Extended OO11 May 2021 13:29
Its a little surprising but reading the comments on this BB over the past week, evidently there are a few who haven't voted due to the fact the broker they use to trade hasn't presented the option to them.
Couple that with investor sentiment & LTHs sticking this in their bottom drawer & forgetting about it. In my opinion it's probable that there is also a large number of investors who aren't very impressed and therefore can't be bothered to vote.
After the Q&A last week I did think that enough votes had been received. I still think that is the case. I just think there is a large number of abstainers.
Its my understanding drilling is still going ahead being as the rig has been mobilised & the site is continuing to be prepped for spud. Maybe the voting on individual resolutions are very close or can be changed so more times is needed for a decision to be made.
On another note, regardless of mishaps, fall in production numbers, negative Bahamas results & the need to hit the reset button. The company is trying to do what it can to "right the ship" & increase production where they already know the oil is.
Ultimately I think this is the path the company should be on. The drilling programmes outlined looks positive to me.
Yes the companies prioritising the Bahamas put everything else on hold. All the eggs got put into one basket & all those eggs were lost. Luckily existing production meant a few more eggs were made so the company doesn't have to completely start from scratch. But what is clear to me is that the current BOD do things "all in". There is evidently no slow but sure approach. Why the drilling campaign has to be ramped up for a rapid correction seems more like a haste to repair investor sentiment & restore confidence rather than doing what right for the company.
I believe the value will come if things are done correctly, not rushed. I don't expect BPC to turn into a midcap any time soon or even at all.
I am assuming the drilling team has designed a plan to reduced the likelihood that S2 produces nothing but water & has measures in place to deal with the difficult drilling zones. I would love to hear comments from the drilling director on this.
If S2 fails to produce, then I am hoping the IT wells would be enough to raise production to cover what S2 doesn't. Then with the shallow Suriname well/s will also be successful and add value.
I can see 1000bpd milestone being achieved this year & that is all I am focusing on.
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