Member Info for NellyB

The Millipede824 "Potter's shareholding is relevant only if we know how much he paid for the shares. If they were free or otherwise discounted he is not remotely incentivised in the same way as ordinary shareholders."

Respecfully I have to disagree. It's his personal assets, whether they were bought, or earned with his time at BPC.
The drop from 2p to 0.5p has cost him £1,200,000 of his personal wealth. Find me a shareholder here who has lost more than that on BPC?

Parpaing, where did you get your information from that Potter has 4.8 million shares? You're out by a factor of nearly 17 (he owns 81,217,700 shares and has options on a further 72,500,000)

It's really the simplest piece of research to do:
https://www.bpcplc.com/investor-relations/major-shareholders/

I maintain that it's VERY much in Potter's interests to get the share price up and have faith that will happen in due course. It was unrealistic to expect him to direct the drill to the right spot on the very first attempt. Majors frequently get it wrong, even when they have hit the same target multiple times already. That's the nature of the beast.

Anyone manage to grab any shares on the cheap when it dipped to 0.33p at 16.06 ?

It's all in the RNS: https://www.lse.co.uk/rns/BPC/perseverance-1-completion-of-drilling-sncufu07dqurx69.html

"In terms of the overall drill programme schedule, the Company was able to complete drilling and provide results within the 45-60 days estimate previously advised. Initially, well progress (rate of penetration - ROP) was hindered by extensive, very hard anhydrite seal lithologies, which caused significant vibration to the sensitive bottom hole assembly (BHA) and measuring/logging tools, and a mechanical obstruction in the hole at around 2,400 meters which required side-tracking around. However, these issues were 'engineered out' by the drilling team and in an aggregate sense these normal drilling issues were somewhat offset by efficiency gains, and in particular by higher rates of penetration achieved, in deeper target Aptian reservoir sections. "

"Given that the totality of the reservoir sections evaluated to 3,900 metres represented the majority (approximately 70%) of the total estimated prospective volumes, the lack of hydrocarbons in demonstrably commercial volumes led to the decision to TD the well at that point."

Actually, having re-read my quote several times, it does look like there is a distinct difference between the two:

Farm-in agreement = major would pay BPC & participate in drilling, in return for stake in asset.

Farm-out agreement = major would take over the exploration drilling, in return for stake in the asset

Starchild, with respect, I think you are wrong about farm in vs farm out.

The company that holds the asset / license (BPC) is the farmour.
The company that would do work on behalf of the licence holder is the farmee.

The Farmor farms out, The farmee farms in, rather like the terminology upload vs download; it depends on which way the traffic / deal is going.

https://cereslaw.com.au/farm-infarm-out-agreements-why-use-them/
"A Farm-in Agreement is an agreement whereby the owner of an interest in a lease or licence (Farmor) grants the right to acquire a percentage of their interest to another party (Farmee) for the purpose of exploration.

Ordinarily, the Farmor has already undertaken some exploration, and seeks another party to share the costs of undertaking further exploration or completing it.

The Farmee, in return, is required to contribute cash towards meeting the costs of exploration, incurring certain expenditures for exploration or meeting specific commitments by way of undertaking further exploration or development of the lease or licence.

A Farm-out Agreement is very similar to a Farm-in Agreement, however, usually the Farmor is in a position where the Farmor is not able to complete exploration within the time allowed for under the lease or licence, either due to resourcing or budgetary constraints. The Farmee then essentially takes over the remainder of the exploration, whilst the Farmor retains a financial interest."

Another useless Troll resigned to the Green troll Box::::FACT

It's only since being under Potter's control that the Cerp assets have gone back above 500 BPD.

You're running down an industry professional of 30+ years experience, because a wildcat drill, rated at 1/3 COS didn't hit commercial oil.

Idiot.

Anyone care to point me in the right direction for getting up to speed on the opportunity here?

Cperkin, Leo Koots said Saffron was was rated at 45% COS. That makes Saffron 2 better than 45% COS
@ 15m, 40s: https://www.youtube.com/watch?v=H1wlRmBJEig

Saffron 1 was risked at 45% COS. According to Leo Koots, that makes Saffron 2 better than 45% COS.
15m 40s: https://www.youtube.com/watch?v=H1wlRmBJEig

I would guess it's because the money raised is in £, but where it is being spent, is in $.

@ Cerp-84
No, I placed a sell order @ best on monday, before the market opened. The order didn't go through for a full 15 minutes, by which time the share price was 0.6p
Anyone with a stop loss would have been subject to a similar delay in trades, due to the market volumes.

I really don't understand any concern over the ongoing court case. The activist's aim was to halt the drill. That failed.

Even if their case is found to have merit and the environmental authorization is found to be issued illegally, BPC has no case to answer. There is no injured party, or need for damages. The legal fees to the activists would be paid out by the Bahamas government, (or via their advisers insurance) not BPC.

Worst case scenario is the authorization process is tweaked / tightened for the next drill, assuming there is one.

Just topped up from 400k shares to 750k shares @ 0.579p
Rude not to at these prices.

Anyone wanting to fill the time void, whilst we await the drill results, would be well advised to read this article from May 2018, which goes into some depth about the realistic chances of environmental impact from BPC's activities. It's worth noting that the Chairman of Save the Bays advocacy group was on record as being opposed to the drill, over two and a half years before mounting their legal challenge against the drill. Quite how STB can say BPC rushed into this drill is beyond me.

https://www.weblogbahamas.com/blog_bahamas/2018/05/business-bites-say-yes-to-bahamas-oil-drilling.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2Fweblogbahamas+%28WeblogBahamas.com%29

"...Goldman Sachs, however, is still bullish, calling for $65 Brent by mid-year, with WTI in the low $60s."
https://oilprice.com/Latest-Energy-News/World-News/Is-There-An-Oil-Price-Correction-Coming.html

Glide: "The drilling program for Perseverance #1 is expected to take between 45-60 days, and will be undertaken on a 'tight-hole' basis - an industry protocol (and one required by the Government of The Bahamas) whereby real-time well information and drilling results will generally be kept confidential until the conclusion of drilling and testing procedures, and until any appropriate notifications to Government representatives have been made."

As I see it, BPC will have to inform Black & Vech (who are on the Icemax, to oversee the safety of the drill, on behalf of the Bahamian government), at which time BPC can release an official RNS.

IMO, I don't think the government will have the opportunity to make anything public before the RNS is released to the market.
https://www.sharesmagazine.co.uk/news/market/LSE20201117070007_3782268/Operational-Update-Perseverance-1

Can't be many people with 24 Million shares to offload in one trade. Very likely Lombard offloading more. This has to happen before the price can go north again. The sooner they are out, the better.

Apologies if this was posted previously, but it snuck under the radar for me. This is a 14 minute presentation from Eytan Uliel, Prior to spudding P1. Just a bit of info for new investors, or for anyone who missed it before:
https://www.youtube.com/watch?v=sgxmtFk1IJ4