Member Info for Proselenes

As I said... 0.5p is fair value imo.... Pending now the potential dilution ahead....

I am now back in 88E following the placing.

East way to ride PANR Talitha results..... 88E will rise on Talitha success but if Talitha fails then onwards to their own drill.

If the CERP assets were so good...... Why was CERP using CLN?

Why not RBL? Why not placing?

Why the use of the death spiral CLNs and then having to merge with BPC?

Does that not tell you about the CERP assets and how they are seen by the industry??????

Bottom feeders and falling knife catchers now dumping out.

Failed to ramp it... Now dumping it

??????

12.5m $

Minus what they still have to pay Stenna ????
Minus anything they have to pay to LO for the 15% guarantee ????
Minus other things as well ????

How much do they actually have minus all those outstanding things to pay for ??????????

In H1 2022 we should see Kraken, Cascadura DeepDeep and Chinook Deep all drilled.

I hope they get to drill all three and those if they all come in could offer 2 or 3 TCF of upside (which is 4.4 to 6.6 billion dollars of gas with the NGC deal).

Will they ? And by that I mean will a hostile take over offer come in before they can drill them ?

I hope they can but any hostile takeover offer will be timed before "too much" can be proven by the drill bit. For me I see a takeover offer either post Royston/Steelhead, or post Kraken............certainly before the Deep Casca and Chinook wells in 2022 imo.

Refer back to the 12th Jan RNS.

As it stands now, it seems both the existing CLN and the Call option are very unlikely (CLN as share price is below 2p and Call option as LO has openly said they regretted the deal on Twitter). So...........read the 12th Jan RNS from BPC as per the link below.

There is a lot of RAMPING of BPC going on again.............. a lot of people got sucked in by the ramping of P1 drill, learn the lessons.......look at the facts !!! Not the dreaming, fantasy and ramping on the bulletin boards. The rampers now are posting pretty fantasy scenarios as they want to take the share price up a few percent and then sell out............... All IMO and DYOR !!

Read the below............

https://www.investegate.co.uk/bahamas-petroleum-co--bpc-/rns/funding-strategy--reconciliation---put-option/202101120700073153L/

...............In circumstances where neither the balance of the fixed-conversion price conditional convertible notes is available, nor the Call exercised, BPC would need to rely on seeking alternative funding if it was to be able to complete the full intended program of work for 2021 (most particularly in Trinidad and Tobago and Suriname). There can be no assurance that BPC would be successful in securing any such alternative funding, and if this were the case, the planned program of work in Trinidad and Tobago and Suriname might need to be curtailed or deferred........................

All time high finish in Canada and UK. Looks like seismic update some time soon on the newly shot stuff.

And now......as said earlier.........Xav can see the Cretaceous........the beast is real !!

https://i.ibb.co/ygSpgLt/KRA.jpg

.

I put this post up in response to a post saying how strange it was that we are at an all time high and very few are selling...........

I dont find the not selling strange, as I keep buying and I am sure others do as well.
What we have here is:

Fixed price gas contract worth billions over its term. We dont care oil price up or down, gas price up or down - the main TXP revenue is fixed !! Lovely. Oil can crash tomorrow.....who cares.

Oil price up is a bonus.

So we will start 2022 with 100 per day gas production, all being well add another 100 half way through with Royston on line and end 2022 with over 200 per day. Wall Of Cash.

First gas production in a couple of months with Coho.

But before that hopefully confirmation that Chinook and Casca-Deep flow and are commercial end of Feb/early March.

Mega (potentially biggest ever onshore) Royston to be spud in around 8 weeks time.

Another gas target Steelhead to spud after Royston.

Then Q1 2022 we have the Beast.......Kraken, likely followed by Cascadura Super Deep and Chinook Deep.

But thats not all, in Q4 2021 they will be, all being well, banging more holes into the oil fields in the south west to ramp up production there (and potentially drill a deep one to see if the those big gas reservoirs are also there as well).

Can you name another stock with so much going on, so much potential uplift from bringing current production online, but also, so much potential uplift from a few massive drills ahead (all currently not in the price).

And to round that all off........once Royston is drilled and license terms met.......then its open season for a hostile takeover offer AT ANY TIME.

So yes.......I understand why most people are not selling - there simply is no reason to sell.

If CERP assets were any good they would not have been using Convertible Loan Notes and BPC would not have been able to merge with them in my opinion.

Therefore I would suggest the CERP assets will prove perhaps very disappointing in future in my view.

