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This was the media article which suggests LO may not take the Call option.
https://ewnews.com/bpc-financier-expresses-regret-over-oil-exploration-funding
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From the last BPC funding RNS as below. And now it seems likely LO will not take the Call.....from their comments to the media....... If P1 fails to find masses of commercial oil.......and its a duster, or simply finds oil shows or something thats a technical success only..............well..................
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............
Ramping not gone well today it seems. Remember, a lot of the short term traders buy in the morning then sell after 5% or 10% rise.
Another batch of them buy on Monday morning and sell on Friday if not before.
Rampers been ramping on FB, Reddit and all the Bulletin boards but struggling to suck in newbies to buy BPC shares.
Perhaps the newbies realise with a 65% Chance Of Failure..........it might be best to wait for news and buy in after good news..........or just walk away with zero loss on bad news...........
You cannot lose what you never had...........but you can certainly lose if you are holding and bad news comes out.
With Royston and Kraken..........the next TXP is..............TXP !!
This will rise anything up to 500% if those 2 wells come in good............why change, ride your winners.......... !!!
Anything can happen downhole. Just because it takes a long time is not a good sign by default. Lots of problems can cause drilling timelines to overrun.
– Stuck pipe
– Lost circulation
– Borehole instabilities
– Mobile formation
– Undergauge hole
– Kicks and blowout?
https://www.arab-oil-naturalgas.com/oil-well-drilling-problems/
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88E spudded Charlie-1 on 2nd March 2020
88E hit TD at 11.1K feet on 30th March 2020 (28 days to TD inclusive of few days delay)
7 days to run wireline.
88E announced results of wireline on 7th April 2020.
PANR spud Talitha on 13th January 2021 using the same rig.
So could be at TD anytime from mid-next week onwards.
The rig has LWD..........so they will have an insight into what they have found as they go along.
So there could be an RNS mid or end next week or if they wait until Wireline is done, then the week after next, all being well and with no delays.
https://www.herald-dispatch.com/business/diversified-gas-oil-announces-opening-of-gas-control-center-in-charleston/article_90bc8d27-cc2b-5a7c-8e77-59686bf24fc4.html
Business
Diversified Gas & Oil announces opening of gas control center in Charleston
The Herald-Dispatch 22 hrs ago
CHARLESTON — Diversified Gas & Oil Corporation announced the opening of its state-of-the-art natural gas control center in its Charleston regional office.
The new facility will initially support the monitoring of the Cranberry Pipeline network, which transports 70 million mcf (thousand cubic feet) of nat...............
Generally does not take longer to evaluate. Running wireline logs is the same wet or dust. Once you hit TD and do wireline is the time you announce. If you do mini-DST etc.. you do so after that.
BPC have given a schedule of 45 to 60 days..........a lot will depend on geology and downhole issues..........simple as that.
The more problems you have, the longer it takes to drill.......simples.
Likewise...........if they have a poor result and get little oil shows or no oil shows..........it will be No 1 in the losers board.
Looks like Rinse and Repeat
Rampy pumpy and soon to be dumpy dumpy........
Ramp it up to 2.3p or 2.4p and then sell sell sell back down to 2.1p.
Lets see if this is another rinse, and repeat...............
And people who know nothing about shares are the prey of rampers on bulletin boards promising "massive gains" and "low risk" and "dreams can come true" as they manipulate you into buying a share that they will be selling for a gain before you can sell - most of the time leaving you with a big loss.
Because unless you are completely new to shares..........you know that there is no definitive list of buys and sells and NOBODY knows for sure what is a buy and what is a sell in the trades lists.
You are referring to a computer generated list of buys and sells which guesses what is what is is often completely wrong due to Market Makers being able to delay reporting of any trade by 3 minutes, large trades by 1 hour and NT's all day.
Anyone who refers to "buy and sell" lists........really knows nothing about shares..................
A good interview with Paul.
Extracts below with my comments....for the full interview click the link.....
https://trinidadexpress.com/business/local/touchstone-celebrating-oil-and-gas-milestones/article_ab46b658-65b1-11eb-baa7-07ee2b415b65.html
Coho-1 online in April.
Definitely looks like oil drilling in the SouthWest (waiting on new 10 year agreements to be signed off) with 5 to 10 oil wells drilled in 2021 from an inventory of 200. Oil breaks even at 28$ and any oil wells make a lot of money. In terms of the benchmark with Brent crude the Canadian firm produce, he explained that the company sells it to Heritage Petroleum and then they pay them every month, which works out to be 12 to 13 per cent discount to Brent.
Casca on line Q4 2021.
Baay said within the Ortoire Block, the Coho-1 exploration well was spud on August 7, 2019, and is expected to come on stream in April this year with about 10 million cubic feet a day of natural gas. And in the fourth quarter of 2021, the Cascadura-1 well will come on stream with 100 million cubic feet a day of natural gas and 2,000 barrels a day of oil.
“Assuming there is more success in the block, and a couple more exploratory wells that we have to drill, the company can see themselves over the next 24 months adding over 200 million cubic feet a day and somewhere around 4,000 barrels a day of oil.”
Baay said in his 30 years’ experience in the oil and gas sector the Ortoire block has surpassed his expectations, as the trajectory from 10 million to 200 million cubic feet a day is the advantage of drilling onshore, which means it can come on stream more quickly.
They could crowdfund it quite easily.
BPC..........dont forget they want to drill another well next year regardless of the result of this one, part of their plan to extend the license into another "exploration" period - which involves the need for another exploration well to be drilled. So of course they will defend their position. Think of the fund raising next year to drill the next exploration well if they get the exploration license extension.
The P1 well is purely a "technical" well as stated by BPC. Success can be claimed as anything, even some oil shows........ahh yes very positive lets extend and drill another better located well next year..........
BPC presentations have shown this................ plan to extend license into another exploration period and drill another exploration well.
So its only natural they defend themselves else their plans to extend the license into another exploration period and fund raise in the future to drill another exploratory well would be useless would it not................. ?????????
Thats my opinion on the situation relative to your post Starchild.
First Berlin note on DGOC
http://www.more-ir.de/d/22051.pdf
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New Cenkos note on DGOC in the link below........ PDF file
https://gofile.io/d/kGPmPs
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Let it remain quiet........another top up for me later this month.......around the 25th I think.
Mmmmm
I would say 0.5p or 6p is the two most likely outcomes for bad or good news in my view.
Market cap should be around 25m before spud.........still plenty to go upwards.
Short term traders taking their Monday morning positions.........ready to sell out when they hit a 10% profit for the day or week.
Most will be gone again by Thursday/Friday and certainly will not be "holding over the weekend".
Same same every week..........Monday morning they pile in........start ramping and then get out when they get their 10% or 20% rise.............. easy money for them.