Member Info for Plutus_

Plenty of facts and rumours flying around at the moment; allow me to add another that I think is credible.

Elon Musk tweeted (now deleted), that he’s signed an exclusive deal with BPC to fuel his space rockets for the next 12 years using fuel made from P1.

The exclusivity drains all the oil at an inflated price of $100 per barrel as part of his philanthropic plan to level up less wealthy nations.

Good news I think, sorry I can’t link to the tweet but he’s deleted it as his pal Simon told him it’s a tight hole.

Yesterday’s RNS caused ructions (as usual) yet the price held and we are now in Bahamian waters loading up ready to move to the drill site and spud (provided nothing from the courts). So all in all it’s a good day.

I pinched this explanation of the RNS from the Facebook group which I believe might be helpful and shows why it was a good RNS rather than bad.

“A good deal? Yes

Why?

Because they now don't need the rest of the Bahamas investor Zero Coupon Loan

What's better?

Investment announced today is an immediate cash investment for shares at 2p

Why is that better?

2 Reasons:

1) Zero coupon Convertible Loan is drawndown at 90% of face value, so we get 10% less than the Loan amount (insted of paying annual coupon)

2) The Zero Coupon Investor can convert loan to shares at 25% below market price which Fri/today wud have been converted at around 2p.

So basically the Company just got the same mount of funding at the same convertible sp without losing 10% of face value. So saved $1m

PLUS they now also have access to double that at a higher share price after spud

Nicely done BoD”

Sorry star but I don’t agree with your logic on 2 counts.

Firstly The Environmental concerns and the fact it’s the worst time for us / we have paid lots of money / we have spent years in the project doesn’t matter in the slightest. The locals view is their local environment is at risk so the fact it might make us go bust worst case scenario matters not to them. Therefore us arguing that point will not rile them up more.

Secondly 350,000 to use your figure are not the silent majority wanting the drill, they are just 350,000 people that haven’t voiced their view through a petition. It doesn’t mean they support it.

For the record I would say that it appears we have done everything correctly alongside the government and that is the sole reason this drill should go ahead.

Not to drag up old debate as prior already hold the their views.

This is the response to the open letter

http://www.tribune242.com/news/2020/dec/01/go-home-bpc-youre-not-wanted/

Creates more airtime, this that agree with the drill in the Bahamas won’t write an article so it gains traction where otherwise it may not

I’m looking forward to the news conference Star, more than all the ones Boris has been given recently!

It’s all in jest, we have moved on, I do value your posts in terms of what is normally a best case scenario as part of a wider ‘doing my own research’ review.

Another day closer to finding the oil.....
GLA

If those positive figures need to be know there’s only one man for the job..... perhaps that someone should write an open letter to the Tribune ;)

Great point apart from the obvious. No use having 1bn shares if you haven’t got the money to get the oil out of the ground. Then your shares are worth zero as they don’t bring income and never will!

Speculate to accumulate

Space tomato...

The RNS on 1st October about the placing referenced the CLN (that I think is with bizzle... that I think got pushed back on a decision from October to December to now January - which for the record I think is a good think as we don’t have to draw it if we don’t need it)...

In the placement RNS under point 4 they told us about the 2.5p, I have copied it below.... I’m just trying to ask for clarification from the BB if this is indeed the CLN the latest RNS references that a decision will now be made in January on? If the SP is much higher by then the 2.5p will be a bargain!

4. A Conditional Convertible Note Subscription Agreement, entered into by the Company on 10 October 2019 (and as more particularly described in the Company's announcement of that date and subsequently in the Company's Open Offer Circular as sent to all shareholders in October 2019 - the "Conditional Convertible Note"), whereby, subject to satisfaction of certain conditions precedent, the Company expects to be able to draw down on this funding prior to drilling of Perseverance #1 and raise an additional £10.25 million (c.US$13.3 million). This convertible note funding instrument has a fixed conversion price of 2.5p per share, such that if fully drawn, and if all interest were accrued and the principal and interest fully converted into shares, a total of approximately 590 million new ordinary shares would be issued;

Morning all

Can someone please clarify for me the difference between the CLN and the Zero coupon facility?

Which one is the one at 2.5p with bizzle?

I ‘think’ it’s the CLN with bizzle at 2.5p that has been extended by £5m to cover covid costs (if we need it) and the deadline extended from mid Dec to mid Jan. is this correct?!

If so then this confirms the zero coupon facility is unlikely to be needed, also that the cln will only be needed if no other funding can be found.

Looks like a further dilution of up to 600m shares in January if needed when hopefully the share price will be higher but presumably the conversation rate is still 2.5p?

I’m expecting this will drop the SP this morning as is 10% dilution potential.... but then this share is already lower that we would expect so might be priced in on the basis of funding announcements were expected. Equally, as is the norm when you think it’s going down it goes up :)

Stay strong folks, we ARE going drilling, we ARE fully funded and we own 100% of the company

Well today was like pulling Margot Robbie, getting her into bed only to find out she’s got a bigger appendage than you....