Let's see if the next fund raise is a solid placing or yet more junk shop convertible loan notes.

That will tell you what the financial community thinks imv.

No 88E for me currently
.

Another dilutive fund raise on 88E...but at least Dave Wall has resigned.

More resignations at BPC in the months ahead???? I think yes there might well be.

Deary me.......a lot people posting here have no clue about oil and gas or indeed little AIM companies and how they operate.

The ongoing technical work is a requirement of the license obligations. They must process all the data and then present all the data to the Bahamas Government. Failure to do so would be a breach of the terms of the license.

So no........there is not going to be a "oil shows non-commercial" changes to wow....the data says we found 5 trillion barrels instead.............

I would suggest you worry not about the "data processing" - but worry more about paying Stenna, paying LO and then what funds are leftover !!!!!!!!

If you re-read the RNS you might note the "short term" plan attached to Trinidad and Suriname. EG.......the funds used will cover "the coming months"..............

EG.........there will imo be a very big dilutive fund raising soon, most likely Convertible Loan Notes that will drag the share price lower and lower again.

They restate their plan is 2500 bopd end of 2021 as a TARGET, but there is no comment on funding to achieve that TARGET.

I have a target to win the lottery every week..........having targets and reality are often very different.

Nope rossannan, why buy ????

There are so many better companies out there offering solid platforms and big upside.........why bother with a tiny AIM minnow who likely in my opinion will be issuing billions and billions of shares in the future to raise funds.........

Why bother ?

Kind of like being given a choice to support Chelsea or Chorley..............given a choice.................say no more..........

If I were giving out advice, which I am not, I would say buying something with quality management, big upside but backed up by existing discoveries which are coming on to production in 2021 leading to a massive wall of cash coming in in 2022.

TXP Touchstone Exploration.

4 successful drills from 4. Loads of gas discovered. Drilling the massive Royston prospect soon, followed by another prospect Steelhead later this year and then the massive Kraken in Q1 2022. Currently doing flow tests on Chinook discovery and Casca Deep discovery......if they flow........the share price will rise more.............

CEO has said........no more dilution, no more placings...........they can generate their own cash now to drill and explore and produce. Coho production comes on line in a couple of months..........then Casca-1 and should be Casca Deep and Chinook production on line before year end.

That for me is a safe stock, with big upside potential.

Just my opinion. Quality always comes first with investment. Else its just pure gambling and most people always lose.

For BPC I would not buy at 0.5p or 0.4p or 0.3p or 0.2p.

My view is there is loads of potential dilution ahead...........lots and lots.........billions more shares coming maybe..........and BPC for me is an avoid.

A good way of "real value" of assets is IMO.............can the company fund progression of them with a placing ? or they resort to CLN ?

Convertible Loan Notes are known as "DEATH SPIRAL".

CERP were using them. BPC has used them. BPC might try to use in future.

For me, that means, the people with money view CERP and BPC assets as "pretty worthless"...........so will to offer CLN as they can make money on them for sure........but not willing to stump up placing cash.

My view..........dont touch any companies using CLN to survive...........

IMO, DYOR !!

5 previous wells in the Bahamas.......all oil shows. None commercial. BPC did the same as the previous 5 wells. Its not new news......its same again news. The oil seems to have gone.......its migrated and left only shows in place. This is why the big boys walked away and let the Bahamas licenses be snapped up by a dreamer.........

Uruguay is just a wildcat.......again licenses nobody else wanted. There is a reason for that I am sure.

So you are left with CERP assets only.........so the market cap of CERP pre-merger should be the new market cap of BPC ?????

However..........how much cash is left once Stenna are fully paid for P1 work ?

How much money has to be paid to LO to honor their guaranteed 15% profit on 2p ?

What is the then funding shortfall for the 2021 work program ? How will this be raised ? Will the CLN be used ? Some alternate funding ? Will the 2021 Trinidad program be delayed or deferred as was warned over in the 12th Jan BPC RNS funding update ??

At this moment in time.......... 0.5p is fair value IMO

0.5p a share is fair value now imo. Basically back to the value of CERP market cap before the merge with BPC.

Uruguay and Bahamas are worth pennies now imo.... So 0.5p is my fair value appraisal of BPC.

Less ramping and more reality needed.

How many more billions of shares issued to get to 2500bopd ?

ohhhhhhhhh.......did you forget that ?????????

No need to apologise..........all I would say is learn from the experience.

Making mistakes is the best way to learn...............provided you learn from it, its been a useful experience.