Member Info for Private_Investor

Glide.
A freudian full circle.

I see a share one of our dearly departed ramped here has taken off.

Good call Harry, wherever you are or whoever you are now posting as.

Throw - no idea what a thown is.

In an effort to cover both positive and negative aspects of Simon's leadership and to thown o homonym into the mix can I suggest Simon is referred to as

The Gaffer.

Petroleuminvest.
I am going to hate myself briefly for doing this but will do so regardless.
I am attacking the post, not the poster, I have no dog in the fight as far as you and The Bhoys are concerned.

However, when correcting someone for a perceived lack of English language capability it comes over better when using the language correctly yourself.

Your - possessive. To describe something belonging to a person.
You're - abbreviation. Short form of you are.
Yore - noun. Description for time long since past.

3 homophones, 2 in common every day use and often misused.

I am off to ponder where life went so wrong that I have reduced myself to correcting postings on a BB that have little or no impact on anything.
I will find myself a suitable punishment for resorting to such pedantry.

Wow, read that back. More preaching than intended, sorry.

How much money does anyone need.

That is a brilliant question. I asked it of myself a few years back whilst contemplating early retirement.
When you crunch the numbers and align your wants and needs you might find the number is less than you think.

A steady 5% return from a mix of strong divi paying shares and a bit of property income was enough to convince me.

The lifestyle may not be as lavish as some aspire to but it is comfortable enough and I don't miss the pressure of work one bit.

I try not to make any recommendations when it comes to investments. My one recommendation for the bank holiday weekend would be, work out what future income you think you need, work out how much it takes to achieve that level of income. Work towards it and get off the money merry go round as early as you can. Retirement is something you should have while you are young enough to make the most of.

I can't believe we didn't get an April Fool's RNS.
Shame on you SP.
No commercial oil.
No farm in.
No rabbit from a hat.

All forgivable.

No sense of humour is a cardinal sin.

Just a quick check ahead of tomorrow.
Does anyone know if you are allowed to post an RNS with a special sense of humour?

Imagine the scenario...

07:00 BPC RNS.
BPC are delighted to announce that a farm in has been agreed.
Headline terms:
Farm in applies exclusively to 2 of the Bahamas licensed areas.
$150m in back costs to BPC.
Partner to fund a drilling campaign of 12 wells over the next 3 years.
Upon discovery of a commercially viable area partner committed to exploitation well drilling within a further 2 years.
BPC to retain a 20% interest in the license areas.

12:01 second RNS
April fool.

Go on SP, you know it is better to seek forgiveness than ask permission. JFDI.

I suspect if it is blue at the finish your grip may be too tight.

Ok so as per prior speculation it looks as though mechanical failure was the cause of side track.
The costs added look to be just cause for stopping short of TD. Better than a second mechanical failure I guess.

Looks like a day for traders today. Enjoy the SP volatility.

I wonder what kind of mood harry is in this morning?

No plans to pick you up for having a rant at the board.
However the point on not reaching target depth I will.
At this stage we do not know if they couldn't reach target or if they elected not to.
If they couldn't we also do not have clarity on why.
Example: drill encountered similar (still not explained) issues as earlier in the drill. If these drill issues add (blind estimate) 5 days to resolve and at that point with ROP the view was that TD would not be met what was the right business decision?

I would welcome views from a field expert on what are the likely causes of the problems experienced and the implications - or better still a drill autopsy from the company.

I don't think it is warranted to report a poster for positive or negative views but will if they are posting lies or abuse.

I know the talk is on mortgaging future potential assets. I have mixed views on the approach. It can be a sound strategy if the business revenue growth is good. It can be tough if growth is slower than required. In BPC case oil flows lower than forecast.
So, fingers crossed for a strong drilling campaign where SP under sells and over delivers, I know, I know, but it could happen.

To the subject of finance, we knew in November/ December we were fully (to the power x) funded.
We now get an RNS which is reasonably positive, caveat on date slip and bopd, given BPC recent history is anyone completely ruling out the passing around of the begging bowl one more time ?

I still hold the shares I held before P#1. I am at this point neither a buyer or seller, I am simply sat on the ride seeing where we go.

Based on no news flow they must be very busy with something so I am going for yes.

That should ensure no spud in March. Sorry.

Nothing to support in terms of evidence, just a thought I had.
Is there a possibility that the reason for radio silence is strategically good?
I will offer both sides so as not to spin one way or the other.

The company are sat on data that does not look good, if they complete the analysis then do not release potentially market sensitive data SP would be vilified.
Furthermore it will make any fundraising far more challenging and diluting.
If non farm-in funding is part of the plan it is not a lie at that stage to say the analysis of P#1 is ongoing and cannot be discussed as it would be incomplete and divulging market sensitive data.

If however the data looks good and they complete the analysis they would surely be obliged to release such transformative market sensitive information and, in doing so leaving majors in no doubt of the negotiating position of BPC, at the same time as fuelling the fire for the environmental lobbying groups.

If I know 90% of the story I can still spin things and negotiate from a position of strength.
If I know 100% of the story I have to release it as it is worthy of an RNS. It becomes public, it is harder to spin facts, I negotiate from a level playing field for better or worse.

Personally I can see more benefits for the business in not releasing data if the data is bad than if it is good. But that is just me.
FWIW, still a LTH, disappointed not to have more news flow but trying to see reasons for the delay.
No research was undertaken to support anything in this post.
No animals or children were knowingly harmed in the drafting or release of this post.

I am now free to spend the afternoon flogging oompalumpas to build my unicorn catapult faster.

Good to see you Dutch.
Hope you are keeping well.

Hard to make anything like informed judgement on this share without access to the drill logs and explanations on the drill incident and what reason for stopping the drill ahead of target depth.

If the logs are good a buy out might be the best thing for shareholders.
If the logs are bad a buy out might be as productive as catching clouds with a net.

For the record Private_investor has no grievances with BPC.
Sure he has some disappointment on the drill outcome and the subsequent time between drill up and drill autopsy, and other business news flow for that matter.

He also has views on potential business value given various scenarios and potential outcomes with regards license extension. However he will choose to keep his own council for now.

Peep wells.

Are they a bit like a voyeur's glory hole.
Look but don't touch.

Have to say before my churlish comment above the BB had been balanced and civilised.

BPC are historically not great at news flow at least not without it being a precursor to the begging bowl.
There was a mention of a date in mid April for something in terms of news (can't recall and didn't double check before starting the post)
Could this arbitrary date that felt some way off at the time have anything to do with the almost radio silence?
I could just be hoping for a straw to clutch.

Not a geologist.
Does it count as drilling when you use them post hole drills? I have used them a few times and don't remember finding much in the way of hydrocarbons.
Dusters.
So if I had used one of them in Saudi Arabia would I need to rethink the existence of oil in Saudi Arabia?