Member Info for in4cedros

Starchild - glide and others have made the valid point about ‘ non commercial’ and ‘ working petroleum system ‘ - even GaryGraham has a point about rns presentation- surely Potter was aware that stating ‘ non commercial’ in that first rns was going to crash the SP !

If he didn’t have the info about working petroleum system at the time of first rns why was he so quick to announce it was non commercial bearing in mind this was always an exploratory well not a producer. The line taken at second rns far more bullish - he seems to have had more calls than I’ve had PPI offers of help !

BTW is that coupon for the finance deal 12%per annum or 12% per coupon - the rns seems unclear? I have to ask because, after the last deal, 12% each coupon doesn’t seem an impossibility.

Krapper - Icemax appears to be a very successful venture - they don’t choose drill sites they just get on with their job - you must be pretty dense to not know that Irene,

The ignorance doesn’t end there though does it? Everyone except you knows Cedros is SWP - that’s where the Saffron development is - hint - highly successful exploration drill Saffron 1 which doubled SP Irene ( you wrongly forecasted NIL PRODUCTION! ) zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz!

Krapper- yet another lie - just show me where I’ve ever suggested that derampers are responsible for any loss I’ve ever made on shares ! I do, however, believe that a clever deramper can influence the SP but a troll like you asking how many bopd a well will produce in the future isn’t going to affect anything - that’s perhaps why people suggest you troll just for self gratification and find it rather odd - you never explain why you’re on here !

Garry - I don’t give advice but if Potter was prepared to make that ‘ dead cert ‘ comment re P -1 can you imagine how excited he’s going to get about Saffron 2 and that’s happening in next 6 weeks - I’m expecting rossannan to back in for a wee pre - spud trade!

Re financials, going forward, the RNS wasn’t as definitive as I’d have liked but it did give some comfort on the festering sore of LO and even Irene concedes they appear to have some cash, at the moment development of the glorious ex-CERP portfolio.

Let’s hear it for the ex- CERP Saint Bernard working overtime licking some very raw wounds it would seem!

Krapper - no chance of riches for you by not taking a financial position - being envious of those that can afford to take risks just seems to make you more bitter and twisted - is that why you feel the need to lie about me ?

Pduk - PrivateInvestor may have referred to our regular bunch of trolls here loosely as ‘shorters ‘ because he felt sorry for them and thought he’d posit a possible purpose for them posting as surely It’s a bit sad coming on here multiple times daily to talk down this glorious investment opportunity without any financial incentive?

Tiburn - post recommended- sometimes management need to make a tough decision- my regret is they have, to date, not fully explained how the drill unfolded leaving posters to speculate - you’ve speculated on helicopter flights - I haven’t done the time lines but perhaps the ‘ mechanical obstruction ‘ requiring sidetracking caused the flurry, particularly if the LWD tool happened to be the obstruction, BPC would, almost certainly be paying for a replacement as well as the lost drill time ( this happened at CERP BTW and as company was on a last throw of the dice drill it almost cost bankruptcy). I am ventilating this possible scenario but others may also be thinking it - in the absence of full briefing that’s what happens- as I said in a previous post this drill may have been a heroic effort to get as far as it did whilst, hopefully, maintaining a shirt on one’s back - let’s hear the details as well as proper financials that leave no doubts !

Krapper - short/selective memory - what about when the SP doubled post your legendary Saffron NIL PRODUCTION prediction!

A ban would stop Irene - I’m still waiting for her to confirm, categorically, she wasn’t banned for any part of last week!

Latest bulletin now out from MEEI Trinidad showing yet another rise in December for IPSC producers - handy revenue stream with WTI at $58 - let’s hear it for the Saint Bernard !

Glide - you seem particularly disappointed that BPC chose to ‘ walk away from the long advertised target ‘ - I can understand that if you read the Highlights section of the RNS - , Drilling has now ceased, the well having reached a depth of approximately 3,900 metres WITHOUT INCIDENT’ .

However reading the Drilling Summary we are told that there was ‘ a mechanical obstruction in the hole at around 2,400 metres which required side tracking around’ .

I have no technical knowledge of drilling but it occurs to me that this sidetracking would have delayed progress significantly as the RNS refers to subsequent progress gains but I’m thinking this was a brown trouser moment for BPC - did they lose the tool at the site of the incident -if so did that cost them dearly in addition to the time to sidetrack .

Given this sidetracking situation BPC may well have been fortunate to get as far as they did in the time allotted- possibly BPC missed a trick not spinning it how well everyone performed to get that far given that vibration issues are also mentioned.

When Koot drilled Saffron we eventually got an almost blow by blow account of what happened during drilling and he wasn’t castigated for failing to complete the final target of the drill - with BPC it seems that sidetracking is not an incident even though cost implications were presumably significant !

Stach - many thanks for your kind words ! It would appear that the rigs owned by CERP are not suitable for drilling Saffron wells, from scratch hence the involvement of the Saffron 1 drill company and the very recent indication on BPC slide that envisaged cost is $2.3 million for Saffron 2 .

Those of us familiar with Trinidad know that it’s sensible not to take success for granted but not to rule out good potential.

