Member Info for jimtheknow

Valid only to people or disingenuous idiots who don’t know any better.

Starchild, please desist in posting things you’re googling but know very little about. You might think it’s clever and that you look smart and some of the other sheep on here might think the same but to the people who know what the oil & gas industry is all about, having worked in it for many years, you look like a fool. What makes you look most stupid is you appear to have an idea of what to google and look for but you don’t understand what you’re reading and then re-spouting and it makes you look a complete prat.

Your ‘research’ is usually worthless at best and anyone who buys into your rubbish is equally clueless.

Do what you said you would do a number of months ago and stop posting and disappear from this board like you said you would. I said there was no chance you would do that as long as I had a hole in my asre and you tried to stop but your narcissistic personality got in the way.

She challenges a lot of the ramping idiots and highlights the complete waffle and disingenuous tripe they spout.

She’s a guest of mine here, she can stay.

Rossannan, it’s certainly not a bad thing to kick the tyres and research before investing and from what I see you’ve done more than a lot who have already thrown their money in.

The questions and concerns you have are valid and I can assure you as someone who has followed this in detail for many years, you will not find all the answers you may be looking for in what is currently in the public domain, if that info was there we’d be much higher than current levels. If greater certainty is what you’re after then I think you will have to wait for the requisite RNS’s, it’s as simple as that.

If you’re concerns are around the expensive CLN then I would recommend you research the individuals putting up this loan, their professional history and their connections and relationships to BPC’s current board and the fact they choose to not appoint ‘one of their own’ to the board as long as Potter is present. If you then look at the conditions precedent that need to be fulfilled to access this CLN and try and find anything unusual you will likely again find these are standard prerequisites.

The CLN’s are expensive, the company admit this, but it’s very very likely it will be available. Note it’s a baseline, a backstop if you like. Uliel has done plenty of talking the talk and now needs to walk the walk in bettering this.

I suspect we will get significant news within the next 2 or 3 weeks on P#1 progress.

Good luck in your research and feel free to fire the questions in. And please ignore some of the outrageous rampers and derampers.

There’s definitely money to be made from these levels I say.

We’ve had the debate on here plenty of times about funding and the way I see it is this...

Given the rhetoric that has come from Potter & Uliel saying the funding is in place, only to be bettered and the drill is happening, then it would be absolutely criminal if there were to be a hitch on funding now. The company having just stated they are funded amongst other tit-bit news, they have been overly bullish on it to the point they couldn’t wriggle out of what they’ve said even if they wanted to.

Now, as we stand we technically don’t have the funds in the bank so people are correct to say we aren’t fully funded at this stage but if you are looking for that absolute certainty because you are more risk averse then that is your prerogative and you should wait but the cost of that is you will pay a higher entry price. That is just simple market forces.

If you do your research and understand where the funding is coming from, the personal and professional links between individuals you will understand why funds are less uncertain and if you look at the conditions that need to be satisfied then you will understand these are just the basics of going drilling, so they will be satisfied. If they don’t satisfy them then they will not be going drilling regardless of any money.

I have no doubts this drill will happen. On exactly what terms is yet to be known, but it’s going to happen barring another black swan event.

People need to be looking hard into the crystal ball for unforeseen world events that might screw thinfs up and worry less about where the money is coming from.

Today is the Summer Bank holiday and it’s exactly 2 years and 1 week to the day where a lot of us saw the rug pulled out from under us and the birth of the ‘Walked, Didn’t Walk’ debate began. Back in the day, just prior to that bombshell Friday RNS, people were speculating on share prices, talking of nullifying mortgages, putting nest eggs away for grandchildren and some altruistic souls began to talk of charitable funds and donations. Then bang, the pages of the book were slammed shut and people scrambled on the phones to their brokers trying to rescue that tenth of a penny in fear this was crashing below 1p again. Although a sickening day the very worst never materialised and ironically the sp fell to pretty much the price it is today. A lot of people who follow this board will remember where they were and what their actions were that morning.

So here we find ourselves 2 years on (where did the time go) with us reopening the book again. With today being a none trading day the first paragraph can’t be marked by an uplifting RNS but the quill and the ink pot are firmly at hand as the gates to news flow opens tomorrow.

Many have studied this book for over a decade and poured over its pages like an ancient script but alas they are still no wiser to its ending. All they know now is there are more pages in the book for them to study and many more copies (1bn) of the book have been issued. People who bought some of those early leather bound, hand gilded gold leaf, vellum copies feel a bit annoyed by the issue of so many new paperbacks after the prophets sold us the narrative so well. We partly have ourselves to blame here as all that glitters is rarely gold and very little comes true where leaps of faith are required.

So what can we expect next. I think the next chapter will be titled ‘Stena IceMax’ and the detail of this will be upon us soon. We also hold out great hope our prophets can turn CLN’s into a meal much more manageable and maybe once we’ve digested that our pudding will be a farmed-in mixed grill with all the trimmings and two dips rather than the standard one.

Good luck everyone, the book reopens and the story continues again tomorrow.

I think it's the worst kept industry secret that it's the IceMAX, it's been known for some time.

