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Harry, again, we did not have $72m, we had $52m! It's all in the RNS. The remainder of the cash needed to be raised against the convertible note and the Lombard call.

Yup, it's neat trick - you should buy some more.

It doesn't say "to square off". It says "applied toward" i.e this money will be used towards ...in conjunction with....funding we will look to raise.

We're had the usual two dead cat bounces, and the traders that posted earlier to encourage that will have already moved on. Now it's about finding out what the cash and funding position is.

"applied toward" ... you need to learn the art of company speak.

ompletion of the Perseverance #1 well will trigger potential funding points under the Company's existing funding facilities, specifically (i) the ability of the investors under the Company's conditional fixed-conversion price senior secured convertible loan notes financing facility to subscribe for up £12 million of additional notes (pre fees and expenses), and (ii) the investor under the facility announced by the Company on 14 December 2020 (as amended) to exercise a call option (the "Call") to subscribe for 187.5 million shares at 2p per share, which, if exercised, would see inflows of a further £3.75 million (pre fees and expenses). The Company will be discussing with both investors in the coming days and will advise shareholders accordingly of the outcome of those discussions.

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Do you not understand what they are telling you? They are saying that they will have to now renegotiate funding or seek it elsewhere. The 2p placing is now dead.

As at commencement of abandonment of Perseverance #1, the Company's cash balance is $12.5 million. These funds held will be applied toward satisfying final payments relating to Perseverance #1 as the drilling programme is concluded,

What is it about this that you don't understand?

Camkite, if you seriously believe they have $12.5m either you haven't read the RNS or previous ones. The company has no cash, and is now in discussions around rearranging funding.

...there will be one soon... I'd say beware and keep your powder dry until there is news about the company's cash and funding position.

I think it's come to a point where discussions over LO are proving a distraction, from the question, why is the Subscriber to the convertible not subscribing. I would be interested to hear opinions.

Morning Tilburn,

The Ops costs do indeed include the past and projected, into June 2020:

“3 years from July 2019 - June 2022 (based on actual expenses in the period July 2019 to December 2020, and projected expenses in the period January 2021 to June 2022).”

I believe these are fully funded, and I am assuming that the cash raised to date covers these.

You raise a very valid point about additional income. So the question then becomes, how do these incomes in terms of size and flow stack up against the required $20m to develop T&T, and agianst that roadmap?

I'm assuming there must still be a considerable shortfall, else the company wouldn't have heavily caveated their thinking around funding and cash. But I'm very open to further understanding and discussion.

Oultonmike - these had previously been my thoughts, that perhaps the co. had deferred on drawing on the note, in the expectation of a find. But Bohemia then reminded us/clarified, that it is not in the company's gift to draw on the note - it in fact in the decision of the Subscriber to choose to do so or, as in this case, not.

Starchild, I would respectively ask that you discuss in a considered, genuine way rather than your use of passive-aggressive techniques to belittle and besmirch, along with glossing over the details.

On the basis of the fact that the company has a $20m cash short shortfall, where do you think savings could be made from?

P1 - $28m (we’ll ignore the $7m contingencies, as these haven’t been funded anyway)
T&T - $20m
Op Costs - $11m
Legal fees, Merger, Financing costs - $12m

Total $71m

I think we can assume that Opc costs and legal fees etc have to be paid.

So, how much of that $28m for the drill do you see the company as having saved towards the $20m for T&T?

Interestingly, the amount of cash shortfall matches that for T&T development, and which is why the company said:

“In circumstances where neither the balance of the fixed-conversion price conditional convertible notes is available, nor the Call exercised, BPC would need to rely on seeking alternative funding if it was to be able to complete the full intended program of work for 2021 (most particularly in Trinidad and Tobago and Suriname). There can be no assurance that BPC would be successful in securing any such alternative funding, and if this were the case, the planned program of work in Trinidad and Tobago and Suriname might need to be curtailed or deferred.”

With the convertible note now dead in the water, as well as the LO call, that $20m would have to be found at a lower price than 2p if PI doesn’t come in.

Starchild, how on earth can you say that the financial piece in that report doesn't lack credibility - that is simply ludicrous. Aside from the fact that it's a report dated Dec 2020 yet the intern is writing about the financial situation as of Oct 2020, all that it has to say is one line.

Either you have not read the funding RNS notes, or you have not assimilated this information, or you are being deliberately obtuse.

"If Percy-1 is a failure, yet the drill was less than budgeted, there will be money to enhance ex-CERP"

False. If you allow for contingencies of $7m for the drill not being used then that would more or less make up for the $6m funding shortfall. It does not make up for the (then) $20m cash shortfall against the strategy, which includes not only the drill costs and T&T, but a very large $12m bucket for the legal, merger and financing costs that bpc has amassed.

If P1 does not come in, bpc will need to find that cash, whatever depth they have dilled to (and let's face it, drilling is all but complete now) - and yet they are even failing to able to raise cash against the agreed lines of funding.

Originally, the plans were for a further 667m shares at 2p to raise that cash.

How many shares at less than 2p if P1 doesn't come in?

Was the auctus report written by an intern? It's dated Dec 2020 but the only 'detail' on 'capital structure' is "[W]ith ~US$17.5 mm in cash plus a US$20 mm convertible, BPC’s shares trade
below the value of the firm based on the Trinidad and Suriname assets alone"

What a shocking analysis!

The company has itself told us that they currently have a £26m cash shortfall and a £6m funding shortfall. And that funding shortfall is now even more in the question, as the LO call has not been made and the Subscriber to the CNN did not take up the additional £5m subscription offer by January 15th. We have heard nothing from the company about this.

Still don't think we can read anything in that. He left to resume a role as CEO. It was a natural opportunity, rather than staying on and playing second fiddle.

Have always thought that this was one of Potter's best/most convincing presentations.

Bennster, absolutely right. For example, if I buy a new car today, more than likely I'll find a buyer for it tomorrow for 80% of the price I sold it for.

Clintex, assume you are UK based rather than overseas - HL had a problem with overseas execution a couple of weeks ago, and around this time of day.

I have HL - no problem in buying/selling