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still, Kootie boy has got some more explaining to do.

weren’t in favour of this merger

5 months!

I am coming around to the idea as well. For me personally, I would like

1. A clear statement and plan to deal with the dilution risk to fund P-1
2. It is hard to put a more objective (and higher) value against the SP of CERP at this point, I feel. I would personally be prepared to accept the current deal, on the basis we have now access to one of the largest off shore exploration plays in the world, provided we get strong assurances for point 1 above.

All IMHO

Ok, so: I am convinced about the potential. This is scarily big. It will depend how the new group can finance this intelligently without massive dilution. No idea if possible, but that's for the new BOD to sort out.

"90km long"....djeezz

"it's one of the top 5 global frontier exploration plays anticipated for 2020."

We're in another league now. LK does have a lot experience in offshore

"Well targeting P50 prospective oil resources of 770m barrels (with an upside of 1.44 billion barrels)"

This is massive. No explanation of the funding though, i.e. how to get the $25mn.

No, It's pure clumsiness IMHO. Having said that, they are not honoring their obligation to inform the market in such a way that everyone has en equal opportunity to be informed about the company. They are, inadvertently, providing information to some and not to others. Could be an issue if they don't resolve that ASAP.

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Typical, they can't even get that right...

W, be sensible: not everyone disagreeing with you is a shorter. It’s someone with a different opinion. End of.

BTW, if the company had given a crystal clear business case for the merger we wouldn’t be debating why on earth they want this (shady) deal

How the voting will work? Do you physically have to be presen at the shareholders meeting, or can you vote remotely ?

Do we need to unite, get legal help, to ensure that the voting happens in such a way everyone can vote? I wouldn’t want to see some scam of a voting process based on physical attendance only. Get a small room, get the bigs in their and 3 LTHs...job done, vote gets passed. I don’t trust these a-holes for a second. Certainly not Big-ego, certainly not Herr Hoot, and least of all Andrew Monkey!!

totally agree. Not with this deal. LK needs a slap on the wrist, and needs to be sent back to the drawing board. Deliver first, negotiate later !

Ooooooooo, interesting! Maybe that’s what’s happening: current CEO RETIRES IN MARCH, Leo takes over. Maybe that explains this deal?!

My vote would be: first get MC producing via S1; than deliver a producing well from LC. Ideally w S2 (S3 if needed). Once S1 and S2 is a commercial succes, then look for a better deal that reflects the value of the assets.

But don’t drop your pants and say 2.6p is a great deal. At a mcap of £25mn that is 1/20th of the ambition. And if LK can’t do it, get someone else to do it.

There something very fishy about this deal indeed. LK is pretty much the laughing stock now of the small O&G caps. Why does he throw his reputation (te grabbel) away like this? And agreeing a deal in the hope to attract an even better one...boy, that would be irresponsibly risky!

The only other thought is that he wants out, has enough, but surely he too wants the best deal possible with all his shares. And surely this is not a great deal: the commentary in the press is pretty negative to say the least. All these commentators can not be wrong.

200 posts on a Saturday! No worries indeed!

sorry W, I did not get one word of your post

Both CEO's will do well to provide a compelling business case ahead of the vote, if they want to win 75% of votes.

Will BPC use CERP assets to fund the off shore drill ?
Will BPC go ahead with investing in CERP's assets and see them as a means to an end?
Or will they want to invest first in SWP, and use part the revenues towards their off shore drill?
Or will the new company, look at each assets and expect it to have a financially viable P&L?

Just some of the questions that come up.

Both CEO's are going to have to come up with a seriously convincing case to win hearts and minds

also means people should think twice before the blindly follow “the bigs” like sheep. Their interests may not be aligned to LTHs