Member Info for Phoebus

Clearly not impressed with BPC confetti. Won't be surprised if it goes a lot lower as shafted CERP shareholder dump their holdings.

Who cares about me? Do you disagree with my logic?

More burden on BPC. You're catching on. Even more funding/dilution for BPC shareholders to look forward to.

Top comment Harry.

Need to see where the dust settles with this over the next few sessions. CERP down 17% now.

Keep getting worse and worse.

This deal really sucks though, especially for CERP shareholders. For BPC it spoils a pure exploration play with some not particularly exciting assets.

Sounds like they are either expecting a duster in the Bahamas or are trying to use CERP as promote assets to get a huge placing away.

Gin's probably not strong enough. Fentanyl maybe.

No, it means you own 26% of BPC assets.

Bully1985, I took total current assets and liabilities and admin burn rate from the 2019-06-30 results and adjusted where possible since then. It's only an estimate and I have not updated my calcs since April so you will need to check it.

The funding for PERV#1 has been very compex but this RNS has the clearest summary.

https://investegate.co.uk/bahamas-petroleum-co--bpc-/rns/perseverance--1-well-update/202003250700054665H/

It was my understanding that funding facilities are in place, but further conversions of some of them are still pending, which will mean the issuances of more shares prior to drilling. In addition to that it seems BPC will now need to raise funds to cover CERP's negative net current asset position and continuing operations.

And they are paying for those shares using shares in their own company issued a massive premium to their recent placing and SP, which means you're left with a much smaller share of the overall pie.

Jesus. Before the deal you and all other CERP shareholders laid claim to 100% of CERP's assets now most of those assets are owned by BPC shareholders.

Nonsense. You've lost ownership of the vast majorit of your assets. Your own shareholding now lays claim to a much smaller % of CERP's projects. Most of you money is now gambled on a one shot very high risk wild cat. If that blows up which is 70% likely you will lose almost all your money. And to top it off you've been paid in BPC shares at a price significantly higher than the 1.27p they raised at the other day, which means you get a lot less BPC shares for your troubles.

Need something else as an excuse to keep paying Potter and the boys if PERV#1 goes tits up.

Net current assets looks to be around minus £4.75M over at CERP. Not good. Need to fund that too now.

CERP don't get 2.6p, they get a stack of BPC shares which are double what they were just a few days ago. You lose control of most of your assets and the market cap increases several fold. If the BPC well fails, which is 70% or so likely to be the case the market cap will collapse and CERP shareholders will be totally decimated. Think 0.25p-0.5p in today's terms.

CERP is only baggage in the sense that is clouds what was a pure binary bet exploration play. Both companies have their merits individually. This deal looks extremely bad for CERP shareholders. You are effectively giving away most of your assets for shares in a single drill binary bet which are being issued at double what they were only the other day. BPC weren't even able to raise funds near a penny a few months back and have recently issued £1.5M at 1.27p.

https://investegate.co.uk/bahamas-petroleum-co--bpc-/rns/final-results-for-the-year-ended-31-december-2019/202006010700074503O/

I think you guys have been well and truly shafted.

Seems very sensible Bonum. Difficult to know where the chips will fall with this one now going forward as it has a lot more working parts to consider. Having waited over a decade for this drill it's a real shame that we didn't get a clean run at the drill. Good luck everyone with whatever level of exposure you now feel is appropriate.