Member Info for BigBear2

It’s a tough one for holders to take this. But as I was saying a while back once the carrot of a billion dollar drill had gone any placing was going to be at a big discount to sp.
Having said that if you can take a 6 month view I am sure this will do well again post appraiser wells.

They were never going to convert at a premium to sp
Funding had to be addressed and as ever funders want in at a discount

Was obvious this was coming

Placing open offer and consolidation

So smaller bond kicked down the road and bond holders get control of the company.

This would effectively allow hur to self fund at least a water injection well next year.

Don’t be pretty though for current equity

Never mind that how are these lot going to fund 20 percent of costs?

It’s possible they can cover the bond but have sod all left to do a water injector and side track that’s what’s needed so to assume they can just churn out and just about pay the bond is a false economy. They need cash for the water injector and side track and also some working capital....
Whatever they are doing wish they just got on with it. Tell b/holders to p9ss off or do a deal so at least we know where we stand.
I just have a gut feel we are going to see a massive d4e and somehow CA are involved in the deal

But got the decimal messed up, should be 1.4

0.142823, they are prepping us for the open

15 to 20 percent discount

Here is my take.
Fact...BPC need cash to cover shortfall.

Previous raises have been able to pump the placing price slightly with the carrot of a billion dollar barrel drill.
That is now off the table. I reckon we will now see a placing at approx 15-20% of current sp...

No one is denying this is massively under rated in terms of the asset. The problem is they are skint and as such there will either be a placing on very poor terms (likely equity wipe out) or a stop gap placing just to pay these lot.

5p was fair value for the ipo gets back to that I’ll buy why pay more as placees are still cashing in

If between 5 and 10 mill supports my suspicion that these lot just want to get paid.
Re massive dilution(jn event of a deal to drill meaning a min 35 mill equity raise) on their salaries they could easily reinvest heavily in the new fully funded BOR...

I’d like to think Art will be smart and release flow rates shortly before or even better same day as the relist.
Things stacking up quite nicely for us under suspension WTI up nicely, Nigerian legislation(hopefully) due soon, COVID restrictions easing, oil demand forecasts up. In short the perfect storm for a MASSIVE re-rate.

4. Mill just keeps these lot fed an watered. It’s actually useful funds running low as they actually have to do something...

Currently sitting at 63, hopefully should be pushing 70 by time we relist as COVID restrictions lift further.

All looking good and great news drill this year but how will that be funded?

Phil the smart play here I think painful as it may be is to sell and buy back in post dilution.
It’s a crying shame what’s happened here as the assets are fantastic it’s just run by old duffers who got greedy on farm in terms...
I’d love them to do what HUR did and self fund at least 1 appraisal well to flow test and prove up fully which would then make the industry take notice. That would of course be extremely unpalatable for current equity as the dilution would be huge.
I suspect we are just going to see a placing to pay these lot for another 3 years or so....poor to say the least.

As soon as the twin broker was announced was obvious cash raise inbound, why else would,a skint company have the extra cost. If they get it away at a penny that would be good going