What did it say...22 Feb 2019 10:53
In the few times our board has been able to be pinned down to answer questions e.g. at the AGM, the message to its shareholders has been this: Read what is said in any RNS. Some key points for me are:
1) The Environmental Authorisation is now confirmed as being actioned by the GoB with them now spending their own cash on it with the appointment of B&V. The GoB would not spend time and money on something that was to go nowhere.
2) Certainty over licenses is now firmed up for the short term. Without doubt this must be a huge plus when sat at a negotiating table. Personally, I also see the granting of an extension, rather than requiring BPC to enter their 3rd tranche at a cost, as an indication that this protracted process is not entirely of BPC’s doing. If the GoB are happy with BPC but see them as dragging their feet, why not just make them cough up to enter the third term?
3) An agreement from all parties to come up with a forward work programme for 2019 & 20.
4) Multiple parties are at the table.
From that perspective I see today’s RNS as a huge positive and in my opinion I see today’s announcement as a natural precursor to a more substantial announcement.
We know from a previous RNS that we are fully funded through to the completion of Well financing activities so no cash call or dilution is expected.
Past history would suggest we hear nothing now for 6 months but my personal opinion is it will not be that long.
For me this goes some way to reaffirming a major is still on the scene in the background but did not want to keep paying while others did what they need to do. This procrastination is probably not solely BPC’s fault.
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