Member Info for rossannan

seems to be problematic again - it is hard to tell whether your posts making it to the BB or not.

A little surprising. A slow burner perhaps, or maybe it’s just a case of see you next year.

out from Arden Partners, apparently.

ZagEgypt

Depends where I’m looking! It is somewhat astonishing what some folk, including BPC management, seem to think they can see in the ex-CERP assets, but I am hoping to be out with a 100%+ profit before those assets have a chance to disappoint again. I’m in this for the ship movements!

A lot of variables though. But still an encouraging RNS, all things considered.

ZagEgypt

It is still producing but probably slightly less than that.

Jim1556

“Pretty sure you said "Saffron 1 will be a duster", and was proved hugely wrong”

It is worth checking the history. Saffron 1 came in at 25-50bopd. Not that far off a duster, in fact.

So we sailed up to the sun
'Til we found a sea of green
And we lived beneath the waves
In our yellow submarine

Lancygeo

Thank you for confirming that the ex-CERP assets are currently burning BPC’s cash pile rather than adding to it.

willibobs33

“Obviously the main focus is on the P1 drill in Dec 2020.”

You should have stopped there. Yesterday’s RNS was BPC’s way of saying “you’ve had some cowboys in here”, so it is maybe best to focus on P1. There is money to be made here, but that is despite the ex-CERP assets, not because of them.

Vmax

“one thing that I never see mentioned by BCP is the very high possibility of a massive structure beneath Gourdon”

I assume you are aware that the current license does not cover any such structure, so fair play to BPC for having the decency not to mention it.

GG

Watch and learn!

offerman

“Was the old management telling us a load of crap to gloss up and make it sound so amazing?”

A very good question. I think the old management owe one to you and to many others, but they are, with one exception, gone. Hopefully the new management will settle these debts by getting the share price to a decent level on or before the spudding of P1, allowing those who are not up for the high risk high reward gamble of the drill result a decent exit.

So basically the guys who are now in charge of the ex-CERP assets are saying that the previous guys weren’t up to the job. Ironic, to say the least, since we have been here before. Well, at least they cleared the previous guys out. Oh, wait...

jimtheknow

“All these external factors that people are getting in a right flap around in the markets simply do not apply to BPC and the P#1 drill. The drill is happening.”

I don’t think you can safely say that. I’m betting on the drill happening, but the risk of the drill not happening has undoubtedly increased of late, albeit to a still low level. This is not just about the share price, this is about looking at those external factors and the underlying trends that they are evidence of, trends which ultimately could impact BPC and the P#1 drill.

ZagEgypt

Grand, more top-up opportunities like today then!

jimtheknow

“The price of oil now has nothing to do with BPC's journey now”

That is just wrong. For a start, a falling oil price increases the cash burn that is likely already being inflicted on BPC by the ex-CERP assets, but even the seeming inevitably of P1 happening could be revisited by the market (if not BPC itself) should the oil price fall far enough. The market never looks as far ahead as LTHs would like to believe. I am long here because I like the odds that the oil price will not fall far enough over the next couple of months to do for my pre-drill excitement trade. But it could - my trade is a lot lower risk than a bet on the drill result, but it is not risk free.

I was happy enough to take another 250,000 (2x 125,000) at 2.35p just now. Could still go either way in the short term but, as I said, what do fractions of a penny matter when it seems comparatively easy to double your money in a couple of months or less?

mysteryguy

You wait for sub-2p if you want - if the potential returns are as good as you are suggesting, why would 0.1p or 0.2p or 0.3p matter in the grand scheme of things?

Tiburn

Top ramping!