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Just an old snippet but may be helpful.

“In the normal course of drilling, a full suite of logging and measurement while drilling logs (gamma-resistivity, sonic density and neutron) will be acquired, thereby providing formation data and a synthetic seismogram (sonic-density), both of which will be used to calibrate real time well data to identified seismic markers to correlate the reservoir targets and age each of the penetrated horizons. In all instances, formation evaluation while drilling (FEWD) tools will gather data on temperature, formation pressures, porosity (including fractures), oil and water saturations and total thickness of the potential hydrocarbon bearing reservoirs regardless of outcome - further augmented by a wide range of wireline logging and sampling should results while drilling be merited.”

Which way are you reading it Sharescare? Extension just for BPC to pay any deficiency or that the extension is for both sides and gives them additional time to sell.
It can be perceived both ways as written. We need confirmation from BPC as it is obviously unclear which was probably the intention to not draw attention to the fact that they are getting a free run at the results.

“ more finance options on more advantageous terms”

Translation into BPC language. We can flog more shares at a discount and give guaranteed returns.

Pageofcups I agree that could be what is playing out however I can’t believe we have got to this point and the only funding we have come up with is more dilution at 2p.
Either poor execution by the BOD on the funding or corruption giving the craziest funding deal I have ever heard of.
So we give them a 1000% or more upside with no downside and a guaranteed 15% over a couple of months. Does anybody think that this finance deal sounds right?

I am not talking the share down just trying to understand why this is happening.

“ Ask yourself why has BPC given Lombard a free shot at the well result? There is only one answer.”

Can only be one answer to that and it is corrupted. I would lend BPC £5 million tomorrow if they guaranteed just my money back (no 15%) if they gave me a free run at the results.

Oultonmike why would they flip the shares if they are being given a risk free run at results? They will just hold of positive and dump at any price of negative.

Thebhoys actually now 25 million hence why I am trying so hard to make sense of this.

Bespoke, when I run the other side it also doesn’t make sense.
So let’s say the BOD are getting positive signs and they have delayed to confirm that the drill is looking good before committing to the next funding.
My problem with this is that they could surely do a delayed payment deal with Stena while we sort a lending facility using CERP assets and the new found oil. Why give away 2p shares if the results are positive?

Bespoke Keats walk this scenario through. We have the current 375 million shares and with the new option (put bad Call) we add another 375 million. I assume they still have 300 million of the original as no RNS has been published.
So we are working with 675 million shares. Now let’s say they have waited for results and this is a duster.
We all know the share price will crash. They wi be doing a fire sale on the 675 million shares and may only get 0.5p a share or less.
The remaining 1.8p a share will need to be paid in cash by the 16th April. So £12,150,000 would need to be paid in cash.
Where does that leave BPC? Dead is the answer and no way of funding the CERP assets so no value there either.
Something very strange is happening and I am not sure what.

I have also had a reply from BPC regarding my offer to lend the money on better terms and doubting the legality of this funding. See below, looks familiar.

“ Given, however, that your comment has been submitted via the grievances mechanism, the Company is obligated somewhat to provide a response. Which in this case is to reiterate that all relevant information in relation to BPC’s financing arrangements is already in the public domain, including the terms of those arrangements and the funding strategy that underpins them. We would note that all funding arrangements have been implemented on the basis of what the Board considers to be the best balance, at the time of implementing them, of funding availability, market conditions and sentiment, the Company’s immediate/long term capital needs, and the cost of that funding (including dilution).

Inevitably, there may be shareholders who may not fully agree with every decision taken by the Board and management. The Board and management of BPC are accountable for their decisions to all shareholders at the Annual General Meeting. Equally, BPC is a publicly traded company, and a shareholder has the ability to sell their shares at any time. We would point out that management and the Board collectively represent about 10% of the Company’s equity base – a significant participation, and a level that we would hope provides some confidence that when we take decisions, we behave like owners.

Finally, we would point out that in recent weeks a great many shareholders have been congratulatory and hugely supportive of management’s efforts and BPC’s overall achievements, especially in the context of a difficult market environment, the backdrop of a global pandemic and legal actions in The Bahamas. After more than a decade, against all of the odds, we have finally been able to bring the project in The Bahamas to the point of safely drilling an initial exploration well such that what now simply remains to be seen is the result of those drilling efforts: like all shareholders, we are eagerly waiting to see what Perseverance #1 reveals.”

If the flip side is true then now we have guaranteed them the 15% and given them a free run at the results as they have until the middle of April to flog the shares.
This would surely be the most ridiculous and crooked deal anyone has even put forward.

I have just read through for the 10th time and now I am doubting what I have said regarding the date at which the fund has to sell the shares.
The date for them to add the additional money is the 12th or the P1 results but it is not clear if the date of the guaranteed sale price is extended along with the payment of any deficiencies.
I will retract my previous statements until we can get further clarification.

Proselenes the Bahamas will absolutely give a production license if oil is found. They may put it to the public but the out come of offering a free $5+ billion dollars will win the vote.

They get the benefit of us borrowing the extra money with the same crazy guaranteed deal in place.

They have accepted it because they are getting a guaranteed 15% return over a very short period. BPC have said to them that we will draw down the additional funds if you agree the the extension.
Unfortunately this does mean that it is very likely that BPC will dilute further and the fund will also go ahead with the option.
So another 375 million 2p shares will hit the market next week. Fun

Only the reconciliation of payment on the deficiency of the guaranteed funds has been extended not the date of the “Call”.
12th of Feb or the results of P1, whichever comes first. This actually allows BPC to announce results earlier if they choose and stitch the lenders up. This would only be if a duster was the obvious outcome.
If it were me lending I would be selling at any price to make sure the 15% is secured.

Bespoke and cups you are not correct. Read again.

“ subject to BPC exercising the Put, the Call must be exercised before the earlier of (a) the date of BPC's RNS announcement of the Perseverance #1 well results and (b) 12 February 2021, failing which, the Call will lapse; and (iii) in respect of any shares issued pursuant to the exercise of the Put or Call, the date on which BPC may be required to make a reconciling payment to the Investor is extended from 60 days after the date of spudding of Perseverance #1 (which would be 20 February 2021), to 16 April 2021, this extension allowing a considerably longer window for the determination of the need for a reconciliation payment (if any), which BPC considers to be to its advantage.”

Prose lenses which what you are saying is largely true. I feel the goal of this drill is to bring in a farm out partner.
I would assume discussions have been had and possibly even certain negotiations that are reliant on the P1 data.
It is the farm out partner news that will take the price over the 10p mentioned.

I can’t work out if the delay to take the additional funds is good or bad.
My initial thought is that they are giving more time to get rid of the last shares so they can lend the money back to us again.
The flip side could be that BPC are hoping for more information and if positive will not want to be giving away 2p shares.

They have not extended the guaranteed period. The period still remains and they state the call has to be made before BPC announces the results.
The extension is for BPC to pay back and deficits from the sale of shares to top up to the 2.3p.