Member Info for Razorman

Rhodi - you are guessing/wishing - but I really and sincerely hope you are right.

0.803 BPC shares for every CERP share

Tony alluded in his interview that the IPSC might roll into early July. All very strange, first the one week extension in April, now the misses June deadline.. both without a real explanation... hopefully we will get some positive news tomorrow or at least this week.

Bhoys
Also forgot to mention I would never accept 3.5p buyout. I ain’t that stupid - are you for real? Get paid out at 3.5p and then you could buy approx 40%more BPC shares in the open market with the cerp pay out, compared to the .803 at current prices.

Willec - Simon potter has already said In his interview that the CERP cash c$2m I think will be used to pay for the merger costs. BPC need to find around $20m to pay for P1 drill, I believe they have said a farm out is unlikely.

Who would stop a merger? It’s the coming together of two companies, neither of which has much cash. It’s like seeing your underperforming football club get bought by Les Dennis... when everyone else’s clubs are being bought by multi Billionaire Russian oligarchs or oil backed Arabs

Cars

At that price CERP has no business and no way to develop assets which is why this opportunity came about.- but neither does BPC, surely. BPC does not have the finances to develop CERPs assets. Even on the BPC board the share holders admit this. BPC AGM is going to be important as they seek to raise their limit to 10b shares, preparing the business for funding, it appears, by way of huge equity dilution.

Willec - I know this is a merger, but it’s put a 2.6p price on the company. What I am saying is I would much rather a straight buyout/take over at a huge discount to what management have told us our assets are worth. 63%discount on saffron, zero value on all the other assets and the wider SWP licenses - that would be a much better outcome than the merger. If you believe in the P1 drill you could buy in on the open market. I might even do that myself in this situation but I would wait until the dilution of equity is announced and pick up shares after they have tanked.

Neon,
I have been mulling this over also. However we have a great asset in the SWP terms, which must be attractive at a discount price. Saffron, we were told has a NPV $90m! Why isn't Leo releasing the Saffron testing results and technical details to market now to put Saffron and the SWP in the shop window? As a LTH I would jump at a buy out offer at 3.5p share - valuing the business at £33m, which would be a 63% discount to Saffon NPV - surely that would be appealing to bigger oil companies who have curtailed their exploration budgets. I could then decide whether i choose to re-invest my money into BPC. Leo said a 3-5 year plan with the ultimate end of an exit for shareholders. The clock is ticking for the legals of this merger... we don't have much time. Hoping for any kind of counter offer.

probably not enough workload to warrant an employee. Keeping costs down.

Has everyone listed to the VOX pod cast on the prd website (latest video). Very encouraging.

THE BHOYS

the Company has confirmed a specific window between 15 December 2020 and 1 February 2021 in which drilling will commence.

BPC being more specific on P spud in this mornings RNS.

Simon Potter, Chief Executive Officer of Bahamas Petroleum commented:

"Facilitating the capability for Bahamians to invest in our nationally significant project has long been an ambition of the Company. This objective was realised with the creation of a Bahamian domiciled investment fund back in January. Understandably, various administrative processes had been difficult to complete owing to the impact of Covid-19, but with those now resolved, formal admission of the shares is expected shortly and I am delighted to see this project finally coming to fruition, whereby Bahamians can choose, albeit indirectly, to participate in the outcome of the project.



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."

Vampire kitten - does a FoK order not go straight to market?

a top up... not sold any yet.

my buy is listed as sell

23-Jun-20 12:28:46 3.697 423,338 Sell* 3.50 3.90 15.65k

Within 43seconds £7.2m was bought - I expect a Tr1 will follow in a day or two.

Wow, I just noticed those buys into close Friday...

Willec, stop being a pleb. You have popped up in the last 12months talking a lot as you try to figure out the investment you have moved into. Disgruntled LTH’s are not shorters because they feel cheated. A lot of us have put a lot of money into this one the back of 14p and 21p broker notes and compelling insights by the management team. I have 9m shares with gives me a lot of votes. To be valued at 2.67p AFTER we have held on a very Long, bumpy and uncertain ride, only to ultimately “find what we were looking for” (Leo) is a shameful shafting of shareholders. I would understand the deal if we were valued at the $90m Saffron NPV. However we achieved a meagre $25m - what happens to the other $65m??! (And don’t forget goudron, SWP, WNZ)

If that did happen I still don’t see the upside for cerp holders. Would still vote no.

S1 NPV $90m
+saffron2, SWP licences , goudron, WNZ

Gordon said the phone was ringing constantly with interested third parties before the saffron drill. “We found what we were looking for” Leo in April.

I hoping it all wasn’t complete BS. I would much rather a flat buyout at even half S1NPV c.5p and we can all give up on the dream. The problem is the clock is now ticking for another company to run their due diligence. And Saffron flow tests are also still not published.

Collectively the ‘no’ just need 25%. There seems a lot of unhappy LTH, me one of them.

You can’t be so sure bara. I was in TEF when they got bought out at 350p last year. It wasn’t considered fair value and the 75% was only just achieved because one II got the dates wrong and missed their no vote.