Member Info for jono44

Starfish for the life of me I cannot comprehend why my post caused offence whereas Tiburns did not as we both used your own word in our replies.
Maybe you could get your staff to look back over the thread and and post their conclusion on here.
As for your last 2 questions I won't reply in case I use that word again as an offence might be implied, but think you know what my answer would be.
Now for anyone that is not aware you don't need to click on the link to my profile provided by starchild but can also click the "members" tab located at the top right hand corner and get the my profile along with any other lse members quite freely by searching for them.

Anyway good luck SC

Starchild,
Think it's a bit bias to take offence at me for replying to one of your earlier post's using your own word, delusional, but when Tiburn used the same word you thank him with "good post".
Just because my post didn't agree with yours and Tiburns did !!!

Starchild ok, and why do you post everyday!
And as for dyor maybe I have researched more than most and when ask questions sometimes already know the answers but want to see if others do and in most cases find out they don't.
Also have a thick skin which is just as well.
Sometimes its better to see others perspective for your own good as I can tell you listening to contrarian views on companies I been invested in and not disregarding them because I don't like it has helped me enormously.
As for getting back in that is always a possibility but not right now and not until everything becomes clear, but will take onboard your concerns but will continue to question if that's OK.
Good luck.

Hi starchild I only used your own words in your thread heading sorry if that annoyed you.

Nelly thats concerning, do you think other companies drilling for oil would stop after 70% of way to target depth if no commercial oil had been found up to that point.
Maybe thats industry standard anyone know?
They knew how far they had to drill and stopped why??

Page I still think that there are payments still due and will happen on 16th April, as stated in the last rns.
"the £3.75 million Put Option under the Funding Agreement, which was exercised by the Company on 12 January 2021, remains subject to a similar final reconciliation process on 16 April 2021, with the reconciliation amount (if any) able to be satisfied in cash or shares (or any combination thereof) at both parties' discretion, after which any obligations under the Put Option will be fully satisfied and the Funding Agreements will terminate."
So the question paraing is asking why did they not drill to 5900m and was it because of lack of funds.

Parpaing,
I posted a link to this website a few days ago

https://upcomingdrills.com/author/upcomingdrills/
If you scroll down the page one of the person comments on bpc included

"It’s curious that drilling stopped well short of target depth, but perhaps the company simply ran out of money, which would explain why Lombard Odier had to dump fast, since BPC wouldn’t have had the cash needed to reimburse their likely substantial losses in the event of a dry hole. "

Now I know thats just one person's opinion but it does make you wonder if there is any truth in it especially with the 13m new shares starting trading today instead of being paid in cash.

Looks like a punt is the way to go, but with the spread just a bit to big for trading hope is sentiment will move it up.
Just out of interest does anyone know what cerp was valued at when bpc took them over.
Maybe get an idea of what bpc bahammas assets are worth by doing some sums, assuming cerp still valued at same as at takeover, although that might change if a sale to prd re emerges.
Just doing a basic calc thats all, and would give an idea of the value of bpc without cerp.

Star.
Firstly a disclaimer, this post will not provide any new research but is only my opinion on your post, and as your post is only your opinion so along the same lines. Hopefully it won't trigger any abusive replies with no opinions other than to post exactly the same as they are accusing others of doing.
Also for the record I am neither a bpc hater or lover.

1 imo fair summary
2 imo 50/50 and might depend on prd.
3 delusional
4 delusional

Also just a thought, and thats all it is.
Issuing the 135m shares, another dilution to existing and may I say loyal bpc holders, instead of using cash it seems to me imo that potter woukd rather dilute your money to save his and by this I think he will prefer cash to cover his salary than issue himself with shares or maybe not.
Anyway good luck to all bpc holders and hope you don't mind alternative views being posted on a public bb.

A move to standard list woukd be a great move.
Hopefully this will be a new, honest and transparent company something that was not the case before.
Good luck to new management and let's hope they are a different company going forward.

Tiburn,
I wil leave our discussion, for now.

Think we will agree on a few things but differ on others.

As BigSi has just stated, affirmation bias is something a lot of people are looking for right now and that is quite understandable.

You seem to be very well researched on bpc which I hope you use to your advantage. I also began researching many years ago, even before potter arrived.

Good luck with your investment here.

Well not really sure what you were asking but potter stated.
The Perseverance #1 well result has confirmed the presence of a working hydrocarbon system, validating the Company's structural play concept.
But he also said.
The Company's remaining tasks to wrap-up well activities are to complete final well reports, statutory documentation and other formal records.
So maybe wait until they have completed everything and then they will know.
They have had years to get the this right they chose the drill location years ago and they got it wrong and that's a fact
Nobody can seriously think that another drill here will ever be done, majors had their chance but maybe the new data will show something.
A working hydrocarbon system it might be but is it commercial, don't think you'll ever find out.

Correct thread.
OK, start off with something and I'll agree or disagree and give my reason

OK, start off with something and I'll agree or disagree and give my reason.

The actual evidence is in the rns.
Reading it is one thing but understanding it seems to be a problem.

GG don't listen to the crap being posted.
Do your own research.
Read the rns's and don't just accept what they are saying because it is just the way they say things and when you delve in your then start to question exactly what they are saying.
Posters on will try to misconstrue details by picking bits that look ok but only tell half the story.
As for p#2 it took 10 years to drill p#1 and only because he was forced into a corner so p#2 ain't going to happen at least not with any posters on here still holding.
And why average down, lots of real companies out there which will have a greater chance of getting some back.
The only way this will rise is if enough numpties ramp and ramp and sentiment takes over and we know how that ends, it did a couple of weeks ago.
But good luck but make sure your sure because it your money not some nameless ramper on here who wants you to invest for their benefit.

Certainly a better chance of success than bpc.
Some absolute nonsense getting posted on here by desperate people, so Jim's post probably going to best of the day.

Page when uog refer to the group they are referring to all United’s assets/companies and not their partnersip in Abu Sennan as the group.
If you check their website presentation for sept 2020 they clearly state average production of 1975 bopd.
So really undervalued, but not suggesting anyone should invest but they have also stated that the remaining work in Egypt will be funded from operating cash flow.
Big difference to bpc.

Page that is not what I'm an lead to believe
"Average production rates on the Abu Sennan Licence for the second half of 2020 to 29 November are c. 2,370 boepd net to United's working interest. "

"In February 2020, there were 17 wells in production on the concession, which were delivering c. 7,900 boepd gross production (1,740 boepd net to United’s 22% interest)."

Maybe I'm wrong but it doesn't look like it.
This is from uog finals
Egypt

The performance of Abu Sennan has been exceptional since the beginning of 2020, clearly demonstrating the significant upside potential identified by our team's technical assessment. On the 1st March, after completion of the deal, gross production levels were at 7,770 boepd (1,709 boepd net). These increased to 12,347 boepd (2,716 boepd net) at the end of June, having reached a high of 14,282 boepd (3,142 boepd net) in early June during the testing of the ES-5 Well. Gas is sold under a fixed price contract and comprises c. 25% of the production totals.

This is really getting absurd.
I'm invested in other oil companies and just for comparison let's look at United Oil and Gas using the same parameters petro has used, but they might be differences like tax etc but just to compare simplistically.
Current production 2200bopd, but will increase shortly.
Shares in issue 625m.
So here goes

2200×60×.40=52800
52800×365 = 19.272m
Nothing for development, all done for current production.

19.272 ×PE 10= 192.720m

Wow m/c of $192m
Current m/c €32m
So at least x5 undervalued.
Pertro invest in UOG and you won't have to wait 12 months.
See what I mean!!