Member Info for Prospect-

Take a look at that cluster of helicopters north of the North Sea between Norway & Scotland.

only6greens,

There's loads of chem trails in operation. Just getting onto control now. lol

https://www.flightradar24.com/52.28,-0.83/4

only6greens,

That can't be allowed to persist. France you say. Think I can figure out where you are roughly. Will, get on my private jet and turn the spray on lol

Further on the rig etc and opportunities that have opened up SP also stated:

"The Company has cash reserves, and financial backers intent on flexibly supporting the Company. We have a robust drill plan that has been risk-assessed and reviewed by insurers and contractors alike, a range of long-lead and critical path items have already been purchased and will be warehoused ready for immediate redeployment, and the rig market is changing rapidly such that there will likely be a surfeit of capable rigs towards the end of this year in a competitive price environment."

There is also the advantage that rig rates have dropped as SP stated:

"As a result of the global Covid-19 crisis, a large number of international drilling programs have been canceled or postponed, and almost all major rig contractors are presently revisiting their forward work programs. This is expected to have knock-on effects to (potentially greater) rig availability and (potentially lower) rig pricing in the revised drilling window. The Company is already revisiting discussions with a range of contractors for securing a suitable drilling rig for the revised drilling window"

Star,

What we can all safely speculate on is that the forced uncontrolled events which has delayed the drill has a tremendous upside in that it gives more time to partner the project with a major, super-major, sovereign, etc., knowing that BPC can credibly do the drill adds a stronger string in the bow in negotiations which have never stopped. I have a strong hunch that the wealth of experience the BoD has will strike oil - as Plato would say if you replace a horse shoe do you take the horse to anyone or a farrier or words to that effect. BG are lucky in that respect.

# if you can't earn with £1 you won't earn with £1billion.

Don't worry Spirite... I was just using your post as an opportunity to pass on some knowledge as the old saying goes if you can earn with £1 you won't earn with £1billion. So, size don't matter. Plus, don't be intimidated by size treat a large size order like you would a low size order - if you can or where practicable.

I'd be interested in getting IK's view on if we've hit the bottom as well. I've been topping up again today and did so yesterday on the basis that delay has been priced in. Bad news flow over Covid-19 is over for BPC and expecting now positive news including a licence extension as legally contracted due to force majeure event.

https://www.bbc.co.uk/news/business-52040532

Spiritefan,

First thing I learned on the markets was that size don't matter. You could have £100 or £1000000 it won't make you right if your wrong. So, I reject totally MartyPoppins having a pop at those below £20000. All welcomed to express opinions.

Robbo13,

87 posts on the last count.

I think it's getting hard to say. It's like looking at the RSI we're bouncing along 30 and we've even broken that so we could be back on our way up to 70 or pushing further lower than 30. My guess is that it's 60:40.

This will probably make it 84 posts ;p

Thanks Star for adding clarity to my earlier post. Probably sourcing adequate supplies of loo rolls for the drill ship (point f) is too early to clarify but I'm guessing that by that time it won't be problematic.We can only hope. lol

I still don't get the loo roll shortages in the super markets other than everyone is just obsessed with the shortage. A week ago so some old dear interviewed on the box just absolutely ecstatic with having found loo rolls in her local supermarket. Forget Covid-19 in that moment she was on cloud 9.

(f) No loo rolls supplies for the drill ship.... lol

All the bad news that we were expecting regarding COVID-19 v BPC is over.

(a) Delay is confirmed,
(b) Licence extension due to force majeure event inevitable,
(c) POO,
(d) Equity indexes,
(e) Tourism

Short of a nuclear war I can't see any other reason why BPC won't eventually be in a position to drill. After all, think we have had the book thrown at us and still we persevere.

Looking into my crystal ball what can I see...

Negative news largely done and a raft of positive news to flow going forwards....

Sub 1p would be an exceptional gift perhaps this is the bottom for BPC... who knows.... whichever way it swings do we as long term investors even care in the very short term.... doubtful...

keith1,

Infection rate modeling (basic reproduction number R0) problem is that it assumes that people regularly encounter different people every day. The flaw here is that peeps tend to stick to their social circle. Peeps tend to mix with the same peeps every day. Therefore, it could be that the virus won't pan out the way models suggest and it could, therefore, end a lot sooner. Particularly, if those you mix with already have it or had it. Meaning that herd immunity gets built in. That coupled with government efforts to suppress the curve by telling folks to stay indoors and social distancing, etc.

Could be light at the end of the tunnel sooner than what the experts predict but it's a huge assumption to make. Let's see what happens.

" The impact of the response to the spread of the Covid-19 virus, both globally and in The Bahamas, also constitutes a force majeure event under the terms of the Company's licences; the Company has notified the Government of The Bahamas of such, which is expected to result in a corresponding extension to the current term of the licences "

An confirmed update on this could stop BPC going sub 1p. If investors know the licence is extended and the drill is still going ahead albeit delayed.

It's making me think that I should look to top up a bit now as a hedge. Just in case, it does not go sub 1p. Difficult decision.

Findme,

I still see sub 1p. I'm not really bothered by it. Is still see BPC getting through the Covid-19 crisis. In fact, I see the delay as re-enforcing the planning to discover oil and checking over all the requirements and surveys - a doubling up, if you like of the efforts which could further de-risk the drill.

IK,

Absolutely on the money, as usual, especially regarding indemnity.