Member Info for bonum

There's a lot of conjecture on the BBs about Potter having things 'up his sleeve', 'he's going to surprise us' etc ......the reality of what's transporting is somewhat more obvious and disturbing.

We were supposedly only '3 weeks from drilling' with the rig & insurance unsecured - how was that possible?

All BPC holders know that a 'Farm in' has been promised for years, but now the shift is obviously away from such - indeed, for those looking for the 'surprises', the company have categorically stated there wont be a Farm in (if at all) until AFTER Perseverance 1 is drilled.

" At such time, 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."

They've also been at pains to point out that an alternative would be 'less or as dilutive as a Farm in' in an obvious move to veer towards other financing options - we all know that for those looking to derisk, a Farm in would have been much better than the massive dilution ahead.

Regarding Stena, they have until the 1st Dec to decide to take part in the options presented, one of which is a straight significant equity release on 'usual Placing terms' - no doubt on a large discount to any prevailing share price.

We had 120M shares hitting the market @1.27p barely a week ago. We have billions of 2.5p CLN shares as part of the financing agreement, conditions for which have still not been met.

We still dont have confirmation of the Force Majeur and the comms sent to the company by one of the PIs, had a very evasive response back

Will Perseverance 1 actually go ahead, given the duplicitous statements we've had from Etyan/Potter regarding the previous 'readiness'to drill & supposed '100% focus' on P1'.

Since then, we've had 2 asset acquisitions that obviously take time to apply due diligence to and research.

Is Perseverance 1 going to be drilled at all - the situation is now very murky indeed!!

Those who think CERP provides a 'safety component' for BPC are mistaken. It has a modest revenue stream & assets, which have been acquired through massive dilution of nearly a Billion shares (with much larger dilution still to come).

If Perseverance 1 is drilled....and is a duster.....the share price hit will be catastrophic, WITH or WITHOUT the CERP merger. However, the salaried positions of the BoD continue.

At least with the binary play presented before the merger, there was a better opportunity to strategic ally derisk as many of us had stated, given that we were prepared to tie up our funds with an early entrance to the investment.

We now have a Massive suppression on any price rise, with much swathes of cheaper stock holding back any appreciable rise.

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!

Atb

There's a lot of conjecture on the BBs about Potter having things 'up his sleeve', 'he's going to surprise us' etc ......the reality of what's transporting is somewhat more obvious and disturbing.

We were supposedly only '3 weeks from drilling' with the rig & insurance unsecured - how was that possible?

All BPC holders know that a 'Farm in' has been promised for years, but now the shift is obviously away from such - indeed, for those looking for the 'surprises', the company have categorically stated there wont be a Farm in (if at all) until AFTER Perseverance 1 is drilled.

" At such time, 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."

They've also been at pains to point out that an alternative would be 'less or as dilutive as a Farm in' in an obvious move to veer towards other financing options - we all know that for those looking to derisk, a Farm in would have been much better than the massive dilution ahead.

Regarding Stena, they have until the 1st Dec to decide to take part in the options presented, one of which is a straight significant equity release on 'usual Placing terms' - no doubt on a large discount to any prevailing share price.

We had 120M shares hitting the market @1.27p barely a week ago. We have billions of 2.5p CLN shares as part of the financing agreement, conditions for which have still not been met.

We still dont have confirmation of the Force Majeur and the comms sent to the company by one of the PIs, had a very evasive response back

Will Perseverance 1 actually go ahead, given the duplicitous statements we've had from Etyan/Potter regarding the previous 'readiness'to drill & supposed '100% focus' on P1'.

Since then, we've had 2 asset acquisitions that obviously take time to apply due diligence to and research.

Is Perseverance 1 going to be drilled at all - the situation is now very murky indeed!!

Those who think CERP provides a 'safety component' for BPC are mistaken. It has a modest revenue stream & assets, which have been acquired through massive dilution of nearly a Billion shares (with much larger dilution still to come).

If Perseverance 1 is drilled....and is a duster.....the share price hit will be catastrophic, WITH or WITHOUT the CERP merger. However, the salaried positions of the BoD continue.

At least with the binary play presented before the merger, there was a better opportunity to strategic ally derisk as many of us had stated, given that we were prepared to tie up our funds with an early entrance to the investment.

We now have a Massive suppression on any price rise, with much swathes of cheaper stock holding back any appreciable rise.

The Uptrend looks to be strengthening g here and technical indicators looking robust for a continuation of said trend - I'm actually focused more on the fundamentals associated with the prospect MATD presents and with only c 750M shares in issue.

I'll be divesting further of some of my BPC holding, with a view to MATD and given the change of the investment there, along with the many Billions of shares in issue (and to be issued).

BUY & HOLD is my approach to Petro Matad and in line with the projected Uoside I'm anticipating here, through the various price catalysts due.

Atb & have a good day all.

Oh dear, you guys are here now too ;)

Atb & have a good evening all

A BUY Signal triggered apparently.

