Member Info for jcgswims

I don't know why posters are questioning whether it's a buy or sell. Until LO have eased their conscience about their "regretful" investment then this will be the range we're in. (Unless positive news comes of course) I, for one, hope they're fully out before then.

https://ewnews.com/bahamas-petroleum-company-refutes-claims-of-lack-of-funding

...“As a matter of fact, Perseverance #1 has been fully funded, including a significant contingency, since the date of mobilization, as is clearly stated in the press release issued to the London Stock Exchange by BPC on January 12, 2021,” the company said.

“Any other interpretation of this press release represents a deliberate and gross misrepresentation of the facts and/or demonstrates a selective naivety as to how businesses operating in The Bahamas (and internationally) maintain the capital to fund themselves.”

Former Finance Minister and Director of BPC James Smith stated: “The lengths the environmental groups are going to in order to distort the facts is frightening, and quite frankly wrong, demonstrating a stark lack of understanding of commonplace business funding practices.

“Like most businesses, at any point in time, BPC has a mix of ‘cash at bank’ and other funding facilities that can be drawn as and when needed, in order to ensure the costs associated with funding are only borne when the money is actually required. “

He added: “It is worth noting that BPC bears all of the costs of the exploration well. The government does not have to contribute a single dollar, but gets to share the benefits of success.

“In authorizing BPC to drill this well, the Bahamian government is exercising its legitimate, sovereign right to find out if The Bahamas has its own important resource, which has the potential to benefit current and future generations of Bahamians.”

They issued another one on the 14th

"Valuation update
Our new Core NAV and ReNAV incorporating the US$10 mm placing are
respectively 2.0-2.3p and 6.7-7.1p based on a NPV10-12.5%.
Importantly even excluding the Bahamas, our Unrisked NAV for the
company based on the 2021 base case activity programme in Trinidad and
Suriname in 2021 is 4.60-5.1p per share.
Our target price of 6.70p per share has been set in line with our new ReNAV. "

The creators of the boards can only do so much. Any premium members can't be moderated or banned by the creator no matter what they say. The only way to get the posts removed is to email support and even then you have to do that a few times to be successful. It can be a cesspit over there at times.

https://www.malcysblog.com/2020/12/oil-price-genel-gkp-bpc-providence-san-leon-echo-and-finally/

A few points from the RNS

In August 2020, when BPC assumed control of this portfolio of assets through the merger with Columbus, the Company established a target of achieving net 2P reserves of at least 1 MMbbl by the end of 2020. The net 2P reserves as certified in the CPR exceeds this target by 30%.

ERCE have not audited the SWP, including Saffron as part of this Independent CPR

As such, at current oil prices of around US$40 per barrel, BPC estimate this level of 2P reserve represents in excess of US$50 million of gross cashflow potential to BPC, and a reserve base equivalent to a baseline production of 500 bopd for approximately 7 years.

Reserve-based lending facilities: BPC has been approached by various financing providers requesting the Company to consider the suitability of an RBL facility against its 2P reserves. If successful up to $10 million could become available during 2021.

https://www.malcysblog.com/2020/11/oil-price-bpc-echo/

Malcolm Graham-Wood
@mgrahamwood
·
32m
I am delighted to say that I have been granted an exclusive interview with Simon Potter, CEO and Eytan Uliel Commercial Director of @BPCplc on @CoreFinanceTV tomorrow morning. They have much to share with investors at this crucial time for the company. #cant wait!

Presentation from yesterday available

https://ukinvestormagazine.co.uk/bpc-plc-presents-at-the-uk-investor-magazine-virtual-conference/

Tiburn, in this interview (at approx 8mins) Leo says its the same company who drilled S1 - Nabi - which I presume is Nabi Oil and Gas

https://www.youtube.com/watch?v=Nmn8Nk0MA9I

As far as the next news goes, we should get some tomorrow re Trinity Inniss, one way or another..

"As part of the agreement with FRAM, Predator has the right (until 30 September 2020) to acquire FRAM's 100% interest (the "Interest") in the Inniss-Trinity field Incremental Production Services Contract."

It's a replacement for CERPs Lind funding.

They were obviously just chancing their arm, an offer that only lasted 5 days when we're in merger restrictions? Planting that amount as a seed so anything over that will make us feel like we've "won" is probably what they're thinking.

They offered $1.75m

"Equally, the Boards consider that a business with a broader, regional portfolio, as would be the case with a combined Columbus – BPC entity, would both diversify risk and be inherently larger and more attractive to longer-term institutional investors, thus providing a number of benefits to all shareholders in terms of enhanced market size, liquidity, and access to capital from multiple sources, including via equity capital and debt markets."

"Columbus’s Executive Chairman, Mr Leo Koot, will be invited to join the BPC Board as a Non Executive Director (subject to completion of customary due diligence) and will be invited to become Chairman of the BPC Board’s HSE Committee and a member of the BPC Board’s Audit Committee – both providing a key operational oversight function – following the Scheme becoming Effective. In addition to this role, Mr Koot will be contracted to make available his services to BPC for two days a week for a period of at least six months following the Scheme becoming Effective in order to ensure business continuity. His role will, amongst other things, be to drive the South West Peninsula and Suriname projects, and he will participate in meetings of the BPC executive leadership team."

"BPC has entered into a Replacement Funding Agreement with Trafalgar Capital Management (HK) Limited (“Trafalgar”), whereby, contemporaneously with the Scheme becoming Effective, Trafalgar willsubscribe for approximately US$2.7 million (£2.1 million) of BPC Shares. BPC will apply those funds to repaying all amounts owing to Lind, in full settlement of the Convertible Loan Agreement.....

....Based on the current share price of BPC, this would, on an indicative basis, equate to approximately 80 million BPC Shares. .....

....The full repayment of Lind via the proceeds of the Replacement Funding Agreement will mean that on
the Scheme becoming Effective, the Combined Group will be debt free."

The letter of intent, as far as I can see is non-binding, so Schroders can continue selling however many shares they wish to.

"Notwithstanding anything contained in this letter, we and/or our Associates shall at all
times reserve and retain the right to deal with the Shares in our absolute discretion or
on the instructions of our clients or otherwise. Nothing in this letter is intended to, nor
shall it, create any legal obligation or liability on us, our Associates or our clients.
Furthermore our or our Associates' intentions in respect of the Shares may change
whether in the light of further information, changed circumstances or otherwise. "

!We acknowledge that you may disclose this non-binding indication of an intention to
vote in favour of each Resolution in accordance with Rule 8.4 of the City Code and
make reference in the Public Announcement and the Scheme Document to this nonbinding indication of an intention to vote in favour of each Resolution, including details of our identity. "

Correction - Letter of Intent, not IU

How do you come to the conclusion that schroders are buying?? Their latest declared holding is less than the IU?

If you sign up to CERP emails you get notified when Schroders sell. It doesn't appear on LSE, adv etc

https://sirius.brighterir.com/public/columbus_energy_resources/news_alerts/email_alerts/register

Hope Leo will make an appearance and explain the reasoning behind this deal, as at the moment with what we had ahead of us, it doesn't seem the right path to me.