Still we are on the way, onwards and upwards.....

Good morning indeed. Despite all the testosterone and nerves flying around the SP has opened up straight through 3p. Hopefully this is the beginning of our rise.

Question is will is be a gradual sustained rise or a number of re-rate jumps.

My money is on a blue day as investors jump in ahead of lifting anchor. 23hrs and ticking

GLA
Plutus

The likely bluster of the legal challenge isn’t really the point, I agree I feel it’s too late for any challenge especially given it has no merit. However, the point is that we really shouldn’t be getting involved.

The letter should have been directed at the BoD for a response not the Bahamas.

Everyone is on edge at this critical moment so this doesn’t help. Fingers crossed it all blows over and all that bluster gets us across the Atlantic a couple of days early.

The 24hr countdown clock has just begun.

Atb
Plutus

Totally agree with the sentiment that media communications are a specialist area at the best of times when you are fully briefed on the organisations strategic intent. Not something to meddle with Starchild; I would suggest it’s folly to get involved when you only have half the narrative that the BoD have shared.

I am invested and wish for a significant return but I don’t feel you speak for the majority and the letter is easily read that you do. If it was my backyard that a foreign investor was drilling in it would wind me up even more and add fuel to an emotive fire when they try to tell me why I should be in favour.

Your research starchild is valuable and comments on the board informative; please stick to what you’re good at. Alas if this goes **** up I fear certain people on here will never let you live it down.

All the best
Plutus

Morning all.

The tests done by the ice max over the weekend clearly completed and she’s back in port completing the final stages ready to set sale for the Bahamas on Thursday! Amazing that the time is finally here.

No RNS this morning is good I believe, shows that everything is on track without any changes. It will be interesting to see at what point the market kicks in on this share and whether we will see a steady rise over the next 4 weeks or whether we will see 2 or 3 different major jumps in a share re-rate.

What I do think is clear is that the share price at Christmas will be significantly higher than it is today for all those invested.

Good luck all on what I think will be a very big week in history of BPC

Plutus

Can anyone remember 1000 trades in a day?

Looking likely to also top 100m in total shares traded which is also significantly higher than normal

This sp movement will have some link to the legal question but also helping to clear more of the placing overhang

Great to see huge support at 2.5p showing where the bottom is. Don’t forget a month ago 2.5p was our high point in recent months

There is demand out their folks, they are just timing their entry point and this will fly

Plutus

So the SP is taking a hit, understandably as whether we like it or not there is now uncertainty in the market and there’s nothing the market hates more than uncertainty.

But the reality is that the Bahamas government has sold BPC licenses to drill for oil with a good chance of finding it, the company has spent £100m+ over the years getting to this point with the chance of finding billions.....

Now... just imagine what the compensation cost would be to BPC from an already cash strapped nation if the legal challenge is won and the licences are revoked! I suspect we might settle for several hundred million pounds and go off to fill in other areas like, I dunno, Uruguay or Trinidad. If only we have licenses there..... oh wait.....!

Realistically the government ain’t going to stop the drilling as instead of netting them billions in oil taxes it will cost them more than they have in compensation. Not least; it’s not a great advert to attract new business in other industries if they have a reputation for doing a 180 ten years down the line.

Stay strong, this will drill and the price will rise.

Plutus.

Not bad at all no...... it’s a director pulling 5m shares they are owed into actual stock at a time when it’s meant to rise to a much higher level. Will turn their bonus from £150k in today’s prices into whatever multiplier of the share price it goes to

Everyone is worrying about how to fund an extraction well, don’t! It’s not just a case of a placement or a farm in, there’s another option to allow us to keep holding all the cards.

We would easily borrow against the oil that we had proven was down there.

If I came to you as someone who had money and said if you give me £50m I will dig a hole in the ground as there is £100m a year down there for the next 30 years so will happily pay you back £50m plus 10% interest then there would be a queue of lenders.

This is why the price for the farm in majors goes up and means we won’t need any further placements

Plutus

No we will still get the CPR in the next week or so; it’s also nothing to do with the Bahamas project it’s about the ex cerp assets so has no relation to today’s RNS.

Just a thought to get some views on....

Following the placement a few months ago could it be that some of those large institutional buyers had a plan to wait for a month before spud and sell to take their profit? This could be why the SP is dropping on what is perceived by most as a strong RNS.

Clearly there was large volume after the placing when lots of stock was flipped but could they have kept some volume for later down the line (I.e now) when the SP is topping out at 3.7p....

We are around 15M in volume by 11am which is substantial so could it be this holding the price back? Not a bad thing as the shares are being picked up by buyers likely to hold longer.
GLA
Plutus