Member Info for Proselenes

CarsCoffee.......its says the "Date of" the RNS........so to me that says provided the results RNS come on or before 12th of Feb then the Investor can take the call option on the date of the RNS........but not after that date.

So for me, it says, they can do it on the day of news, if news is on or before 12th Feb.

If you read the terms of the Call option............ the Call can be made up to and including the date of the P1 drill results (provided before or on 12th Feb) Thats my take of the wording.

Meaning that they can wait for drill results and then exercise the Call option on the day of the RNS I presume (provided the RNS comes on or before 12th Feb when the call expires). It does not say the date before........its says the DATE OF the RNS of the P1 results.......... thats my understanding of the below...........its does not say the Call has to be exercised BEFORE the results RNS, only to it must be the earlier date OF the results RNS or 12th Feb. Thats my view on how it reads.

Thats a nice risk free call option in my opinion, they can exercise it on the day of the results RNS if its good news (provided that results RNS is on or before the 12th Feb.

"BPC has today exercised the Put, such that BPC will issue 187,500,000 new ordinary shares of 0.002p each, at a price of 2.0 pence each, for immediate gross proceeds of approximately 3.75 million (US$5 million). This additional issuance represents approx. 3.5% of BPC's fully diluted share capital. The Investor now has until the earlier of (a) the date of BPC's RNS announcement of the result of the Perseverance #1 well results, and (b) 12 February 2021, to exercise the Call, failing which the Call lapses. "

TR1 can be up to 5 days delayed.

Holder has two business days to report to the company. Company has three business days to report to market via TR1 RNS

So total delay can be 5 days at most.

Who is hoping for a duster ?

I hope the well comes in good and everyone makes loads of money. Great. What I am saying is the risk of failure is around 65% and the upside to the share price is rather limited given this is a "technical well" only. No flow test planned, no appraisal drilling.............only being drilled so that in the success case (or failure even) the license can be extended into another "Exploration Phase" as was said in the recent RNS.

I have not seen any post "hoping it fails".

Adults can debate and discuss. They should be intelligent enough to handle debate and discussion.

Dont mistake the talk of reality, risk, valuations etc..... as meaning people want the well to fail..........no......that is not true.

The moderators will remove a post only if it breaks the rules !!!

Read the rules

https://www.lse.co.uk/chat-rules.html

In particular item 4

4. While debating and discussion is fine, we will not tolerate; rudeness, swearing, insulting posts, personal attacks, or posts which are invasive of another's privacy.

.

The moderators will remove a post if it breaks the rules !!!!!!! That is the only reason they will remove a post.

jono, this is why a good and useful bulletin board is one with positive and negative posts. This allows debate and consideration.

A bad bulletin board is where the positive posters and rampers take over and try to drown out everyone else, encourage "filter all these negative posters".........and try to create an "only positive posts allowed" environment.

And I agree with the view...............while Lombard are guaranteed a 15% profit - they have no desire or need to sell. They can wait and if they get lucky on a 65% Chance of Failure well.......they get lucky and make money. If the well fails, they still get 15% profit............. win win for them.

So it begs the question Starchild..........why did BPC NOT RELEASE the full details of the deal if its "so good" as you try to opinion.

Generally people dont hide away or avoid saying the "good things".........they generally avoid highlighting the "not so good" where possible.

I believe you are wrong...........and Jono is correct. Thats my opinion.

Updated WHI note in the link below (PDF file)

Fair value upgraded to 82.8p. Enjoy.

https://gofile.io/d/noDDHe

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Company cash is $72m,

WOW......they have managed to spend nothing......no wages, no bills, free drillship, free drilling...........no overheads.........just wow.........to have all that cash ????

Or perhaps you are wrong Scarface72.................

Probably around 12 to 15 days to go before news.

Few hundred million new shares can be easily sold into continued ramping across the bulletin boards in 12 to 15 days...........

Probably could mean BPC share price is going to stay around 2p and any rises upwards to say 2.2 or 2.3p to sell will be piled into with massive selling. 2p will keep sucking the share price back down as the sellers bail.

IMO you are into "coin toss" now........

All IMO, DYOR !!

The ramping starts..........

