Member Info for Glide

@Harry, agreed. - “ were told cash to fund percy1 was ringfenced n the other projects would not in any impact on the drill.”
I don’t think that the explanation for cessation of drilling matches the intent that the board circulated prior to drilling.

I don’t know the relevance of that question? People are more concerned about the value of their investment in BPC. It could limp along for years, but not give folks their investment back. Am I missing your point?

I like the fact that HarryOfDock adds some counter weight to the more optimistic posters on here. His Sinicism, keeps me from chucking more money in here it this point, whilst Star gives me enough to keep holding.

@Tiburn
I hate to come across as talking down this share, cos I haven’t sold, I am still invested, big for me. I am hoping to get a bit more back than 0.6. For sure.

But good grief surely Potter must understand that not all investors will be able to see something positive in the last 2 RNS.
I think it’s an obscure mash of “ we haven’t but might have, so that’s alright then, everyone, meanwhile lets raise some more cash”

Naively maybe, but I think BPC could make a better, clearer statement of what they found and why they stopped short of TD.

I can read a statement and see good or bad if it is written ambiguously, we shouldn’t have to take 3 weeks to see nuances in an RNS. It should be bullet points. Then people wouldn’t have run out of confusion.

Fingers crossed the additional data evaluation gives us something more to improve confidence.

ATB

@Tiburn
"The RNS is pretty clear - its not commercial but BPC found a working system, they are talking with Majors"
Why would a Major want an interest in a non-Commercial system ? Honest question from a Non-oiler

Parpaing, outside of all of the bickering on this BB lately, Your point of why stop the drill at 70% of the advertised Target Depth, when fully fully fully funded and with at least 5 days drill time left (plus enough time out of 60 days to seal up and move out as well) is still outstanding.

Nothing else bothers me ( didn’t want the Cerp merger cos I didn’t think it would get us better lending terms but that happened so , leaving that aside)

I just need a proper explanation as to why not get to the min TD before cessation of the drill.
I guess by proper I probably mean one that makes sense to me as a share holder that was told that we would be definitely drilling to a minimum of 4600m.

Eggchaser1
“this drill is more important than P1....”

It is now mate. :-)

@Tiburn - I for one would like to understand that Percy1 RNS.

Can some one explain to the unwashed such as I , how something can be called "non commercial " but also a "working petroleum system"?

How is it a working petroleum system if it is non commercial ?

But why cease the drill before the minimum TD, that is my only gripe with the drill? There was 5 days left plus time to seal the well.

In4cdros.
Despite the difficulties that were met during the drill, (not exactly unusual I would suggest) BPC had time and money to continue for 5 more days.
IMHO they should have done that.
That goal is what was sold to us Share Holders.
To me I suppose, the grudge is that we merged with Corp supposedly to get access to cheap funding, didn't, and ended up worrying about having funds left to do other stuff. That other stuff had already diluted our value.
So to me we ended with a muddying of purpose between all the facets of the company's plans that haven't given us the funds to complete Percy1 or we did have the funds but Potter hasn't explained to us unwashed properly why he didn't use them as he said we would only 40 or so days earlier.

@Yonny,
A considered decision? Call it what you like. We had both time and money to do what BPC shareholders had been asked to buy into over the years, and in the very moments when we could at last see what was at the TD, we chose to save the money, and walk away from the long advertised target. All that fully fully fully funded rhetoric, the commitment to oil exploration to an proposed minimum depth, PIs buying on that premis.
Seems to me it was cold feet, saving the money for the ex cerp assets rather than spend it on what that money was raised for.
I still hold here, and of course the milk has been spilt, but it will be of great interest to me for Potter and the BoD to justify curtailing the decade long purpose of BPC plc.

@Pacman3311

They should have continued drilling to min TD, it’s what we have been waiting for for years. It’s why I invested.
If they had a good reason not to continue Potter should have explained it clearly in the RNS.
I have a large sum (for me) invested here and don’t think that I have been properly informed as to why we stopped, we borrowed at a bonkers % so to do. Then got cold feet.

Here is hoping that Potter has a cunning plan that is better than a Baldrick musing, and delivers SP value.

Looking at the prices of those recent trades I don't think that we know if they are sales or buys

@Cerp-84

Yes I was prepared for a gamble on Percy 1.
What we had was around half of the max Percy 1 or 70% of the minimum of Percy 1 drill with at least 5 days left of drill time with IceMax.

I have nothing against Cerp and ex Cerp holders, just appears to me that we have stopped the drill early and with time and money left to reach the minimum Target Depth, because we need money to develop Cerp 'stuff'

I feel short changed because we have been waiting years to at least drill to the minimum target depth of Percy 1 and we didn't yet have money left.

@Tiburn, “Why didnt they go to TD or deeper to test all the options?”

This is why HarryOf D and myself were against the merger. We finally get to the long term purpose of BPC, Percy#1, and pull out before completion!

To actually be onsite, drilling, with a purpose of minimum TD of 4600 meters and then curtail a kilometre short, to me is to have failed everyone. I mean, all BPC holders of over 12 months knew that this was a throw of the dice.
We are left with a big shareprice loss of around 70% or more and didn’t even do what folks bought the shares for. BoD didn’t do what they said they would, yet still had funds and time to do it.

Very shortchanged

Present. At these losses why leave?

Answers on a post card,

Why didn't we drill for another 5 days - I don't think that we even reached the minimum TD set BEFORE spud did we? e certainly had more days left in the 45 -60 day time frame?

Sorry - posted the first one without proof reading

Answers on a post card,

Why didn't we drill for another 5 days - I don't think that we even reached the minimum TD set spud did we? We certainly had more days in the 45 -60 day time frame?

@Zag

@Coman? His last post was a day after Spud, don't see him as a ramper. Perhaps he is still on the IceMax :-)

@PageOfCups

"Hydrocarbons were encountered at various horizons, indicated by elevated gas chromatography readings detected continually during drilling, generally increasing with depth and through the deeper Aptian reservoir column in particular. Oil was identified from high oil saturation values from logs in a number of reservoir sections thus verifying the existence of a working Lower Cretaceous petroleum system and reservoir quality sequences in the Aptian".

Where did @Coman go, I would value his interpretation of the RNS. I am not qualified to respond to your query, but think Coman might have a valid view ?