Member Info for PageofCups

Epidemic is a legal basis for a force majeure as per the contract. Therefore the Bahamas Government is legally obliged to grant an extension for the time the epidemic forced the cessation of safe operations. The only matter to be decided is how long. If the Bahamas Government did not live up to it's legal obligations, then they would be sued for damages and asked to repay circa $100m for breach.

To clarify for everyone, an epidemic is included as an unforseeable circumstance for a force majeure in the licences contract.

Brynjon, In my view, the motives for the change in the company's trajectory and the merger are clear, and have been explained by BPC. However, it would appear there is still a lack of understanding out there. Who is to blame? The person who still doesn't understand? or doesn't want to understand? Maybe the question becomes why don't you want to understand?, which would be interesting to explore and would get to the root of the problem, I'm sure. It could be that they are just thick, but one should not think so disparagingly, therefore, if one is not thick, then perhaps there is an agenda or bias or something else that maybe not be in all our interests or they would argue is in our interests as they are trying to save you, despite not fully understanding. It reminds me of journalists at press briefings who ask the same silly questions and don't listen to the answers, but we know why they do that because they have a biased view and need to feed their beliefs and their organisations spin without really being interested in the know facts. In other words they make up their own stories, which is known as propaganda to get others to think like them and with that power. You are right that we should ask questions in order to make decisions, but unfortunately, when the answers are not listened to for whatever reason, or not understood, or can't be known yet, one has to make an opinion, no matter how right or wrong (more wrong if you don't understand). If you know the oil industry, then a lot of what is known about this merger makes perfect sense. Does that mean Mr Potter and Mr Koot know more than us?..of course they do, Can they tell us yet? Not before they are in a position to I would guess, but then you don't have to have any special inside information or industry knowledge to know what is going on as it's pretty clear, which is what makes the questions rather baffling. The rational has already been explained and is there for everyone to see. Despite this, unfortunately when this lack of understanding, for whatever reason, becomes the norm, then we have a situation of the tail wagging the dog, which we see a lot of in society these days, indeed on bulletin boards, which results in misinformed views and a terrible state of affairs. As history has shown, this can end up being very dangerous and risky, but I'm glad to say not in the case for BPC. aimho, dyor.

In this we want it all now society and we know best attitude, there seems to be great criticism, which through lack of understanding becomes unfounded, and as a result does nothing but to undermine. Anyone who is successful must have dreamed of something. Each bird loves to hear himself sing, but the frog should not drink up the pond in which he lives. If you understand, then you will be happy. If you do not then you will continue to be unsuccessful.

It is inconceivable that the Tanzanian Government would say no to $140m of investment, not to mention saying no to the production of gas. Why would the Government have wasted millions on building pipelines to supply gas. Apart from AEX and ARA needing the famout to be approved and in turn the Tanzaian Government so the Ruvuma field can be developed, local industry need the gas supply, and the economy needs to grow.

I am surprised people invest in oil and gas companies without understanding the industry, the engineering and technical aspects, and the current economics. You need to understand all of this in order to understand what is happening at BPC and what position the company will be in post merger with Columbus. Quite baffling the questions being asked by posters who hold what seems like millions of shares, regarding the merger and it's rationale, which can only be put down to a lack of knowledge of the industry. Aimho, Dyor.

ARA wouldn't have given more time if it thought the famout would not be approved. Remember, if AEX do not get approval from the Tanzanian Government for the farmout, then ARA have nothing, despite AEX being at their mercy on the loans.

armatrading, Precisely. Some will need professional advice to understand these matters, I feel.

They are not issuing 10Bn shares to raise £200,000. Good Lordy..Lol
As Mr Linton says, this is a ceiling for the maximum allotted shares the company will have available to issue if it chooses to in the future at a market price. The par value of all BPC shares is 0.002p, (please look at your share certificate) the increased share capital increased to £200,000 which when divided by 0.002p gives a 10Bn share structure. Lets say P#1 is a success and the company want to raise money to drill develop and produce oil in the Bahamas all for themselves for the next 30 years, and they want to raise money. They will have a share structure that will enable them to be able to raise at whatever the sp is after a discovery knowing they have enough authorised share capital. So they can go it alone if they wanted to after a discovery at Perseverance. It's all about having optionality. Of course those people who are not optimistic about BPC will say this is just confetti dilution that devalues the sp. However, just remember these shares don't have to be issued. aimho, dyor.

Thanks Thebhoys, running the slide rule over the assets is important. It's portfolio now is a lot stronger with these acquisitions. The cost savings of the merged entity adds to the bottom line and gives greater value to the assets which have yet to be fully unlocked. Aimho.

Hello Thebhoys, The CERP assets are very underrated, with so much to yet unlock, particularly on the SWP now that high quality oil has been discovered in the Lower Cruz ith bigger targets deeper down. Renegotiation at the Goudron field for better commercial terms with Heritage, which current existing terms end on 30th June, the CO2 injection at Trinity to increase production, the extended well tests in Suriname and the next Saffron Well due to spud Q3 at no cost to BPC, the CERP assets will be sitting pretty and adding value which will underpin the sp should there be any delay in P#1, The near term technical improvements provided by the BPC team can also boost oil production. Oil under $50 is good for Trinidad production as there is no special petroleum tax to pay, so we get full price.

Hi Jimtheknow. No nervousness here. We are loading up for the main event. Yes, that big fat middle eastern structure in the Bahamas.

You have to remember that Coloumbus could have done deals and consolidated with a host of other oil companies, particularly in the region, some with more cash and there own producing assets, however, on due diligence Columbus chose BPC. This is not a case of BPC pitching up and saying we need your assets, or we like your assets can we have em'.. aimho. dyor.

jimtheknow, you should be aware that production at Columbus can be increased and revenues increased without further cash investment. This includes, improved terms at oudron currently beng negotiated with Heritage, Saffron 2 appraisal well being drilled at no cost with 75% production reverting to Columbus after payback to the driller, 2 wells on EWT in Suriname with results due, Trinity Inness field on CO2 injection paid for by predator as art of 50/50 JV with Columbus with Predator the option to pay Columbus $4.2m for it's 50% in September. Apart from this, there are new ways and technical changes the BPC team can use and bring to the table to increase production from the current producing fields in Trinidad. A rising oil price will also mean more cash generation. All this for no new investment. aimho, dyor.

ShoreCapital don't hold BPC shares. They are a stockbrocker /MM and just deal in the shares. They have to disclose their dealings in BPC shares while it's in a takeover period. The purchases are the shares the stockbroker is buying from sellers in the market and the sales are the shares it sells to buyers in the market. The sales are shown at a higher price as they are actually buys and the purchases are sells that the broker purchases from sellers. It's standard stuff and you will see these dealing disclosures everyday. They are not ShoreCapital dumping stock!..Lol

These disclosures are clearly interests in the number of shares held /owned. There is nothing mysterious about it.

Starchild was right. Credit to you young Sir.

Yes, Wirral Borough Council of all places.

Please be patient. I am sure BPC are working on another surprise for us all to enjoy.

Leo Koot doesn't hold much weight with farmout negotiations. Not even at the table. The front men are Potter and Eytan.