Member Info for Razorman

if the merger doesnt happen... would the share price recover?

The BoD would have to put aside their differences,
1) release a unanimous statement to declare their mutual love for each other,
2) release the test results for Saffron,
3) drill Saffron 2
4) probably make some further cuts/redundancies or secure more funding
5) get that pompous Nigel Farage esq snake oil salesman Andrew Monk to stop revelling in his own smugness and broker an acceptable buy out.

I intend to decide tomorrow... 9m votes.

I have asked CERP to explain what assumptions were made to support this statement in the recently posted Q&A “ In the event the Perseverance well result is ambiguous, the Board's view is that by that time the combined business will be better placed than if Columbus didn't undertake the merger.” where i am at right now i think they have made loads of positive assumptions about BPC and their funding - to fit with their personal agenda's - lets now forget the BoD severance packages are very tidy... when you consider the companies performance over the past 3 years.

what made you vote no in the end?

Scarface - im still on the fence with my votes...

i think a no vote might actually be well received..

we have saffron flow tests, and saffron two ready to be drilled.

JBT - the drilling window is not new news... it was announced a while back in an RNS

I’m not voting until after I hear what they have to say on Thursday

Is everyone registered for the BPC webinar on Thursday? It will be interesting to see how they try to sway voters. They would know which way the voting is going so far, and they also would know there is a lot of false information doing the rounds. Interesting to see how they tackle that

they have a mouth, so they must surely have an anus

Obadhia - that has also crossed my mind. But then why would BPC want to take us on?

where

were are the saffron test results? $25m company valuation is $15m lower than at the time of the October 18 presentation - only now we have achieved the companies biggest objective - oil in SWP !! It stinks !!!!

yes i did bigmj - they lacked content. It was more Leo making an enthusiastic sales pitch. watch this again and tell me if we should believe any of it a second time.
https://www.brrmedia.co.uk/broadcasts-embed/5bbe1862269b0c1ded1897a0/event/

A bird in the hand is worth two in a bush Cars. We rolled the dice once and hit our oil in the SWP "we've found what we were looking for" - Leo Koot April 20. After years of being told how exceptional the SWP commercial terms were. In the SWP they were to pay no royalties until 10m barrells of oil had been recovered, and instead of 50% revenue to cerp / 50% to government the SWP terms were 82.5% to cerp / 17.5% to government! It was a company maker!!! at $40 per barrel that is still $33 to CERP for the first 10m barrels extracted! WhyTF are they throwing in the towel now...?

All LTH CERP holders should re-watch the company presentation from October 2018 - its a mixture of heatbreak and anger i felt!!

Holding 9m shares - either voting no or at best abstaining. Undecided at present. Too many people spouting what they hope and a lack of credible reasoning for the merger - both BOD just saying trust us, but I don’t trust either.

... focus of management is to ensure that this effect is minimised so as to ensure the Company shareholders retain the maximum level of interest in the project possible. It is in support of this ongoing effort and focus that the Board is requesting the extension and refreshing of share issuance capacities at the coming AGM which were originally granted by the shareholders at the last AGM in September 2019. Finally, we would like to emphasize that (as detailed in our announcement of the proposed Merger on 11 June 2020 and our AGM notice of 30 June 2020, links to both of which are included above) the Company remains committed to and focused on the execution of Perseverance #1 in 4Q2020 / 1Q2021 as its absolute priority. As regards your question on the funding of additional investment in the assets of Columbus, as detailed in our announcement of 11 June 2020, the timing and pace of any exploration, appraisal and development activities across the Columbus portfolio are largely discretionary; meaning that BPC can decide when, how and to what extent it deploys capital. This may be coincident with increased oil prices (and hence increased production revenue) which will benefit the Columbus portfolio further. Furthermore, the Company believes revenue from existing Trinidad operations can be further enhanced by applying technical expertise and experience to increase production rates as well as rapidly progressing exploration targets to production / income generation in the near/medium term. The key point here is that an investment program in these Columbus assets is not expected to materially increase the funding burden on the Company, or compromise the funding of Perseverance #1, due to the flexibility of timing and range of available options. Indeed, it is expected that the merger with Columbus may in fact enhance the overall funding capacity of the Company, through the creation of a portfolio company with a diversified asset and risk base, which may prove to be more attractive to a broader group of long-term institutional investors. Finally, I would like to draw your attention to the fact that we have recently updated our website to include a Shareholder FAQ page, and a narrated presentation which seeks to answer many of these questions. We encourage you to review these. If you believe there are any gaps, or would like to submit any further questions for addition to the page, please do get in touch. For reference, the FAQ page found here: https://www.bpcplc.com/investors/proposed-merger/proposed-merger-faqs/. The narrated presentation can be found here: https://www.bpcplc.com/media-centre/presentations/documents/ Best, Bahamas Petroleum Company plc

