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BPCs 'acquisition policy' may have yet just started - Uruguay & CERP in a matter of weeks, whennthey should have been'fully' focused on Perseverance 1.

They wont be able to fund raise I'd P1 is a duster, hence even more massive dilution before drilling to secure further assets.

I expect further news releases regarding such to be forthcoming - we have the precedence for such - not ' something will get pulled from up someone's sleeve' rhetoric on various BBs.

That's more delusional type of thinking, imho

Not with the level of Dilution being incurred Bully - and there's more beyond the Billion or so new shares associated with the CERP acquisition.

Upside progression off such drastic dilution will be severely limited and effectively, we'll have to await the P1 results, rather than the initial strategy of many to pragmatically derisk o nthe way.

As doubtful as the Perseverance 1 drill Laallee...? ;)

Atb

What's happening now is that people are hoping / praying that the team at BPC have 'something up their sleeve'.

That's the rhetoric being used rather than the obvious hedging of bets for BPC against the CERP acquisition & the route to finance for CERP.

Forget the conjecture - look at the obvious.

I'll be voting NO and based on common sense fundamentals to our original reasons for investing in the respective companies.

Atb

BPC have pretty much said they've shifted focus away from any JV partnerships and towards 'alternative' funding options - such as CLN drawdowns from strategic investors (such as the 'Family group').

Any Stena involvement will likely be on the basis of further major dilution of BPC shareholding, again as stated in the very recent announcement re: the rig.

Essentially, CERP are being 'taken iver' by BPC, who will then majorly dilute current shareholding through equity release, to fund further development......and likely procure further assets in the current climate.

This will be over the coming months and before any Perseverance 1 drill results, to secure a price for such equity issuance, given the possibility of a price collapse associated with a duster.

Currently the price at BPC looks to be 'artificially supported', as it was at the time of the Open Offer (BPC holders at the time would well aware of that)

The significant further Equity release expected, would in itself severely limit upside leading into the actual drill and compromise any strategy to derisk on such - especially given the discounted prices offered up in such deals (we've recently had 120M BPC shares released to the Family group at 1.27p with another £8M drawdown still in place).

Not a pretty picture going forward and when the actual facts are looked at, rather than 'hopeful' speculation on a near term jv suddenly materializing.

Atb

It's a shame that abuse / dismissiveness is being thrown about, when actually I believe I've made valid points for sensible discussion at least.

I certainly wasn't on the BBs throughout the day but did reply to individuals addressing me when I was.

Those getting personal in their attacks should perhaps look in the mirror, instead of attempting to discredit me by heading a post with my username.

The investment here has significantly changed, so a change in any perspective of it isn't surprising - again, my reasons are clearly stated and underpinning my dissatisfaction with recent events.

We were looking at a defined route to drill focused Perseverance 1 - now we're discussing conjecture on 'what might be happening' and what the BoD might 'have up their sleeves'.

I'm still holding a significant amount of stock here, probably more than many who are attempting to castigate me personally - however, I wont tow the 'party line' on the aforementioned conjecture but will still vote NO.

'Were we really only a few weeks away from drilling or was Simon Potter having us along all the time', is the question that was raised previously by others.

Now I honestly ask myself if even Perseverence 1 will ever go ahead!

I still have a sizeable holding here, so would hope for a NO vote!

The articifially 'supported' price will be pulled soon enough, imo.

The CERP deal would have been concluded AFTER any Farm in announcement, given the elevated share price that would command and thus limit dilution associated with the deal.

It looks more like BPC are trying to secure the CERP deal, even at these prices, due to uncertainty from a number of factors going forward.

That makes a lot more sense than any wishful Farm out deal suddenly materialising now.... especially as they've stated the focus is away from that now and towards other financing means / strategies.

I expect further asset procurement and its associated dilution, via various drawdown/ financing measures, prior to any Perseverance 1 results.

