Member Info for PageofCups

The further advance of $2m from Lind isn't accessible until 75% of the initial advance ($900k) has been repaid. If so, then the further advance of $2m may be drawn with mutual agreement, prior to 6th January 2021.

They need to buy 20-30m shares each, maybe more. Would make a killing, imo.

If the directors are smart, they can make themselves a lot of money and get the placing oversubscribed. All they need to do is buy shares now in the open market, and lots of them. This would send a clear signal and the sp would double from these lows. Just £20-30k would do it. Sentiment would change and the open offer would be very attractive.

We must quash this idea of the possible environmental impact from oil drilling and it stopping any oil exploration. Cuba already drills offshore some 100 miles from Florida Keys. More to the point, millions of tonnes of crude is shipped daily through the Bahamas and the Florida Straights and there is far more risk from collision or accidents that would result in devastation for the Florida coastline aswell as the Bahamas, than a single oil well drilled in a safe manner would do. The threat of a blowout is minimal as the geological deposition in the Bahamas has been laid down in a slow process over millions of years meaning it is low pressure drilling, as opposed to the GoM Macondo geology that was laid down quickly and trapped in extremely high pressure, hence the blowout. The governments Blue Economy Initiative is crucial to it's economic growth and this very much includes seabed mining to improve the longterm growth of the economy.

I might add that 173M tonnes of a JORC compliant coal resource that is easily accessible at surface is extremely valuable. I wouldn't rule out a buyer of the mine due to it's strategic position.

I am of the opinion that they will sell the fine coal already produced and stockpiled.. They moot in the RNS of further coal contracts including a new fine coal contract. Most likely to be announced before the GM along with a production update now the pre-screening plant and Lamella plant are up and running. They are expecting 100 tonnes ROM per hour with 50% coal. They are also operating the plant 24hrs. I would think this will significantly increase production rates and deal with the excessive fine coal that was affecting coal production. The Nomad visit to the mine must have satisfied there due diligence. More clarification on the production figures and the additional contracts should make the open offer a success, presuming management have the ability to execute.

3.14 - I'm sorry, yes, local commercial rates. I gather this is around $40 a tonne.

This is an interesting proposition now, with a Mcap of £1.78m. A mine with plenty of coal some, 20m thick in the northern area and with 24hr mining and upgraded plant Lamella and pre-screening with a ROM throughput of 100 tonnes an hour with 50% being coal (50 tonnes). Would seem 10,000 tonnes are well within plant capability and coal quality is very good. I understand there are already contracts for coal sales of circa 8000 tonnes per month selling at industry commercial rates with potential for further coal contracts. The convertible loan looks serviceable from production assuming the plant is operational. Seems there are some near term catalysts at a time of a low for the shares.

There are new petroleum regulations that ensure best practice, so whether a major, independent or conglomerate or high net worth individual, a highly experienced drilling contractor will drill.

This is from the members group on Facebook earlier this week.

Company update
Just had a 30 minute call from FD Ben. Here is the gist of the call, nothing concrete as you would expect but interesting none the less.

The Macquarie contract is ongoing with no specific deadline it will continue indefinitely until there is either success or BPC terminate the contract. There will be no RNS from BPC about the rolling contract only when the contract is terminated or success is achieved. The terms and conditions of the contract are confidential but remuneration is heavily biased toward a successful outcome with only minimal overheads covered on a monthly retainer which is well within the BPC budget.

Regarding news released via an RNS they wanted to release an operations update before Christmas but were advised by their NOMAD not to do so as the update would not contain anything significant. As far as investors are concerned there is an 80% retail to 20% institutional investors split. The 20% institutional investors are happy to receive an update twice yearly, however we as retail investors are not quite so tolerant. They are aware of our frustrations and from my own point of view I get the impression that progress is being made and that BPC is just as frustrated as we are so we will have to just let them do their stuff and get on with it.