Thank you for your email and for your continued support of Bahamas Petroleum. As we are currently subject to Takeover Panel rules, we are heavily restricted in what we communicate to shareholders outside of the Rule 2.7 press release, issued on 11 June 2020. This can be found here https://polaris.brighterir.com/public/bahamas_petroleum_company/news/rns/story/xq1qdnw/. The materials for the Company’s AGM, issued on 30 June 2020, can be found here https://www.bpcplc.com/wp-content/uploads/2020/06/Notice-of-AGM-25-6-20-Final.pdf. I would encourage you to read these documents carefully and in full. However, in response to your question, we can draw your attention to the following points that are made in more detail in these documents: As regards the funding of Perseverance #1, the Company has, since 2019, been implementing a broad finance strategy to ensure that the funds for the well are available as and when they are required. This has included an open offer and institutional placing undertaken in November 2019 which raised $11.4m in aggregate, entering into a conditional convertible loan facility with a consortium of Australian investors for up to £10.25m, and entering into an unconditional convertible loan facility with a Bahamian family office investor for up to £16m (of which £4.7m has been drawn to date). In addition to these specific financing arrangements, the Company retains the ability to undertake an institutional investor placing with its corporate brokers and continues to hold discussions with potential industry partners in relation to a potential farmout. A more detailed review of the Company’s funding strategy can be found in our market announcement of 26 May 2020 in which we disclose the execution of our binding rig provision contract with Stena and the consequent reduction in our well cost estimates and the overall impact of these events on our funding plans – refer to this link for details: https://polaris.brighterir.com/public/bahamas_petroleum_company/news/rns/story/rdzqj8w. Importantly, access to these finance options provides for the funding necessary to execute the well at the end of 2020 / start of 2021, and provides a “benchmark” against which future funding opportunities will be assessed in terms of cost and dilution. To the extent that funding options considered more advantageous become available to the Company, these can be pursued as an alternative to or in parallel with the above, so as to ensure the well is funded on the best terms (least cost/dilution) possible. Implicit in the above, and as stated in all of the Company public announcements to-date regarding funding options and farmout discussions, is the fact that the financing of the well will result in some level of dilution, at either the asset level (industry partnership/farmout) or corporate level (facility/equity finance). It has always been the case that some dilution will be required to progress the project and the focus of management is to ensure that

Hi BPC. I am a long term CERP holder. Lots of tampers on the cerp board are saying P1 funding is in place and won’t be by equity dilution - I have not found/read anything which confirms this. If SP is saying Funding Strategy is in place, that is a long way off, funding is in place. Is anyone here able to clarify this for me please. As it stands, without this clarity, I will be not backing the merger. Thanks

No worries, it wasn’t a dig. It’s a positive

Cars,
Its more specific than that. on the 26 June RNS Simon Potter stated "As I have discussed in recent days, we are operationally ready to begin the drilling of the Perseverance #1 well, targeting 0.77 billion barrels of oil. With the signing of an unconditional rig contract, the Company has confirmed a specific window between 15 December 2020 and 1 February 2021 in which drilling will commence. We eagerly await the start of this drilling programme and I look forward to updating shareholders on our progress in the near future."

SO between 15 December 2020 and 1 February 2021 in which drilling ' WILL ' commence.

one of the more reassuring points of the last two months.

Rhodi and limpo - for me to get on the same page as you (believe me i want to be!!) I clearly need to be brought up to speed...
"rns B in all likely hood will see a large cash injection and no dilution" i need to understand how this is deemed likely, what am i missing, that you two know?? as if true it turns my research on its head.

thanks
Razor