That makes more sense and reconcile more closely with actual statements by the BoD, rather than shareholder wishes, imo

Atb

BPC have pretty much said they've shifted focus away from any JV partnerships and towards 'alternative' funding options - such as CLN drawdowns from strategic investors (such as the 'Family group').

Any Stena involvement will likely be on the basis of further major dilution of BPC shareholding, again as stated in the very recent announcement re: the rig.

Essentially, CERP are being 'taken iver' by BPC, who will then majorly dilute current shareholding through equity release, to fund further development......and likely procure further assets in the current climate.

This will be over the coming months and before any Perseverance 1 drill results, to secure a price for such equity issuance, given the possibility of a price collapse associated with a duster.

Currently the price at BPC looks to be 'artificially supported', as it was at the time of the Open Offer (BPC holders at the time would well aware of that)

The significant further Equity release expected, would in itself severely limit upside leading into the actual drill and compromise any strategy to derisk on such - especially given the discounted prices offered up in such deals (we've recently had 120M BPC shares released to the Family group at 1.27p with another £8M drawdown still in place).

Not a pretty picture going forward and when the actual facts are looked at, rather than 'hopeful' speculation on a near term jv suddenly materializing.

Atb

Wait till they pull out.

36p+ is a reality for this stock!

The Uptrend continues.

Atb & have a good weekend all

As the various holding RNSs clearly demonstrate and as we've seen before with BPC.

Assumed that was the case to support the merger and now seem to be validated in that opinion.

Management machinations.

Atb & have a good evening all

The CLN shares are at a discount to the prevailing price, hence some profits realized off them. However, fundamentally and beyond that very transient situation, this is shaping up very well.

An Opportunity imho and a good side bet with my larger, more committed MATD holding.

Atb all & have a good weekend

"....it does seem that despite huge cost-cutting and potential upside within the portfolio CERP has been really struggling to grow, most fund-raising avenues appeared closed to them and markets appeared closed"

Enter BPC with cash from further Dilution.....well before Perserverance 1.

That's going to be the NEWS!

Atb

With further dilution to support CERP's operations - doubt it.

The current rise is 'hype' that something will be announced that a haggard Simon Potter forgot to, in his 'paid' interview AND some price 'support' that we've seen BPC rely on before, which then gets pulled.

We now have over 6 months to wait until Rig mobilisation for P1 - plenty of time to get Fu doing for & focus on CERP operations.

Funds will get diverted into CERPS via more CLN conversions / straight out Placings and BEFORE any drill results on Perseverance 1, due to greater certainty in securing said Finance at any level post a possible price crash from a dry hole.

That's why the CERP team agreed on the deal!

BPC have a much better route to available Funds to funnel into CERPS

Its be cause CERPS is essentially a 'tin pot' outfit that has minimal revenues and is unable to expand to any degree without heavy dilution - BPC provide the dilution.

Dodsbatty, please refer to my earlier comment about supporting my argument as opposed to just being abusive.

I'm being courteous and answering a few addressed specifically to me by name.

Prefer to get o with other things.

Atb

I hear you but doubt there's anything that will show up that the Company statements dont include or infer - and certainly not something that wont require more funds.

Enter the Family Group or other party to Fund such work on CERPS with additional shares issued.

I believe what we're seeing is some 'artificial' price support, as witnessed by many of us at the time of the Open Offer - that'll get pulled in due course.

Thank you for your polite comments nevertheless.

Atb

Laallee, I've always given a Comprehensive underpinning to my position on any stock, bullish or bearish and certainly haven't been sitting on this BB all day.

People can discuss/ argue the various positions but bribery.....lol

I still hold a sizeable amount, albeit significantly less than before and reflecting the significantly less attractive proposition BPC is for myself as a Lth.

Yes, I am now more bullish on my 'other one's...wont name it.....which has around 675M shares in issue as opposed to the BILLIONS and still counting in BPC.

Certainly no reason to fall out.....fall in, or even fall sideways over our respective views.

Atb