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I have to brake my self imposed silence on this has it needs to be said.
Richard Herbert cones to Angus with a great pedigree BUT apart from one interview with GL and another with Malcy, he remains invisible to his Shareholders. Never speaks out. Nothing yet we continue to pay his and the BOD their wages and bonuses.
I attended the last AGM presided over by GL and Mr Herbert sent his apologies but was absent. He had just been name as our new CEO but was missing from proceedings. At least I spoke to GL and he engaged with me.
The share price as a Market Cap today is 17.41M and we are trying to borrow 20M. Over 100% of what we apparently are worth.
A message to Mr Herbert. Your silence is deafening and is just not good enough.
I expect to see you doing an Interview and talking up the positives. Issuing a trading statement, doing something with the media positive.
If I don’t, then then I will be attending the next AGM 340 mile round trip to ask our CEO Mr Herbert directly why he remains Silent. His job is to lead, not as it looks to hide away.
I am watching this space and the Company carefully.
We are told we are producing the most on store gas straight into the grid, and yet we are lower in value than when we produced nothing. Reliant on payday loans to pay the interest on the loans m. Our BOD remain silent and yet they did the deals.
All in IMHO, but with all our assets and options a disgraceful situation
GLA
Totally agree.
I voted to leave and my late father voted to leave, in a wheel and with multiple health issues. The last time he voted.
If you ignore history you do so at your peril.
I believe that if you asked business people who internationally they would prefer to do business with, and which was the most stable of the industrial nations, the UK would be in number one place.
I believe the EU never wanted our values, just are money. In fact they are still taking our money in paying for their pension liabilities and other poorly conceived schemes which take our money. They even have tried to split the Irish Sea and our country. Look at the Money inflows and outflows for each country. Who paid net positive. Who never had an audit.
For me nationhood is more important than money.
To harp on about exchange rates is ridiculous. The banks in this country are part of the problem. Look at the carnage they caused in 2008. Has any of their executives stood trial, or even said sorry NO.
Look at the disparity between lending and saving rates.
This brings me to the point here. The Hedge absolutely killing this company. They have already made more than they could have expected. But still they want more. The absolute embodiment of greed.
If English Business is ti succeed it needs to look further than our Banks or the EU.
All IMHO
Please can we keep the conversation about Angus and Oil/Gas. Brexit as absolutely nothing to do with this company or the oil gas prices. If we live in a democracy then we have to accept the democratic decision made about Brexit. There appears to be a movement to rubbish anything Brexit, starting with Boris. What about 2008 banking crisis. If we had been in the Euro we could not have made the decisions taken at the time. What about Covid, What about Ukraine. Ridiculous to blame everything on Brexit. Brexit should be taken as an opportunity. To be rid of their undemocratic institutions - wonderful. They have never had an audit in their entire history, not Benelux, not coal and steel alliance, not EEC. No audit ever. Hypocrisy at the highest level.At least even the AIM companies have to post their results. IMHO well rid
It appears to me that PF might have a plan. Sell Sell Sell. He knows that this will depress the Shareprice.
Selling out the last lot at cir. 1.8p
What price are we trading at now and when can he sell the next lot?
If he is due another stage payment then at 1.2p and using simple maths he gets 50% more than he would at 1.8p Master Stroke. Knowing he can keep selling or flip for more profit. The ball is in his court and at the height of summer.
Lesson learnt by me.
If this slide continues we will be taken out for a fraction of what this company could and is worth,
Look at the figures from yesterday and it’s still cleaning up; and on a temporary line.
Have they have over delivered and completed the permanent connection.
IMHO something has happened due to the period of low production and then the massive increase yesterday. Another good day’s figures for today and we really could be in the money.
If that is the case then the Directors are excused for not buying in their hands would be tied.
If not then i expect them to dig deep into their pockets and make a statement to the market that they mean business.
From what I can see there is no logical reason that we are lower now than before we producted anything, even taking into account the subsequent dilution.
A Wake up call to the directors. Get moving !!!
I repeat my question to the board. Would we not be better now to re list on to the main markets.
How can the current SP be reflective of the company’s finances, or are we missing something.
I Increased my holdings today.
I can not believe that when the Company is just about to generate real cash there is a consensus to sell out. Unbelievable
The company could have gone under at many times during the last couple of years and to hold shares through those times took real nerve. I know.
