Member Info for brynjon

fatal - I think it was done to death really. The BoD had clearly stated several times the funding strategy was in place - this latest placing MAY have been part of that strategic plan or it may have been a dynamic decision, the rationale behind it was seemingly unimportant to the likes of us. It may have been nice for us to have been given the opportunity to participate, one never knows if they will do it again for us long suffering holders.

IF this placing is the last until drill, I am sure we will all be happy. IF they offer another placing then I think we will all have something to shout about.

The declared apocalyse did not occur, so we can all rest easy until next week.

Stay safe, be happy ;@)

...I would like to thank all of the folk who declared the SP to be on it's knees this weekend, and everyone needed to take note of the disastrous consequences.

My tinfoil hat appeared to work and keep out most of those damaging thoughtwaves away.

Perhaps if they give it a further attempt next week, it may work, if it doesn't there are just over 10 weeks before a Stena Drill ship begins to twirl a drill bit under its keel.

The result, will of course depend upon those folk who continue to tarnish the BoD reputations.

Whatever may be discovered means nothing to those determined folk.

We are still a high risk play and there are no guarantees here - however - the signs that something big is about to happen are there for all to see.

I am glad (certainly for the moment) that I took no heed of the astounding advice proffered by numerous newish posters, to sell up and take my profits.

Have a great, safe and relaxing weekend all. We have to do this all again starting on Monday.

If you can't be good - just enjoy the days of no news ;@) Plenty of stormy fronts on the way by all accounts.

...lots of differing opinions and expertise.

The past couple of days have been anything but normal - we have a couple of months to spud the Perseverance No 1 well so expect lots of unsettling days ahead before that time. Stay safe - stay well ;@)

RNS 7000J Dated 21 August 2019

Financial Developments

The pricing parameters encapsulated in the rig Framework Agreement with Seadrill and the Notices of Award for services from Halliburton and BakerHughes GE have allowed the Company to obtain greater certainty in estimating a total drilling cost. BPC now estimates the total cost of an initial exploration well to be in the range of US$25 million to US$30 million (and less than US$50 million in aggregate should the Company pursue a concurrent two-well exploration campaign). This is a material reduction from prior estimates (previously in the range of US$60 million to US$ 80 million for a single well).



The Board is cognisant of the Company's firm obligation to drill an initial well in 2020, and given the protracted state of the farm-in process considers it imperative that viable alternative financing solutions be put in place. In addition to allowing drilling to commence even if a farm-in is not concluded in an acceptable time frame or on acceptable terms, this will also allow long-lead items to be ordered and critical-path processes to commence, enable BPC to demonstrate financial capacity to potential farm-in partners (which the Company considers may strengthen the Company's position in farm-in negotiations), and assure the Government of the Company's ability to deliver upon its obligations.



The Company has thus entered into a conditional agreement with Bizzell Capital Partners Pty Ltd ("BCI") for a convertible loan investment of £10.25 million (approximately US$12.5 million) (the "Conditional Convertible Loan"), or approximately half the now estimated cost of the initial exploration well. BCI is an Australian domiciled investment firm, with a strong track record of successful investment in a number of early-stage oil and gas exploration businesses around the world. As consideration for entering into the Conditional Convertible Loan agreement, the Company has agreed to issue BCI with 25,000,000 options over new ordinary shares with an exercise price of 2p per share, exercisable for a four year period (the "First Tranche Options").



The Conditional Convertible Loan is subject to completion of due diligence and contract and approval by Shareholders at the Annual General Meeting. Thereafter the £10.25 million of funding is subject to the Company also having secured funding for the balance of the initial exploration well program, and satisfaction of a number of other conditions.



Once advanced, the Conditional Convertible Loan would be for a term of 3 years, with a coupon of 12% per annum, convertible at a price of either 6p per share or a 25% premium to any hypothetical future equity issuance, whichever is lower.



The Further Detail is in a later RNS details below : -
RNS Number : 4442P
Bahamas Petroleum Company PLC
10 October 2019

..other than it is becoming more interesting.

Whether it be good or bad - it is very interesting and tomorrow is just another day.

What news is there to come? Plenty!!

Liked that Keith1 - bananas in the Bahamas

https://www.fashionveroshop.com/product/bananas-in-the-bahamas-unisex-adult-t-shirt-2/

https://www.youtube.com/watch?v=OrWRcES8qbs

...and it came up as my old 'job' number. Hopefully it will be a lucky number this time around lol.

