Member Info for jimtheknow

Agree, been pleasing to see.

Dan, I don’t think there’s a single person invested here that doesn’t understand this is a binary outcome with the clock ticking on a finite life. If anyone doesn’t understand that they probably shouldn’t have invested here. As we have all said and all know, we are boom or bust here.

Spike, no it wasn’t stated by Potter. What was stated and what was officially RNS’d was that we are fully funded through to the completion of well financing activities. MQ’s remuneration is based on one which covers costs and is then incentivised to complete a deal. I know this because not only has it been openly stated by the company, I have taken the time myself to speak with them personally. I, like you, do not know what they are being paid but it be disingenuous of a (regulated) Company to provide an outline of the basis of terms of remuneration and state they are fully funded to then come out of the blue in January and say they are broke. We all know the reasons given for the EA not being rubber stamped, why put that record on again? What is your agenda, why attack the company on the basis of unknowns? If they were facts that you state then being irate is understandable but you are actively trying to undermine the company based on things you think, not what is known or fact.

Spike, where on earth do you get the information from we will run out of money in January? That is simply not true, not even close. You are either a lazy investor or you appear to be posting for some other reason. We will not run out of money in January. Simple. Also, since when does MQ have to give a daily, weekly or even any update to the public/market on their activities? They report into the board and thankfully that should be the extent of information flow whilst contracted to conclude a deal. Imagine how irresponsible and unprofessional it would be of any deal making process for anyone knowing anything other than those who need to.

Some people are seriously embarrassing themselves by commenting on the fact the share price actually went down and didn’t continue to rally. A share price is surely not allowed to drop is it? Let’s face it, if we finish the week above 1.5 we’ve had a good week, if we finish around 2 it’s been exceptional on the basis no (officia) news has been released. Any more than 2, wow! As everyone knows, the share price is all about supply and demand and it goes to show how tight our market is with free flowing shares, the majority of the people appear to be sitting on their holding awaiting official news. If it is a pump and dump then that is what it is and given everyone is painfully waiting, a few big buys could have done this. However, it feels like this may be holding up a bit longer than a normal pump & dump as there appears to be continued appetite for shares. It’s exciting times for me now, I think we’re about to enter a 6 week period where something could come out at any time. Maybe people are just simply positioning themselves for that? I don’t think the share price drifting towards 3 on that basis is unreasonable.

Inconceivable, I take on board all the points that you pull together in your last post and i see how they can be linked and provide a start to finish story line. However, all those things could have been stated at almost any time over the last few months so why now? Why open up an account now and post that when we have had two back to back days of strong rallies?

Dan, I’m not so sure SOLG had all of those attributes you mention back in 2016. Anyway, I think we agree, an understanding of potential market cap is probably the most important metric with a view to what head room there is in an SP. Throwing numbers out there because it sounds ‘good’ as a number is ridiculous. However, I think we would all agree we will be significantly north of 10p on any deal with an oil major. Although not unhappy about today’s gains I’m in the same boat as quite a few in trying to work out the reason why we seemed to sustain some momentum with no new news in the public domain. The volume is obviously also significantly up, up by an order of magnitude in fact. It’s an old adage to expect a significant uptick in volume on any leak. Having been here before it’s difficult to believe something is eventually happening, but maybe (eventually) it really is?

Daniel Son, I would completely agree that such lofty market caps do not appear logical or reasonable. However, don’t underestimate herd mentality, if there really is no basis for what is unfolding then this is what is happening right in front of your eyes. It’s not quite comparing the same things but if you want examples of high market caps with no revenue stream just look at SXX or SOLG. Sometimes it doesn’t make sense and things often end up as more than the sum of their parts, if only temporarily.

I still think it’s a touch too early for one, but if one were going to be released it’s more often than not been a Thursday or Friday morning. Is this what people are hedging against when seeing this strong finish?

