Member Info for redboy33

Good Afternoon and thank you Gents/Ladies for your respective responses.

I agree this would be classed as a FM event and I even agree/admit that I am probably making an issue about nothing (and apologies to all if this is the case) but, conversely it could also be argued (I suggest) that it is easy for it to be confirmed that the BG have acknowledged (as part of those discussions) this is an FM event.

Anyway I'm sure (well maybe 90% sure:-) ) all will be OK and wish everyone a great weekend/future successful investment.

ATB,
Red

Good Morning,

I posted the following in June and said I would share if I gained a response. After 4 attempts the reply received yesterday ……. “AIM rules restrict us from providing any detail outside of that which has been provided in our rns of 25 March 2020”.

I am disappointed in this response and while I like to think the BG will not dispute that this is a Force Majeure event it did not seem unreasonable to have that confirmation
ATB, Red

14 Jun 2020 09:29 POST (below)
Good Morning Starchild,
Thank you for your posts.
I contacted BPC (early last week) regards licence extension following Force Majeure notification and received a response on Friday.
I was referred to the 25th March RNS but they added....
….."The Company remains in discussions with the Government of The Bahamas as regards the specific period for which the licence term should be extended per the legal provisions within the licence agreement However, as the state of force majeure remains to date, with approx. 3 months having passed since the declaration was made, the Company is confident that the extent of the licence extension shall be sufficient to allow for the execution of Perseverance 1 within the planned timeframe as outlined in our rns of 26 May 2020.

As regards your query on insurance, all corporate insurance coverage remains intact and the Company will activate (incept) the drilling specific insurance cover that it has arranged, referred to in the industry as Well Control Insurance, in advance of the commencement of drilling activities.”

I was not entirely satisfied with the response (perhaps this is just me) because I asked for confirmation that the B/Govt had accepted there was a case of Force Majeure (I believe there is such a case but like to have peace of mind) and e mailed them back. My 'logic' is that while they refer to discussions they did not actually say yes it is accepted and we continue to have dialogue until the time-lines are clearer (i.e. virus gone/controlled).
I just thought I would share and if I get a response I will post again.
ATB
Red

Phoebus, i'd liken your post to a bank manager asking someone who had just won £10m on the lottery is they were interested in a loan

Great posts Mixster. Thanks for sharing

Good Morning Starchild,
Thank you for your posts.
I contacted BPC (early last week) regards licence extension following Force Majeure notification and received a response on Friday.
I was referred to the 25th March RNS but they added....
….."The Company remains in discussions with the Government of The Bahamas as regards the specific period for which the licence term should be extended per the legal provisions within the licence agreement However, as the state of force majeure remains to date, with approx. 3 months having passed since the declaration was made, the Company is confident that the extent of the licence extension shall be sufficient to allow for the execution of Perseverance 1 within the planned timeframe as outlined in our rns of 26 May 2020.

As regards your query on insurance, all corporate insurance coverage remains intact and the Company will activate (incept) the drilling specific insurance cover that it has arranged, referred to in the industry as Well Control Insurance, in advance of the commencement of drilling activities.”

I was not entirely satisfied with the response (perhaps this is just me) because I asked for confirmation that the B/Govt had accepted there was a case of Force Majeure (I believe there is such a case but like to have peace of mind) and e mailed them back. My 'logic' is that while they refer to discussions they did not actually say yes it is accepted and we continue to have dialogue until the time-lines are clearer (i.e. virus gone/controlled).
I just thought I would share and if I get a response I will post again.
ATB
Red

Well keep posting!

I use I.I. and if I buy on a T20 (settlement in 20 days) then it would show the same and I would need to go into Closing Trades to sell. May obviously not be the same issue you have but just thought I'd mention it in case because you said you bought recently it may not have cleared yet? BR Red

Thank you for sharing, but what I don't understand is that (to the best of my knowledge) with a 50%+ rise a company is obliged to make an announcement anyway, so why would they say they did not think it was necessary? Maybe I have misunderstood.
ATB

I don't honestly know if the SP will ultimately achieve 3p but if all prospects come good would expect between 2 and 3p.
However I would anticipate (as mentioned by ST las week) and today by Ice that a share consolidation will take place and hopefully attract II investment and/or there is a sale of one of the assets. But as Heid has said expect potential to be achieved next year.
Very much appreciate the posts here and on twitter and wish everyone good luck here and best of health.

It was not that long ago there were complaints about the lack of communication from the company and I include myself as being one of those (and raised issue with DB), so I'm certainly now not going to complain about the company communicating too much. DB must think he cant win sometimes!

That BP have made a takeover offer worth 3p a share?:-):-)

Hi Rob, suggest Explorer and Producer

IK please do not apologise for your 'rant'. I feel a lot better today after reading your post, thank you and now for a little vino:-).

Good Morning,
I agree with you both, difficult to call but suggest they are buys for the reasons stated by Biglad.
I am also invested in BPC (though UJO is my primary investment) partly in the hope to be able to add more funds to UJO in next few weeks and this may admittedly be stretching imagination a little but, 2 after hours Buys appeared in BPC yesterday for £45.2 and £45.3k. So maybe if the trades in UJO were sells could just be someone thinking same as me and looking to make in BPC short term and then add more later in UJO.
Good luck
Red

Suspect we are seeing a combination of forward selling and increased trading (due to recent price volatility) and maybe a little wider market nervousness. Might continue until 3rd March (assuming no new RNS's posted) when placing shares issued to market. Buying more today and trying (with some difficulty) to be patient for news:-). IMO.
Good luck All

Good point Keith.
I'm puzzled by this. From what I can see this morning and yesterday far more Buys to Sells yet price being dropped. Either rumours of placing have substance or are MMs trying to create panic as short of stock. Not really sure and just expressing opinion.

Just my opinion but looking at the 3 following large 'Sells' would suggest they are actually buys:
1m 'sell' at 12:20 5.07 when the actual spread at this time was 5.00 - 5.10 so a Buy
700k 'sell' at 12:08 5.10 when actual spread was 5.00 - 5.10 so a Buy
645k 'sell' at 11:55 5.06 when actual spread was 5.00 - 5.10 so also a Buy.

Yesterday were some significant large Buys listed so maybe same Buyer building a position.

May be wrong and just sharing my opinion

GL everyone

With the greatest respect. It matters not when the news comes but what the news is and I am confident and patient.

BB,
Yes, my trade was the 500k @ 0.497 so the two before (4,642 & 174,744) look like buys as well and would suggest the 3 further trades at 0.49 may also be buys.
Red

First 3 trades this morning were Buys (not Sells) as one was mine.