Member Info for GarryGraham

I found the interview that Simon Potter did yesterday unimpressive and underwhelming. I will explain. He made comments such as " It wasnt the outcome we wanted" when referring to P1. I alluded to the fact that the company had spent $150m and obtained excellent data. So what ! I should hope if I spent $150m on a project it would at the very least obtain "good data". Potter made the excuse that because the Bahamas drill was significantly less than first cost "we ( referring to shareholders ) got a good outcome". Actually, Mr Potter - I think you will find that most shareholders would say the very opposite and if you measure success on being able to drill at less than the original anticipated cost as a "good outcome" I suggest you take a look at shareholders value and see that the company is now worth 80% less than before the drill. The bahamas licenses are a dead duck. Just look at the man's body language he looked like a man who had been defeated and defeated badly. This is why he passed the buck on to Nathan Rayner at the end of January. This video presentation should have been done 2 months ago. It is 2 months too late. If Potter had the courage to do this presentation to shareholders live at the end of January, investors would have read between the lines and bailed and so saving a semblance of their capital. Potter talks about being able to try and drill 200-400 barrels a day and if that is successful we can drill another 9 holes and if that is successful we can do 30 and if that is successful. It is all projections and best-case scenarios. What we want as shareholders are less projections just results and not pie in the sky figures like the Bahamas P1 has between 750m to 1.2 billion barrels of oil when in reality it was a duster. In conclusion, what I will say next is the saddest part of the interview. Potter never at any stage showed any real disappointment for shareholders or investors. I don't think for a minute the board of directors has the shareholders' interests at heart I am of the opinion they just want to entice existing shareholders not too sell and for new gullible shareholders to join this pipedream whilst they get paid their salaries and pension plans. This is still very much a binary option and a long long way from being a safe investment. To all those that have averaged down, I admire your courage but be prepared to lose the lot. All in my own opinion: GG

AgaKhan: You want to hear my view. Here it is. I have thought long and hard about averaging down to reduce the SP. I am currently sat at similar losses to you with an SP at 2.38p. It was a binary option and I was prepared to take that risk as I was of the opinion that the SP would rise pre-drill results when in fact it flatlined and then tanked on results. Simon Potter and the board of directors in my opinion never gave shareholders a chance at any stage from September 2020 onwards to make money on the rise in SP due to continual poor funding when they clearly did not have the money for the drill despite stating on so many occasions the company was fully funded. They (In my opinion ) continually entered into very poor financing deals and I can only base my future judgments in this company based on the behavior and past experiences of the directors. Personally, in my opinion, I believe there is a lack of faith and trust in the board of directors by the majority of shareholders and the announcements they make in the RNS's. The company BPC has never produced any financial results showing profits at any stage under the tenure of Simon Potter or successful drilling or explorations of any wells to the best of my understanding. Personally, I am not investing any more money into this company until successful RESULTS. I am not interested in projections or the possibility of farm ins as I do not think for one minute a major would enter a farm-in with a company with such a small market capital why not just buy them out. In oil terms the company is worthless hence the market capital. It has a few licenses for oilfields where no commercial quantities of oil have ever been discovered by any oil company. It has picked up a company that has struggled to get a few hundred barrels of oil out of the ground and who were basically on their last legs. It has a potential license in Uruguay which has still to be signed off for by the President. It doesn't exactly inspire me with confidence and for that reason, I won't be investing any more money in this dog of a share. I am happy to get out with 50% losses which I have never had on any other share but my greed and naivety got the better of me on this occasion. I won't make the same mistake again. Best of luck with your investments and let's hope this share price flies up. I too am sat at a loss in excess of 80%. All in my own opinion. GG

Hautecouture: "This company only makes money from rights issues/ share splits + sewerage from American cruise passengers,, it owns the barges in the Bahamas for all the sewerage coming out of american cruise passengers,, so for me, it is alike an option on the cruise industry. n this case the guarantee of loads of Americans taking a dump in a cruise ship is money to my ears but at the moment cruise ships are static no dumps being made and so all the wise investors are on the side lines" . Where did you get this information from. Is this a joke ? GG

I was of the opinion that a bulletin board was a democratic way of posting one's opinion on the value of the share and the pros and cons of purchasing it. Maybe I was misinformed. I certainly want to read both sides of the argument from these free forums. What would be the point in just putting the positives. I think one only has to look at the price of the share to gain an insight in to who this company is performing.

