Member Info for Prospect-

It taken ages to get to this stage to we will "spud before Christmas 2020". Even a pandemic got in the way. Who would have guessed that a year ago? So, in any event, better to be in it to win it then out of it to kick yourself. There's been ample times that I've held back and kicked myself - not going to be in that position again. Better to lose then to kick yourself.

Just my penny's worth........

GLA

Hi Gents,

Still holding BPC but my time horizon has extended. Governments are printing money like a house of fire and well we all know that tourism isn't earning not even the Bahamas. Those cruises are going no where. Bahamas is going to need OIL going forwards.

Been playing the currencies a lot. Take a look at the Platinum Silver ratio. You got two choices hold on to silver till it goes over $50 or sell silver buy Platinum and aim for a multiple of 3 to 4 times by 2022 in the very least.

I'm still holding BPC because BPC and the Bahamas need to find that oil going forwards. It's no longer an addition and more an essential.

Have a good one all & good luck.

Tyburn,

Good question. Ask Potter and the BPC BoD that.... when the time comes...

Jim,

P1 will be drilled regardless of CERP. Between CERP & P1 I would think P1 would be easy. CERP will take ages to turn round. CERP reminds me of NTOG with little donkeys dotted here and there and a bunch of reworks... waste of time imho.

CERP is a minor affair for BPC. I've decided over the weekend that it's not something to be concerned about. It was made clear by BPC BoD that CERP will increase production with Koot driving that increase in production. Koot has a a long track record of delivering oil in difficult circumstances. So, he is the man for the moment when it comes to CERP. His experience will benefit BPC tremendously - no idea why he was only made a country MD (if reports are right). He should be on the BoD to get his views overall.

The main drive is Perseverance 1. Don't worry about CERP. I still see CERP as a distraction that takes focus from Perseverance 1 - the reason am against. However, now that the BoD has decided to go for it then let's just get on with the job at hand and reap CERP's benefits going forwards. I've decided to move my vote from against to a no vote. So, I won't be voting for or against. I'm just not bothered either way which way the vote goes.

This CERP merger is like annoying distraction which is why I'm against. OK, we have some dilution, but overall it's nothing to be worried about. The main drive for BPC is still Perserverance1. The BoD has decided to go down this distraction route and the BPC forum has done nothing except talk about the merger/takeover for ages now. It really is small fry for BPC. Let's hope the BOD remains focused on Perserverance1 and isn't equally distracted.

Here's a summary....

https://www.dailyrecord.co.uk/business/business-features/oil-gas-profile-leo-koot-3077854.amp

willec ,

You can put lipstick on a pig but it's still a pig. Happen to agree with Malcy's view that it's a takeover.

Additional info on merger .

https://columbus-erp.com/wp-content/uploads/2020/06/20200612_Investor-Presentation.pdf

"The confirmation that this is a takeover not a merger is best proved when looking at the management of the new company ‘Following implementation of the Merger, the existing Board and management team of BPC will remain unchanged’. Apart from Leo Koot the Columbus Chairman who becomes a Non-Exec director of BPC and the country MD, not a board position, everyone else goes, even the highly regarded CFO Gordon Stein doesnt make the cut."

Source: https://www.proactiveinvestors.co.uk/companies/news/921827/malcy-s-blog---bahamas-petroleum-and-more--921827.html

https://www.proactiveinvestors.co.uk/companies/news/921826/bahamas-petroleums-bold-and-transformational-week-impresses-investors-921826.html

https://www.proactiveinvestors.co.uk/companies/news/921827/malcy-s-blog---bahamas-petroleum-and-more--921827.html

JBT2007,

Think the clue is on the 11th June video interview with Potter. Her clearly indicates that the aim is to increase CERP production. He also indicated that CERP won't really come into play for Perseverance 1 since current production is to low. That still leaves us sharing approx 27% of Perseverance 1 with CERP holders. That means us BPC lth holders will be giving that up and we will only see the benefits from CERP production going forwards. I still see CERP as a needless distraction at this point in time and await to see what further information BPC BoD puts out. In essence, Potter is going to have to crack the whip on CERP to get it producing more.

willec,

You've probably already seen this video (done prior to Covid19). Gives you some information on BPC - for any CERP stooges out there...

https://youtu.be/aG6q3RbB1oA

Bahamas Petroleum to become full-cycle exploration and production company with Columbus deal

https://youtu.be/g2I-qlOM2ls

willec,

Well if you've got peanuts you'll end up with monkeys which is why CERP is effectively being taken-over. We don't need any of it. We got all we need in the Bahamas.

wilec,

Perhaps you'd like to enlighten us all with what was positive about the interview for BPC?

Harry,

Agreed the CERP BoD is more open with regards to information through interviews than the BPC BoD. Tony Hawkins won't form the newly emerged BoD from the combined group and Leo Koot becomes a non exec. It all points to CERP being a needless appendage or weight that BPC can do without - at best - and a harmful distraction at worse.

Star,

"the merged BPC/CERP will get access to capital markets because of their combined market cap." No guarantees that capital markets will look at the combined group more favourably than it presently does. This is just a hopeful expectation. In the present climate capital markets are acting very conservatively. More chances of CERP raising access to capital on its own.

Sadly, the new BoD members stating how fantastic and clever the merger is without fully explaining exactly what is clever and fantastic will soon find that shareholders a re by in large not fickle nor dumb down as some Execs like to believe. The rational behind any merger or acquisition is if the sum og the newly merged group is worth more than the parts. In this case, that can't be proven. True CERP has some albeit minor production and BPC has speculative Mid East size structures, however, you can't combine the two and say they are now worth more. BPC has not production at all. On this basis there is a stronger case to be made for entities to remain separate. The reality points to both entities not making a good fit. The fact that Covid19 has presented "opportunities" in a suppressed oil market where consumption has declined does not make a case for a merger - rather the opposite. Post-merger we will have a BoD focused on minor production and it will be a case of CERP strategy taking over BPC. The opportunity presented by a discovery in the Bahamas will shifted into minor plays. Those that remain as LTH will find themselves taking the Bahamas potential to a ripe old age if not six foot under.

Hence, vote against the merger. Let's not get sidetracked with CERP's nickle and dimers.