possible but for the amount needed and the discounts that would be needed the sp would be obliterated

We have had about 7% dilution in the last 3 months to pay the contractors and kind repayments!!

The SP was below 1p recently. You have to consider the nominal value of the shares and what is even possible in regards issuing new shares

Saffron saved the company. The result was good. It give as a hand to play and Leo has done the best he could

Regardless of the SP’s the ratio is 1 Cerp for 0.803 BPC

The Conversion ratio is fixed

Fluctuations in SP between now and then won’t matter should the merger go ahead

But still a Decent interview

Point of interest.. approx 9 mins in when talking about funding the P1 well

He makes reference to “what is public” .. says to me there is more going on behind the scenes in regards funding the well that we aren’t yet privy to !!

Did you say that you lived in the Bahamas CarsCoffee?

What did you see in regards the potential?

I thought there was a 1% disclosure rule in play during a takeover/merger?

10m Buyer will need to disclose as >1% ??

Buying for the conversion discount or likes the merger deal?

10m buy at 2p
7.5m sell at 1.9

Bully - have a look at the BPC presentation from February

Slide 11 on the right hand side. There are 11 potential zones that they will be targeting

Good interview

Standing still isn’t an option. The SP would ultimately be destroyed by standing still for 6-12 months waiting on saffron 2
Leo has played this card whilst we have a firm seat at the negotiating table
I would of preferred to him to have a hands on position at BPC rather than non exec director
The potential is huge. He seems confident on what he has seen on the BPC drill.
Only missing piece of the puzzle is a farm in partner. BPC will be able to negotiate on better terms with a portfolio of assets.

From Where we are currently at

sp. shares in issue. II bailing . Lind monthly payments

And the funds needed to progress with SWP

The dilution would be huge and may not even be possible given current market conditions

LK has put together a merger proposal whilst we have a hand to play

Let’s hear him out regarding this merger.

Bully - that’s the terms of the s2 drill

They get 75% until costs paid and then 25% from there on

If the merger is rejected by cerp holders the share price will plummet

We will then need to raise funds at a much lower SP resulting in huge dilution whilst looking for a new BOD. think long and hard about the consequences of this.

Leo has put this merger to us whilst we are in a half decent position And not desperate thus giving him a hand at the negotiating table.

The last two months we have had 5% dilution with lind , contractors and salary payments . With schroders selling and this selling pressure every month any share price rise will be sold into thus a stagnant/falling SP

Saffron 2 is dependant on a sustainable wti. We have no idea how long that will be

It’s a yes from me. We need see the bigger picture.

Let’s see what Leo has to say tomorrow !

Joatman - I feel that there must be a JV partner for the Perseverance drill. The cost is huge and BPC are 100% focussed and financially committed to it. Freeing up a portion of the money ring fenced for that drill to develop the SWP would make sense for both companies. Without that I fail see the attraction of the merger for either.

How many layers are they targeting on the Perseverance drill Monkfish?

An interview with Leo Koot was videoed today and we are awaiting regulatory approval for the release of this. We will release as soon as that approval has been received. #cerp #bpc - just tweeted by the official account

I am also coming around to that way of thinking also

We have to consider the limitations on how much more cerp could dilute if we went on our own based on a market cap of 20m and the time scale to get saffron 2 into production. There is also the Goudron licence which is still pending ..

The deal makes sense. The only caveat for me is the BPC drill risk/cost. At the moment it’s a 30% COS on a 30m drill. The risk is far to high. I am sure there is more going on regarding this as I don’t think Leo propose the merger with the BPB drill being a binary bet.

Let’s see what he says today