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grogrations - BPC have the working capital for at least the next 12 months and is from the last RNS dated 5th November.

The directors consider that the proceeds of the Placing and the Open Offer, together with the Conditional Convertible Note (subject to satisfaction or waiving of the outstanding conditions precedent) and the Company's existing financial resources, will provide sufficient working capital for its currently anticipated requirements, including its planned exploration well, for at least the next 12 months.

Paying 1.99 now

Excellent result from the open offer and placing. They had a lot of interest and couldn't satisfy all of the demand. Today is sell on the news day, but expect some holding RNS's to appear in the lead up to drilling as bigger interest from those not able to take part comes into view.

2.5p on open so shorts can't close, if anyone is short.

This has been well managed by BPC. They announced after market close and will announce up to 8:00am the rest of the funding. Stops any messing about with the sp.

BPC very much like BOR who had identified folds and amplitude conformance to structure with flat spots etc although not as definitive as BPC's survey work. BOR found HC's first drill in what was a completely unknown area with no signatures for a working petroleum system other than theories and look a like nearby source rock.

Jim, yes the depositional geology is different from Macondo, in that the layers of sediment have been laid down very slowly over millions of year and there is no high pressure gas trapped. The Macondo environment had a deposition that was laid down very quickly in geological terms, which trapped a lot of gas, so not allowing time for it to escape, thus creating extremely high temperatures and pressures which made drilling a lot more risky.
It's clear the carbonate rock BPC has is vuggy and porous and can hold a lot of oil which will flow. The main risks are charge and seal. Migration pathways from the source and faults that extend into the folds allow the charge, and the lack of oil seeps over the structures compared to elsewhere indicate the seal is in tact, so the main doubt is is there enough charge to fill the structures. Surrounding oil wells with live oil and signs of migrated oil due to failed seals and invalid traps would suggest plenty of oil has been generated.

BPC are members of an international spill response team incorporating countries in the region including the US, so if there was any oil spill a plan is put into action by the members. It includes Cuba, US, S. America and Caribbean etc, and is a requirement of the environmental permitting and management plan. It's an insurance against any oil spills, that all countries/oil companies will cooperate and share costs, etc of any clean up.

That's a very good interview by Eytan. Really positive and lays out the progress made and progress to come. Confirmation directors are all in on the open offer in addition to the £250k they will also put in should there be any shortfall. Top work !

I understand, but as in all open offers the last line from the CEO in their letter to shareholders will be the recommendation to shareholders to take up the offer as the directors will be doing in respect of their own holdings. But lets wait and see the admission document. It will be clarified.

Be a bit weird to refuse their own offer..

It's an open offer based on shareholders on the register. Obviously directors hold share so they will subscribe for their alloted entitlement and are willing to make up any shortfall to the amount of £250k. They certainly won't be doing an open offer and not taking up their allotted entitlement. That would be inappropriate of course.

The Directors are also taking part in the open offer to the tune of their own shareholding, just like all other shareholders, but have also committed to an additional extra £250k should there be a shortfall.

TheTraderFocus, This fund raise gets the drill bit turning. There's nothing to stop the company raising a contingency later on when the sp is 6-8p or more.

Bonum, couldn't agree more. Also to get this drill funded by only issuing 900m shares for the open offer and CLN, compared to the 1.8BN allotted at the AGM, is very good, imo.

Effective date for this deal is 1st January 2019. Scirocco will receive production revenue from that date.

News was leaked by inside placees to trash the price so they could pick up as many shares on the cheap, imo.

Hello Interestking,
They will be doing an interview on Proactive Investor. I didn't speak to the company but know it will be next week as Proactive have tweeted it this morning @AndrewScottTV

Company doing an interview next week.