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Jay most of the guys who are discussing this in a serious vein have been in it for 8 yrs + and we know all the downside intimately having looked into the chasm several times.
Of course we know what can happen negatively however the experiences we have actually had with BPC have
Given us some insight into the way the company works and also how battle hardened they are after facing every headwind possible including the biggest oil disaster in history.
GL Jay.

The irony MP and Bonum is that a placing whilst by definition will drop the sp due to dilution the resultant cash flow allowing the drill will raise the price substantially!

What a conundrum.?

I’m erring towards a placing for 1/3 rd of the drill with 2 majors sharing in equal measure as I cannot see BG being happy without major involvement for disaster indemnity reasons.
GL.

Yep we are paying them £1.1 mio but shares were issued specifically for that and that is in addition to the cash I mentioned.
I assume that has either been paid already to retain MQ or ringfenced/lienned in an escrow account.
The shares issued are included in the 1.6 billion in issue that has been used for mkt cap analysis in recent months.

Kev by my reckoning they have plenty of cash to take them way past a year of OPEX.
They raised$3.5mio a year or so ago. They sold warrants for $1/2 mio recently plus they just got $1mio from exclusivity agreement.
Cash burn was reduced massively by CEO and directors stock in lieu of pay deal and even if Simon takes his new pay deal it is only about a 1/3 of his original salary.

80%
1 month

Having spent the w/e doing Scottish dances after the news on Friday I am trying to regain constructive thought process.

Thoughts:-

The only facts in the RNS are that exclusivity ends on 31/8/18 and therefore BPC can recommence discussions with other interested parties from that date.

It is possible but not a fact that the major may have waived the exclusivity for this week to facilitate BPC reconnecting with others to form a consortium of which the major is part - IMO.

All other parties are by definition major players whether oilcos or financecos and setting up meets/conf erence calls etc with executive diaries will take time - we then move into next week I.e. out of exclusivity anyway.

I still have a suspicion that the major is/was not the preferred partner for BPC AND BG so that may be part of the process.
This may have been the rationale for major paying for exclusivity in order to get in the frame in the first place.

My gut tells me there is something still cooking here however it will take more than a few days to come to fruition.

I am in at par at current pricing having seen big money go down the toilet on Friday but still having reflected for 4 days (and much alcohol) am going to hold.
GLA.

Actually Ashy they haven’t disappeared they are just spending some time thinking about recent enexpected events rather than taking cheap unintelligent shots!

Some thoughts:

Admittedly very surprised by today’s event.

However maybe we should give Simon the benefit of the doubt for now bearing in mind he has the full weight of Macquarie behind him.

The “major” who for the first time in AIM history paid for exclusivity may not be the preferred partner for BPC and or BG. — Simon has therefore got us $1,000,000 for a bit of time spent. Bear in mind the”major” may have had to pay for exclusivity to get ahead of the pack of preferreds.

Shell for example may be the preferred partner (forBG) for all the reasons recently mentioned and is waiting in the wings to re- engage.

Simon quite correctly may have said to the “major” sod off you are asking too much - in that case well done Simon I for one don’t want to give the company away cheaply if the prospects are so good.

And of course the “major” may be playing TEXAS (pun intended) holdem to see who blinks first as is normal in any negotiation.

I could of course be totally wrong but a bit of thought is always needed in these cases rather than shoooting from the hip.
GL all serious investors.

Kev we cud buy our own tax haven!

Whatever it is Kap .....can I have some please.......but you never know - even a broken clock is right twice a day..
GLA.

Never offended mon ami. Prob with these boards sometimes is reading the humor in a post.
I’ll buy you a beer when it’s 20p+ and hopefully we will have a right old laugh.
GL.

Spike you must have missed the point today and probably only read the last few posts which would be non contextual without earlier chat awareness.
I will remind you of this in one years time assuming successful spud and reserves of 14 billion barrels proved.
P.s. this was all a bit of fun so chill out pal.

After oil strike - £5

Intraday - 25p
Within a week - 35p

Pre strike?

Should have added with Kerry Packer

I think Alan Bond was the Aussie magnate who started nighttime cricket.

To an extent I think you are right.
However this time if we deal will be the first time something absolutely concrete is in the frame.
Previously irrespective of timeline or market cap it has all been speculation as to whether a JV would occur.
Announcement of JV would imo opinion be a whole new ball game and if it is super major anything could happen to the price as the seal of approval to analytics would be given. IMO minimum 30p but 50p is not out of the question on improved sentiment.
Then the speculation simply turns to strike or no strike which is a whole new spec environment.
GLA

That is why they RNS @ 0700hrs to give market time to prep sir.

Spot on Keith, just trying to put some factuality to the speculation.
Have to say they are my guess though.
GL.

Within weeks of taking office BG. PM Minnis + TradeSec visited Texas - questions we’re asked in BG parliament re the expense incurred and the reply was (paraphrased) “would only do it if it was worth it, watch this space.”

Shell moved its US. HQ from Texas to Bahamas.

Shell won govt contract for Bahamas Electricity Co

Shell have employed several executives to work in the Bahamas - jobs not specified as yet.

Shell have significant presence in GOM - similar geology to Bahamas.

I think there are a few other bits to add however have not got time to research. Maybe someone else can add?
GLA.