Member Info for bonum

Yes Chesh, that was referring to BPC.

Atb

LTID, I've put certain points up and given the appropriate reasoning - no one was able to effectively dispute them.

I dont call name calling a valid response.

All the talk of 'surprises' and Farm ins suddenly materualizing - all you have to do is look at the company statements and link the parts together.

All the various pieces are there and point to further massive dilution, issues with the actual P1 drilk still not resolved and no Farm in planned until after P1.

You can name call if you like - that's easy to do when the arguments presented against your unfounded bullishness, are so persuasive and rooted in what's actually happening.

Atb

It will protect Director salaries!

This was prior to the Open Offer acceptance.....and this 'artificial support' is trying to prop the price here for the vote coming up.

Then it'll be somewhat of a freefall thereafter, imo and given the reasoning on the merger previously given

Atb

Effectively 'supporting' the price.....getting ordinary shareholders sucked in.....then leaving them high & dry!

We saw the same thing with BPC, to sustain the share price at the Open Offer price, when it dropped below.

All 12.5p worth!

There'll almost certainly be more downward price drift here, awaiting the late Dec (at earliest) drill date (assuming it goes ahead) - and knowing now that we wont be getting any Farm In for P1 (refer to the company statement)

There'll almost certainly be more downward price drift here, awaiting the late Dec (at earliest) drill date (assuming it goes ahead) - and knowing now that we wont be getting any Farm In for P1 (refer to the company statement)

So, 12.5p upsideeffectively given by the 'well respected' Leo Koot and contingent on P1 hitting Oil....!!

If it doesn't hit oil, or indeed doesn't get drilled due to issues regarding the Force Majeure / CLN conditions......the downside would obviously be catastrophic.

12.5p upside
Not much above 0p on anything else.

Certainly not the investment many of us waited so long for.

Although I have a core ISA holding in BPC, I've diverted some cash from that into discounted, dividend paying Ftse stocks.

Certainly makes more sense, imo

Atb

So, 12.5p upsideeffectively given by the 'well respected' Leo Koot and contingent on P1 hitting Oil....!!

If it doesn't hit oil, or indeed doesn't get drilled due to issues regarding the Force Majeure / CLN conditions......the downside would obviously be catastrophic.

12.5p upside
Not much above 0p on anything else.

Certainly not the investment many of us waited so long for.

Although I have a core ISA hokding here, I've diverted some cash from BPC into discounted, dividend paying Ftse stocks.

Atb

That's another, 'let's see if somethings going to be pulled out of their sleeve' scenario - note the specific wording from last weeks RNS;-

"it has long been the Company's stated policy that the transformative value of the project would be maximised by introducing a long-term partner via a farm-in, and it continues to be the Company's view that a partnership with a large multinational oil company will offer considerable benefits when it comes to taking the project forward ONCE THE INITIAL EXPLORATION WELL IS COMPLETED"

What we'll have before that First Perseverance drill (if it happens), is significant dilution.....and a long wait until nearer December for News.

How much 'excitement' is still going to be retained over the coming months, as people look elsewhere.

Atb

With not even any certainty of Perseverance 1 being drilled, heavy dilution.....and a very doubtful merger with a modest oiler.

No Farm in in the meantime, as stated in the official company statement - regardless of 'flights of fancy' by certain BB posters.

What do you think will happen to the share price with that wait...!!

At least we've established that the company dont intend to Farm in anything (if they ever did) until AFTER Perseverance 1 is drilled.

What we have left is speculation on further funding options and whether Perseverance 1 will actually go ahead.

And the long wait until December, with that cloud hanging over us....

IreneKrapp, yes that's an additional $17M-$26M STILL required......doubt BPC will be putting mo eyed into CERP anytime soon.

Atb

BP has nothing to do with the merger that's effe tively securing ongoing salaried positions for the BoD.....at the cost of massive dilution.....and with still catastrophic effects on the SP with a P1 duster!

At least we've established that the company dont intend to Farm in anything (if they ever did) until AFTER Perseverance 1 is drilled.

What we have left is speculation on further funding options and whether Perseverance 1 will actually go ahead.

And the long wait until December, with that cloud hanging over us....

Atb

From the official company statement;

"the Company's current funding "GAP" for Perseverance #1 is in the range of $12 million to $16 million (plus a further $5 million to $10 million depending on the extent to which potential contingency / provisional costs may be required / opted for)."

That's $17M-$26M additional cash required!

We had 120M new equity issued on the 4th June @1.27p

We have a massive amount of new shares to be issued as part of the financing agreement at 2.5p, as well as a further £8M CLN conversion from the Family Group, who just grabbed the last aforementioned 120M shares.

If Stena do come in, one option is a straight Placement at the prevailing rate, which will no doubt be significantly discounted to the prevailing price.

Bearing in mind, BPC have officially stated in the recent RNS, that a Farm will be pursued AFTER the P1 drill (as referenced previously).

What we're effectively going to have, is Billions of new shares heavily diluting any shareholder value and making it next to impossible to have any significant derisking opportunity, leading into the drill.

Bearing in mind, even that's not secured give outstanding CLN conditions needing to be satisfied and Force Majeure still needing to be cleared.

Even if the merger does go ahead and the drill does take place - a P1 duster would have a catastrophic effect on the share price, given the rather modest contribution CERP actually make in the bigger scheme of things.

Many will spin 'whims of fantasy' about things up peoples sleeves etc- what I'm stating are the hard cold facts and referenced from ACTUAL company statements.

I'll certainly be voting NO.

Atb

"Give it a rest. You sold out loads of shares and you now need the price to go down so you can buy back in."

You're completely missing the point!

When I see 'flights of fancy' presented as 'eureka moments' about ' things up peoples sleeves'......when it's been categorically stated in an OFFICIAL company RNS, that a Farm in 'may's be pursued after the P1 drill (if it goes ahead).....then I'll post.

Although I certainly do think this will drop significantly, given the uncertainty with the P1 drill, no Farm in 'surprises' and long wait until Dec......what I'm actually looking for is a NO vote!

Is that to difficult to understand??

I have a large amount of shares sitting in an ISA, so am very much still aligned here.....if we get a YES vote, evennthat will be divested of.

Let's start looking after our interests as Private investors having bought into the original investment case......rather than muppets dumped by a 'less than transparent' & self serving BoD.

I hope that's put simply enough for everyone.

Vote NO!

Atb

Oiler87, of course the cash for 'future drilling' isn't there atm - if you listen to Mike Bucks interviews, he states its via a JV (possibly with PetroChina with current talks) and domestic bank loans etc - also, that it's a 'relatively modest amount' needed.

The focus is the Exploitation licence for near term monetization of Heron 1 - and that looks well in track.

I have my BPC funds to buy more of this, so sitting well.

Atb & have a good day

Note:- it's clearly indicated from the RNS last week - there will be NO Farm in until AFTER Persecerance 1.

People have tried to disparage my MATD holding but that has existent commercial oil assets AND world class exploratory assets- with only 750M shares in issue.

Why should I then be forced to have a 'mish mash' modest producer / large asset hybrid with Billions of shares in issue (and billions more to come) and now a doubtful P1 drill - when actually I initially bought into a good binary play on P1 with funds 'supposedly' in place.

I'll be voting NO and hoping something can be salvaged from this mess!