Careless Sid - re financing of Trinidad the proposition very much depends on the result of the Saffron 2 drill - financing that is of paramount importance and hopefully we will know soon how, when and where.

Assuming a decent production level, which is sustained for a reasonable period, without substantial decline, confidence in the project will be achieved and BPC will be comfortable to take on RBL on , hopefully sensible terms. Koot borrowed from LIND on quite attractive terms - nothing like BPC nonsense deals - so let wait and see. IMO dangerous to borrow huge amounts and put company in jeopardy if production not achieved - let’s be careful and go one drill at a time carefully monitoring results for viability . For this reason I’m thinking that 2500 bopd by year end is fanciful if job is being done prudently but BPC have made that projection and I haven’t seen exact details of how it was justified - Star is merely working on BPC figures and he’s made that clear on NUMEROUS occasions !

Reading between the lines you’ll see that Star was not a great fan of the borrowing deals so is at pains to paint a scenario where the company don’t need them - he is just more optimistic than me about speed of development and levels of profitability - to make BPC investable for the future the programme has to be prudent and realistic as even people used to casino odds sometimes suffer from diminished enthusiasm.

nacho - LO are almost certainly out by now as there was a time limit on guarantee - shareholders await final bill in rns someday soon togethe, hopefully, with an UNAMBIGUOUS financial update, ( hint - not like the one in the latest rns !) .

Careless - you’re entitled to your opinion but I don’t recognise your characterisation of Star as it’s clear to even his most vehement detractors that he does attempt to evidence most of his posting so that readers can decid for themselves how much weight to attach to his arguments - contrast with say Irene Krapp - I rest my case.

Having said that I don’t agree with all his opinions, but this board would be a worse place without him IMO!

even though Koot had assured shareholders!

Apologies for same old history lessons - the game continues - same old trolls here for same old reasons read what posters actually say - Starchild was optimistic on P-1 no law against that but he bent over backwards to give health warnings about the risk - he won’t earn a medal for his trouble cos the drill was a disappointment but he’s not asking for one either !

I do, however, challenge the company direction, if the data can’t be used to attract a partner for Bahamas BPC need to decide where to concentrate resources- why not deep drill SWP with generated cash - you’ve got offshore Soldado field not far away which has ACTUALLY PRODUCED 15,000 bopd average over 50 years - onshore drilling much cheaper - no political controversy- what’s not to like for a high risk speculation ?

Antha - may I take up the invitation from Krapper - Yes Krapper you must have a short memory - rossannan attempted to deramp CERP for close to a year, often posting multiple times daily, saturating the board with his opinion that CERP would need a Placing prior to drilling Saffron 1, even though Koot had assumed shareholders he wouldn’t. YOU were also part of that negativity, although even rossannan thought you beyond the pale and filtered you! An example of your negativity was the forecast of NIL PRODUCTION from Saffron 1 - you even set up a sweepstake to promote your own view, a rare event, which ended with the ritual shooting yourself in the foot together with a more than doubling of the SP - hope that refreshes your memory Krapper!

Yonny - I like your positivity- I’m also positive here but only if the strategy changes!

Thanks to novice investor for posting latest SP remarks - can be interpreted in many ways - my take is he’s going to attempt a farm in with data and if that works good news for shareholders in a matter of months. If it fails I’m sensing they will pull the plug on Bahamas as the cost of P- 2 is a bridge too far with the capital available to BPC ( even if they do well with the ex- CERP assets ) . Drilling P-2 with more borrowing would involve ludicrous additional dilution for shareholders based on what we’ve seen for P-1 . You may say shareholders will fund P-2 - really is their an appetite for that - I’d say no based on recent RNS - surely Potter would have put beat spin on rns - who would put more capital in BPC for P-2 based on that latest rns ?

Potter talked about concentrating on the ex-CERP assets and that’s where I believe optimism is warranted. Obviously Krapper has a downer on Saffron citing the current poor production as an indication of potential but only a troll would cite that ! The facts are the drill was always targeted for completion at the deepest target but because of technical problems that wasn’t possible so they went for the next best level which was indicating 500 barrels a day flow rate but was 95% water ! They processed oil from that completion but it was disappointing.

The driller if Saffron 1 , with full knowledge of the technicals, offered to drill Saffron 2 FOR FREE In exchange for 75/25 share of PRODUCTION until costs recovered reverting to 25/75 in favour of CERP thereafter. Nathan disclosed on latest presentation that Saffron 2 expected cost is $2.3 million - I’ll let others ask Krapper how long it would take for the Free drill offer to break even if the production from Saffron 2 was only 25 bopd LOL!

If Saffron 2 achieves decent production and contributes strongly to proving up the SWP development it’s always possible to sell on the field to a major who would accelerate development. Such a sale would be a considerable boost for shareholders funds and was the plan Koot originally envisaged .

JBT - apologies- just seen your post of the Saffron 2 cost - interesting looking again now knowing how matters were developing with P-1 !

Bespoke - I’ve now looked at the video from Nathan again - cost on the slide is $2.3 million for Saffron 2 !