RE: Up again19 Jul 2023 14:59
Inc4cedros, you're missing the ping GG is making entirely. It wasn't a fiasco due to the COS - everyone knew that there was a risk of no oil - it was a fiasco (and the blame lies entirely with the BOD for these) because:
(1) Drill was funded through death spiral finance (that SHs didn't sign up to) which meant there was never a chance to derisk - the selling by Lombard depressed the SP from the minute the icemax set off and trapped/punished the very shareholders who had backed BPC almost from the start.
(2) Ongoing ambiguity over the validity and terms of the Bahamas licenses
(3) BOD was totally unprepared for any legal challenges by the green campaigners and clearly had not shored up the political support they needed to drill as planned. The result was that they run rings around them and set the agenda against the company or pretty much killed off any expectation that a commercial find would even be exploited. Add to this the fact that our Lombard financiers, after extracting their profits from shareholders, then had the audacity to claim that they should never have lent to us in the first place and would never do so again.
(4) The finance the BOD had agreed did not cover any form of contingency or sidetrack option meaning that when a tool was dropped down the well (who actually believes that crap) they couldn't even drill to total depth.
So all in all I would suggest that it was a fiasco. Only a complete moron/ paid company shill would try to pretend or mislead to the contrary.
Based on all of the above, the CEG BOD is totally reprehensible and incompetent IMO. End of.
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