I think a farm-out is very possible, more than a lot of people give credence to. It feels close to impossible that we were so close to drilling early this year without the drillship named, without an insurance policy in place. We surely were going to be given access to a drillship that was hired to someone else.

Star, what do you think both Simon and Eytan mean in their third point when talking about funding, that being to get better security and greater confidence in funding? Surely with what we have on the table now we do have a very high degree of confidence in our funding, I personally didn't think that was in doubt, only we wanted to get the money on better terms.

My one concern from the Proactive interview yesterday was what Eytan said with regards funding. He said they are trying to improve on what they already have available, which is absolutely great and what we should expect from our board, but... the last criteria he mentioned was they were trying to provide more 'certainty' on funding.

They have spent however many months telling us they have a baseline funding position which will be available to draw down and then those few little words by him seems to contradict everything they have said in every roadshow. In some ways you could take what he said as resulting in a financial package that has worse fiscal terms but is better because it is 100% secure. If he's miscommunicated what he meant to say here then I think they need to clarify or retract that statement.

We have got certainty haven't we with what we have? It's just not on the best terms we could expect - isn't it?

Willec, you should listen to your mummy Krapp and do your homework as you were about to lose the shirt off your back until Cheech & Chong came driving over the horizon in their fiberweed van. Maybe that’s what it is, you got too close to the exhaust on the van.

Do you often have an insatiable hunger with fits of uncontrollable laughter?

I’m not going through all this again but if CERP assets were any good they wouldn’t have been a need for them to be bought by an ‘oil explorer’ who’s never actually drilled a well in over ten years and in those 10yrs has spent more on wages than the entire valuation of CERP on the day it was acquired.

All CERP has done is lower the ceiling of the dark and dingy tunnel we were in. We thought we could see light at the end of the tunnel but it turns out it was the CERP Express.

Petro, very difficult to predict a share price and I don’t say that to deflect from answering the question. If we stay on the current reasonably expected path and given the size of the potential prize, it is enormous and that shouldn’t be forgotten, then a market cap of c. £200m feels possible but that could evaporate in an instant with the weight of selling that will ensue.

Although it would diminish the size of the prize I feel a farm-in is still the way to see the greatest value as it significantly derisks the project from a frugal one well drill plan and will free up cash in bank for other ventures, potentially creating value sooner in other areas. It may even lead to a commitment for a P#2.

Couldn’t begin to guess on a strike as there are so many variables to reckon with. I think it’s fair to say though that a commercial strike would be country making (in fiscal terms) for one the size of Bahamas with a population just shy of 400,000.

Anyone else think Mr Potter looked a bit spent and exhausted in today’s Proactive video?

Even the hardest nosed businessman must start to feel the overwhelming pressure of delivering absolutely nothing for shareholders in 10 years whilst happily taking their money time and time again. There genuinely must come a point where you can’t take much more.

My guesstimate was 4.1bn by time drill hits sea bed. I don’t think it’s going to be far from that unless we get a farm-in.

4.1bn for a target production of 500 bopd, even the most idiotic of the rampers will struggle to justify that one.

It is not meant to do anything other than provide a rough snapshot comparison at a moment in time, it is certainly not meant to alleviate or compound anyone's concerns. Others need to do their own research into what this means for each of these companies with regards bopd output, revenue, proven resources, political jurisdiction stability, access to market, etc. and see how BPC compares against the myriad of variables that result in a market cap.

Good luck.

People spout an enormous amount of rubbish on this BB with regards share price with an apparent ignorance, or malicious intentions (or both), so what would that would mean as a market cap? Here are some examples of other market caps of oil companies:

Apache = 5.89bn
Marathon Oil = 4.77bn
Cairn Energy = 834m
Talos Energy = 636m
Premier Oil = 320m
Enquest = 228m
GKP = 197m
Touchstone = 135m
Hurricane = 101m
Falcon Oil & Gas = 80m
Reabold = 45m
Union Jack Oil = 45m
Eco = 41m
Rockhopper = 32.6m
UKOG = 23m
COPL = 11.4m

BPC currently has a market cap of approx. 66m at a share price of 2p with around 3.45bn shares issued. So...

BPC 4p = Touchstone
BPC 5.7p = GKP
BPC 9.27p = Premier Oil
BPC 18.4p = Talos
BPC £1.38 = Marathon Oil

Share price is meaningless, Market cap is everything. You be the judge.

Quite a few mentions of Perseverance #2 in the presentation and intimation that being the likely course of action on a farm-out. It's not impossible to imagine a 50:50 farm-out situation for a P#1 & P#2 drill program, with BPC lowering their interest to 25% on a success case.

Rickie, you need to read the information put out and not speculate as to what you think will happen. BPC openly state in the presentation hot off the press today they intend to farm down their interest in the Bahamas to where they have a 25% interest. This doesn't fit with how you think it's going to pan-out. It's all on the last slide before the Summary title page.

A farm-out is VERY much on BPC's agenda - it is their only agenda for Bahamas development.

No.

But it might allow BPC to drive a better deal.

It does make you think that they know a farm-in for P#1 is highly likely.