I hate to state the obvious, and having read your posts over time I know you understand, but there’s a big difference to losing a ‘paper’ loss and actually going to your account of hard earned money and throwing that in the ring. £34k isn’t a great deal of money in the grand scheme of things but it does lift an eyebrow when a single amount is pumped into a company that “can barely keep the lights on” and is “finished”. I still believe in this company and have only ever bought tranches since the Cessation RNS. However, my cynical side says to me that buy is from a parasitic trader setting himself up to capitalise on a small rise as we build to potential news before MQ’s contract expires. I’d love to see the rise followed again tomorrow but I still think we’re a good few weeks away from news yet but I’d dearly love to be proved wrong with a positive RNS sooner.

The large trade on NEX obviously could very well be nothing, it may also be someone taking a good position as we approach time when a lot of us expect news is most likely. The single trade was actually for £34,155. It does make you think though, you don’t get many daft people who have a spare £34k hanging around and it doesn’t really matter how rich you are, no one likes to lose that amount or a good chunk of it. It must be someone who understands more than the average. The question is though, are they someone who going to be in and out for their 10% or are they in it for multiples of?

Should we not get a deal before year end then next year we must start to make serious moves towards making the company demonstrate accountability. At the moment accountability seems to only stretch to that very tight knit, closed inner circle of the higher echelons of the company. Such a situation is not healthy for a company, it keeps no one on their ‘A’ game and breads complacency, or worse. If we don’t get a deal by year end and MQ depart, our share price will take a kicking again and we will be in a place where it will matter little to the price whether further bad news comes out. This would feel a natural time to begin to plan to shuffle the deck at the Company.

Somm, I know you appear to have trouble understanding what you read so just to be clear in what I’ve previously said. I think its very possible the exclusive major is still on the scene. I hope for news late November to mid December, I feel this is the more likely window for any news based on what we know. I will (begrudgingly) be patient until February. These are all discrete statements in their own right and stand alone accordingly. They aren’t a change of mind. Are you attributing the ‘imminent’ word against something I have posted? I can’t recall stating any news or deal is imminent. Please show me where I’ve posted that? If so I apologise as it uncharacteristic of me to say something as certain as that without being able know something truly was imminent and I can’t. Out of interest. I’ve quite openly said I am open minded about this whole situation and can change my views or mind as new information becomes available. I believe i initially misunderstood the subtleties of Cessation RNS and took me a day to get my head around it, I believe I initially got it wrong. After that first day said I got it wrong and I altered my view and have remained the same since as I don’t believe we have had any news which would make anyone think otherwise. My question to you is, if a deal RNS were to land are you man enough to admit you were wrong and would you come on here full of apologies?

gkb47, I understand completely what you are saying and like everyone else this place we find ourself in is killing me as well. As I have posted previously, it is clear this BoD treat the ordinary PI with more than a degree of contempt. It has been like this for a very very long time though so I do accept some responsibility myself for getting into this situation - I knew we didn’t have a Steve Jobs at the helm when I weighed in. What is seriously lacking from this company is some plain and simple transparent accountability. Yes some business does need to be done behind closed doors but you can’t keep writing your own cheques without anything to show for it. That is not right. I’m willing to give it until January, possibly even to February, and then I’m going to do what I can to get answers. This can’t be allowed to go on unchecked forever. And the stupid thing is this could all be put to bed with just a small amount of communications. Just cover a bit of old ground, tell us what we already know and then tell us what the challenges and plans are going forward. Let us know there’s somebody home.

