Member Info for Ibiza28

I think it is going direct to site. The ship has to give a destination i believe but rather difficult to say destination somewhre in the middle of the ocean. A bit like Service station named on motorways after nearest town although that might be miles away so nearest town or port in these waters would Freeport if it were in Cuban Waters it would Havana i assume. So IMO going direct to site as RNS said in first place otherwise it would have stated going to port. Also maybe company knew action might be on the way and did not want it delayed by activists at the port.

You are right i will be out for a chunk of my holding at 50p as well but if what happens is what if think will happen then this share will not get a chance to trade to 50p it will almost materially become £x per share .
At the end of Jan early feb BPC will issue an RNS stating what they have found and what they expect to be there as well from those findings ie the rest of the field at circa 28 bn barrels or proportion there of.
About a week or so later there will be another RNs this time stating that either the company is being sold at £x per share and will go to vote to the shareholders to major for Share/Cash deal per share. Or have sold on the whole Bahamian license to a mjaor for £x billion. then a few weeks later another RNS will come out with the company plans which will include a share buy back of say 4 shares for every 5 held and bring down shares in issue to 900m. This will include SP retirement announcement or that will come up separate RNS and then we go from there. Just my thoughts and opinion

I am hoping that £3 might be botton end of it all that would mean just about £15bn for a site that may hold £20 barrels. I have always held opinion this will be sold on hence the "watch this space" from EU. But all depends on initial find and negotiating skills of SP and EU. By this time next year this company will not be around in the same guise it is at the moment. Major will either buy the field plus is prospects or buy the shares for a share / Cash purchase probably leaving ex CERP assets to Leo and that is one of reasons Leo is on board as i cannot think of another.

I am glad you are ok and hopefully in the new year you can put that new dream car on order.

Looking at the schedule it looks fairly full, Xmas is coming up and a lot of people with shall we say proper legitimate cases wlll want them heard and resolved before Xmas and the new year. I would suggest that if they are serious they should need to act fairly swiftly otherwise it will just die as we drill.

As long as Simon and Leo hang on to those shares and do not trade them. I believe they would need to issue an RNS to do that then we are all in the same boat hit the target or not hit the target and means that this boat is sailing and will drill.

It is a vexacious claim just simple as that. The concern is the other bloke around if he is a hedge fund owner would have very deep pockets but normally they try and back winners and not losers and this looks like a loser to me. These are two people who have got their money would not benefit in any way from the money coming in from oil. that would or should go to the ordinary people of the bahamas who have had their torn upside down by a hurricane and now a pandemic. Not multi millionaires out to look after their own interests.

Again i agree with you on this but also wonder would we need the placing at all. This money is our final money the money we would use if we needed to test our any finds we may have made. So on that reasoning we would have disocovered something my understanding is this would test the quality of that find not the quantity. So the 3:1 of the drill has already gone and you are no down to 50:50 ie good quality or not good quality and i would agrue that it is probably better than that as the initial results i think would reveal whether this was just black water or even too heavy oil ie bitumine i think it is. So now we probably on to a 3:1 bet in our favour so why could be not take the find we have got with information we have got and do a RBL on it. Let's face it it would probably only be for a few weeks as when we sell on the field or JV out the field we will get all that money back. The way i see this it is a bit of a storm in a tea cup.
Yes it would be nice if the budget had included a proper sized contingency so this did not come and blind side us now but then i do not think any company or country has truly estimated the cost of fighting the pandemic. And if we had budgeted over $30m for all of this would it have frightened a lot of people off for good and gone for the JV any way.
Personally right at this moment i am conflicted yes i would like a decent JV now to give the share price a proper boost pre spud so i can off load but then i would receive a lot less on a successful strike and i am rather a fan of a company saying" we do not need you we are doing this our own way in our own timetable and our own finances you will pay for it all later. "

What i do not understand is why talk about a CPR and RBL based on that if you were not going to tell us about it. Just do it quietly see if there is any mileage in it and then let it out when you feel it is right. But mention is strongly and then leave it in limbo. I just makes feel suspicious. I am not trying to be conspiracy theorist just looking at practically.

