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I would think the Tanzanian Government are too busy trying to win an election, than sign for the farmout. Their view would be the gas can wait until after the elections. Wouldn't want to give the go ahead for the project in case the opposition get in and take all the credit.

Total B structure: Most likely recoverable resource >2B barrels. Note recoverable. Recovery factor is 20-25%. Fold B STOOIP in the range of 5.5-8B barrels. So assume a net recovery of 2B barrels at a minimum $1 a barrel in the ground. $2B or £1.5B.
Potential 4B shares in issue gives roughly 37.5p on success at P#1. Approx.

Hi Yonny. BHP are a good fit for BPC or should that be BPC are a good fit for BHP now with the enlarged portfolio of Bahamas 8-10B barrels, Uruguay 1B barrels, Suriname 24M barrels, Trinidad and Tobago >230M barrels. I hope that the increased footprint and assets are seen by a major as a huge positive, with BPC being a more solid partner, that allows a deal for a farmout on equal terms in return for a foot hold across 4 countries with plenty of oil.
For BPC , a 70/30 split for a 3 well campaign with the Stena rig with 70% back costs of some $70m will give BPC a cash balance to fund their activities and then some with all the huge upside it can bring for both parties. imo.

They are referring to a farmout. This is the funding that provides the greatest certainty and security. I believe a farmout is coming. BHP for me.

Can see a takeover or offer coming. Too cheap. Won't go unnoticed.

Impressive considering BTC was below $10k and difficulty was high. Profit for the month still up, which shows how efficient the mining operation is. A BTC above $10k is pushing revenue towards £2m per month,

Yes, brought forward due to expected major announcement Monday.

Majors do want 'in' on the acreage and indeed are in discussions now, however the preference is to drill Perseverance as 100% and sell / farmdown afterwards, unless the offers are deemed acceptable. Simple scenario for BPC. They get to drill regardless, with the added value creation of 100% on success, which they are confident of. Majors need to decide what they will do pre spud. Take the risk of sitting and watching and pay Billions post drill or do something now and be part of a Guyana mark II.

It's precisely that is such a big opportunity that the majors played hard ball and wanted it all for themselves, but couldn't get it due to BPC saying no, we'd rather drill by ourselves. First rules of negotiating, know what you've got and don't under sell.

If anyone can point me to an AIM minnow that has a 100% owned drill lined up for multibillion barrel acreage (Moyes independently verified 8-10B barrels, up 20-30B potential barrels) with two separate proved oil producing regions, and producing assets with running room for significant growth in production that require a low Capex to unlock, with 100% ownership and operatorship of the entire portfolio, for 2.5p a share, sub £100m Mcap, then I'm all ears.

This was released 6:05pm last night.

Updated dial-in details for AGM

As previously announced, this year's Annual General Meeting, to be held at 2 pm on Wednesday 29 July 2020, will be a closed meeting. In order to listen to the proceedings of the meeting remotely by teleconference, please use the updated dial-in details below.

United Kingdom (local) 020 8322 2500

Ireland (local) 01 4360958

All other locations +44 (0) 20 8322 2500



Listen-Only Access Code 4333698#

Hi Yonny - The BPC directors must be delighted at the merger being passed. Can now get on with alternate finance options and see about some deep pockets arriving on scene. Yes BHP would be lovely and Aussies to boot so straight shooting. Would love Simon Potter to do a presentation to them on the merits of a deal if he could get his foot in the door, if not already.

Expecting some more surprise RNS's in next few days/weeks.

It's time to man up, get the merger done, get improved financing, get the CERP production up and go drill in the Bahamas. Not so bothered about a farmout, as confident Perseverance will be a success and therefore rather have 100% of 1Bn+ barrels, with the CERP assets covering base. I would welcome BHP into a 50/50 JV for the new merged entity on the basis they fund drilling at Perseverance plus another well, with half of back costs paid, and help fund / develop BPC's new assets in T&T and Suriname and Uruguay. There's enough to go at for a major and BPC. imo, dyor.

No.

Why are Directors not buying more shares? Surely if they put in £100k, they are going to be quids in at this price.

This will be the biggest drill on the market. Even for a super major. So for a tiddler like BPC it just doesn't happen anymore and it will be the last one for an AIM company that owns 100% drilling off it's own bat. Eytan in the presentation on Thursday said they are confident of Perseverance 1 being successful.

Vote result is an overwhelming yes, from what I'm hearing.

VSA valuation for CERP is based on finance being available to CERP to unlock their assets. Unfortunately, no financing being forthcoming and Schroders selling down, has meant the 21.6p is not attainable, however the valuation is still valid. As has been discussed many times, inserting the assets into BPC by way of the merger, will enable BPC to unlock the inherited value. It's an excellent deal for BPC and for CERP, and shareholders should vote for the deal. imo, dyor.

Your mind is fixed by your second guessing , and assumptions. It bears no relation to the facts. I'm afraid you do not understand the situation, or are unable to take on board the strategy at play here. That is all I can say.