Member Info for PageofCups

The decision for a partner is, do they farmin now when nobody else wants to and thereby get a good deal at minimal cost or do they wait and farmin potentially when everyone else wants to farmin if/when BPC strike any oil. Weigh up the data and chance of success and required minimal spend on a couple of wells, verses a known oil discovery and billions of dollars to try and get a slice of the pie with everyone else wanting in. Maybe get in while it's quiet wins the day.

There is a legal requirement for Committed Capital to mantain a trading facility in the shares as part of them being allowed to be the largest shareholder with a holding over 30%. So holders will still be able to trade their shares after the cancellation from AIM. Management reckon the company is undervalued, so it will be interesting to see how much the existing major holders like CC will pay for any shares on the matched bidding platform. There is a buyer for the shares with 500k at 2p. Who puts £10k in when it's about to be de-listed??

Exclusive opportunity by all accounts.

Drilling a super wild cat is unusual for a tiny minnow oil explorer with a tiny Mcap. Especially when targeting 2-4Bn barrels and being 100% owner operator and significant acreage. This is really oil major territory.

Can only trade the MF once a month.

Yep, the standout line in the document is that the evidence for trapped oil has been validated by all the potential farmout partners.

As a guess, the interim broker is in anticipation of resumption of Ruvuma operations. AMINEX must be about to be release news on licence, PSA and resumption of operations.

They wouldn't shove it up for nothing so are expecting to make some money on further buying.

Watch what happens at midnight.

You know the oil is there. You just hope a gasket seal hasn't leaked.

The dipstick is the drill to measure the oil. Hopefully full.

The good news is the upturned bath structures will act as a sponge and soak up any oil from the source below which might help explain why the wells around the periphery only had oil shows. Imagine the oil in an engine and the sump is the fold structure where the oil collects after you turn the engine off.

It's all about getting a drill into the ground. If commercial oil is there then great. The drill will be done on a location that gives the best chance of finding oil. If it's not here, then it's not likely to be anywhere else due to the location being a pre-requisite of the theory that oil has been charged and trapped in middle east scale structures. If it's going to be there it will be in vast accumulations. It's not something that can stay hidden on a drill. BPC are very confident of finding oil. It's a case of, is it commercial. Are the structures and seal a valid. Has the oil migrated along the faults into the folds. We know the oil has migrated as far as the wells already drilled as there have been oil shows and live oil, but not in commercial quantities due to the oil having migrated and seeped away over millions of years. Those wells were not drilled on valid traps.

A condition of the CLN is funding for operating costs until end of June 2021. Current funding with the CLN allows for in excess of 12 months operating costs from CLN subscription deadline 15th Feb 2020. Other cost areas can and will be reduced
accordingly.

US China trade deal phase 1 will probably raise the oil price to $70 next year. Majors have to keep options open as things develop and events unfold. They can't afford not to due to the size and scale of the targets and the location offshore US. They'd give their right arm if it was US GoM to target 2-4Bn in one drill. It's not that far away.

Mr Potter says multiple parties are reviewing the farm-in in light of the opportunity presented now BPC are drilling.

Due diligence by funders probably flagged something up that they were not happy about.

Farm-in discussions are continuing and multiple parties are now currently engaged in reviewing the opportunity.

Key sentence in RNS

"we felt it prudent to reengage with them with a view to agreeing new terms that better reflect the current and near-term outlook for the assets".

Renegotiating to pay less by the sounds of it due to change/reduction in asset performance whether due to non maintenance or investment by OneDyas during the sale of the asset, incurring extra cost to Solo to bring back to pre performance level.