Member Info for brynjon

This morning I have seen almost 16% down to around 5% and currently 9% - some tomfoolery to make folk jittery perhaps or the MMs just trying to work out a sensible one,

36 trades only today showing on LSE and lucky number 13 on the NEX. Nobody getting excited as yet this week.

bit of deja vu in relation to us picking winners lol ;@) I ended up having a grandad nap and missing the whole event.

Hi spec..Trek - I got that information from page 6 lol.

Just to point out a line in the presentation near to end of page 6

Production facilities and skills capabilities will use current technologies. EIA completed and accepted.

mystery guy - not sure this is the correct bulletin board to be declaring your bed-time antics my friend. ;@)

Mike31 - everyone here is entitled to an opinion, air their own perspective. It is the role of the investor or potential investor to do their own homework prior to buying/selling/watching a share.

It is of course everyone's perogative to agree or disagree with someone else's thoughts, however, it is usually best to take 5 before any comments either way.

You have made your thoughts clear that you are not and will not be investing here.

BPC historically are looking to benefit from their work on seismic data in fields which have shown great signs (speculative). These great signs were found in areas where oil has been found in the past, and uneconomical to recover.
Roll on a few decades and methodology has benefitted from new technologies - we are in a new era of oil - people hate the fact that fossil fuels are seemingly killing the planet (though again two sides to that story too) so there is less of a love for the black stuff - who am I kidding there?

BG, POO put a temporary stop to the efforts of BPC - there is now the reality that sinking a hole can greatly benefit the Bahamas financially.The greed that will follow will ensure drilling is done at some stage.

The last news we have of note is the fact that things need to be getting done sooner or later - of course we have had the couple of BG ministers clouding the issue with their statements.

Time will tell of course - SP has had his contract renewed - his big money will only come in when oil is being produced. His $375k salary is about the same as an executive at a city hospital so it is not too extravagent.

Following on from that the remuneration package was again changed for the CEO on 6th August 2018 RNS 8519W

Changes to Chief Executive Officer ("CEO") contractual terms

Bahamas Petroleum Company plc, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, announces a number of permanent changes to the CEO's contract which significantly reduces the basic salary, writes off accrued cash payments and ends accrual of conditional share entitlements whilst at the same time continuing to align management and shareholder interests.

Following the fall in the oil price during 2015 and general slowdown in the oil and gas sector, the CEO proposed substantial changes to his compensation package to dramatically reduce cash costs to shareholders. Since 1st April 2016, 90 percent of his compensation has been forgone to be repaid in an equal mix of cash and shares conditional on successful funding arrangements for an exploration well consistent with licence obligations.

The key terms of the new contract are:
1) No change to the term of the existing contract (as previously announced), following which a three month notice period from either party applies.
2) Headline annual salary to be reduced to $375,000, paid monthly.
3) All deferred cash entitlements, totalling approximately $1 million, to be written off.
4) No further share entitlements are to be awarded or accrued.
5) All existing share entitlements (totalling 63,567,276 ordinary shares) and options are retained whilst continuing to be conditional on successful conclusion of funding arrangements for an exploration well.
6) No future entitlement to company pension contributions. Accrued but unpaid entitlement totalling approximatly $0.2 million to be written off.

So the share are not options - rather payment in lieu of salary BUT ONLY of successful deal package.

o Issue of new options to staff (23.85 million in aggregate).
· Conditions of all new options:
o Strike price is the higher of 110 per cent. of 30 day VWAP on the date of grant and 110 per cent. of the closing share price on the date of grant.
o The new options are valid for five years, 50 per cent. will vest on conclusion of a successful farmout and 50 per cent. will vest on commencement of the initial exploration well.
Following the above option cancellations, expiries and grants of new options, the total number of share options in issue (as at 12 April 2016) shall be 68,850,000 representing 5.60 per cent. of the current shares in issue. This represents a slight overall net reduction to the total number of options and share entitlements currently in existence.
The described foregoing of 90 per cent. of Mr Potter's salary, as well as a reduction in benefits, pending conclusion of a farmout, and the surrender of share entitlements to date has been undertaken through a series of contractual revisions. During this period of reduced remuneration and benefits, and only prior to a farmout, Mr Potter has a reduced notice period of one month (in the event that Mr Potter serves notice of resignation), however, should this notice be tendered by Mr Potter then all accrued salary, benefits and all share options would be forfeited. Following a successful farmout, all material terms of the previous contractual arrangements, including the notice period, become reinstated.
The entering into of the above revised contractual terms with Mr Potter and the other directors of Bahamas Petroleum are, together, classified as a related party transaction in accordance with Rule 13 of the AIM Rules for Companies. As the contractual terms for all directors are being revised there are no independent directors for the purposes of Rule 13. Strand Hanson Limited, the Company's nominated adviser, considers the terms of the revised contract and the issue to be fair and reasonable in so far as shareholders, as a whole, are concerned.