Lots of shares traded today and if we see these numbers on a regular basis we will know something is cooking.

In the meantime - we sit and wait. Grandson's concussion puts paid to his football training tonight so I may do some reading instead.

Stay safe all - there is still news re Predator as well as the other stuff.

...which is still just a little under 6% of shares in issue though a stark contrast to recent dealings.

ADVFN suggest on the LSE B = 98.1m vs S = 101.7m with UK being 30m

The wording : - "the Placing proceeds will now allow BPC to reduce reliance on previously announced convertible note financing instruments, and in particular afford the ability to not draw further on the previously announced GBP16 million (approximately $21 million) second ranking, variable conversion price convertible bond facility with a Bahamas-based family office (the "Zero-coupon Facility").

The Board notes that as compared to previously announced convertible note financing instruments, the Placing proceeds are certain and represent a known level of dilution (with reference to the Zero-coupon Facility) , and will be immediately available. The Board considers that in the current market environment, this represents a better outcome for shareholders as compared to reliance on the Zero-coupon Facility , which remains to be drawn, and given the variable conversion price mechanism introduces a degree of uncertainty as to the ultimate extent of dilution should the facility be drawn.

The net proceeds raised from the Placing will be directed by the Company to meeting the Company's ongoing funding needs, and in particular the drilling of the Perseverance #1 well."

is not how I saw 'Funding Strategy Complete" however, they say it will be on better terms.

My personal thought is that it appears that any potential faminee is playing 'hard ball' and hoping BPC fall flat on their face prior to drillbit hitting the seabed. This is perhaps one reason - though I know bot all about the industry - though I do know there are many ruthless players out there.

Would love to stay and watch but the grandson has had a fall and off to hospital I go. May have knocked some sense into his teenage head.

I think if anything is to wind on here - it will be wind your neck in!!

Becoming like that 1991 single by Bryan Adams - was okay for the first couple of weeks and then it just kept on repeating.

Whilst there may be some mileage in a little cover sell - too much news awaited to get out for most.

Stay safe all ;@)

PI - well said. I do recall EU suggesting the current lows would be quickly forgotten as we move on forwards.

He also mentioned the current farm in price would also alter substantially on commencing our drilling programme.

Only a few weeks away and nothing compared to the time a lot of us have been here. We have seen the highs and lows over the years. IF this crumbles now it will be a short term issue. Plenty folk looking for their quick 10% profit.

Zag, I believe Luca was responding to Harry's post rather than agreeing with mmm -

lallee - spot on - it folk keep encouraging the trolls they will feed from it and mess up the on point issues.

Have used the filter succeessfully with 9 on today. I think some of the feeders will be added if it carries on.

If one says the same thing over and over like affirmations work - it can become true.

Statements made on here can add or detract from the credibility of a poster - so we wait and see.

The use of IMO or IMHO gives a little back covering of course.

...regarding the Predator deal?

Could be quite fast paced in the morning pending the outcome.

We are all here to play a game - whether that is shorting a stock or investing for the longer term (me being the latter). Folk are making money on the ups and downs and of late BPC has had a great morning and a lazy afternoon.

Time will obviously tell who may be right or wrong.

If folk post and can put a little credibility as to their comments then all is fine in my world. When folk snipe for sniping's sake the credibility can be lost.

I await the final SP today - currently 5.2% to the positive - now more reported sells than buys though we know the times reported throughout the day can be incorrect and give a false reading.

Stay safe - buckle up ;@)

further to my last - 11.45pps is my bad - hopefully we will get something back.

Thanks for the update and grateful that CB has continued the dialogue, however, as we know it counts for jack at the moment.

Positivity will be the way forward in discussion of course.

I agree, however, there is now several additions to the mix since 2011 to be considered along with the additional billions of shares.

Back in 2011 we did not have the additional seismic data, a date to drill, additional resources from the merger etc.

I am not expecting double figures in the next few weeks, though I do hope, nay, anticipate double figures when the drill bit hits the seabed - and of course that is merely supposition - I have no experience of the drilling industry so I will leave the technical attributes to those that do know.

I will suggest to those claiming to know will soon be found out by those here that do know. All the very best and stay safe. ;@)

Who knows where it will end

..up until spud. I don't consider that to be such a greedy ask.

There is still some news that we await and will be happy to wait whilst the price compounds a little more.

Stay safe all - remember to floss after filtering :@)