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I find it strange that the voting figures are not in the RNS. Without knowing what the actual %ages for, against and abstain it's impossible to tell what support the BoD actually has from the shareholders. Seems like a cover up to try not to sink the OO.

Anyway we'll find out soon enough if the OO has failed.

deltalo - Saffron 2 drilling is dependant on offer and placing, no RNS on those today

That's the planned timeline.

Only thing you miss is that the Offer and Placing need to be a success to move to next week in the plan.

Willec, why would they put out an RNS this morning @ 07:00 saying

"The date for anticipated commencement of drilling thus continues on schedule to be on or around 23 May 2021, whilst remaining conditional on the successful completion of the current Open Offer Fundraising process (as advised on 11 May 2021)".

BPC need the money from OO to drill. Also the "anticipated" date is 23rd May for commencement of drilling not that it will happen on that date.

Read the RNS's properly before spouting off on here.

And how is the drilling to be funded?

Buys on the open market are no use to us, we need holders to buy through the OO. We need funding to drill.

Get in peeps or BPC is done for,

Cut away all the "fluff" from the first RNS and I'm left with;
"The date for anticipated commencement of drilling thus continues on schedule to be on or around 23 May 2021, whilst remaining conditional on the successful completion of the current Open Offer Fundraising process (as advised on 11 May 2021)"

Second RNS is an obvious attempt to persuade shareholders to take up the offer.

Does anyone really believe the "short extension of the Fundraising timeline to accommodate the request of some shareholders for additional time to participate" line? Who are they and why do the need 6 days, to raise funds? It seems to me that the offer failed and the placing didn't happen because the II's won't touch the shares.

The final "Weasel words" are "the current timeline envisages the results of the Open Offer to be announced on 19 May 2021, and the results of any subsequent Placing to be announced on 20 May 2021". Current timeline envisages, that infers to me that the dates could move again and are not set in stone. Also "ANY subsequent placing", if this was a fixed plan it would be "THE subsequent placing" surely?

willec, they don't. They have enough to mobilise but not drill.

From RNS on 6th May - "Spud is expected to occur on or around 23 May 2021, subject to successful completion of the current open offer and placing process, and subject to passage of the various resolutions that have been proposed at the Extraordinary General Meeting to be held on 17 May 2021."

Also Eytan in the Q&A answers the same. When will you get it?

willec, you stubborny refuse to recognise that the S2 drill is dependant on the successful completion of the OO. That has obviously not happened. The "Intention" was to place any shares not taken up in the OO with II's. Again this has obviously not been taken up by the RI's as the OO has been extended.

The company has enough money to mobilise and get on site for S2, that's it!

For avoidance of doubt I've been in BPC since October and have taken all of my OO shares under the rights. On top of that I've applied for 310% extra over what my new shareholding will be, I'm in.

Everyone is going hyper about the future share price but we still have a long way to go.

S2 won't spud unless the offer is successful and raises enough money to fund the drilling. As I said before the BoD can only guarantee to drill a hole if they have the money. Are there commercially viable quantities of oil down there, who knows?

It's oil exporation so it's a gamble but one that I'm willing to take. I'll be exceedingly pee'd off if the offer fails because shareholders decided to buy shares from existing shareholders because the market price was marginally below the offer. Better to take up the offer and give capital to the company for a specific purpose. We also have the prospect of there being no BPC if the offer fails!

Rant over

I've been on a few BB's now and they are all the same.

2 antagonistic schools.

School 1 - Don't buy this dog you will lose your money - downside individual could miss on making money if the share goes up.
School 2 - Buy as much as you can and you will make money - downside individual loses money if shares go down.

School 1 accuses school 2 of misleading investors and school 2 says the same about school 1. Some actually believe that people make investment decisions based on what the type or worse that they can influence the share price by posting, get real!

Just play nice and don't insult each other and don't make investment decisons based on anything you read on a BB.

mcadder - If you want to buy more shares take up your rights under the offer. Give cash to the company not other shareholders.

Hi all, new on this BB but been on BPC since Nov last year. Bought in at 3p!

From the Auctus report the company actually has $10m in cash. Current liabilities (best case) are $14m so oviously not enough cash to cover this.

The remainder of the "potential cash resources" are made up of $10m from the offer and $3m from oil production in 2021. It looks like the $3m is projected production from Saffron that's not even been drilled yet.

So to sum up as I see it; if the offer tanks BPC goes under. We have 3 choices:
1/ Do nothing and lose anything invested
2/ Sell up and take the loss
3/ Support the offer and hope that they find something at the bottom of the Saffron hole. If they do we are quids in if not BPC goes under.

It's oil exploration so all a big gamble, that's the way it is. All the BoD can guarantee is that they will drill a hole if they have the money!

Hi Anapa69 - No shares they screwed up and forgot to do the application for admission, check the RNS!

boselecta you missed
RYA - double
MNZS - double
SSPG - 140%

All travel related

Agreed Crank that risk has to be assessed and mitigated. It's that the risk is 3rd party licences and problems integrating MBAG technology. So we are paying MBAG for tech that we may not be able to use

'Failure to obtain third party licences necessary to use elements of the MBAG Technology atreasonable prices or at all, or to receive supply of components from third parties in a timelymanner or at all, may result in challenges, delays or excessive costs integrating the MBAGTechnology into the Group’s cars, each of which could have a material adverse effect on theGroup’s business, financial condition and results of operations. See also “The Group may facechallenges, delays or excessive costs integrating the MBAG Technology into its cars and/orotherwise fail to realise the anticipated benefits of the Strategic Cooperation.”'

33 - It's not the pharma companies that will gain overall it's the real companies like RYA, WIZZ, EZJ and IAG that will benefit from a vaccine. Have a look at support companies like SSPG and MNZS as well.

Biggest holding I have is AML, I do believe that AML will come good. I'm 23% up since I first invested

Dimi - I think the current markets have too many external infulences for a normal wave pattern to form. It's not sentiment driving that market it's covid news.

I started with putting money in Pharmas then thought once this pops they will be history. Sold and took profits and bought into travel and catering companies that were down. Worked out so far.

In room 101 with alter ego Castle

On here spouting the same old

Ri Imminent
There is no vaccine
Price will fall

Same old with no substance or facts to back up