Autonomy - You will have noted RNS 0114U dated 4th April 2016
Summary of Remuneration Deferrals
From 1 April 2016, the following payment deferrals will take effect:
· 90 per cent. of the Chief Executive Officer (CEO), Simon Potter's compensation will be deferred until a farmout is successfully concluded, to be repaid at that time in a 50 per cent equal mix of cash and shares (calculated on the basis set out below); and
· 50 per cent. of Board fees will be deferred until a farmout is successfully concluded, to be repaid in shares at that time.

The number of shares to be calculated remains on the same basis as the existing 20 per cent. fee deferral agreement for Directors, which has been effective since 1 October 2014, namely that the number of ordinary shares accruing shall be calculated as the value of fees/salary forgone divided by the volume weighted average closing price of the Company shares over each month.
These deferrals are designed to preserve cash, thus supporting the Company's short term balance sheet while the Company pursues a farm-out transaction. In addition to representing a material and immediate fee sacrifice on the part of the Board and senior management, the deferrals will also provide a significant incentive to key members of the executive team to deliver a farm-out transaction in the shortest possible time-frame.

Cancellation and Issue of Share Options
On 4 April 2016 and in the subsequent weeks all existing options or share entitlements will be cancelled, surrendered or are expected to otherwise expire unexercised in accordance with their terms. In aggregate this will mean there are no residual options, thus providing an appropriate opportunity to reset the incentive structure in the Company in line with the Company's current objectives. These will thus be replaced by the issue of, in aggregate, 68.85 million new options to the Board, and existing staff, and explicitly linked to achievement of a farm-out transaction and commencement of an exploration well.
The details are as follows:
· Cancellation of options, all effective immediately:
o Cancellation of all options held by the CEO, Mr Potter (39 million);
o Cancellation of all options held by current Board members (6.5 million); and
o Cancellation of options held by existing staff (750,000).
· Expiry of options on 12 April 2016 in accordance with their terms (assuming they remain unexercised at time of expiry):
o All options held by previous Board members and staff (12.75 million).
· Surrender of share entitlement, effective immediately:
o Surrender of the CEO's currently accrued share entitlement under the existing 20 per cent. fee deferral arrangement 10.185 million.
· Issue of new options:
o Issue of replacement new options to Directors (39 million options to Simon Potter, 2 million options to the Chairman and 4 million options to be shared equally between the remaining Non Executive Directors).
o CONTI

BlackBat - whilst the numbers seem bigger than recent - 9,000,000 is around half of one percent of shares in issue.

20 Million is 1.1% so therefore when we get into the realms of 200 million 11.8% we will be thinking something big is happening.

My percentage figures above are not exact just a round about figure based on the 1,692.72m figure quoted as being in issue.

I hope it wasn't the great white telephone you were speaking to god on. ;@)

Up to 1.9 on the bid - spread has calmed itself down again from the range it was earlier in the week.

No worries armatrading - I perhaps was too vague.
Would be nice if he had been brought in specifically.

Hit the year since the exclusivity agreement RNS. Five weeks is not long to wait, but I hope it will be sooner when we learn any decent news. There are no guarantees of course whether the next news may be good or bad or even when it arrives. My point being that IF that exclusive party is still on board then I would hope that all boxes should be ticked by now. Fingers crossed everyone and stay safe.

It is all a game of chance to be honest
Though we can try and negate some of the trauma.

Sadly I bought into BMR around the same time as BPC and added more with the promise of good times. I am hoping BPC will be one of the winners I have had over time. I hope to take a quarter out at 20p and leave the rest to run and hope it does a DGO style rise so I can retire again.

I see your glass is still half full xciteless

bonum he is that confident that he is no longer acquiring - I think he has enough already so I am pleased it is only the $375k per annum he is getting to be honest.

armatrading - I did mention Camarco were mentioned for a while - it was the new name within the advisors that I made mention of - if it is of any significance we shall have to wait and see.

Where?
The contract for the CEO remuneration package as referred to in the RNS (6 August 2018) is as follows:-

1) No change to the term of the existing contract (as previously announced), following which a three month notice
period from either party applies.
2) Headline annual salary to be reduced to $375,000, paid monthly.
3) All deferred cash entitlements, totalling approximately $1 million, to be written off.
4) No further share entitlements are to be awarded or accrued.

new addition to the names on the RNS.

Camarco - have been on a while but a new additional name has appeared in Thayson Pinedo (Thayson worked for Royal Dutch Shell in the Asset Management Division in the Netherlands).