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Star, I think they must have shifted 25m+ on the day of the holding alone. Of course, we don't know how much of this tipped the threshold, but I'd say 180m left is a very fair guess. Unless the volume picks up, I can't see them offloading fully until results, but we'll know from how things are stacked up on the bid when that has happened.

It's 5%. LO are an non-Uk issuer - see RNS.

https://www.handbook.fca.org.uk/handbook/DTR/5.pdf

They shifted a lot last Friday, but only on that day was the TR1 triggered, so it's safe to say that have a shed-load still, and there's simply not the volume to sell into.

Heavily debated at the moment isn't it. The figures range from 40 per cent to 79 per cent from renewables, and do you not think there is a fossil fuel cost of developing and maintaining renewables? And what makes investing and burning the materials for computing power an efficient use of off-grid energy? Are computers made of wind and solar then?

The ironic thing about bitcoin is that it seems to be promoted by a certain millennials set who equally promote new energy and who 'disown' fossil. As the cost of BTC mining will rise exponentially more, I foresee a time when Gen Zers say to Millennials, you've had your time, move over BTC (for....? )

Just an erratum on BPC this morning following the link I put in the blog yesterday with an interview I gave to IGTV. As the interview drew to a close I was hurrying the last section of the list and in that process I missed BPC which was simply an error. For those many people who picked up on the mistake I apologise and for those who wanted to know my reasons for including the company this is the appropriate section.

Two to go and Bahamas Petroleum has been waiting to drill here for many years, now is the time as Perseverance#1 is due to spud anytime soon. With its billion barrel++ opportunity it is still going to be one of the biggest wildcat wells for many a year but things have changed at BPC as since the acquisition of Columbus the company is no longer a one trick pony. Whatever happens at P#1 the company has onshore Trinidad with exploration upside at Saffron plus acreage in Suriname and more to look at.

So, that was written in December, four days before the P#1 well spudded and with this Thursday being the 45th day the market is rightly warming up for some news. Nothing changes with regard to my call, following the well result priorities may change but the way the company is going to move forwards won’t, this is a changed beast.

I was waiting for that one to pop up. You’d think after more than a month of this we’d get it now. It’s an aggregated LO trade. Just prior to it being reported the spread moved down to 2.05-2.10, and the following trade prices were all lower, ergo.

LO are a non uk issuer, so they simply have to inform when it goes below 5%. Suggests they still have a fair wedge.

Likely to be Lo orders getting booked, as once completed the number of MMs on 2.10 bid went from 2 (where it's been all day) to 1.

Because it could well be an aggregated LO sell, and we simply don't know whether it was actually a buy or a sell.

Bohemia, thanks for that, appreciated. I've looked back at the Conditional Convertible Note Funding Update in the RNS 27th November, and I believe your reading to be correct. Boy, these funding notes take some assimilation. It is indeed curious that we have had no update on the first $5m tranche. 'Tighthole' premise aside, I doubt that preliminary findings would be in by then (but I'm not qualified to say), in which case it does indeed beg some questions.

"The Subscriber and BPC have today agreed a further amendment to the terms of the Conditional Convertible Notes Subscription Agreement whereby (i) the total amount of Notes available for subscription under that agreement is increased to £15 million, (ii) a new condition precedent under that agreement has been added, to the effect that subscription of Notes is conditional on the spud of Perseverance #1, and (iii) a new schedule for availability of funding, such that if the Subscriber elected to subscribe on an unconditional basis for at least £1.5 million of Notes prior to 30 November 2020, the date for satisfaction of conditions precedent in respect of the balance of the facility is extended to 15 January 2021, and if by that date the Subscriber has subscribed for a further amount of Notes in excess of £5 million, the last date in respect of subscription of the remaining £7 million will be three days after the date that operations are concluded. BPC retains the right to scale back the Notes by up to 50%, should it elect to do so, at no cost or penalty."

Bohemia, as much as anyone here, I have been trying to put some balance in the claims that we are fully cash in bank - or indeed fully funded (which we are not if you count the amount that needs to be set aside for Pi contingencies). In fact, we have a $6m funding deficit, and a $26m cash deficit against strategy (including contingency).

But I see not drawing on the CLN as a positive, for surely they would look to do that now if there were concerns about a duster. Equally, why would you draw on it if you felt the results were going to be positive? What is your thinking here?

Fair enough laallee.

In fairness, as I recall from the II days, jmann was behind one of two other rumours that didn't pan out?

I think he's maybe hit on 'e.g. CFD' and thinks this was a short, lol. That an extract from a placing earlier in the year, that's all. BPC isn't being shorted - doesn't even register on the shorts sites. Try elsewhere I would suggest.

Lokali, here you go https://www.youtube.com/watch?v=ytwjlmcdX3c&t=32s

ShareScare, I'm not referring either to the Put or Call, but the original deal with Volantis, unless when arranging the Put - Call deal they changed the terms of the original as well?

Well, been a long day.

Surely that simply relates to the additional put, not the main body of the placing?

Did you have a strategy in mind when you invested? Does it matter if holding for the results? If not intending to, in full or part, then make a decision now, so you are prepared for that opp should it arrive. At this stage, it's near enough simply a decision to hold or not, rather than trade.

Yes, if that the earlier of 60 days after spud.

willibobs, how tight hole the hole is can only be conjecture, but I'd expect that if results are imminent, which it feels like they are, it would seem financially prudent to be selling down ahead of the drill, as LO in this instance aren't investors, they are credit lenders.

Yes, the agreement was that if LO couldn't sell the 2p placing at an AVERAGE over 2.3p, bpc would compensate for the difference. Who would know what the average has been, though it does seem to me that the majority selling has been over the past 4 weeks when the SP hasn't been much above 2.3p for any period.