Member Info for Obadhia

Can't see next week passing without important S2 news.
After all how long can you stretch out ' in the immediate future' ?

Besides which valuation fundamentals can become very skewed in moments of excitement, and dare I say it frenzied FOMO buying as word spreads.

As far as I'm concerned, as an ex-CERP holder and no fan of Koot, you've misspelt cult.

Is this still a realistic pre-spud target?
Can we really expect the instis holding these 450m shares to enter into the risk involved by retaining 'til drill result?
It's not their game so the answer is no, not in every case, but I think the majority will create a tsunami of sells as spud date nears, pegging the price back and disappointing those with top slice intentions.
This could of course persuade some to go the full distance to drill result. GL whatever your intentions.

smallt., couldn't agree more, these aholes are stupidity personified, you'd have to be as thick as an oak to take notice.
There's roughly 5 regular posters I read on this board that are worth the time reading and you can tell they've followed/researched BPC well. 'tis an unfortunate fact that most AIM shares are riddled with traders peddling worthless posts and one or two maliciously intent on wrecking positivity for whatever reason.
Ignore and go with your own judgment, it's your decision, your money, your future.

Harry, think your fears well founded, we live in a world of corporate chicanery.
CERP holders need only to think back to Koot's interview following success at Saffron, 'we've found what we were looking for' etc etc whilst simultaneously hoodwinking s/holders into believing we're at last off and running by announcing a free carry S2 drill. Blue sky beckoned, then the truth emerged, the fantasists died, the directors flourished. Same old.

Findme, can you comment on Potter's advice to investors that oil will 'be sold straight off the back of the boat' ?
(That comment was in a presentation made prior to the last intended drill date.)

Starchild, I wasn’t asking for an up to date cash held figure, that just wouldn’t happen.
I think it meaningless, rather misleading to continue quoting an important figure chronically out of date and disappointed that interviewers have not pursued for a more accurate assessment.
There is little hope that BPC inherited any cash from CERP, as Simon Potter stated most if not all this approx. $2m would be spent on merger costs. As you say the next financial report may shed a little light and we’ll see how deep that dent really is.

My email to Camarco has been ignored.

Cash of $11m AS AT THE END OF 2019. Was this amount, always counted as integral to P1 funding arrangements, ring fenced?

Doubt it but if so how has BPC funded all outgoings for the last 8 months.

So, if not intact, what is the current cash level standing at now and why do they fail to be transparent on this matter with s/holders in both presentations and interviews. My savings now are a whole lot different from 8 months ago!

Starchild, if you can't take your own advice, and act accordingly, you just come across as a lulu.
You too have a nice weekend, and think on, they're your words 'Ignore IreneK’s posts on this forum'

(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.