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If the major was still at the table why would BPC / Macquarie be wasting energy looking for someone else to talk to?
There are two scenarios:
One: the negotiations have been completed, a deal is on the table, but it requires the major to go away and take time to consider the full deal; meanwhile the exclusivity has run its natural course and BPC state that they can now talk to other parties to put pressure on the major.
Two: the major has walked
The RNS wouldn't have to state the major had walked. It effectively said that, otherwise why would BPC and Macquarie be out looking for new partners? Technically, even if no deal was agreed it is still possible (no matter how unlikely) that BPC could do a deal with the major; so no need to state that negotiations terminated for good. The RNS basically said that there will be no deal with this oil major.
I'm happy with no news. SP stabilised and at the very least it seems a deal was / is close.
Bongabob,
The fact is that BPC was obviously close to a deal with an oil major. We don't know how close but the fact that the SP has stabilised from August 31 would suggest that a deal is still there to be done; albeit that it may not be as imminent as we first thought.
Why are people saying an RNS is due? There isn't one due. There is nothing else to be said about the end of the exclusivity period or indeed the lack of an oil major sitting at the negotiating table. We will get another but it'll take time.
JTK...
The fundamentals are the same but what would concern me about the RNS is the statement that BPC / Macquarie are going to now look at other interested parties. If it was simply the exclusivity period ending and negotiations would continue simply in a non-exclusive phase then the RNS really should have said that to avoid ambiguity. That the most positive spin it could put on the RNS was not to state the major had walked is pretty thin. If a deal was / is imminent,why release that RNS when you know it is going to kill the SP and hurt all those who (as I have) have been invested long term.
You are right about the fundamentals and the overall position that BPC finds itself in. I too am a LTH (from 2011) and I believe that eventually someone will drill for oil there, as the potential is far too great for it to be bypassed for good.
In the short term though I do feel that we are a few steps back now after last Friday's news.
That's true Scully, we are both speculating. But if we were having this same discussion last Thursday we would both be saying a deal is imminent. Friday's RNS (I believe) was a setback, at least for a couple of months. The exclusivity deal was announced on May 3 and the SP trebled. If there is nothing tomorrow then we could drift back to 1p.
Scully,
nothing reasoned about what you're saying. You can speculate that a deal is about to be done but the reality since last Friday morning is that a deal is likely to be months away.
Scully, just referring to your earlier post...
Ollie the AST RNS on the Wednesday 2 days after the one which plummeted the share price was released sometime after 10am as I remember. This RNS more than bagged the share price.
Can you show me an RNS from BPC released while the market was open that was important? From anytime in the last 7 years...
All the RNS' since last Friday at 7am were price monitoring extensions.
There is no way an RNS about a deal / no deal is going to be released while the market is open.
No , during the day all you will get is price monitoring extensions
RNS that would be material to share price must land at 7am, before markets open.
It does seem slightly odd though that the RNS last Friday said that BPC was now going to re-engage with other parties. I don't think there'll be an RNS tomorrow as they have already stated the exclusivity is over. I think it might be the case that the major has walked and the tone of the RNS was aimed at mitigating the huge impact on the SP.
We could be clutching at straws here.
Just a thought.
You're nothing more than a blatant shorter. Thus your opinion counts for nothing. If you have no genuine interest in BPC then please F*** OFF.
Spike, Jayflash,
If you are both so convinced BPC has little chance of a deal then the only reason you are here is to short the share. Therefore with this as your agenda you two are clearly not to be trusted and any posts you add are not to be taken seriously.
I can't believe you're still hanging round here if this share is such a dead duck!
I think until we get a bit more clarity on the situation and the way ahead then it's daft to sell at these levels.
Fair play Somm, then your opinion is valid. I've been here since 2011 with over a million.
Suppose I'm looking at the glass half full reading of the RNS!
Sorry Somm,
Your reading of all this I don't think is quite right. Have to go now, so I'll leave you to it.
Out of interest, how long have you been invested here?