Member Info for ShouldveSold

Mrc I agree.
The market thought 2.4p was too high a value for SCIR with its fundamentals.
That being said the reigns are now loose on Helium One. I don't now how stocks on that market peform and or how sentiment will now shift.
Whether more investors will pile in when their research turns up the Lockheed link it may indeed push Helium One to levels much higher than we expect. As long as it continues to tow SCIR higher, I am happy.

ArielArrow I disagree with your "undervalued" opinion. The market has priced this accordingly.
The Helium Well has not been drilled yet & even when it is, it will not be put into immediate production.
Indeed on successful completion & appraisal, a bidding war for the asset may ensue.
Even up to Spud, now the Americans have direct access to invest, I expect Helium One SP to continue to increase in value.
I hope SCIR just sit there and get a free ride with the tow-line to also increase our SP.
Let's not forget that SCIR is an AIM company and how AIM companies raise money when their SP increase presents the opportunity for premium funds.

Trrime
The CEO has very recently reiterated the company outlook & new direction. I have no reason to question that. He did allude to a near term deal. However we have been down this road before & history documents that just because a deal is inked; it does not mean that deal will be executed.

Scir has constantly mentioned investment opportunities. With no current cash generation to fund any projects or acquisitions. The BOD has 3 options:
• share issues
•institutional loans/CLN
•profit taking from Helium One.

This greater pot of available funds can mean SCIR do a better deal or acquire a bigger asset. I am mindful of that.

Gizzard are you expecting a 700% increase in the SP?

I am not going to get carried away with today's SP movement.
The company fundamentals have not changed. SCIR is still not producing any income from any asset or project.
It still has financial commitments and even though the SP increase is reassuring to see, the BOD is poised to take advantage of SP increase to secure all the funds needed to fund capex & any pending acquisitions previously mentioned by the CEO.

Thanks Star

My initial calculation was over 7Billion due the shares in issue figure on this site. However the Stock Ex site & others have listed that number as 4.99B.
Either way I now have a ballpark. I appreciate your response.

Hello....
Someone has woken up.

Finally some great news, albeit for Helium. Hopefully the dual listing will propell the SP higher which will have a intrinsic increase on SCIR.
This could lead to the BOD having an opportunity here to monetize an asset. They could use any increase in the SP to profit take which can fund capex & opex.

My fear is Scir will do neither, but in fact do the opposite. In that they will hold & use the any increase in SP to issue even more shares for cash generation to cover capex.

It would be great to here from the CEO on this matter.

I was going over to the financial structure of the new company for my own due diligence to try to understand the resulting shares in issue..
*I don't know if I have worked this out correctly and maybe Starchild; when you have time you could calculate to see if I have understood the consolidation information in the RNS. I would be grateful.

*Currently there are 4.99Billion shares in issue.
New Open Offer shares: 1.97Billion.
That totals 6.96Billion shares will be in issue pre-consolidation.
1:10 consolidation leaves 696,000,000 in issue.
The new company reserves the right to then issue up to 750,000,000 new shares during the 2021 drilling campaigns.
Possible total shares in issue by year end
2021:  1.44Billion.
So notwithstanding any increases in daily production, whatever the resulting SP is post consolidation, with over a 100% increase in shares which could possibly be issued throughout 2021, its fair to expect up to a 50% reduction in SP as a result.

In no way I am attempting to predict share price movement or forecast. I am only managing my own expectations going forward into the SWP & Suriname drilling campaigns.

N.B I also expect a short share suspension to enable the new company listing. This might even occur for a few weeks during the S2 which will quell any scramble or volatility of unsubscribed shares needing to find a new home.

Voted yesterday. It was funny to read how the resolutions were worded.
I think its important to not disclose how I voted until after the company make the announcements, as I do not want to sway or influence other investors who are yet to vote.

The respective paragraph in my "Unimpressed" post addresses your the point you have raised.

Onlybpc as I stated some days ago "why anyone would subscribe to an OO price of 3.5p when the company states a further $25M needed to process the Saffron field development", makes no sense to me.
Now if the OO price was set at 1.5p, that would make sense to subscribe.

Spending £25M of additional capital yet to be raised, with an forecasted financial return of deploying that capex of $8-12.6M is a potential 50-75% loss of value.
If that capex was a one off and ROI would indeed take 24months. Then the numbers would stack up notwithstanding capex & opex.
If the push to 4000bpd then requires additional capital not funded through organic cash generated income but indeed more share issuing. Then the SP will be pinned.
Thus my expectation on a 1-1.5p target by year end depending on 5 wells being successfully executed and in full production.

