Member Info for MickR

I bought in last week around 0.7p as I saw great potential here, today's fund raising is a sham!

Significantly, Newmont is restricted from increasing its current 20% shareholding by purchasing OMI shares on the cheap on the market. It would need to negotiate with OMI if it wishes to purchase more shares.

Interestingly, this new story indicates that Newmont cannot get enough of Columbia, it seems to be buying into all Columbian gold plays
http://www.mining.com/newmont-cant-get-enough-colombia-buys-19-9-orosur/

The market has not yet fully woken up to the significance of today’s news...Newmont has also released a news statement regarding today’s announcement
http://www.wistv.com/story/39058362/newmont-announces-investment-in-orosur-mining

I would not be surprised with a PYC style 30 bagger rise IMO when the market has fully digested today’s news ...all IMO DYOR etc etc

Another late trade just popped up...looks like a buy?

Yup, absorbed by the market. Maybe a bounce tomorrow if the selling doesn’t continue. The cash position should be around £7-8m and cash flow positive. I am a buyer at this level. JD sports has a massive market cap of £5bn and could take FOOT out easily if it wanted to. Wonder what prompted today’s trading update so soon after the June results.

Two massive sells just popped up from early hours, no wonder the SP tanked today the way it did.

I wonder if there is any chance of JD Sports swooping in at this low level?

It looks like people have taken their positions with the low volume today. Truth is, no one here knows what news will be next. I am on the side of the positive camp and look forward to the next piece of news, good or bad.

If negotiations on a deal are ongoing, it would be good to see trading in the share suspended pending release of a substantive announcement if still some time away so that whoever is holding now is locked in and rewarded by keeping their faith in the company.

Likewise, if the news is bad, it would be good to have this released as soon as possible so that people can move on.

There are some genuine posters here like Jimtheknow, IKing etc. The rest are mindlessly ramping and deramping for their own agendas.

This was bonum posting on the 19th August 2018:

This was from the article, which came up in discussion yesterday and kindly put up by Interestking:

"Investors Chronicle (FT)2011:

Bahamas Petroleum (BPC)

The Bahamas might be best known as a tropical paradise but beneath its sleepy, sparsely explored waters are believed to lurk 'super-giant' oilfields waiting to be discovered. In a story that parallels that of Chariot, Bahamas Petroleum has completed one farm-in deal (with Statoil), is in discussions over further deals and expects to begin drilling before the end of the year.

Two recent independent studies provide evidence of 'giant' size structures in the southern licences that are capable of holding several hundred million barrels of oil. The company is planning to acquire further two dimensional seismic data by April to evaluate prospects and prepare for drilling in late 2011.

As with Chariot, the imminent announcement of a second farm-in partner should act as the next of a series of significant share price catalysts as the company prepares to drill.

Analysts at Goldman Sachs estimate (conservatively in their view) 2.5bn barrels of prospective resources, so any drilling success would likely result in triple- if not quadruple-digit upside.

Bahamas Petroleum
Share price: 20.5p Market capitalisation: £201m
What could transform the share price: Farm-out deal, rig contract, drilling success
Broker target price: 31.4p (Goldman Sachs, 31 Jan 2011)"

I have bought 1.1m shares this morning.

The fact is that no one posting here knows what really is going on which is why we should await clarification/further news from the company.

The same posters who were calling 36p last week and who sold out on Friday sub 2 p have written off the company on Friday's RNS.

If only Carlsberg did RNS's

Autocorrect keeps changing recommenced to recommended.

HUGE Difference between the two.

MisterP, I will not answer you as I never asked for that explanation. Thank you. Why don’t you try answering the question I have asked? Non asset based Ongoing discussions with who? Asset based discussions recommended why before the end of the exclusivity period?

Agreed, you guys should get a room and spare us the public display of affection/abuse whatever you call it.

The RNS states this

Bahamas Petroleum in conjunction with its adviser Macquarie Bank, has therefore recommenced broader, asset-based discussions with third parties in addition to those non-asset based financing discussions already ongoing for the funding of its first exploration well.

It has recommended asset based discussions with third parties in addition to those non asset based financing discussions already ongoing..

Ongoing with who? To me, it can only be the major international oil company and perhaps the RNS should have spelt this out explicitly to avoid the current speculation.

Spike,

Yes, they do say that negotiations are continuing
To quote again
in addition to those non-asset based financing discussions already ongoing for the funding of its first exploration well.

Discussions already ongoing being the operative words...

If a deal is announced, my sympathies to those who sold out on Friday’s news, sometimes following the herd up or down can be costly as most AIM punters should know.

If no deal is announced and the company goes bust eventually...that is the risk we all take on the stock market...as said, invest only what you can afford to lose.

Degsy,

Yes, you did call out a consortium early hours on Friday. I have done my research for now and I hope to get in sub 2p tomorrow for 1 million plus shares.

Good luck all.

As posted previously, I am looking to buy tomorrow.

I have been reading and re-reading Friday’s RNS and the following sentence sticks out to me:

Bahamas Petroleum in conjunction with its adviser Macquarie Bank, has therefore recommenced broader, asset-based discussions with third parties in addition to those non-asset based financing discussions already ongoing for the funding of its first exploration well.

If BPC is tied up to an exclusivity agreement until 31 August, why has it recommended asset based discussions with other parties? Has the major allow it/MQ to do so?

It also says that ongoing non asset based financing discussions are ongoing. Ongoing with who? The major? It cannot be anyone else other than the major surely if there is an exclusivity agreement in place?

has Jimtheknow called this right today? That the major has opted to end exclusivity to allow another party to come onboard for the risk to be shared?

If anyone was in GGP at the time Newmont walked away in January 2018, they will recall that an RNS was issued saying that Newmont was no longer interested in the project.

If the Major in BPC's case had walked, surely the RNS should have said that the major was no longer interested in BPC's prospects instead of simply saying that the major had opted not to renew the exclusivity agreement beyond 31 August 2018.

Further clarification is needed or will be forthcoming soon I guess.

BPC mentioned in this article dated 21 August 2018
https://thenassauguardian.com/2018/08/21/shell-western-supply-and-trading-relocating-trading-hub-to-bahamas/

As from September 2018
https://www.reuters.com/article/us-shell-trading-bahamas/shell-oil-traders-trade-one-caribbean-paradise-for-another-idUSKBN1L214I

Macquarie are not minnows
https://www.oilandgas360.com/brookfield-business-partners-and-macquarie-announce-agreement-to-sell-quadrant-energy-for-us2-15-billion/