Member Info for bonum

'Bidding war' would be good IK - wait to see what happens when/if that news suddenly drops soon!

Atb

Bullish sentiment returning to the wider markets as lockdown eases in US and Trump's comments on continuation of such - back above 2p soon no doubt.

Have a good evening all

Are you referring to the initial tranche at 0.07p manna?

That's a significant premium to the current SP and hence a very comfortable profit margin for those buying at current levels ;)

Atb

We  also have the OPEC discussions coming up in June, which should give the wider markets a boost, if indeed the Saudi and Russian energy ministers follow through on their comments for further production cuts.

.....and further distance from the current covid situ.

All positioned very well indeed & glad to be holding a position in BPC for the rise expected to Drilling!

'Ow yeah!' indeed...!! ;)

Excellent news with some (other) key points emphasised regarding reduced costs (all fully covered) and processes to potentially reduce further shareholder dilution going forward to drilling.

The share price was way oversold previously, so can reasonably expect a good Re-rate towards a higher price level.

Atb all

We also have the OPEC discussions coming up in June, which should give the wider markets a boost, if indeed the Saudi and Russian energy ministers follow through on their comments for further production cuts.

Hello Yachtmaster, ' do I think we'll ever get back to 1p'? - It would certainly be interesting to see where we'd get to, moving through the various milestones towards drilling, actual drilling.....and then if we actually struck oil!

Before that, we have the Prospectus to be signed off of course, but I think that will be a formality tbh and for reasons already discussed. It will be highly significant though, as it not only provides the finances to keep COPL running for an extended time period but also effectively gives the Company a much stronger position in negotiating the current contractual issue.

Short term we'll see he initial tranche subscription price of 0.07p per share, imo and we should be well positioned from there.

Atb

FTSE open looking good and strengthening at 6000 support, US pushing through easing of lockdown regardless, markets continuing on 'general's uptrend and accepting transient moves..... and further OPEC oil production cuts expected from the talks in June.

We can certainly argue over 8p, 10p, 15p etc.....but with financing in place and somewhat more confidence attached to the oil price, the price level of BPC shares at this juncture, can be put into a more realistic perspective with regards to reasonable price multiples going forward.

Atb all

"We have a (placing) price significantly in excess of the prevailing SP"

The financing deal that Millholland has managed to put together, is a remarkably good one and certainly not what we could have anticipated leading into the current climate.

We have a price significantly in excess of the prevailing SP, staggered equity release over a generous timeframe, clauses favouring COPL in regards to limiting dilution going forward (dependent on ongoing developments).....and restrictions regarding the disposal of new equity shares in the future as well as the price levels for such shares.

This is a very well negotiated deal and shows some not small degree of Confidence by parties to said deal.

It also puts the company through its Partner, in a much stronger negotiating position regarding the current situation being negotiated, with clear funding going forward upon Prospectus clearance.

As we can all agree, a very major Re-rate due on that RNS due to the immense impact it should have on said negotiations as well as clarity regarding the Company's ability to continue over the next couple of years.

FTSE futures up 0.49% atm, overall market sentiment broadly positive moving forward with a strengthening support at the 6000 level, US looking to push through lockdown easing regardless etc.

Expecting the share price here to move towards the Placing price, regardless of any transient variances along the way.

Atb all

How much value added compared to what we can reasonably expect with discounted, dividend paying Ftse stocks atm....?

Good to see the price consolidation over the last couple of days, before the next leg up!

I think Petroleuminvestor did state the price on rig mobilisation etc - is 10-15p really so unreasonable by then and targeting a potential world class asset?

Atb & have a good weekend all

The spread quoted on Lse.co.uk isn't the 'real' spread, which indeed is much narrower - refer to the London Stock Exchange resource.

Regarding the current price, put that into the context of the cleared Prospectus and the prospects for the Company going forward.

Atb

Apologies for typos

Whatever Art Millholland's failings (and there are plenty), the actual financing deal he's put together is a very impressive one indeed.

I was actually surprised reading through the details and hence, not surprised at any large scale strategic Buying that may be taking place.

My Prospectus still needs to e cleared but I am confident of that being communicated to the market in due course (reasons given previously).

Once that RNS is released the company should be in a must more secure position to address the Essar issue, hence why a major Re-rate can reasonably be expected soon.

"which uk companies offer 10% divi?"

A fair few of the major Ftse 250 companies do and even more in the 5-10% range at current prices, accepting that there's some short term disruption expected with some dividend payments.

However, these are major bona fide operations that certainly aren't as speculative as to 'whether or not & by how much' dividends will eventually be paid, as MMX seems to be.

The capital growth component on those major companies from current levels, are likely going to be impressive to.

I've stuck with TLDH/MMX for a long time and frankly getting rather tired of Toby Hall & the whole greedy management culture there.

Fred's influence has passed on to the new crowd....

Atb

Some will be seriously considering 'getting off the bus', given the 'discounted' Ftse stocks elsewhere, all with established Dividends.

Toby may deliver 'something's in 18 months but I suspect as usual, he promises slot to smaller shareholders, whilst really looking to line his & fellow directors own pockets.

If there were no bargains elsewhere, maybe, but it's a difficult one to reconcile given the returns available from a diverse array of other established prospects at this time (accepting some are temp deferred) - how does the possibility of a 0.5-1% dividend yield stack up to the 5-10% from some of the biggest UK companies?

Over 10 years here and seen successive Directors continue to generously line their own pockets, whilst promising scraps to private investors who have effectively bankrolled their indulgences....!

Serious decisions to be made, so would be interesting to hear others opinions on the header question - has something been missed?