I do not think so. I think the BoD are convinced they are going to strike at the top end of this amount ie 1.4bn or certainly above 1bn and open up the whole area. If they felt it was only going to be at bottom end then why have they waited 5 months to do a JV not to mention the time before and saved all this massive dilution. The BoD i think are playing an educated gamble the JV at best at 50:50 probably 40:60 against the upside of billions at the end. Only hope they are right otherwise we have all gone through a lot of pain for not very much.

You can only run with what you can afford to run with. Yes i initially thought this might hit 10p possibly more but now realize there are too many shares and shareholders just taking short term gains at regular intervals. This will continue for some while but as the price goes up those will become fewer and the perceived barriers will gradually fall away. My reckoning now is around 6-8p and if it hits half between i would be quite happy. Less than 6 i will need to start re-evaluating my strategy but do not take more into Janaury than you can afford to even though i am convinced we will hit something the question is how much.

I really am beginning to get the feeling that someone is manipulating the market. Quite how i am not sure but there seem to be many more buys than sells yet the share price seems to remain at the same level. Can someone buy up shares or take control of them without them appearing in the market. Just seems strange to my uneducated eye.

I think the directors would be disappointed if the drill came up with only 700m barrels and not top end of the estimate. I reckon if they thought it would only be 700m they would have not taken the flyer on going along and bent over backwards to get a JV deal done on this in advance. They really expect to get the top end and are already got tacit agreement in place should we hit that. Now either they are deluding themselves and us only time will tell. They have i think discounted the idea of a duster. Just hope they are right but i will be taking no chances and will bail out a degree nearer spud date.

I think you have too many 000's on should be 5,000,000,000 not 500,000,000,000 ie 5billion not 500 billion

I still hold belief that if we hit the top end our target ie circa 1.4bn barrel we will either sell on the field or be sold on as a company at a significant figure way over the numbers being purported. "Watch this Space"
JV possibly at the lower end of the scale 350m - 700mb and anoher sharp rise in SP.
However, nothing will get announced IMO this side of the drill results. I reckon one reason for delay between results and declaration to dot i's and cross the t's on any outcome with the Major involved.

See WTI now through 43.5 usd pb. I heard somewhere that 43.5 was one of the magic barriers the next one being 48 usd i think it was

Santa Cruz Tenerife is just 1 hours 30 mins sailing if that from Las Palmas about 60-70 miles. You can almost see one from the other.

What about the possiblity of selling on the company or the asset to a major rather than take part in the drilling of oil if Perv 1 is a success. I am not sure if this BoD want to drill it does not seem to be in their DNA. I reckon they are already talking to a major hence the phrase "phone will ring off the hook" read the "phone is ringing off the hook" or has been answered. Potential deal has already been struck subject to find hence EU statement my phone will be ringing off the hook read "my phone is now ringing off the hook" ie tentative agreement with Major already made. Numbers to be slotted in according to find. I reckon this might be one of the reasons for the delay in announcement of any find so as to allow major to evaluate this and at the same time results of find the deal will get announced. IMO and no oily just a man who has worked closely with people in industry those who like to make deals and those who like to be part of the production. I think these like to make deals. Depending on find and negotiating skills price will be anything from $20b to in excess of £60bn. If however we only come up with 700mb then either a farm in or production off back of a boat.
Part of the deal will be that LK has chance to buy out the CERP assets that, i do not think they would want, hence why i think he is on board. The deal has been struck IMO just needs the numbers to be confirmed and find quantified and qualified hence EU "Watch this Space" ie this deal is going to be BIG. SP will retire having re-inforced his legacy of the biggest outside of middle east for years and EU will move on to become CEO of an other FC oil company that is considerably larger than ours.

I have been on here for some while but finding one thing that is puzzling me. We are drilling Perv 1 very shortly because it will give us the best chance of finding something. But where is Perv 2 planned and when. I assume there is a Perv 2 otherwise it would not be called Perv 1 but just Perseverance..
Also if Perv 2 is only expected to have up to 2bn barrels and Perv 1 up to 1.4bn barrels where exactly is the other 25bn meant to be yet it is spoken about frequently.

I wish for 12p at spud but think there would be too much trading in and out for it to get any where near that number. I rather hope that we get to half that number and i would be quite pleased. But no harm in hoping.