Member Info for BigSi

With SC AND BOD potential it’s only $ 3m or £2.4m
Hardly more than the yearly working capital raise

Ah well find it yourselves it’s on VOX

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Eytan Uliel More neck that a Giraffe if the fundraise has failed....Looks like a go****************************/articles/bahamas-petroleum-bio-featuring-eytan-9a5f92a/

And so the saga continues. Bahamas Petroleum (BPC) having failed to get institutional backing for a placing at 1p to raise $20-255 million is now heading back to its existing shareholders with a £7 million open offer at 2p. You’d be mad to take it and here is why.

We broke the news that Bahamas was trying to place HERE forcing a disingenuous denial from the company. As the asking price was lowered from 1.4p to 1p it became clear the offer would fail the company said it was not consider than option and stressed. On October 3:

The Company wishes to confirm that it has no immediate intentions of undertaking an equity placing to institutional investors. As stated in various announcements in August and September 2019, the company has multiple funding options available to it to fund the exploration well intended to be drilled in H1 2020.

Folks thought there was no fund raise so the shares raced up to 2.5p (helped by a bear squeeze). Into that spike the company has launched an open offer to all shareholders (including institutional investors) at 2p to raise up to £7 million ( $8,5 million)

It says that together with a $12.5 million convertible loan note it will have enough cash to fund one well in late H1 2020, if it comes in at the bottom end of the range of expectations The loan note provider is, as you can see below, one with an interesting history and hence no wonder it is trying to farm out its commitment. If it fails to do so is it really good for the cash?

And what happens if there are any over-runs on cost?

And Bahamas is not drowning in cash. It says it has enough cash to cover PLC costs unto H2 2020. So shortly after drilling starts Bahams will be out of cash at a PLC level.

And what happens if the £7 million open offer flops. Bahamas says “To the extent the Open Offer Shares are not taken up by shareholders (including via the Excess Allocation Facility) the Company has appointed Shore Capital, the Company's broker, to seek to place those unsubscribed Open Offer Shares with institutional investors at the Issue Price.”. Shore can seek but with the shares now trading at 1.85p-1.95p in the market why would anyone be interested?

Bahamas clearly faces numerous funding shortfall scenarios on its drilling plans as well as at a PLC level. That makes the shares a pretty clear sell.

FYI what you can’t see is a copy of a winding up order for BIZZEL dated earlier this year- yes these guys are real quality and clearly everyone falling over themselves to lend BPC money -

Yes SP- if it’s accurate then it was worth the subscription price lol

On Monday I revealed HERE that Bahamas Petroleum (BPC) was trying to raise $25 million and had already had to cut the price from 1.4p to 1.2p. Bahamas tried to deny there was a placing afoot via RNS but I published an email in response calling that out as a GREAT BIG ****ING LIE HERE. Oh dear, it seems that things have gone from bad to worse.

Tomorrow the placing will b e announced with a price of just 1p. The shares were well over 2p when the roadshow started so can the brokers involve ed honestly say that they deserve their 5% commission for the coke and hookers fund?

With e very bucket shop in town roped in to participate many of those taking part are spiv flippers so you can expect the shares, 1.55p -1.6p at the close today to crash towards the placing price.

Those who bought the stock at 1.85p on Monday as the company poured cold water on my article will be, rightly, livid. As a reminder, the company commented on “press speculation” thus:

“the Company confirms that it has spoken to a number of existing and potential investors and continues to do so, alongside speaking to providers of alternative sources of capital. No decision has as yet been taken as to the funding package that the Company will enact, and the quantum and structure of any funding package will depend on the terms offered and what the Board of the Company considers to be in the best interest of shareholders. As noted in previous announcements, the Company is confident that it will be able to implement a suitable financing package, and will make further announcements as appropriate in due course.”

Ends.

The reality is that it was roping in every bucket shop in town to raise as much as possible at whatever price it could get the issue away at. Anyone buying after Monday’s RNS was warned of the truth by this website but some folks think they save money by not subscribing, Whatever. Those folks should sue Bahamas for their losses as the denial RNS was clearly misleading in the extreme,

agreed - the steps taken could now encourage potential JV partners to put in acceptable offers.

As far as the dilution option goes - considering the likely price of placing expected by the board on TOTAL number of shares issued compared to funds required then the placing is not expected drastically below current SP-
being exposed to 100% of such a huge prospect could make this an attractive option -
you would certainly expect a lot of interest even from Institutions once drill ready.

All that said there is no need to worry about potential dilution until at leat the 12th Sept AGM as this option requires shareholders approval

https://www.edisongroup.com/wp-content/uploads/2019/08/Rockhopper-Exploration-Two-material-events-on-the-horizon.pdf

This is the ECT not UEFA - there is no such thing as a no score draw

Facts rather than ill informed statements

Of 114 cases put to ECT
66 are pending, 37 have been concluded by arbitral awards, 2 were discontinued, 1 was withdrawn and 8 more cases have been settled by the parties (including 4 consent awards, i.e. arbitral awards rendered by an arbitral tribunal to record a settlement agreement between the parties).

That’s not the conclusion you f the article whatsoever.
Firstly FI inhabitants have always stated unequivocally that they wish to remain linked with UK.
secondly RKH PMO has legally binding licences for exploration and extraction with FI
thirdly re nationalisation- does the FIG have an oil industry and the capability to explore appraise and extract and export ?? no? So who would do this ??
As RKH & PMO approach the FID it’s interesting to see the negative spin being spouted.

All finally coming together.

Many reasons for delay- certainly a long FEED time.

Re 50/50 NPV

-- Premier to provide parent company guarantees as required by contractors on behalf of Rockhopper prior to and at the point of sanction to allow FID to take place. Rockhopper to pay Premier a Guarantee Fee calculated on basis of a 50:50 share of Phase 1a NPV at project sanction payable post first oil via quarterly payments over the first five years of production.

-- Based on the 85,000 bbls per day peak production , Rockhopper's share of projected quarterly gross revenue at oil prices of $65/bbl, $75/bbl and $85/bbl would be approximately $200 million, $230 million and $260 million respectively The quarterly Guarantee Fee is currently set at $15.9 million and was calculated based on the project at November 2014. The parties may agree to adjust the Guarantee Fee should it result in a split of project NPV that is different to 50:50 at project sanction. The agreement of the final Guarantee Fee amount will be required prior to project sanction

https://youtu.be/MyVTOTSZwvU
From local news station regarding license extension that BPC have held for 10+ years

NB. I wouldn’t rely on a CEOs comments on the prospects, potential and progress of his own company...
they tend to be rather bias don’t you know :)
SP has been using phrases like “added impetus” & “confident of securing partner” for years as yet he hasn’t delivered on these statements. Yes there are much friendlier noises coming from GOB and securing the licence was excellent news as it prevented total failure and wipeout- as the company would have been in technical breech of licence terms in failure to secure funding and drilling. BPC has great potential but to suggest there is no risk is foolish. just ask anyone who bought in on last years furvour and hype and from sp high’s potentially experienced a 70% loss from almost 8 to 1p
DYOR - get the facts on both the LONG & SHORT case

Every man and his dog on this tomorrow

I have been made aware that they have already commissioned and have an agreement with a major oil company,” Bethel said.

“I cannot say who, but I know who.

“I have every confidence that they will drill…

Those are fairly reasonable assumptions and prices- just to point out that the COS is actually around 30%+ which is very highl by industry standards

Ridiculous statement. based on what exactly ?? It all depends on the terms of the deal. an immediate jump to a 500m MCap is highly unlikely

apologies for the typo. and yes this reek's of manipulation. GL