Ben is happy with the current state of BPC finances and although he wouldn’t commit as to how long BPC remains funded as a going concern he is very relaxed about it. Also he said BPC still has access to the money markets and it would not be an issue to raise more money via a placing at some stage should it be necessary to get us over the line.

The remit given to Macquarie is to cast their net wide and far to get the deal done. There is now no plan A, B or C as long as BPC are able to do a deal to fund the well and retain a reasonable interest in the drill with some cash paid back they are happy. This might be with an industry major or a conglomeration of an equity fund or a wealth fund or even a high net worth individual or a hybrid of any of those options just mentioned. He also said unless it was an oil major involved it would be unlikely for one specific party to fund the well, so a hybrid option is more likely (my opinion) He said that initially they were targeting majors in the oil industry themselves but now with Macquarie on board as well as the majors they were targeting any option possible to get this finally done. He said it was a bit of a coup to secure the services of Macquarie

He did not envisage any issues whatsoever with licences

They are still confident of some kind of brokered deal would be achieved obviously he would not commit to any kind of timeframe

Cost of the initial well now around £50-60m

He said he himself was still heavily invested in the project

To sum up it was reassuring to hear his comments and he seemed to be genuinely relaxed about the overall state of play a

Bitcoin should be nearer $10,000 by the end of the year.

Yes. ARB have good backing and a decent management team who are looking to be the next big thing. I think at this crazy price it's a great opportunity. Will be looking to buy a few. I guess they could announce new packages anytime and these will likely be sold out as soon as they are released. Looks an aggressive growth stock. Below cash valuation.

I feel Crypto currencies will have a good 2019.

Conviction Buy with a target of 38p. Peer based valuation of 36p.

http://www.alignresearch.co.uk/wp-content/uploads/2018/08/Argo_Blockchain_Align_Initiation_August_6th_2018.pdf

MacQuarie are likely to back the project themselves by being a cornerstone investor. I's a bit of leverage for their negotiating with partners.

I think you'll find MacQuarie are doing the negotiating and brokering of a deal. Simon Potter and the board will just be filling in on the technical side. MacQuarie are very good at their job and would not have taken on the role if they thought a deal was not possible. For them it is very important that they are successful both professionally and reputationally.

Ah, ok, yes. I had thought about themselves mining while the price is low. I also thought there might have been some restriction on the number of packages they could physically release and therefore were doing it in small blocks. I see they were targeting 30,000 and have electricity for 150,000. I was wondering how many packages they will release in the next block. 500?, 1000, 5000? I guess we will have to wait and see. It's my first look at Crypto investing and thought it would be good exposure to invest in a miner rather than a Crypto currency. I'll wait for a bit and see what the sp does although it looks good value at the moment. Not sure about the profitability though on the packages and the breakeven number that would need to be signed up. Clearly though 30,000 is do able and must be a milestone for the company to be profitable.

Argo have sold out of their mining packages. Does anyone know how long it will take before they have more packages ready to sell. Just thinking that while they're sold out they aren't increasing their revenues. Isn't that a problem?

If you want to email Ben Proffitt directly at BPC then his email is B.Proffitt@bpcplc.com
Although he won't give any new info, I'm sure he won't mind you asking if the company can provide an update on where BPC is. My view is the lack of news means things are still as they were since the last RNS, in that potential partners are in negotiations, now obviously at an advanced stage and near completion, with an update pending. This will be why there has been no general update in my view, but Ben should be able to answer queries..

To quote the CEO:

Mr Potter said the $1m paid for the exclusivity by the unidentified “oil major”, together with funding previously raised, had “put $6m in the bank” over the past year to leave BPC on a “sound footing” financially.

There is no problem with renewing the licences in June 2019. BPC have met the obligation of beginning a well activities by submitting the EA before the end of April 2018. This means the licences are in good standing and renewal for the 3rd 3 year period in June 2019 will be automatic. The Bahamas Government are fully supportive of offshore oil drilling. BPC have enough funds for the medium term until the end of 2019.