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Like "you don't want to be out of this over the weekend" I'm afraid.
You have to appreciate that for the BOD they are fully funded for the foreseeable (their salaries I mean) dust or oil they will continue to get paid no matter what. As the old saying goes "grifters have gotta grift". GL all, it is literally all or nothing on this well.
The smell is similar to all the LTH that have been getting burned for the past year.
It's hard to imagine anyone is short this share currently, the downside from 2p is about 50% with the upwards largely unknown but most likely 100-800 % though keep in mind any oil find will be muted as this well will need further funding to be tested and will ultimately never produce. Add that to the clear opposition to drilling in such pristine waters. Either way what is a certain is HUGE dilution in the form of either a farm in or further funding.
They will 100% take the extra funding so they can keep collecting a paycheck.
They will 100% take the funding so they can be assured of a pay check for as long as it lasts wether they need it or not.
"Non production well" keep that in mind. Any subsequent wells that need drilling will be at huge cost and dilution.
Would you prefer I lied and said its all rosey? The sp is 2.3p on drilling, the situation is clear isn't it? Absolutely zero love for this currently but when we hit the motherload as I'm sure we will all will be rosey - there is that better? Blind faith over obvious logic always goes down well with the humble PI.
"I expected a bit more of a fanfare from this share price today and the volume has been pathetic. What's the problem?
Threat of yet more dilution?
Threat from the Save this and that brigade?
Oil not the "in thing" anymore?"
Can I give my honest opinion on what is wrong here, two things actually, 1) wildcat drillers like BPC are often hugely overhyped on the buildup to drilling as PI's love to get in early and ramp the thing to high heaven allowing at very least a top slice and a free carry for the early buyers with fairly risk free investment left for the results, unfortunately the BOD have seen to that scenario by constant lining of their own pockets via dilution. The second thing that hasn't helped is the fact that there is no "oil" to be had, yet. And not for a long, long time. Yes it would be great if we find oil but this well will never produce a d further wells will cos investors dearly. Just my take on the situation, wether you like my comments or not the SP points to me being right currently.
See my below reply to asking about further dilution, a question to which all the smartarses on here immediately shut down with the old favourite "fully funded" this BOD is the worst.
RE: ANOTHER RNS —Ffs30 Nov 2020 07:54
I did ask about more dilution and was shouted down. This BOD never fails to disappoint.
Partly that but mostly the idiotic mixed messaging from the weakest leader this country has ever had.
The FTSE is down because we have essentially been isolated from mainland Europe for 48hrs due to our incompetent leaders. That's another topic of conversation entirely though ??
Massively, and hard to read either way. If they trigger it is that a negative? I'd assume it was as it would signal things aren't as planned and extra cash will be needed. Or am I being too negative with that stance?
For this at the moment from the market. Crazy, thought we'd be well above 4p at this point but I suppose the BOD's way of springing dilution and funding plans on us has really taken the confidence out of what would have been a great run up to spud and beyond. Now's it's all or nothing on the results by the looks of it. I'm astounded if I'm honest. GL all holders praying this one comes in.
Gotta say, never in my wildest dreams did I think we'd be at 18th December and 2.5p, sorry to be negative but this is truest dreadful for anyone who thought they'd be put and dry before Xmas. There must be a lot going on in the background we are not privy to to supress the sp this hard.
Surely they would want to flow test this well even though it will never be a production well? They need to know if it flows naturally or needs to be induced ?
They will be wiser if the drill isn't showing certain things I.e things that they know should be in a certain area. For instance there may be a layer of mineral at a certain depth that will be a signal that the mapping is as they expected. If they take the 5mil shares after 10 days that would surely be a sign that things aren't going as planned otherwise why would they need them?
Jeez was it only ten days ago, seems like much longer, anyways thanks for the update couldnt work out if there had been an issue or not as the sp is neither here nor there currently?
As per the title, can anyone bring me up to speed - have they sunk the drill bit yet? GL all.
I think you'll find Stena are under contract to move the Icemax to the spud location either ways. Wether they are allowed to drill or not is a matter of legality, and currently they are. Stena get paid either way I'm afraid.