If they do get an offer and I can see it happening due to the ridiculous low SP then it should be north of 6p
Do people on here really understand the potential of the storage options. Do you not realise they don’t have to wait until the Gas as gone to develop the capabilities.
I my mind the only thing holding us back is the Hedge and our hands and feet being tightly bound to it. Without that we could not get the money in the first place. No wonder this country struggles at every turn. No foresight, no pride in our country. Just a quick buck to be made.
I hope we are still here in ten years, spending the dividends from our asset of national importance having been there to offer support and our hard earned investment.
I attended the recent AGM to personally congratulate GL on getting the side track done and gas flowing. What a marvellous job he has and IS doing.
Apart from Paul Forest and the board, there was only one other shareholder in the room pathetic.
As I remember the deal was for PRD to get 75% return on all the oil extraction until their capital costs were recovered. CERP got 25% without any CAPEX outlay. Once the costs had been recovered the percentage switch to 75% CERP and 25% to PRD
The caveat was an option for PRD to buy the trinity innis field for. It. 4.1M back in 2019. This they did not take but did offer an opportunist amount of cir. 1.7M when Bahamas had P1 failure.
To terminate the contract with 24 hours notice and loose the revenue from no CAPEX exposure on the face of it looks ridiculous. There must be more to it.
We still own or operate the field.
If you look at the old CERP, we managed to find the S1 drill from revenue of the ongoing operations I.e Goudron. This was at a significantly lower POO rate which did drop the as low as 27.
IMHO there is still life left in this share which is why I am still investing. Old money is lost but new money still could make a significant return.
Time is a great healer
I have bought back in today having reduced my holding to 100,000.00 after LK left.
I know to some it could be classed as fool hardy but having lost a few grand on these since 2011 I just can not accept the assets are only worth 1M cir.
If you look at the CERP assets, without SWP we ranged 20M to 30M. With the Steeldrum assets and POO around 90$pb we have to be worth significantly more than today MCAP.
Anyway with the disaster of P1 paid off, and we CERP holders paid a very high indeed for this we actually may get a stable income based on actual production.
This has to lead to a re rating or as I suspect a takeover once the debt issues are behind us.
Remember we do have some potentially good producing assets. The unfortunate thing never the cash flow to develop them.
Watch this space
StarChild- Keep posting your views; They are just as important as everybody else’s.
P1 was never going to be a producer so effectively money was always going to be spent.
The BOD really had no choice. With or without a Farm in a condition of the license was to drill. Without drilling they would have lost their right to renew and that really would have thrown all monies 100M plus to date down the hole so to speak.
For me the most important thing about investing is to take calculated positions. I sold my holding in the newly merged BPC after CERP was swallowed up. Not because I didn’t believe in the Company, the risk reward was just too great.
After the duster I took the opportunity to buy back in and have increased my holding 5 fold for the same money. My take is 70/30 upside. All the hype and over valuations for me taken off the table.
Remember CERP was valued at over 40M with its assets and that in my was very cheap.
I will bide my time and have already written the investment off.
No pressure now, worst case I lose the lot.
I am comfortable about that and are moving on.
If they do get it right though, totally life changing.
GLA LTHs.
It is worth pointing out that BPC had to do the drill. They chose Percy1 location. Was that location the best to find OIP, or was it as I believe a trade off ; COS against Financial Costs. We will never know but had they not drilled the license would have been lost.
Now for me, the cost overruns are of a bigger concern. Having been in CERP when it was LGO and the stuck drill in excess of 4M costs. That nearly sunk the company. It appears from the RNS history that the Percy1 drill was a full Turn Key contract so how on earth are we liable for a mechanical failure.
This question has to be answered
Look at the MCAP against our assets. CERP joined the party at a higher MCAP. I stated at the time it was too risky for me and so sold out of CERP. I rejoined BPC at 0.67p with the money from my 2.4p sale. Not all though. Today I have increased my holding again and I am currently sitting on a break even at 0.56p.
If you take out P1 completely the current price is still way undervalued. Massive SWP upside. I my add more tomorrow if it drops further.
Other companies must be looking at us with an eye on the SWP, in my opinion our best asset.
That is the best question on here today. Why indeed. The statement was issued via RNS so legal notification as indeed the one today. On the face of it they contradict each other, although may be the side track instructions are the additions.
There needs to be clarification by the company on that one as it could be construed to be misleading.
For me, I remain positive on the outcome of finding Oil in the Bahamas.
