Member Info for CarsCoffee

If we needed an extra 5mil towards the end of the drill because we have oil coming out of our ears and we need to spend the extra to do further evaluation surely they could work a deal with Stena as they would also know the situation.
It seems crazy that the only funding options after all the talk from the BOD is to dump millions more discounted shares onto the market with a guaranteed return.

Continuation below

“ and given the unknown level of potential dilution were this facility to be drawn the Company has no present intention to do so.

· Bahamian domiciled mutual fund: The Company has a sponsored fund with the primary objective of creating a vehicle through which qualified Bahamian investors could invest in the Company. Should this fund grow, additional capital may become available to the Company.

To the extent that any one or a combination of the above funding alternatives are successfully concluded on terms acceptable to the Company, the amount of capital available to the Company would likely materially increase, and would be additive to existing funding sources.

However, even based upon the revised anticipated total well cost, and therefore a future capital requirement of $19m - $23m with an allowance for up to a further $7 million in contingencies, the combined amount of the Company's existing cash balance and proceeds of part of the Conditional Convertible Notes represent sufficient resources required for the completion of Perseverance #1.

In circumstances where neither the Conditional Convertible Notes nor the Zero-coupon Facility are available (for example, where the conditions precedent set out in the Conditional Convertible Note Subscription Agreement are not satisfied (or waived by the Subscriber)), the Company would need to rely on seeking alternative funding, and there can be no assurance that the Company would be successful in securing any such alternative funding.

Excluding any costs relating to the Perseverance #1 well, the Company currently has sufficient cash available to meet general working capital needs for at least the next 12 months.”

Zurichsee, I was referring mainly on borrowing against the CERP assets. I assumed they did the CPR report in order to determine a value and to be able to leverage against that value.
At this point borrowing rather than dilution I would prefer. Below are the options outlined by BPC but it seems they are not taking any and choosing the dilution route instead. I am not an accountant but surely we can get some kind of lending facility with the CERP assets.

“ The Company continues to work actively on a range of other financing alternatives as part of its overall funding and risk mitigation strategy, and will continue to seek access to incremental capital, most relevantly for activities across the Company's broader portfolio of assets in Trinidad and Tobago, Suriname, and Uruguay. These alternatives include:

· Surplus cash-flows from operations: As a full-cycle exploration and production company, BPC expects to see cashflows available from production such that it can be in a position, by end of 2021, to be generating sufficient cash flows to cover all overhead and operating expenses, and with surplus free cash flow potentially making a considerable contribution to ongoing capital and exploration expenditures.

· Farm-out options or similar transactions: For several years, the Company has been engaged in a process to secure financing whereby another entity will acquire an interest in the project in The Bahamas, and in exchange will pay for all or a substantial part of the cost of drilling and cash payments in respect of back costs, thus freeing up capital for redeployment elsewhere in the Company's operations. Discussions remain ongoing.

· Reserve-based lending facilities: The Company has commissioned a Competent Persons' Review (CPR) of certain of its production and development assets in Trinidad and Tobago and Suriname, which is expected to be completed shortly. On completion of this work, the Company expects that it will have a readily monetisable asset in the form of certified 2P reserves, and the Company has commenced discussion with several providers of financing facilities that advance funding against the assessed value of these reserves.

· "Drill for equity" type arrangements: Another common financing structure in the oil and gas industry is a "drill for equity" type arrangement. Several such options may be available to the Company, including the previously announced option granted to Stena Drilling to "swap" part of the fee for use of the Stena IceMAX into equity in BPC.

· Zero coupon Facility: In addition, the Company has a facility for Zero-coupon variable conversion price convertible notes, entered into on 19 February 2020, under which approximately £11.3 million remains available for draw-down in instalments through the course of drilling. Given the Company's current finance sources there is no evident requirement for this facility to be drawn, and given the unknown level of potential dilution were this facility to be dr

I meant in the 2020 share price chart. The price was not above what it is now.

You only have to look at the charts they use for analysis to determine if they are making any sense. At no point before December 2020 was the share price above what it is now.
F1 is only an advertising campaign however it will bring great brand awareness and hopefully more sales. The sales will determine the share price move.
The current market cap is 50% of the IPO. The IPO price was based on a profitable company with big expansion plans. The expansion plans are still in place and have moved forward to some degree with the technology tie in with Mercedes.
If a profit can be had then the rise back to the IPO price should be achievable. I still believe the team in place can achieve this however I also think we will have a stagnation period before that happens.

Yes it would be terrible jdam. They have many other avenues for funding that don’t involve sinking the share price.
They raced about the expansion of funding options after the CERP purchase and alm they have done is taken value from us.
No funding today or tomorrow wi be a very good sign.

Definitely not cleared, we would have had an RNS to show the reduction in holdings. They have 60 days to dump so no real rush especially if BPC don’t go ahead with the additional funding

Yes Rossannan, we will find that out by the end of Thursday. I definitely see a nice rise if no more shares are issued this week.
After that i will be keeping My ear to the ground around Nassau waiting for the whispers to spread through the island rumor mill about the black gold.
We love a good sip sip and it is very hard to keep anything secret in small communities.

Carryyadrillrig the fact is the world cannot function without oil in its current form. This will change over the next 30-50 years however in the meantime oil will keep being extracted.
Cuba are already pumping oil less than 50 miles from the drill site. It is time that the Bahamas actually gets some royalties from its natural resources and the Sovereign wealth fund can benefit the generations to come if invested correctly.

His wife would still be considered an insider so yes she would still need to.

Definitely good news, confirmation again that the drill will not be stopped and the review date is set sufficiently late so the drilling can be finished.
Once the results are known and assuming a great result the negative talk will turn very quickly here in the Bahamas.
A giant windfall for the population without spending a penny can only be perceived in one way by the masses. A few will still oppose but they will be drowned out very quickly.

Opulentia, you are not grasping the ridiculousness of the deal that BPC did on the last funding.
They can sell at 1p or 0.1p it makes no difference to them. Whatever they sell within 60 days of spud will be topped up in cash by BPC to the equivalent of 2.3p.
Let’s hope they don’t repeat this deal which is due in the next 2 days.

JP no because they have plenty of room using existing funding structures to continue drilling if necessary.
They are only raising the money now in case of a duster and to make sure the CERP assets can be expanded on to keep the company going.
If they came out and declared this then I would have some respect for the idea however all they keep saying is they are fully funded then continue to sell cheap shares.
So if oil is shown they can use other funds set aside for CERP then raise much more money at considerably better Rates once the results are public.

Tiny it would probably be £12 for me to buy back. I am not holding my breath. I think we could see £15-16 in the near future.
Although obviously I am being pessimistic I also would be quite happy for all of you if it goes to £40. If the company shows a profit this year then that is also possible.

I think the below is referring to the fact that they will not be entering the World Endurance Championship and Le Mans with the Valkyrie.
I am sure the customer cars are still going ahead or that would be terrible news.

“the Valkyrie-based Hypercar for WEC - appears to have been indefinitely postponed.”

Can’t find anything

If they raise more money this week they should all be fired regardless of results in my view

Golfer really? Do you have a link?

That did make me laugh Tiny. Ned what you on about?

I would also assume the seller will know if BPC don’t take the additional funds that things are going well and may hold onto a larger portion for results.
This would be a double whammy and the price will move quickly. Next 2 days will be very important.