I have a feeling I'll do well with my very modest holding here, along with much more significant MATD to balance the overall risk profile.

Atb & have a good Sunday all

Btw, IK has periodic 'retirements' - he's well beloved by us all, including myself.

He'll be back ;)

Refer to my post at 17:23 'onlybpc', along with justifications for my position in previous posts - you can then decide if I'm 'fickle' or not!

Some of us would retain a portion of our holdings to reduce perceived risk associated with a YES vote - whilst simultaneously discussing the issue and hoping for a NO vote to transpire.

That's pretty much my position and looking towards a renewed buoyancy in the price, if such a vote is passed.

Spritefan, when have they NOT referred to 'current farm in discussions' over the last goodness knows how many years.....in pretty much every company statement.

Now they're saying there are other options, which are great because they'll be 'equal to or less dilutive' - in Company speak, they've effectively given up on any Farm in development and proceeded down the road of alternative finance means.

The '3 weeks to drill' obviously wasn't duplicitous was it and given where they were with specific requirements associated with the Rig not having been met......??

'100% focus on P1' - obviously not!

Do you really trust Potter /Etyan?

And be careful of anyone who headers a post with his own username & delusions of prophetic grandeur

' Eureka' is it...??

As Groover says, focus on the argument being presented.

Regarding my own posting, as a holder here, I would like the vote to be a NO and am providing my reasoning accordingly.

O/t - Jimtheknow, your header #takebackcontrol - let's hope we dont get bitten in the D'arce ;)

Atb

With the greatest respect Baraboy / Willec you're talking nonsense with the figures you're quoting.

I've tried to quote the actual figures to you, expenditure requirements etc and straight from company statements.

To start saying things like 'what if BPC hit 10p, then CERP is a bargain' etc is ridiculous.

Have you considered what the mkt cap would be for BPC reflecting that share price? What would warrant it short of a P1 oil strike and even the drilling of P1 is doubtful now!

Also consider the c 120M CLNs that were issued just over a week ago at 1.27p. Then we have the Millions of CLNs to be issued at 2.5p.

How are you going to overcome that level of suppression, to reach that mkt cap, for a non producing oiler like BPC.....whose main drill is now in doubt??

Both your logics are critically flawed.

Atb

Baraboy, you state- "but what you seem to be missing out is what cerp brings to the table that why i have quoted 10 million 
but it seem you cannot think outside the box"

We were referring to cash requirements for the P1 drill - you quoted '10 million' - the reality, according to the official company statement is $17M-$26M - that's way off your 'estimate'

Simon Potter has also specifically stated that any CERP cash assets will only 'just about cover transaction osrs' for the merger.

Hope that helps with your planned rampant buying.

Atb

"In the coming months the Company will continue to assess options for a farm-out or similar transaction, " - hasn't the EXACT same thing been said for years in EVERY single company statement??

Indeed, if you look at the language used, theres actually been a shift towards 'alternatives' and pointing out that a 'Farm in' wouldn't necessarily be the best option....and similar dilution outcomes from alternatives....etc.

Those who are used to the language of company statements will know there has bee a profound shift - mirrored now in the various financing alternatives (all leading to significant dilution) z and away from any actual Farm in option.

Etyan / Potter have been duplicitous in 'influencing' private investors, imho.

IK , is he 'ebullient' or 'tired' then - you can't have both!

I would say he's exactly the way he comes across - uncertain of himself and given recent events, not surprising.

IBLondon, you say "A no vote will possibly mean no Perseverance drill. Think about it."

Are you really saying that no CERP deal means no P1 drill? That would suggest anticipation of P1 drill being jeapordised regardless, given the route to P1 drilling should be independent to the CERP deal - that was just a diversion from the oft stated strategy of BPC.

It does make sense only if P1 is under serious threath and given finances etc have still not been committed, conditions of the CLN still not cleared....and the Force Majeure still not agreed!

Dont you think Potter /Etyan have been at best disingenuous in portraying the investment to us fickle private shareholders - I mean, we were '3 weeks away from drilling' right (and without a rig secured!!)?

To make it even clearer - they're anticipated to have $9M at the time of drill and need an ADDITIONAL $17-26M

Hope that helps before you commence your rampant buying streak ;)

"it looks like bpc just need 10 million to get started in december for drilling ,,, they already have 12 million sitting there in the bank"

Baraboy, please do your research, instead of telling people how much you're going to buy on monday (really!)

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!

Hillbilly, that's what I'd like to see rather than a 'blinkered' (imo) view of the Management course primarily geared towards securing their salaries.

A NO Vote!

I think we'll see a marked rise off such - without it, a dry hole on P1 wilk still have a catastrophic effect for shareholders - with or without CERP - and without any 'real' opportunity to derisk by private investors.

Atb

Yonny - I wasn't having a go at you and the posts aren't aimed at you . I hope you're well.

Atb