ZagEgypt- My summary, Board of Directors incompetent. Bowl out for more money. Share price in the toilet. End of.

In a nutshell, states everything anyone needs to know about this company. GG

Willec: "Would be very happy with 36p where DEV is now".
Do you honestly think this share is going to 36p? - have you started drinking early for the weekend or are you just deluded? Simon Potter as CEO is as much use as a soluble tampon and Eytan Uliel as the commercial director is as much use as a handbrake on a canoe. A 5-year-old with no knowledge of mathematics could have done a better finance deal than the Lombard deal days before the drill results. The financial director obviously can't count. Either that or no one has explained to him the meaning of the word "fully funded". The Public Relations company they spent considerable amounts of shareholders' money on was as conspicuous as the invisible man playing hide and seek when we needed them during the environmental protests. Nathan Rayner the drilling director has the charisma for a wilting lettuce. In summary, we have a management team that couldn't organise a drinking session at alcoholics anonymous and you think this lot are going to get the share price to 36p - carry on with the drinking my friend. All in my own opinion : GG

Find me 16.02today : "I would hope to see a massive purchase of shares by the BOD before they go anywhere else with the begging bowl".
And I would like to win the Euromillions tonight and that is not going to happen either! GG

What the **** have I got myself into buying this pile of ****e! GG

The Bhoys: 10.04 "There is absolutely no trust or belief in what the BOD have to say".
Absolutely true my friend and it hurts me as a shareholder sitting on a 90% loss to say it.
This is the reason the share price is 0.45 of a penny. The markets, the shareholders and probably even the Bahamas Government have no faith, trust or confidence in Simon Potter or CEO or BPC as a company to deliver on their promises. This will be made into a great Netflix story in about 3 years with a montage of shareholders bemoaning their losses. Potter needs to be kicked out, he has no credibility whatsoever, Eytan Uliel needs to go and the Financial Director needs to go as well. A whole new team needs bringing in. No wonder Leo Koot ran into the hills after giving his company up for nothing. He wont be the first sucker that Potter has got the better off. All in my own opinion. DYOR. GG

Page of Cups: All BPC ever does is borrow money or dilute the shareholding or seek additional funding. What does the company actually produce and please don't say oil? It's about time Potter and the board stopped borrowing or diluting and started to actually produce a product it can sell on behalf of its shareholders. If BPC were as good at producing oil as they are at seeking funding or borrowing money the share price would be around 10p and not half a pence ! GG

Tuckman: Agree with your post today entirely. I must say the two RNS's issued since the fateful one of 8th February 2021 have hardly seen this "Major breakout" we have been promised by several posters on this BB. "A drill that didn’t reach target depth because they ran out of cash", Maybe Potter should have held back some of the $120m he claims the company spent on 2D & 3D Seismic imagery and used it on the actual drill itself. How can the company spend $120m on research as to where the best place to drill is and then effectively run out of money because of say $10m shortfall due to contingency technical issues. It's like climbing to the top of Mountain Everest and not putting the flag on the summit because someone forgot to bring the Union Jack! GG

In the virtual BPC presentation at the end of January 2021. Nathan Rayner on behalf of the board of directors stated very importantly.
" We treat Shareholder's money as if it was our own ".
Let us just hope that these were not empty words and the directors do indeed fulfill this promise this year.
GG

Eggchaser to Gary Graham: "You on the other hand have achieved what in your life? Surely if you were all that you would not have to top up your gyro payments with 50p per posts here now would you"?

It's spelt GIRO, not Gyro. I have obviously achieved the ability to be able to spell correctly.

