Member Info for in4cedros

rossannan - you posted yesterday 10:15 ' The RNS clearly implies NOTHING is expected from Stena ' - as I posted at the time I couldn't see how a refresher RNS about CCLN facility ' clearly implies ' what you say!

Now that you've listened to the Eytan Uliel presentation you'll presumably agree you're talking tosh again as it's FACT that Eytan mentioned the ' Drill for Equity ' deal with Stena is still on the table until December - if Eytan, the Commercial Director, agreed with you why would he have mentioned it!

I've NO IDEA if Stena will take up their option either wholly or in part - I'd like to see it but the drill will proceed with or without Stena equity participation - you have your own agenda here which seems to be predicated on you being more knowledgeable than company officers - we've seen where that got you with Koot and the Saffron drill - you don't seem to have learnt from it !

Arry - well done for the 08:39! Did you notice from the slides yesterday BPC still banging on about those pumps in Trinidad - you should get in touch and offer your Nodding Donkey expertise - along with rossannan on EOR and Irene on erhhhhhhhh nothing!

rossannan- Waterflood on Goudron is a pilot scheme using readily available local water supplies at low cost. Despite huge reduction in Workovers for existing production ( see Lancy's recent post quoting rns ) CERP managed to keep up respectable production level - did Waterflood assist in creating pressure - the company haven't, to my knowledge, given a detailed statement about it but that's hardly surprising as they were, overall, pretty much maintaining the status quo ( Still remember that Live Aid Gig! ).

Waterflood success hinges on connectivity and volume - I don't fault the management for attempting the exercise which I believe is being maintained- if you have detailed information about progress why not produce it for the benefit of the BPC readers here? If, however, you just feel let down again by Koot's fluttering eyelids try to get over it - Waterflood has been successful in Trinidad and Koot is trying it on Goudron, on a pilot basis - most people understand the purpose of a pilot scheme - you seem obsessed that Koot is some sort of Kamikaze!

FSO Nabarima to be offloaded shortly - oil tanker approaching listing vessel in Gulf of Paria Trinidad/ Venezuela ( it appears that delay in offloading was caused by sanctions imposed against Venezuela ).Trinidad government representatives inspected vessel yesterday and statement about condition expected by the end of the week says Government Minister.

rossannan obviously just can't let the Koot thing go - a flutter of those eyelids and everyone except rossannan is taken in by him ! Get real rossannan BPC have experienced oil and finance people on board they aren't just playing Fantasy Oil & Gas Manager, level 1 ( that's the one that builds in no allowance for future increased production - see my previous posts !).

Lancy - good post at 12:50 - who to believe discredited rossannan or BPC rns - ooooooooohhhhhhhh I've just seen Koot flutter his eyelids so BPC BOD wins it again !

rossannan - you keep banging on about disappointment for folk with unrealistic expectations around the former CERP assets - you've got to try and let it go rossannan - you should have known it was unrealistic to try and convince Koot that he should go for a Placing when he'd given shareholders an assurance he wouldn't - banging on about it for close to a year was good stamina but we've learnt from a prominent European historical figure that repeating it every day doesn't make it true rossannan!

Just admit you got it wrong big time rossannan and apologise !

BTW - for the record the Stena deal is available until it's contractually not available - all this tea leaf reading is bullshyte - ' clear implication ' - absolute nonsense rossannan! Keeping the CCLN live seems sensible to me to cover contingencies associated with drilling that most investors in this high risk venture understand - obviously Post Office Book risk takers like Irene find it daunting but no one forcing her to be involved !

bynari - when rossannan says ' Leo Koot undoubtedly missed his opportunity to do a raise ahead of the Saffron drill ' he conveniently ignores the assurance Koot gave to shareholders about not needing a Placing to drill Saffron. Saying one thing and doing another might be ok for certain posters on chat boards but is not ok for CEO!

Just for the record rossannan the Lind loan was celebrated by shareholders, when announced, and was granted to enable CERP to expand the business in anticipation of the Saffron drill, the repayment of the loan was to be financed by oil produced largely from Saffron - inadequate production inevitably would lead to shareholders having to pick up the tab.

rossannan- you posted for close to a year on CERP about the need for a placing prior to Saffron drill - Koot didn't agree with you and he had more information and control of the business - just accept your failure, apologise and learn from the experience.

Re your kind invitation for readers to pay for your absence - I've seen more friendly requests in Mafia genre movies !

rossannan - suggesting Star digs out CERP accounts to rubbish CERP is similar to reflecting on BPC to rubbish them - what historic profits are you looking at from BPC that stimulated YOU to buy shares here ?

Most people understand that SP reflects future expectations - CERP is drilling Saffron 2 soon after successful exploration on Saffron 1 - BPC are drilling P1 soon !

If your version of Fantasy Oil & Gas Manager doesn't provide for input of value for future potential may I suggest you buy the updated version !

Hi Em, hope you're well! I'm still troll hunting and keeping busy !

Not for widows and orphans here but even troll dross is optimistic for a good trade - if it goes **** up for him again it'll be another year of trolling on here trying some unsubtle deramp agenda !

Get down off your high horse dross!

The occasional enthusiastic ramp is nowhere like as sinister as posting multiple times a day for close to a year that you didn't believe Koot was telling the truth when he assured shareholders he would drill Saffron without a Placing. Getting it wrong and failing to apologise dross ( not to mention requesting cash from readers in exchange for agreeing not to post ! ) should have been, minimally, a resignation matter - many wanted much more!

Yes Potus - I remember troll 12bn promulgating that view on ADVFN and I had to put him straight- citing longer term demand for futures over next few years at variance with that one off negative POO blip. 12bn also claimed that storage was going to be an issue - I did mention that CERP had some room left whilst awaiting the gusher!