Did they also find Dunkin Donuts down there when drilling, perhaps Gold.......also perhaps Bitcoins ? Did they hit 50 meters net pay of bitcoins ????????

LOL

Its also mid January soon and BPC might be drawing on the CLN again..........so the CLN provider, if they are selling in advance......will want to clear as much of the initial 3 million loan note, before then providing more money via another loan note. Seems to me to be the most obvious answer to the constant selling and red share price.

All IMO, DYOR !!

Volantis have to report any change in percentage ownership to BPC and BPC to the market via RNS. The maximum delay is 5 days. They have to report if they go down from to 6% and again at 5% and again at 4% and the final one when they go below 3%.

Currently.......there are NO HOLDINGS RNS..........so it looks like Volantis are not selling. Which also makes sense, they are guaranteed 15% profit no matter what the BPC share price.....so they have a free ride, why would they sell ??????

The most likely explanation is the CLN loan note provider is short selling the stock before converting the 3 million pounds thats just been drawn, and on conversion this clears the short position. That to me is the most obvious explanation. Any stock they can sell now above 2p makes them a profit when they convert the loan into shares...........

All IMO.....DYOR !!

And of course, the opposite is you wake up and read an RNS about a technical success and finding a tin can of oil and this "bodes well for the future"........and the share price is already at 0.5p as everyone sells to get out quick.............

This is the worry - how many people are getting sucked into the rampers crazy price targets of 10p and 20p and 30p.......utter nonsense.........but some people might be putting all their money into this...........and could lose most of it..........I hope not.

36p..........your dreaming.

Would be lucky to spike past 7p before falling back down again in my view.

So much nonsense on here about Buys and Sells.

All trades are not disclosed as to whether they are a buy or sell.
All trades can be reported by the MM up to 3 minutes after they go through (allowed delay).
Large trades and Negotiated trades may be delayed reported by 1 hour, or at the end of the day.

NO SYSTEM REPORTS ACCURATE BUYS AND SELLS. Its just a "guess by the computer system which says if the price is below mid price its a sell and if its above mid price its a buy".

However.......this computer system is dumb........it does not know when the trade happened and only marks it based on the mid price its reported.

EG....... Bid is 2p. Offer is 3p. Mid price is 2.5p. Someone sells 2 million shares at 2.4p, but the MM does not report it at the time. MM drops price to 2p bid and 2.5p offer. MM then reports trade after 2 minutes........... system says its a 2 million buy as at 2.4p its above the current mid price of 2.25p. Actually its a sell from 2 minutes ago when the mid price was 2.5p.

I think I need to explain this as so many people seem ignorant of this......... ........... The share price movement tells you if there were more buys than sells (the price goes up and ends the day blue - and if more sells than buys the price goes down and ends the day red). That is the only true measure of buying and selling.

Look, there is no flow test planned. No oil can be produced. This means there cannot be any declaration of commercial !!!

They can say all they want......but until its flow tested and proven with a flow test it remains a discovery (if it is). And thats only the start of the process. Then they have to drill lots of appraisal wells to validate the models and prove the oil is there in other places.

You dont get a 700m barrel commercial oil discovery on a single well................ LOLOLOL

NellyB.......dont lecture me on RKH........ I was holding RKH for the Sea Lion drill, and made a bucket out of it. Looks back to the threads and you will see me there.......celebrating the Sea Lion discovery.

However..........Sea Lion was drilled, then flow tested......and lots of appraisal wells done. This is not going to happen with P1 well this time. Its technical drill only. Therefore P1 offers nothing like the Sea Lion discovery and subsequent flow test and appraisal drilling. BPC are only looking to extend the license for another terms (the EXPLORATION license). There is no flow test planned and no appraisals as yet..........this is just a poke in the sea bed.......nothing more or less, one drill only with nothing planned after as yet.

Also, at that time, offshore oil was very much wanted.............now........offshore oil is bottom of the barrel now - nobody wants a greenfield development nowadays......... different times.

Page of Cups.

Wow........so BPC are going to develop from 1 well for free.........they dont need 2 billion dollars for an FPSO and all the infrastructure. They dont need appraisal wells or flow testing. Just bang......... instant valuation of 3.5$ in the ground.

LOL