Member Info for Linton78

https://www.proactiveinvestors.co.uk/companies/news/907872/bahamas-petroleum-set-to-become-a-champion-with-columbus-deal-907872.html

It was a memorable evening... !

I just hope Eytan has forgiven me for sending the Rolling Stones videos before lockdown.

Hopefully we can all have a pint a the Grenadier and laugh about this at Christmas.

IK,

Further tables required at Langan's for these CERP shareholders?

:-)

GL all.

Some of us are very aware of the Abu Dhabi link.

Jim, I agree with your first 3 paragraphs.

What happened with 4??! You know that answer...

I’m staying Frosty... :-)

This board is now worse than AdVFN, get a grip everyone.

It’s M&A ... make your decision or sell up and leave us all in peace.

Hello Harry,

I have always been positive on the rocks and chances of finding oil in the Bahamas. I would love a farm in partner to join us - the risks of drilling this alone are sky high but BPC won't tell you that. If they sold the Bahamas license I would not be happy - I don't believe they would do that before drilling P1. If they strike I would welcome a sale - at the right price.

Just a high level review of CERP shows the significant potential for BPC in this merger.

My strategy was to sell a significant amount of shares before P1 for various reasons - mainly SIPP limits & risk on a wildcat well. With a more even portfolio, I will hold more shares for the result - especially if BPC secure a farm in with 2-3 drills on the license with a major.

The merger doesn't suit everyone - I get that. It pushes the reward case further out (potentially) but I am quite sure it makes good strategic sense at this point in time.

BPC have CERP over a barrel so to speak due to COVID. The cash is running out for CERP & LK is a smart man ( I know his name from TAQA / Abu Dhabi days). I think its a good deal for BPC but would agree with Lallee - a full blown investor presentation would help from SP.

Good luck - its a time for a beer in the garden before the rain hits rural Cambridgeshire... :-)

If CERP have 12 targets in Trinidad with oil ranging from 20m to 400m barrels, that alone gets my "yes" vote. The NPV for Saffron 1 is $90m alone.

The other licenses, Suriname etc are the icing on the cake. $25m is an absolute steal once these assets are drilled / developed. Once the oil price recovers in 3-5 years time will look an astute piece of business... IMO ! :-)

The CERP website is down due to capacity issues.

That's encouraging... :-)

BP haven’t done us any favours in the last few years! The $1m aside.

$55 for their long term oil target I noticed. They have shed loads of jobs recently so this needs to be justified and tied into low oil price targets.

A very good post IBLondon.

The boards of both companies need this merger for different reasons and the ultimate goal is shareholder value creation in the new combined entity.

Bonum, you have changed your tune overnight.

Bp and shell will go after the big oil.

Afternoon All,
I think this merger makes sense for both sides. BPC were a one trick pony previously so the portfolio of exploration & producing assets is a sensible way forward.
The missing piece of the jigsaw must be a farm into the P1 well to make this work for both sides.

Have a good weekend everyone :-)

Thanks for the update Rhodi.

It seems a good strategic fit and I will vote yes also.

IK - challenge accepted. :-)

Good luck!

The latest video on the CERP website from April is worth looking at. They have only drilled the first well & sold the oil to Heritage locally. The plan is to drill the whole area, and export to the international market.

More interesting is the high pressure zone they encountered. The seismic is showing larger targets at depth under the pressure zone which is LK's strategy. There is a lot of upside given time (multiple targets from 20m to 400m barrels).

What is really frustrating is that everyone has an opinion and hasn't even bothered to try and put a $ value on CERP.

The investment time horizon has been pushed out 3-5 years that's for sure and that won't suit everyone.

12 was way too low for me anyway...

I have my sights on Bonum's number one spot now. :-)