Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
(2) Ignore IreneK’s posts on this forum
Why not act on your own advice Starch? This thread cluttered with rubbish, mainly by people like yourself trying so hard to be oh so clever and funny. You fail.
Razorman, much as I'd like to I can't see us winning improved Goudron IPSC terms from Heritage AND a lowering of governmental SPT applicable levels. Probably a trade off likely, of course any improvement better than nothing.
Starchild, good work. I would though, under the CERP related newsflow, suggest adding the awaited, revised STOIIP figure for WNZ which was due end of June, plus mention the extended well test re. field appraisal. On your ratings maybe a S/M!
Also appreciate your comment re points 1 and 3, thought these were put to bed satisfactorily.
Tiburn, re your consortia post and FPSO costing in the region of $800m ...
It's all a question obviously of a) successful drill and b) the volume bopd lifted but if, as Potter states oil is to be sold 'off the back of the boat' then Stena's day rate, approx $190K, could be met by the profit on 5500 bopd (WTI $40 less 12.5%)
As I say it's all relevant to daily production but, to pluck a figure for argument's sake, if it's 20Kbopd (reasonable?) it would still add up to a very profitable operation prior to any consortia formation.
It would be interesting to hear from others what their daily production (settled) expectations are from a P50 success.
Excellent post jim and one that I'll re-read from time to time in order to remind me of the foolish blind faith and optimism I've given to failed management in the past and the rosy scenarios hinted at but rarely seen. Now, at 75, it's nigh impossible to rectify past mistakes and, as you say, hope kills when you're banking on a reversal of fortunes. Koot promised so much yet in the end delivered so little and yet it makes, for me, selling out at this level after 10 years plus LGO/CERP unthinkable and so I am one of the many that prays for a major farm-in and minimal requirement for CLNs. Really am so ****ed off at constantly seeing fresh placing after placing, management options galore when nothing in terms of shareholder value is ever seen price-wise. I'll ride the share uptil Dec/Jan to hopefully recoup my investment, taking only a small proportion into drill time. Can't risk otherwise.
So, fellow gamblers, if you thought likely you could double your money between now and year end, picking from 3 topical stocks which would you choose. TXP to reach 142p, GGP to see 30.4p or BPC at 4.9p.
I know which I'd go for but, by a quirk of fate, I find I already have!
Can but hope that the BPC board will operate in a much more open and honest manner with its shareholders than we experienced with CERP. Shouldn't be that difficult.
Depressing thought. If a NO vote does prevail and an offer from PRD found acceptable it would only more or less replace the cash CERP have spent on the preparation and legalities etc of this 'merger'
It may of course come down to this: -
BPC reserves the right to elect (subject to the consent of the Panel) to implement the Merger by way of a Takeover
Offer at any time before the Scheme becomes Effective, or following its withdrawal, in which case additional
documents will be posted to Columbus Shareholders. In such event, the Merger will be implemented on the same
terms, so far as applicable, as those which would apply to the Scheme, subject to appropriate amendments,
including (without limitation and subject to the consent of the Panel) the inclusion of an acceptance condition set
at 90 per cent. (or such lesser percentage (being more than 50 per cent.) as BPC may determine) of the shares
to which such offer relates).
When you think back to where Columbus were at the point of announcing these 'merger' talks - Saffron declared successful, top quality 11m proven reserve, superb no-risk follow up S2 drill organised, no oil no payment, all to play at within SWP, a confident Predator/TI result pending, huge optimism for WNZ and Goudron water injection into 2 years and close to pay off - plus the frequently mentioned $2m cash held to at least cover the next 6 months - it's surely all guns blazing for the remaining 2 years of the 5 year plan.
So why why why, at this stage, divert, gamble recklessly on someone else's project when Koot, the veteran, who can boast some of the best contacts within the oil industry fails to organise a solus way forward or even attract other propositions.
As I've said before I believe PIs are casualties of Koot's personal ambition and if the 'NOs' win it I certainly wouldn't want him to remain at CERP. He is certainly not irreplaceable.
HL is noon Tues 21/7
Scarface/Razorman, voted No yesterday with my 3.25m although I share the thought that this will go through.
My reasoning? I don't believe an alternative deal was sought with the necessary passion and that the deal with BPC suited Koot's ambitions first and foremost, retail investors interests a poor second. Have we seen any testimonial talk re Gordon S, like thanking him for his service etc as per normal? No, which confirms the rumour of internal strife and a far from a harmonious board re this decision. We gambled and won on a 45% chance (we'd found what we were looking for!), I dislike the thought of a further 2 to 1 against gamble.
Possibly why they are tight lipped with operational progress.
Well there does seem to be an embargo on operational news which, if good, begs the question why no release.
The scheme docs state that all tests for all intervals Saffron MC and LC completed - so why are no results communicated.
Suriname revised STOIIP more or less promised by the end of June - no mention at all.
Goudron terms delayed for yet another quarter, spurious reason given.
Agree, Koot has pushed his shareholders trust virtually over the edge.
There's a slide in BPC's March 2019 presentation that states a sliding scale royalty commencing 12.5% rising to 25% at 350Kbopd. Has that changed?
https://www.bpcplc.com/wp-content/uploads/2019/03/BPC-March-2019-Presentation-for-website.small_.pdf
See Page 6
Starchild, Your key point 2
That doesn't stack up.
Working on the basis of 1.5B shares in issue at the end of 5 years if CERP reached £500m mkt cap it would equate to 33p per share. 1B shares would = 50p
If BPC successfully access 700mmbbls, using your $1 in mkt cap increase per 1 barrel, we would see a mkt value of around £600m.
At closer to 4B shares in issue than 3B this equates to a sp of around 15p, a long way short of Koot's target for CERP holders.
Agree with PTMS, Hawkins interview a total waste of time, not that any fresh revelations were expected. Numerous posters over the past months rightly pointed out that the lack of production numbers, guidance, IR, the need to constantly turn to equity issue rather than conventionally pay (whilst almost smugly quantifying cash held) became the increasingly obvious. Keep quiet about production and income, they’re embarrassingly dire. The result over 3 years 73% additional dilution and the sp less than where it first started. Now we’re being asked to embark on a fresh 2/1 against dream and, for those willing, to **** bricks for two months. Koot can afford the gamble, for many CERP shareholders it’s a bridge too far, especially for those that endured the LGO years.
NOTE.
Schroders max holding Nov 2018 was 117.428m
Now 82.4m = 35m sold to date as per last update
https://ewnews.com/bpc-sets-new-date-for-oil-exploration-in-the-bahamas
This posted on ADVFN, last three paras of interest. Any known response from BPC?
CERP 84 . RNS 9/6. There will be no farm in 'til AFTER P1.
Can't be clearer.