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Ah, in fairness Starchild, that is what you were saying. My apologies.

3.3.3 (b) The date for funding and issue of the £2 million of Convertible Notes PREVIOUSLY committed on an unconditional basis and initially intended to be drawn / funded at the end of February 2021 has now been rescheduled to be no later than 14 June 2021 (that is, concurrent
with the anticipated completion of the drilling of the Saffron #2 well, but not dependent on
the completion or outcome of the Saffron #2 well), as well as NOW EXPRESSED TO BE CONDITIONAL on the Fundraising having successfully secured at least £5 million,

Srdoddy, my heart goes out to you. I don't know quite what to say, other than I think wise counsel would be to sit on those shares and off-load a portion at a time should the company manage to turn the story around and a chain of events creates a spike in the price. Who knows, T&T may come good as well.

The one piece of advice I would give is that with so many shares being placed, I think the opportunity to buy at the new consolidation price will be there for all to participate in well into the future, so I would sit on your hands for now.

I wish you all the best.

Poc. Projected profits on success for Saffron 2 ar £2m. That will have little effect on the SP. Conversely, the company has said that they will even need to raise funds to cover that shortfall if Saffron does not produce.

Srdooddy

First off, they need the market to take on the 340m shares issue they have just announced, to pay off certain financing debts. With the first tranche of 149m set for April 27th, I expect we’ve already seen some forward sells.

But on the bigger matters. The open offer/placing will involve 197m shares @ 3.5p being taken up/placed. They intend to cover £2.6m of the Bizzel facility by issuing 74.4m shares once these have been consolidated @3.5p. Then another £2m by June 2021 through the issuance of 57m shares @ 3.5p.

So that’s (77.4m + 57m + 197m) = 331m.4 shares @ 3.5p.

To understand the size of that ask, that’s 3310m shares in old money. That is going to take a long, long time going by previous efforts; and the psychology of paying higher prices won’t help. If the first of the Saffron drills comes good, then despite good results bringing in quite small cash, it may encourage buying.

As the additional Bizzel facility ($10m) will be required to achieve the plans set out for 2021, there will be significant further share issuance (SP tbd). Plus, they are assuming £4.5m rebates on the outstanding £14.5m P1 costs. If this doesn’t materialise, they will need to issue shares to cover that as well.

I think you could be looking into late Summer and well beyond before this number of shares has been moved on. Of course, the SP sold into by Bizzel could be anything below or above 3.5p, so long as on average they get 3.5p plus their target profit margin.

Spread is 5%. Buys @ .40, sells at .38.

I should perhaps have said, good and not so good, as I can't imagine financing ar less than the initial issue price.

I'm expecting that by mid-Summer there will be a strongly positive update here. I have quite a bit invested, but the question for me is, what will the home run look like and should I be thinking about loading up even more. I'd be grateful to hear of possible scenarios, good and bad.

Arsenalles, as Starchild will confirm, if you can't see your trade on LSE or Aquis but use HL then it's likely that HL has run the trade from its own book. Shouldn't happen but we have found similar, and suspect it does.

Ah, through the cretaceous but dropped a spanner down the hole. Yes, sounds familiar.

Are you sure the course fee has been fully, fully, fully, fully funded?

Hi EggChaser

Tbh, I can't easily locate where the large sells came from, as conversions haven't been announced. Could be some of the 135m shares being flipped, but could equally be a heavy PI flipping those bought in the late 40s and early 50s? Dunno.

I'd agree that the current SP reflects a good measure of the uncertainty, and so in that regard is priced in. I think the fact that the recent rise failed to get any real momentum lays bear the fact that until the company puts out a clear, coherent and transparent statement about its finances and plans all further movements will end similarly.

As said, there are a couple of key financial events occurring on 16th April - the decision on how much additional draw-down to take at this time, plus the reconciliation to the Put - so I'd be looking for an RNS the week after next. It would be good if the company could take that opportunity to make really clear what its financial position is, how that finance will be proportioned against opex and capex, as well as reserved for any unpaid and/or dispute costs, and so provide a clear picture about how its targets will be funded.

Regards whether bpc is funded or not for its various work programmes really depends on having a clear picture of its current cash commitments, including possible reconciliations and payments.

As of Feb 16th, the company reported a cash balance of $15m, which included the subscription of £5m ($6.75m) on the draw-down facility (i.e. a debt, accruing interest payment to be paid for out of cash). There was (and is) £10m ($13.75) left for drawing down on the facility.

As of March 24th, the company reported a cash balance of $13m, again which includes the subscription of £5m ($6.75m) made on the draw-down facility (i.e. a debt, accruing interest payment to be paid for out of cash).

There was £10m (£13.75) left for drawing down on the facility.

Of that $13m, the company reported that “work is ongoing to agree the final amounts remaining to be paid with contractors and suppliers arising from the additional unbudgeted costs (including some disputed amounts and some refunds owing), and to finalise a schedule for those payments over the coming months.”

So, the company has £13m, comprising of free cash and debt-backed cash, of which an uncertain amount needs to be committed to post P1 costs.

Additionally, the £3.75 million Put Option remains subject to a similar final reconciliation process on 16 April 2021.

Until these substantial reconciliations have taken place, the company’s cash position in terms of what it can commit to other drilling remains uncertain. Note also, cash is being consumed on daily basis on that part of the cash – $6.75m – which is draw-down. Peter to pay Paul.

Given that 16th April is also the last date for subscription for further amounts of Notes, up to the total undrawn Facility availability of £10 million, or else is the date when a minimum of £8.5 million of Notes in aggregate have been subscribed for by 16 April 2021, then I think we can/should expect an update soon.

Do note, “BPC can elect to pay 100 per cent. of the coupon accrued on the Notes at the relevant Interest Payment Date in the form of BPC ordinary shares, to be issued at a price equivalent to 90 per cent of the volume weighted average price of BPC's shares in the 10 trading days prior to the relevant Interest Payment Date”.

Bohemia - "astonished"? Surely you have been here long enough to know that well-made negative points are simply not responded to, and where they are there is the well-honed use of contradiction, responding to tone, and ad hominems, with a nice bit of condescension and passive-aggressiveness tossed into the mix.

I think patience is still required. It's understandable that some would look to take profits, there having been a 20-25% rise over the recent month or so. I think the hiring of the specialist roles is a clear indication that assets have been identified and are about to be technically explored. The question is whether there will be an announcement to that effect soon, or whether the work commences quietly behind the scenes. Would be good to have an update by the end of the month, but I'll add again if this drops much below 80p.

@101.395

From L2, looks like they are moving small blocks through just now. Reckon I'm sitting behind that.

Odd, I'm on HL. Can't get a direct quote or get the NT through.

Could someone please sell, my NT top-up has been sat going nowhere for the past 30 mins.

Thank you.

I would add to Jono's post that for anybody wanting an impartial and accurate understanding and interpretation of the finances that they read Bohemia's posts. Others here have repeatedly shown that they don't have a grip on the complexities.