Member Info for BigSi

Clearly claims that BOD have tipped Lombard of a discovery are baseless nonsense -
they wouldn’t be selling would they.

I’d say an initial 60-70% drop on duster more likely due to the nature of BPCs guarantees to Volantis (15% profit) and the sheer quantity of PIs trying to exit all at once
2-3 on commercial find yeah maybe

I’d say an initial 60-70% drop on duster more likely due to the nature of BPCs guarantees to Volantis (15% profit) and the sheer quantity of PIs trying to exit all at once
2-3 on commercial find yeah maybe

Raising at 2.0p at this point ...

Very bad indicator of BOD confidence
$20m still needed -

BPC doesn’t have the cash to drill...
Hence the failure to secure All contracts

BPC currently has on hand SOME (A quarter approx) of the cash towards drill- big difference in this climate.

What?!! These are effectively placing by another name - no risk for the lender, they take the fees and as longs as the shares can be converted and sold all the way to 0.1p they can make no loss- it’s just the existing shareholders that take the brunt.
no more drawdowns possible right now as terms do not allow below 2p -
And your thanking the BOD ? who deceived you by continually suggesting farmout was imminent whEn it was not- telling you additional death spiral loans were unnecessary - then taking on additional death spiral loans. telling you that they “have a Rig” when they did not -
Laughable how loyal shareholders can be even when they have been effectively robbed of cash-

So ... they weren’t honest RE funding or costs

So why would you trust this ....
“ However, given that a number of the conditions are necessary prerequisites to drilling commencing, the Directors are confident that the conditions precedent can be satisfied in a timely manner such that funding under the Conditional Convertible Note Subscription Agreement will be available as and when required

Si they didn’t have enough !!

Essentially death spiral financing as surely loan providers won’t wait till TD??

So how is this less dilutive than commentary??

It’s additional 200m to what expected and multi they still have CLN!!
The Facility now entered into, which if fully draw and fully converted, based on the Company's current share price, would require the Company to issue a total of approximately 200 million new ordinary shares

Also dropping the well estimate to $20-$25
prior to fundraise and now returning it to $25-30m as before ...

As a result, the estimate for the base cost of the Perseverance #1 well has now been revised to be in a range of $25 million to $30 million.

Attention is drawn to the fact that, as detailed above, draw down of funds from the Conditional Convertible Note Subscription Agreement remains dependent on a number of conditions first having been satisfied. To the extent the conditions are not satisfied there is a risk that the Company will not be able to receive the funding contemplated in the Conditional Convertible Note Subscription

Have you also considered that the sp was manipulated up from 2p where it had sat for months - albeit with an overhang.
conformation bias can be a dangerous trap especially on AIM-
Things are rarely as rosy as they seem - especially with cash poor AIM companies.

The issue with the TW article today if any basis in truth BIG IF - would be that if any kind of fund raise was being pushed by SC then clearly the last two weeks of share gains are likely price manipulation in order to get the placing away at decent levels- the recent SC and Proactive rampy coverage would lend some credibility to this view - if this was the case and some PIs have been pulled into the share on manipulation and deliberate articles written to infer almost certain gains without highlighting risk of downside- then this practice would be rather reprehensible itself and unappreciated by long term shareholders who would rather transparency and organic price appreciation on news rather than the pump and placing approach -
who knows - let’s wait and see

Please excuse typos

Some mental meandering....

BPC have done well to get to this point and engage services of very credible contractors- albeit not yet entered into binding contracts with anyone but BH

the last TW SP article with hindsight lacked credibility however on that occasion BPC did funding would not be secured through placing - they then placed after OO to shareholders-
But they did need funds and to raise 11m oversubscribed was a result albeit at a modest 2p
The estimated price of the drill dropped from $25-$30m to $20-$25 within a few weeks around OCT - the company to my knowledge didn’t explain why.
have they confirmed whether they need 12 or 24 month working capital for CLN terms - around a $3m difference here.
DO THEY HAVE ENOUGH FUNDS AS IS for a drill- allowing for complications- overruns etc- many with experiments in O&G industry say no.
in the BMF circular they state that license fees due to GOB are part of terms for CLN - they have estimated these fees 700k to $2m - we have not yet had this confirmed but it has to be sorted imminently-
No contracts have been confirmed which to me shows funds or terms still not met- possibly can’t proceed without CLN
BMF May raises what $2-$6m which will help things along - they can supply more than 100m shares according to RNS.
If the CLN can’t be agreed (personally not unhappy with this as it’s terms are very unfavourable) then I’d rather the money cane from JV partner or placing at 2.75p rather than 2.5p via CLN.
is there are farm out on the cards - if so was TW correct but placing pulled do to funds being available from partner ??

Find the increase in holdings very interesting - especially given knowledge of part of the business (which he owned previously). If the situation there was that bad, he would be buying debt not equity-
53p close

Zak Mir- ****** !!