Jimtheknow- as my esteemed colleague Chesh points out the development plan for CERP was always to upscale the project and sell the company on!

Now that G&A has been slashed at CERP executive level the project can become cash generative short term and I'd refer you to the BPC 13/08/2020 presentation which, for the benefit of other readers here, can be accessed through the rns of same date on BPC website, for details of their projections including the cost of production suggestion they've made.

My own speculation for production and costs is as irrelevant as an offering from say troll Krapper or dross - all of the aforementioned have less information than the company - all of us know that certain information is fact and some is puffing. The accelerated progress of Saffron 2 and the appetite of the drill team to go again at their cost and risk speaks volumes for me !

Once Saffron 2 is drilled and results analysed will be a good time to revalue the project - anything close to projections and I'll be reaching for my Betamax video of BONANZA!

The way I see it Jim the deal is done - even if you think CERP is a dog you're not going to change it - time to campaign was pre vote stage. Good thing for you is that as your opinion of it is SOoooooooooo LOooooooow now you're likely to be constantly surprised in a positive way in the future - I hesitate to say this in view of recent comment - but why not - watch this space LOL!

Chesh - who could ignore your contribution to the story - I'm considering employing you as my social media consultant as you have a very distinctive cut to your gib which most people find alluring!

Jimtheknow - even Koot hater dross picked up your ignorance of the Trinidad geology - the Saffron and subsequent drills in South West Peninsula area are targeting the type of deposits that yield lower API ( circa 20) rather than the API 30 oil produced from Goudron. Higher API comes from migrated deposits suggesting the main deposit is elsewhere -almost certainly deeper. Main deposit usually produces much higher volume and decline rate is much lower - One of the Soldado fields Offshore South West Peninsula produced 15,000 bopd average over 50 years !

Potter mentioned Sand in the vox interview and was right to do so but the context would have been Goudron field which Koot would have briefed him on. Koot spent $50,000 on a Moyno mining pump adapted for oil to test efficacy in dealing with sand clogging . Sand is not a significant problem for lower API deposits - as Saffron 1 hasn't produced from the deep target he couldn't have been talking about that !

Even on Goudron field workovers and acid wash treatment can up the bopd significantly and cost effectively - hence the revelation by Potter of third rig in VOX podcast. Goudron is an IPSC soon to become EPSC ( from latest rns ) - getting a better deal from Trinidad Government was very important to stimulate greater investment in the field and Koot had been resisting CapEx on Goudron to prove his point ( plus priority was to spend on SWP ).

Ex CERPers know the history and detail and have spent many man hours on the subject so it's easy to understand why newbies fail to grasp the fine points - devil is in the detail! The CERP motivation for shareholders was always going to be SWP development but it took too long in coming and shareholders got wary of financing the delays particularly staff costs .

Post merger CERP BOD, except Koot gone, some cash for CapEx, new deal Goudron, Saffron 2 imminent, possible sale of Ti/ increased production from CO2 looking far from a dog Jim and Arry - but think what you like - people can make up their own minds if they agree with you or perhaps BPC BOD and me and to a certain extent - even dross!

dross - ask Krapper and the rest !

fatalcharm - I wasn't privy to the loan negotiations but it should be apparent to all this has to be very specialised lending bearing in mind at the time of negotiation there was no CERP ( with existing production and deal for Saffron 2 drill ) .

Lenders have to consider how will the loan be repaid if the drill is a duster. This is a real risk as COS is up to 35% . Answer IMO is good chance of huge loss to lender as BPC would need to raise cash for P2 with a failed P1 in background. We've seen already that shareholders are getting tired of Placings !

These complicated loans give the lenders more room for manoeuvre but also substantial dilution - at least the Placing is clear and wears off in a relatively short time rather than always being an overhang that trolls love to bring up on a regular basis.

If the drill is successful and in production the borrowing market will be completely different, hopefully interest rate driven without need for excessive sweeteners .

Krapper - your ignorance is breathtaking - new job for you - a trip to The Wirral to tell Merseyside Pension Fund they shouldn't be invested in BPC ( see rns 25/06/2020 >2%!) - are you a qualified financial adviser? If not Arry will be taking a keen interest with his legal adviser!

Arry & dross - I've just had a look at the previous Placing 10/10/2019 - Open Offer to shareholders at the time of Bizzell CCLN deal.

Shareholders took up circa 50% of amount needed and company had to go to Shore Capital to get the rest from their clients .

Given they had invited shareholders relatively recently to fund development and noted response they would, almost certainly chatted over the chances of raising more from shareholders at this time. I'd speculate broker confidence was not high that would work again hence the more pragmatic approach adopted for the Placing with aggressive discount which has achieved a competitive aftermarket- looks like a master stroke by BOD - plus more confidence expressed by BOD in their project by BOD share purchase, in addition to amount taken in previous Placing .

Let's not let facts get in the way of a trolling opportunity LOL!

You guys! I've already explained the likely reasons Primary Bid wasn't used!

Re director buys although I've not read anything that ties their hands on the new shares issued to them I believe it's highly unlikely they will sell before the drill as such sales will be ultimately become known and there will be an army of ' Arry's' on here rightly questioning the BOD confidence in their drill !

According to dross most of you shareholders are going to sell pre- spud cos you don't want to run the drill risk - you can buy @ say 2.15 and have flexibility to sell pre-spud don't you prefer that to buying at 2.0 and being ' locked in ' until spud ? I'm not crying on behalf of the BOD just ventilating a view some might not have considered ( especially current BOD haters! ) LOL!

Arry - btw where do I find that option BUY BUY BUY STRONG BUY on the Opinion drop down box ?

Do you think it’s significant that the box is for ‘ Opinions’ - probably why FCA comfortable but DYOR - why not ring them Arry?