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Because as stated by BPC several times in the RNS they prefer to have a farmin partner and this development will assist in that.
Bizzell have been involved in several large o&g deals that have been very successful.

Exactly Keith.

I would add though that if it is proposed to issue such a big chunk of share then they would have lined up buyers/underwriters who may be forward selling some at say 2.2p for a 10% return - a bit of hedging perhaps?
GLA.

Jay
The most dilution that is being proposed is broadly speaking a doubling of the share base.
When it was revealed just over a year ago that a major oil co was being granted exclusivity in its dealings with BPC the SP went to 7.6p.
Ergo in theory the SP could pro rate go to 3.8p with this not too dissimilar development.
Not easy to compare them but just for your guide.

Hi Jim.
I agree - never got where they got the original $120mill initial estimate from.
My understanding is 1/4 mill about fair price and we apparently have it @ $215,000 per diem.
Nice one Macquarie!
I do recall that we are “medium depth drill” so maybe that is reflected in price and I guess whilst we are not buy one get one free we are intending several drills so discounts may have applied on understanding of continuance of contract.
GLA.

Quite right Truffle.

This was always a binary bet.
Now at least our take is guaranteed to be a decent one in the event of success.
My guess is this will actually provoke activity from big oilers to make a decision.
GLA.

“Tootles” along to Never Neverland to find your marbles mon ami.

Oh dear I hope I wasn’t.t being prophetic there with never!,
GLA.

Oops! Respectacles

P.I.
Nice post.
You mentioned “retrospectively”
I prefer retrospeculatively with my rose coloured repesectacles on.
I suspectively believe that the retros will be fired soon and we will go into orbit - and land somewhere near “Iceland” where you can buy blue chips in the freezer section,

Ok ok
I’ve lost the plot possibly like yourself.X
GLA.

Same here P.I. And we must have a “do” of some description on denouement , if nothing else but to say adieu to you and you and youuuuuu!
GLA

Thanks for that Sprite.
My wishful thinking says sign on dotted line for farmin just pre AGM in order to satisfy NDA requirements and have a happy AGM.
Any signing would obviously require RNS.
GL.

Hi Bryn/Jim

B&V is really an update on their 2012 report I believe.
In that respect it is mainly Is and Ts dotting I guess as the risk control environments have been significantly enhanced since Macondo
In that respect it is to a great extent a political PR exercise to evidence due diligence.
I think I am right in saying that AGM time will be approx 6mths since B&V engagement which with my wishful thinking hat on implies a possible synchronicity for announcements.
All IMHO and wishful state!
GLA.

Thanks PI, again good points.

Thanks Jim, good points.

I was thinking about this last night and perhaps wishful thinking as usual with BPC but if they are going to drill in 1st qtr then surely a deal has to be announced in next couple of months?
Ergo: September AGM makes perfect timing for announcement.
Sign agreement in the morning and announce at AGM.
Gets around NDA issues and releases news as per disclosure to market requirements.

As I said maybe wishful thinking.
GLA.

Here we go £6 sell drops the price - are you sure.

I am now going to investigate these jokers who quite frankly just rip us off on AIM.

They are to all intents and purposes unregulated criminals.

I’m going to indict you.

The milky bar kid is after you and by the way I used to drink in the pubs you frequent when I was a trader.

Watch out you are going to suffer from insider trading.

Ok mon ami - me being a bit too paranoid peut etre.

Bon chance!
X

Jim

Mate I have been working in this business for 40+ years and never pump or dump as I am a long term strategist.
Shorty termers always lose in the end

PoC

You speak words of wisdom - thank you.

Just for the record I am convinced this is a massive win.
I have been in for 10 years and indeed out at 21p many moons ago and then back in @ average of 2p in a multimill amount.

We will see 20p+ on a deal and we will see multi£££s on a result.
Alan Burns who made my fortune for me said so, God bless him and he was Simon’s mentor.
GLA.

Just an observation and similar lines to my prognostications of the last 18 months:

This iSP is being “managed” big time.

Once in a while we get a decent ”sell” when it looks like we have a bit of life in the old girl but also everyday we have tiny sells for a couple of bucks to knock the price down.

Someone who needs to own this whether as an owner or a dealer knows something is in the pipeline.

Remember our Gordon of the chameleon variety who employed “the best” to buyout a company.

Probably rambling and dreaming but bear it in mind and don’t sell out through boredom.

GLA.
X

Thankyou mon ami.