Leo must have seen something he liked. Having spoken to him personally at the CERP AGMs he always said 33% for the SWP. 4 drills two hits. He got it on his first drill. Just not enough cash to develop it fully at the POO low of the time.
However thanks to his efforts we are producing efficiently and at a higher POO.
I don’t think we have heard the last of him.?
I posted yesterday after I had just bought back in. Have always been here for SWP. Goudron was/is problematic at best. NR and LK tried to get the oil out of the ground but spent too much in the process. At poo 70+ could be a different story. The merger with BPC saved the CERP assets and IMHO could have worked perfectly if Percy 1 had found large quantities of the black stuff. Remember this was never going to provide an income stream without massive dilution or Partnering sell out.
We (BPC) were in a fix on this one. To be fair to SP he had to drill this well or risk loosing the license. Without more Data IMHO he could not get a farm in or farm out so had to shoulder the risk. The fact that he bought CERP should be commended not slated. It was/is the CERP holders who lost out, like myself, but we had only a Hobson’s Choice. Do or Die moment. That is why I sold out shortly afterwards. MCAP of 100M plus too high on maybes.
IMHO the Share price is now undervalued because we still have all the pieces of the cake, at a much lower MCAP. Granted we have spent a massive amount on a duster , but is the license area a duster ? We do not know for sure.
What we do have is Data. “Without Data we are just another person with an opinion”. With this Data may just come our reward. If the geology is good and the traps are sealed, pressure encountered good etc then it could be we just drilled in the wrong place. This could yet prove invaluable to an Oil Major and be the bait that seals a deal and revenue stream.
For now we need to drill the SWP #2 and increase our existing wells. Slow and Slower approach could yet provide the answer.
GLA
Sold out when BPC took over CERP. Bought back in this morning. 3 times the number sold but value of CERP was approx 1/5 of combined company so bang for your buck still 40% diluted.
This is not a total disaster but close for SP as CERP will proved the get of jail.
The data they have will have value and the positive reading the RNS is that they did find oil. This must mean that the traps are sealed. May be they just drilled in the wrong place. A Farm in or Farm out must be the only options explored.
Anyhow the best action now IMO is to drill SWP and get the oil flowing, anything else will finish this company. If SP can not do this he should resign.
Still money to be made and CERP would not have survived on its own.
Comical really for the old BPC shareholders, they did not want CERP, but CERP is the only thing keeping us going now.
In summary, down but definitely not out.
GLA LTH(CERP) PTMS
Do we believe that BPC would commit 100M on a single drill if they had not completed all due diligence, including in depth study of data, seismic and the like. No
The fact that it has took a reported 10 years to get the drill turning for me says that they have had countless times to go over and over again all the information to confirm original options.
To get the drill turning they have had to conform to all the necessary government approvals and safe systems of work. They have a permit to drill. There will be conditionals that we must keep to as stipulated in the contracts issues to all contractors.
Now if the government decided to stop the works without good reason and if BPC have adhered to the permit requirements would it no be plausible to think compensation would be due to BPC. It would be difficult to argue in court against. Lots of unhappy Oil men, some with very deep pockets.
For me it is a 1/3 shot in finding the oil. Only invest what you can afford. A point to why I de risked my CERP holding by 75%.
It is just a waiting game as the price will be determined ultimately by whether there is oil there or not. Nothing in between matters.
Remember CERP only paid 4.2M for all the assets.
Maybe a sale to PRD would be good value event at 1.75M. If BPC did this then only 23.25M for SWP
Feeling even more robbed
At 9M CAP would PRD have been a better fit. Remember they have the CO2 to inject along with much more assets. Not just 1 potential
Interesting that our merger valued
CERP at 25M Mcap when deal announced
From yesterday’s close we are at 16M but BPC have also gone down so how does CERP get the extra 9M.
What is our true value. Remember “we have found what we were looking for”. WHAT was it LK
IMHO things just does not add up here.
Why is our board so quiet. Do they not think we might be interested in what they have to say about current operations.
Too risky
Was in Desire Petroleum years ago. Ended up being merged with Falklands Oil and Gas, after finding water. Then had to merge with Rockhopper. Worth 50th if what I started with. Only 4K invested there but lesson learnt. Off shore is very very risky.
Share price for BPC not looking so good at present.
Slept on yes no vote. If CERP fail then IMHO that’s it for me. Ten years invested but BPC a bridge too far
1214258 voted against
Will we get a fourth RNS about Goudron.
Ink should be drying as we speak..... or have we more surprises to come.