Member Info for jimtheknow

I’m as frustrated as all but to put an optimistic slant on things. If you had a contract with someone that had another 6 or 7 weeks to run, and under the terms of that contract it was your job to sort out the details of what could be a very important and lucrative deal for all concerned, would you take all the time you had and some, or would you rush to get complete? Who on Earth ever handed their homework in early? If these assets were to hit the top end of estimates of oil in place it would propel any company involved m to one of the wealthiest listed companies in the world, rivalled only by some of the global powerhouse oil & gas nations. It’s why we all hold and daren’t give it up.

We have all been asking the questions and looking for answers for many years now so continuing along that path I’m sure will just result in more of the same. It needs to be cranked up a notch, we need some teeth to be able to change the status quo. An alternative future for the company needs to be put forward. If nothing is going on at the company and it doesn’t warrant a full time job then measures needs to be implented to reduce our cash burn rate and by that I don’t mean taking a deferred salary or share options. It means taking a part time wage, or a substantially less wage than that commanded by a full time high complexity/pressure job. There are other oil men out there that I’m sure would take on our challenge under our current incumbents T&C’s.

If people are serious about changing the management a credible alternative must be found and proposed at an (A)GM. Given the high retail base and investor sentiment on our current incumbent, I don’t think it would be impossible to obtain the required votes assuming that person could be found, approached and was willing to take it on. The obvious problem is retail investors have in this respect is we don’t have the connections, we’re not in that clique, to really know or approach someone to champion our cause. That was why I mentioned Paul Crevello. Why did he leave? Did he feel his nose was put out because of the choice Alan Burns made in the future direction of the company and he resigned? Would he be willing to return to the company? Is it even possible? He is the only name I know of that would appear a perfect fit for the job. If Simon Potter does not deliver again before this window of opportunity closes and continues with the wall of silence, showing continued contempt to us shareholders and an undeniable lack of transparent accountability, we need do need to make serious moves to change things. I am still willing to give the current incumbent time but should he not deliver in this window then things will change for me. Any motion like this would undoubtedly require further pain to us but I think most people are feeling pain anyway and are locked in so how bad could it be? Most have this share written off in their portfolio anyway, or have it as a punt, etc.

I’m not sure where you are all getting that number from as it appears wrong, the number is: 710 11345 You have to type it in your phone upside down though.

My curiosity on Paul was two fold. I was interested to know what he’s up to these days and if he could ever be considered as a replacement for Potter should this contempt and apparent lack of accountability to shareholders continue? Also, given his well known enthusiasm for the geology in this part of the world, his Bahamian registered exploration company and him possibly harbouring a potential bitterness to BPC (I have no idea if the latter is true, however, his resignation was odd). Could a well connected man like him be thwarting our efforts behind the scenes and is he ready to pounce with his company should we fail? Just a couple of thoughts.

Did anything more ever become public about the reasons why Paul Crevello resigned back in 2011? At the time he stated it was for personal reasons. Also, Paul still seems to be very active in that part world, I believe he does study tours in Cuba on geological formations and he is also CEO of an oil exploration company called Discovery Petroleum, a Bahamian registrars company no less. The timing and suddenness of the resignation seemed odd, especially with it being so close to what turned out to be Alan Burns death later that year.

...it still seems like companies need to have the foresight to bridge any future gaps in the market. https://oilprice.com/Energy/Crude-Oil/Is-It-Too-Late-To-Avoid-An-Oil-Supply-Crisis.html Now would appear as good a time as any to find a billion barrel asset. If a drill came back good it could have our field fully developed to capitalise on any mid 2020 shortfall.

I 100% agree the lack of news or information from the company is contemptuous but I’d like to ask one thing... ...where on earth are people getting this thing from that the office has been or is closed? I’ve looked the basis for this and haven’t found anything that would suggest we are, or have been, closed. Please enlighten us.

Seems like it’s the in thing to put money down for exclusive talks these days.... https://www.bbc.co.uk/news/amp/business-46256117

If complying with logic were all that was required, we’d have had a drill in the ground years ago :-) I think when we hit the beginning of December we're in a time that would feel right for any news to drop but I’d love to be proved wrong and get some sooner. When Simon Potter was asked at the AGM why the Major had ‘walked’ his reply was that ‘it would not be correct to assume discussions with any potential partner had stopped’ and he referred those present to the Cessation RNS. It’s a penny share, it comes with significant risk. We’ve seen what no news and a bit of speculation does to the sp, therefore, it’s worth waiting to see what some real good news could do.

Bryn, that’s a good post about all those other ‘tipped’ shares.

How to stand out like a sore thumb: 1) Open an account. 2) Post high volume. 3) Be inconsistent in the thread of your posts. 4) Post outlandish and/or exaggerated posts. 5) POST IN CAPITAL LETTERS. 6) Never post anything technical or knowledgable about the company in question. 7) Give the impression of a feverish bull market. 8) Think that any posts actually make a difference to the share price. Close account. Open new account. Repeat.

Linton, you can’t help but wonder can you.

S740. Engagement with MQ came with conditions, they conducted their own due diligence before taking us on so that is seen as reinforcing our case. However, it is by no means a given a deal will be concluded. I’m not aware specific dates have been published but I think the general consensus is that MQ’s initial period will be up early January. BPC have stated any drill is likely to take circa 100 days. Our licenses our up for renewal June 2019. Atlantic hurricane is officially recognised to start 1st June. We’ve technically started offshore activities by submitting the application for Environmental Authoritisation, this is the first step as mandated by the Bahamas Petroleum Regulations. All eyes are on the company now as we enter a limited window of opportunity. I’d say we probably need to start drilling by around late Feb / March otherwise it’s probably back to a waiting game for another year. With all the factors listed above news could drop any day now. Exciting times.

MQ’s initial contract length was stated as being 8 months at the AGM by SP but the company have also stated there is the ability to keep adding and rolling on the contract as required.

I think I would tend to agree it’s unlikely we’ll see 7’s again but I think there’s a reasonably good chance of getting up and around 3 based on anticipation of news. Going to be an interesting few weeks coming up.

Tiburn, good points. I would tend to agree.

It’s becoming compelling to watch the trades come in. Nothing too big but just enough for some good size buys.....

Honestly Spike, I don’t know why you are here. When you say it didn’t say in an RNS that they stayed to negotiate a lot of people wouldn’t agree with you here. It said in the RNS the major no longer wanted to continue in exclusive negotiations and that the “exclusive nature” of negotiations had ended. I’ll say it again, for the millionth time, you can’t change the nature of a discussion if it has ended. It would have simply ended. Not the nature of it change, it would have ended. Mike31. Unless you have the stomach to go on an emotional rollercoaster, are patient enough to watch paint dry (possibly for months or years), are willing to lose whatever you put in. If you can’t tick these three boxes this share is not for you. If you can and it comes good then many multiples of today’s entry price are possible.

Well said Bryn