Zag Egypt : "His achievements thus far are what exactly"?
I would not put the words, Simon Potter, Bahamas Petroleum Company Plc, and achievements in the same sentence.
GG

Harryoffthedock: "It's like waiting for the train with bpc, there's either leaves on the lines, the wrong kind of snow on the tracks, buckled tracks because of the heat, a signal failure, but never down to incompetence by management".
Harry, you forgot the $120m spent on research to find commercial oil quantities in the Bahamas and apparently didn't go down to target depth and didnt find commercial quantities. I struggle to think of one successful result under Potter's leadership. Can anyone enlighten me. Maybe the guy is just a perennial loser in business. All in my own opinion. GG

Tuckman : 10.47 - "Market does not trust the company at the moment hence the low SP. Imo they certainly are going to have to deliver now rather than promise. We have heard it all before and here we are. Feb , Q1 and now May".
Yes agree, as I have said repeatedly Simon Potter can put out as many RNS's about "potential" and "possibilities". What the market and more importantly the shareholders want to see are positive RESULTS. In 10 years under his stewardship, the shareholders are yet to see any successful results under his leadership. The next 18 months Potter has to deliver or step down and let a more competant CEO take over. GG

ShouldveSold - 18.49
Great post. The last two paragraphs summarise perfectly the current situation regarding the Bahamas and P1 results.
GG

Coman"It's brutally obvious you actually know fxck all about it so I suspect you won't want to debate it."
Irene having an in-depth knowledge of a working petroleum system or indeed co man having a degree in petroleum engineering is completely irrelevant. The bottom line is an RNS was issued on the 8th February 2021 stating that commercial quantities were not discovered at P1 Bahamas exploratory drill. The net result was a drop in the share price of 80%. There are too many posters that are emotionally attached to the share and the company. At this moment in time, anyone who has stated that this is not a company or a share to invest in is correct. Why is this case? Take a look at the share price on your screen. Its been 5 weeks now since the non-commercial discovery announcement. We have heard nothing from our CEO Simon Potter or the board on the P1 results. No news to date on a Joint venture or farm in. No news on the other drills. Everything has gone quiet except the deafening noise on this board by the rampers who are full of conjecture and guessing. Ask yourself this question, if an oil company was so confident of their results and their abilities to discover oil would they really need to employ a third-party marketing company to find a reputable partner and organize a suitable deal. The phone would be "ringing off the hook" - remember Potter making this claim in the online presentation. Well, if Potter's telephone is ringing off the hook with major oil companies wanting a stake in the Bahama Licences he is very good at keeping quiet about it. Until the company announces any sort of good results this company is no more than a shell company. Importantly, it has never sold a single barrel of oil in 15 years, BPC has never successfully made a commercial oil discovery or made a profit from oil in its financial statement. This is the reason the share price of half an english penny. I very much look forward to successful results as a current shareholder suffering 80% losses but I suggest to all the posters on here who continually ramp the share to just wait until there are positive results. GG

Gaz JJ: I hold an average at 10.33, so even buying on this dip I've had to slightly average up. Saying that, I have still added in the hope that this is the last oppertunity to get in at this level before we (finally) get some good news. I am annoyed for not skimming a little off when we hit 19p recently though.
I too have exactly the same average and my sentiments entirely match yours. I am waiting for it to fall slightly. I am then going to top up. For me the directors recent buys shows their confidence in Amigo going forward. This is what has swayed it for me. GG.

William Barr - "Honest question why are you invested here whilst many companies are having such a great run, seems like a duster to me". Because most of us investors threw our investment strategies out of the window and were consumed with greed and are currently sat on 80% losses believing the Bahamas P1 drill was going to be a commercial success. It wasn't - See RNS 8/2/21 and current share price. There is nothing more we can do but wait to see if the company issue successful results and the share price rises or take an 80% loss. It is, without doubt, the worst financial decision I have made in my life to invest in this company but like everyone, we incorrectly assumed it could have been life changing. Does this answer your question. It really is as simple as that. GG