Member Info for grewber

From CERP point of view its pretty simple- accept the deal or go bankrupt. At least by accepting some BPC shares there is a chance of making some money. From BPC's point of view the deal is done to give the board something to justify salaries when the Bahamas drill doesn't proceed or hits dust. The directors relatively small shareholding is not enough to make them focus on shareholder value rather just their continued salaries post drill result , whatever the result. Just lots of Director self interest.

Strange that with all the information produced about the rational for the merger never are we told the key peace of information regarding Columbus's current/recent oil production? A year ago we are told in the June 2019 annual statement that it was roughly 500 bopd but now?! All very strange.

I hope you are right in that this is part of a larger chess game. As it stands it makes no sense to "merge" with a loss making company?

Starchild I think its simpler than that. Now the drill in the Bahamas looks like it may actually happen the board are left with the stark reality that if the drill fails, and that is statistically the most likely outcome, what now.? In spring 2021 these guys are probably out of a job so they are spending the time between then and now creating a new job to deal with that eventuality.

GLA

Sell of a little over done here.

Argos up 42% too...............??

Thats what i was thinking. Guess it would make sense.

Yeah very nice gains. Out for now.

GLA

People are beginning to think past the lockdown and the oil price fall and seeing the bargains.

Buys coming in.People beginning to grasp the opportunity here.

I agree greendave have recently completed my position here. Quite happy to let this play out over the next 12-18 months. You never quite know where the bottom is but I reckon this is pretty close.

Started my build today. Will buy on any dips from here. Valuation is currently below cash in bank. If not now then when?
GLA

I dont see the next news as a farm in. I think any farm in will be post well result and analysis. More likely is another attempt at capital raising sufficient to make the rig contract two rather one well. No point in waiting years to drill one well with a 70-80% chance of failure.
GLA

Paul Culpin from Rockhopper is telling the world all about our FPSO development of Sealion today at the FPSO Europe Congress 2020 in London today.
https://www.fpsonetwork.com/events-fpsoeuropecongress/agenda/day-1
GLA

What was the point of that Rathlin West Newton update?- it told us absolutely nothing!

Production figures seem about right but only equate to around 380 barrels of oil equivalent a day net to Reabold, so no news there.

Would love these production figures to be true but isn't consistent with Reabold's rns of 27th Sept 2019.

"Production



For the six months ended 30 June 2019, the cumulative gross production of oil across the California portfolio was 15,407bbls (7,703bbls net to Reabold), inclusive of production during the development and testing programmes. Taking into account gas production, the total cumulative gross production during the six months ended 30 June 2019 was 17,840boe (8,920boe net to Reabold). Total oil sales for the period were 15,141bbls (7,570bbls net to Reabold) with a gross value of US$1,010,000 (US$404,000 net to Reabold).



With VG-4 now on unconstrained flow and the two Burnett wells coming into production, we expect to see a sharp increase in production in the near term, with additional drilling to follow.



For the two months to 31 August 2019, the cumulative gross production across the California portfolio was 17,124boe (8,562boe net to Reabold). "

IT - Protesters are certainly an issue but if they were the dominant factor then it would make sense to do the EWT now when the winter weather makes life difficult for protesters and anyone that might report foul smells has their windows shut.

rsproson The black smoke is an illusion. What you are looking at is the dark background of trees distorted by the heat haze. Check out when the "black smoke" reaches the light background of the sky and it magically disappears and turns back to heat haze. I am as heavily invested here as many so I would love it to be true.

gkb47
With regard to communication to shareholders about delays to EWT. It could be that an rns to that effect is missing because it would then generate objections to OGA which would further delay the approval.........ssssssssh.