Member Info for ShareScare

Sorry the 18th February

"As set out in the Announcement, as part of the terms of the Funding Agreements, on the earlier of (i) 60 days after the date of spudding of BPC's Perseverance #1 well in The Bahamas; (ii) 31 December 2021; or (iii) such other date where a reconciliation is permitted under the Funding Agreement (the "Relevant Assessment Date"), BPC may be required to make a cash payment to the Investor to the extent that the Investor's aggregate return from a sale, if any, of those new ordinary shares has been less than 115% of the subscription price. BPC is only required to make a payment in the event the Investor sells shares for, in aggregate, an average price of less than 2.3 pence per share (being 115% of the subscription price), with the payment being the difference between 2.3 pence per share and the average sales price. No payment is required for any shares that the Investor continues to hold at the Relevant Assessment Date. On the basis that the Perseverance #1 well spuds on 20 December 2020, the Relevant Assessment Date would be 18 February 2021. There is no capacity for any such payment to be made in the form of shares, such that the level of dilution to BPC under the Funding Agreement is fixed and knowable."

They paid 2p but were guaranteed 2.3p anything they sell for less gets made up by BPC so the sell price has no effect on them until Feb 17th ? or around about that date.

Roseanne I said it with 100% conviction, the only affect this has on us now, if the JR is successful is that we will have to meet the new EA process, which we both know BPC would make sure they did.

But you just carry on damping

Hmm NO they can sell at 1p and still get 2.3p per share.

Autonomy you have misunderstood something, no problem I do it all the time.

The judge granted leave for them to apply for JR, the date they do it, if they do has no baring on BPC no injunction and no stay.

All it means if they go ahead and win the JR, the BG may have to change the way they grant EAs, BPC would conform to any changes made in order for drilling licences. This case is now dead as far as we are concerned.

Autonomy I am not sure I fully understand your post, nothing from here on in affects BPC, any JR is between the environmentalists and the BG. No need for BPC to even get involved although as far as I know they are being heard tomorrow as an interested party.

Irene I am never bitter I even clicked recommend on your post. And I never wished you a happy new year.

I do not know what is at the bottom of that drill bit, but for better or worse here we are.

There is absolutely nothing to stop BPC now. There will be no stay and no injunction.

The environmentalists have been granted the right to APPLY for judicial review against the BG with regard to the EA approvals. That means that if they pursue the JR the BG may have to change the way the approve EAs in future. It does not affect us now and will not in the future, it simply means the EA would be different than it is now.

Hopefully now, things will start to tick upward, we still have to get the HUGE overhang out of the way but things are really beginning to look up now.

I am feeling pretty good

No need for any bond. The judge has granted leave for them to make an APPLICATION for JR.
But the JR is between them and the BG. The BG may well expect a bond if a JR were to be granted, the environmentalists would fold if a bond was required.
Nothing from here on in affects BPC, but the BG may have to change their approvals process. IMHO it will not go that far, Smith has had his payday, the environmentalists have made their noise.

Speaking of noise can you hear that drill bit crunching through that rock.

There has been no grant of Judicial Review, instead the judge has allowed them to make an APPLICATION for JR.

"Earlier in her ruling, Weekes granted leave for the applicants — Save The Bays and Waterkeepers Bahamas Limited — to apply for judicial review for the government's approvals for BPC to drill."

Titan reported again

Supreme Court Justice Petra Hanna-Weekes has refused an application to stay the BPC exploratory oil drilling exercise

In her ruling today, she said while the court has the discretion to order a stay, it is tantamount to an injunction and such an order should be to stay the “decision-making process and its implementation”

She said the decision-making process has been completed; the decisions have been implemented, and the joint exercise as a result of those decisions has proceeded.

The judge said: “There is no decision-making process to stay

Will one example be enough or are you going to play semantics afterwards ? If you are asking a genuine question I will answer and provide the evidence but if you are not willing to concede that you were wrong after then I am not really interested in dredging through 1000s of posts to enlighten you.

Irene, No detective work carried out. They post daily, many have stated their buy in price and the day they sold. No investigating required.
As regards yourself I indicated "Irene, possible ex cerp holder ? not entirely sure, assume not invested here but constant damper"
Possible and Assume are they key words, although constant damper is a given. You have at some point for what ever reason taken an anti BPC stance, it could be historical "CERP" or more recent. In any event embittered seems a reasonable word to use.

And one thing you can take to the bank, I am not a follower of anyone. If I f**k up it is 100% on me.

Prospect, I took it as a shrewd move by Koot, and a positive for us, in that he has taken protective measures against tax if the SP rises. He has been a believer. I am still happy to be here.

Chesh, Irene is a pussy cat, I do not tilt at windmills

3 days after spud, nothing known at that point RE drill results.
Pension placement to avoid tax in the event of a good drill result.
I think its a positive, Koot was a believer.

Investinvalue, No, 2 parts of your post are spot on.

1, Never invest more than you can afford to lose.
2, DYOR

The rest is ill informed drivel IMO

News from the court (some point soon)
Hedge fund holdings (some point soon, low trading figures, perhaps they are not at 7% yet or have only just crossed the threshold)

Investinvalue, if you are asking me, my post is clearly in response to Prospect and expanding on what he said about negativity.
I did not respond to what you wrote because it is so ill informed.