Exactly. It completely baffles me why people think that for every day that passes since Exclusivity ended our future outlook gets worse. Granted, we can’t go on indefinitely without news but while we are in the position of being fully funded, as we are for the foreseeable future, the opposite is more likely. As each days passes logic would suggest it becomes more likely we will hear news as people will have had time to work things through. If anyone is going to invest even a cent of their own money in this company they have to believe that the people in charge of the business are, as a minimum, competent business people. If not then there was no hope for your hard earned money from the outset. This company isn’t littered with fly by night cowboys, they have a pedigree of working at senior positions in huge multinational companies. Therefore, the awarding and duration of the contract to MQ has to mean something, doesn’t it? If we don’t get a deal by year end and MQ’s contract is not renewed then maybe there is justifiable grounds to be overly pessimistic. But not now. In the weeks left till year end the excitement should be building, not falling. GLALTH

Also if interest to us.... https://m.chron.com/business/energy/article/Offshore-rigs-getting-ready-for-hurricane-13128184.php

An interesting article from August 2017. Hope the link isn’t blocked. https://www.theatlantic.com/science/archive/2017/08/harvey-offshore-platform-oil-gas/537960/

As much as it’s not pleasant and is most certainly frustrating by what seems like an eternity of not knowing, we need to remember that it hasnt actually been that long since we exited the exclusivity agreement and it certainly hasn’t been a long time with respect to concluding a deal with any third party. Remember; The current sp is no verification of actual business activity, it’s only a reflection of market sentiment. We have world scale assets. The price of oil is now very favourable. We are close to existing well established oil producing regions and the benefits that can bring to servicing any operations. We are talking to multiple companies. We are in a politically stable region, this on not Venezuela or Nigeria. Close proximity to USA. Have enough money to continue through to completion of well financing options. Have a global market leader on board with a track record of concluding deals of this nature. It’s officially hurricane season for at least another 5 or 6 weeks. The recent exclusive oil major set out on a journey with us in early May, stating it will work with us for between 3 & 6 months. Ok, so it chose to only stay exclusive for 4 months but why a max of 6? It knew regardless of events it couldn’t do anything until hurricane season was over. Other than to give us PI’s a boost, who on earth does it benefit by announcing a deal when there’s absolutely nothing anyone can do about drilling? The answer, no one. Should a deal in principal be done behind the scenes with someone, what stops them doing what is required to get a drilling rig on site? Nothing. They can do this in their own time without the focus or nuisance of the outside world. It’s far too early to be writing this company off and if anything, there are a lot of signs to say we are actually approaching a very exciting time with the potential release of news getting very real now. Don’t be dragged down and mentally beaten by the current sp, it’s but a number. Look at what we have going for us, look at real world factors innplay, apply a little logic and start to believe again. I feel something is coming relatively soon.

Dutch, in all due respect, what a load of drivel from yourself there. What’s the point in paying a specialist negotiator during a period where the product you are trying to negotiate a deal for has no value? They would have had to have been able to sell sand to the Arabs for a deal to come off. As for Chapter 11, there’s no such thing for us. You must be getting confused with other investments of yours ‘over the pond’.

For those of us who still believe BPC has a pulse, shall we have a guess when we can expect news on any deal or financing? I’m going to guess it’ll come in last week of November or first week of December. My reasons... The paying oil major accepted they would probably not be able to conclude anything inside of 3m hence the 3 x $250k was paid as a minimum. It’s not unreasonable to think others may think they need to take this long from open discussions starting again. Hurricane season is generally regarded to finish late November. It wouldn’t appear there is any benefit in announcing anything much prior to this if nothing can realistically done before then. Announcing anything earlier I suppose just opens everyone up to lobbyists, environmentalists, bad press, etc. Why would anyone give themselves that headache if they don’t need to. They’re going to get enough of that heat anyway. MQ have a contract until December, you have to think this has been decided upon for a reason and for me it fits with my previous two points. I also think people would want to know the answer on whether oil is present or not before next license renewal and this needs to factor in rig mobilisation times and time to rectify any unforeseen issues with drilling e.g. equipment breakdowns, etc. I would really hope to be surprised one morning to find a deal done sooner, however, I feel we’re going to have to sit tight, be patient and also listen to a lot of negativeness. Keep faith and remember, whatever people say, our future will not be determined by the prevailing share price, only on news and hard facts. GLALTH