A mere 2000miles away... fantastic

Rarely does anyone with a modicum of experience at trading AIM place any real faith in the integrity and honesty of a BOD... but given the circular posted this week it would be a brave company to post said circular with positive reference to service contracts if they were uncertain of the likelihood of progressing to long form and subsequent end Q1 drill

... for wellheads and tubulars. The involvement of Halliburton and BakerHughesGE at a sufficiently early stage has also allowed for their participation in final well design, so as to further assure successful achievement of the objectives for the drilling of the well. In August 2019 the Company issued a Notice of Award to each of Halliburton and BakerHughesGE as part of this process, which notices were accepted, as a precursor to the parties concluding the necessary long-form legal documentation, containing terms and conditions customary in the industry, as well as including the technical specifications and pricing already established in the Notices of Award. BPC subsequently, entered into long-form legal documentation with BakerHughes GE and placed an initial order under that documentation for certain well head equipment. The Company and Halliburton are currently finalising the terms of long-form legal documentation in respect of Halliburton’s services, and BPC expects to complete this process in the early part of 2020.

Suggest reading Mfund circular for update

https://www.lenobahamas.com/images/pdf-docs/BPC_Bahamas_Fund_PPM.pdf

Critical Supply and Service Contracts
To enable the Company to commence drilling activity in a timely manner during 2020, as required by the licence obligations on the Southern Licences, a number of critical tasks must be addressed in advance. These include completion of detailed well planning and design work, securing access to a rig and provision of required integrated well services, procurement of long- lead time items, finalising the logistical plan along with associated supply base location and set- up, finalising pricing for other critical equipment and services, and completion of all necessary permitting processes.
To this end, the Company has reached agreement (subject to contract) with a number of leading global equipment and service providers, fundamental to the delivery of a successful exploration well on time and within a prescribed budget. In summary:
? Rig Provider: In August 2019 BPC entered into a Framework Agreement with Seadrill, one of the world’s largest offshore drill rig companies, for the provision of a sixth-generation drilling rig during the first half of 2020, with delivery from the rig’s current working location in the nearby Gulf of Mexico. The Framework Agreement provided clarity and certainty around potential access to a suitable rig, in the timeframe required, and fixed the price for the rig (in accordance with industry practice, quoted as a day-rate in US dollars per day). Critically, with the benefit of the Framework Agreement in place, BPC (along with Seadrill’s input and support) was able to move towards finalising detailed logistical and design work, ensure compatible equipment and supplies are available and scheduled, and to complete the associated permitting processes in good time for an orderly commencement of drilling.
Subsequent to the Framework Agreement BPC and Seadrill have engaged in a process of technical work and commercial discussion to finalise the specific rig to be provided by Seadrill, finalise the exact equipment specifications of that rig, confirm the exact timing in which the rig will be provided, and enter into a full definitive legal contract in relation to the use of that rig. This process continues, and BPC expects to complete this process in the early part of 2020.
41

? Integrated Well Service Provider: At the same time, and following a process of extensive discussion and mutual due diligence, the Company has been able to secure the services (and agree prices for those services) of an integrated well services provider, Halliburton, a leading provider of integrated well services to the global oil and gas industry. Under this appointment, Halliburton will provide a range of essential well equipment, tools and services for the Drilling Plan. The Company has also appointed BakerHughesGE, another leading international service provider to the oil industry, as provider f

For those that can not be bothered to read the updates -

Here are the necessary requirements and timetable in plain English ...

BCI CLN agreement :-

Documentation: The parties will work in good faith to agree and enter into definitive long-form legal documentation as soon as possible, but in any event by no later than 30 November 2019. Subject to definitive documentation being entered into and subject to satisfaction of all conditions precedent as described below, BCI must subscribe for the Notes ("Completion") by 31 March 2020

-- Conditions to Completion: Completion of the subscription for the Notes by BCI will be subject to a number of conditions first being met or satisfied or otherwise waived by BCI. These include:

o Completion of due diligence on BPC, to the satisfaction of BCI;

o BPC having raised sufficient funds (to the reasonable satisfaction of BCI) to meet the balance cost of the intended Drilling Plan in full, plus the operating costs of the Company for a period of at least 24 months from the date of Completion, such funding to be secured through one or a combination of either a farm-in and/or a capital raising via issue of Ordinary Shares at a price of 2p per Ordinary Share or higher;

o the Company having entered into such binding agreements and contracts with reputable international companies as is necessary and sufficient to enable the Company to conduct the Drilling Plan at the estimated cost of those operations, including a contract for provision of a drilling rig with a reputable international rig company, and a contract for integrated well services with a reputable international service company;

o the Company securing all necessary permits and approvals for drilling from the Government, including all necessary environmental permits;

there are a number of interdependent issues needing to be settled -
Also clarification as to whether BCI require 12 or 24 months working capital and whether the drill cost estimate is $20-25m or $25-$30m (why it dropped from RNS 21 AUG to RNS 5 NOV To my knowledge BPC has not elucidated.

both these issues would materially affect the conditions already outlined and should be clarified

Who is your broker/ trading platform?
brokers have gone about the excess allocation in different ways- your allocation will likely appear In your account tomorrow.