Member Info for NellyB

"Despite this, the rigs continue to operate and our lab equipment is now only awaiting import clearance to Zimbabwe."

I notice GR said rigs, not not rig, so is that our confirmation that the second rig is one site and working?

Fred Smith waited literally years to intentionally sabotage the drill at the 11th hour, which directly resulted in agreed finance being taken off the table. It killed market sentiment and meant that they was no share price rise, in anticipation of the drill results.

The BOD / management were heavily invested them selves and did nothing to intentionally / maliciously tank the share price.

The extra paid for covid mitigations was money well spent. (it prevented multiple covid positive staff from getting on the rig) Yes it could have been better managed / planned / costed, but sometimes you don't see the full implications until the situation occurs. Imagine the backlash if the BOD had skimped on precautions and the drill was terminated prematurely because of preventable covid infections.

I still don't understand how the drill went so far above the drilling budget and contingency, when the rig hire was not prolonged as a result, or why CEG are on the hook for Stenna's mistake of dropping something down the well.

...and CEG have literally sent a cheque to the BG, which they rejected.

They were fully funded for the P1 drill, until some of the funding was pulled at the last minute, due to the legal challenge.

Many newbies have lost way more than 40%, many are over 90%. I'm currently £13k down and that's not pocket change for me. P1 was a gamble and we had some epic bad luck, on top of a disappointing drill result.

I for one am not blaming the management / BOD. My beef is squarely with Fred and his enviro buddies.

Thebhoys - The license payments are in dispute, as well you know, because the Bahamas government stalled the drilling with endless bureaucracy. It is not a fact that CEG have not met their license agreement obligations at this point, it's an opinion

Yes the licenses have expired.

We always knew they were due to expire on the 30th of June. We know that the application for license renewals has been submitted. What we don't yet know is if the licenses will be renewed.

Subject to satisfactory payment of license fees, the government can't "unreasonably withhold" the license renewals, as BPC / GEG have met all their other obligations.

Burren Boy - probably not 5p on just this drill, but on subsequent successful Saffron wells, yes, 5p and beyond this year easily achievable.

DavidBrent - I've not seen you post anything positive about BPC / CEG, so optimisim is clearly not your thing. I don't know if you are still invested here or not (I really don't care either way), or are clearly way smarter than all the other investors here, but waste your time commenting on a share that you are not in and have no faith in it improving?!

If you look for positives, you will find them. If you look for negatives, you will find them. What you look for is up to you, but it gets very tiring when people constantly bash the stock. Does it make you feel better?

I'm pretty sure I haven't missed any news, but does anyone have any info on what's happening with the legal case?

Last I heard there was to be a couple of days set aside for court proceedings at the end of June. Did this not happen because Fred is still counting out his pocket change?

Any relevant info appreciated.

Thebhoys, I hope for your sake that you are better at reading share news than you are at reading people.

You should be ashamed of yourself for libel.

Of Course SC is invested.

Nobody takes the time on an almost daily basis, over multiple months to do in-depth research in a company, and posts the results at 5am, unless they have serious skin in the game. What motivation would someone have to boost the company, if they are not invested?

Jono44, you really need to read up on the history of the drill licenses, Macondo incident, the resulting cessation of drill permits, the years the Bahamas stalled any exploration due to drawing up the petroleum regulations and the Environmental Authorization sign off, before you criticize the BOD for not drilling sooner, or not paying what the government are claiming they are owed.

No company in their right mind signs a lease, gets told they can't use the item in the lease for years, and agrees to pay to whole sum of the lease regardless.

If it happened once, I could put it down to a mistake / poor judgement, but twice in a month leans more towards incompetence.

Lets hope for some solid, positive news very soon, and not that George has put in an express order for a couple of (DFS) Sofas!

Bohemia, you read the following statement rather differently than I did:

"Logging will now be conducted to define the specific sands and oil zones in the recently drilled sections of the well, and we will provide a further update once this is completed. In parallel, the well is being readied for production, which we expect will commence around 23rd July."

In Parallel, means at the same time, so it's the production that should commence around 23rd July, not the production testing.

Anyone with more industry knowledge care to chime in on this?

With 6.5 Million UK households planning to buy an electric car by 2030, and the real-world factory cost of a single 90kWh battery of around £7,250 ($10,000) that's a heck of a lot of demand for lithium battery materials, in the UK alone.

https://www.theguardian.com/business/2021/may/21/65m-households-uk-electric-car
https://www.autocar.co.uk/opinion/electric-cars/raw-material-cost-switch-evs

Surely the license renewal costs would have been agreed under the original exploration license terms + /- inflation? If not, the Bahamas government could simply shaft any exploration company, after they have expended tens of millions of dollars on the seismic surveys and interpretations, by setting any price they wanted to.

An interesting and positive take on the future of electric cars, from the BBC:
https://www.bbc.co.uk/news/business-57253947

Thebhoys:
That is exactly the position that was given to us on the update video a few weeks back.
It's not what I'm 'suggesting' at all.

DavidBrent - the funding WAS all in place for the P1 drill, until it got pulled due to the injunction challenge.

You have a car, right? if in 10 minutes time, I steal your car, you don't have a car. See how that works?

Snowking - what part of the DFS has started?

From the info on the boards and available RNS's, it seems we're almost a month late on getting the drill camp set up.

Rather than the highlights, can someone post a link to the ruling, please?