Member Info for Obadhia

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.

Assuming the 'merger' goes through, and in the absence of attracting a JVP prior to drill, I suspect Potter will put the SWP acreage up for sale and so fully fund P1
If he fails to get his $25m for this field I'd be amazed, worth a lot more (plus of course poss $4m from PRD)
Cheap cash, no further dilution. Thereafter Trinidad assets gradually dismantled, poss retaining Suriname.
CERP assets are the cash cow for P1 to take place and inprove his balance sheet. imo

Thanks idiot.

Not expecting any fresh revelations tomorrow from Koot, simply a verbal rendition of his printed comment on the 'merger'.

Any legal eagles aboard to comment further on this inclusion, too convoluted for me!

Implementation by way of Takeover Offer

BPC reserves the right to elect to implement the Merger by way of a Takeover Offer, subject to the Panel's consent and to the terms of the Co-operation Agreement. In such event, such Takeover Offer 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) an acceptance condition set at 90 per cent. or such other percentage (being more than 50 per cent.) as BPC may in accordance with the provisions of the Co-operation Agreement decide (subject to the Panel's consent): (i) in nominal value of the shares to which such Takeover Offer relates; and (ii) of the voting rights attaching to those shares.

And hey presto back controlling Trinidad assets within a year!
Could be.

Potter due to retire end of March next year, at least that's when his extended contract finishes.

Is Koot lining himself up for his position knowing his liking for offshore action?

Hi Bamps, Just to add there must be many oil co CEOs following this proposed 'merger' and aware of the dissatisfaction amongst shareholders and the industry viewpoint of what a poor deal it represents to CERP shareholders. As has been pointed out several times s/holders were made aware by GS of the phone calls from interested parties prior to the SWP drill so you would have thought interest surely would have only increased after S1 success.
Maybe wishful thinking but the thought is certainly no dead duck yet.

What are the chances of AN Other oil co stepping in with a better offer (wouldn't take much)?

Thanks Bully

Hedge, I most certainly do, I read the RNS with horror but now have calmed down a little and trying very hard to be pragmatic.
Not easy but necessary. I don't think that LK's interview will reveal anything new and if he takes the 'exciting future' tack I'll feel like shooting the guy.

Merger failure means electing a now BOD, operating delays, uncertainties, probable suspension.

Then imagine your worst nightmare, a Lenigas syndicate steps forward. Never rule out how bad it could get.