Separately I expect Eytan to claim a salary higher than Potter so even though 2 board members will leave. I suspect the boards total renumeration will increase therefore draining company finances even further.

The SP is currently trading above the Open Offer proposal. At some point it will have to hit the OO price, it may even dip below it based on a shortfall in subscriptions. It may not hit the OO if over subscription occurs.
My expected price target leading up to spud has been demolished by recent news.

2 days away from the Proactive presentation. I hope someone from the company reads this BB and will address any discrepancies or concerns that have been shared.

I am trying to stay focused on the fact that BPC's current production is circa 450bpd. Hopefully even higher with the 6 IT wells now producing.
I find the recent news is very distracting and somewhat contradictory of "focusing on Trinidad to consolidate".
Eytan & Benjamin are the current companies finance men. So if the financing going forward is unclear or seen as badly negotiated. The buck stops with them.

I don't know what the Chairman's position is, whether the proposed decisions have come from him or the board collectively. To me, he appears to be a passenger, firstly in a ship steered by Potter and now by Eytan.
I have no information to base any opinion on the company structure as I wasn't even aware that BPC existed pre-merger news.
That being said, BPC appear to be "passing the company between themselves".
I would rather a competent CEO with a proven record in great execution and achieved targets be brought in.
From my understanding the current board have all been a part of a 10 year mission plan which has managed to raise & spend a lot of money but not managed to generate any, other than acquiring the CERP assets.
And when we are 8 weeks away from the combined company actually generating their first dollar of income, we get an value destroying proposal.

My current fear is BPC will now extract all the value in the T&T assets and the only people who will benefit from those assets will be the BOD & the institutional financiers, not shareholders.

As the Helium SP gains in value, Scirocco's SP value decreases. This makes no sense other than to suggest a pivotal hedge by institutional investors to reduce any losses made from holding Scir.

Rickierich
You appear to possess very little knowledge of company history or operations but post in a way that suggests your knowledge exceeds many of the investors here who have years of digested company information & results stored in their memories to recall on.
May I suggest you read older company news releases for LGO/CERP for the information you seek and use any messages posted here to Google some things to enable you to do your own research rather than dismissing information that you are not aware of as false.

Every day this BB is full of opinions on both sides.
If one chooses to ignore or filter the realistic or negative posts to only read the positive ones which promises great results, again the fault lies with oneself for choosing biased research.

Over the weekend this BB turned into what I consider as a school playground.
Hardly any constructive posts, instead it was full of tit for tatt personal squabbling.
I noticed the usernames.

I don't understand why it needs to descend to that level. I do understand that a lot of investor's saw their losses increase last week. However the SP fell to a lower level after Feb 8th.
I also understand that what is to come is very unpalatable and it means most of us; that long term ROI which was almost achievable has now been pushed back even further.

Evidently a few don't understand the information in the RNS & proposal and can only see the estimated rise in production, not the company costs going forward.
Spending more cash than one generates is simple insolvency maths. One can only operate like that for so long before the inevitable.

Seems that a lot of you blame Starchild for your investment losing value rather than the BOD or companies under performance.
If you have chosen to invest in BPC based on Star's research & recommendations without doing your own research & or invested more that you could afford to lose. Then I think the responsibility is yours and yours alone. The only person one should be angry at is oneself.
That being said Star, I do think the way your posts are laid out are in a way to present why people should invest in BPC. So I do understand why so much negativity is directed solely at you.

As for L.K possibly rejoining the BOD or even as CEO/Chair; like Potter I think that position is untenable.
Based on the companies financial outlook & RNS; I think Eytan is even a less capable CEO than Potter is. Right now I see BPC as the Titanic heading for the iceberg.
That being said, I would prefer L.K came back to steer the ship !!!
I don't know if Eytan is a qualifed geologist or petroleum engineer, if he has been on a team that has made oil discoveries, if he has managed a portfolio of producing wells, or whether he is just a guy with a degree in finance & business management. I don't know whether he has ever held a directorship or CEO role before.
This uncertainty has dictated my confidence in the company.

I have written off my paper losses on this company. If the SP manages to creep up to a breakeven level for me by mid 2023, great. If it doesn't, it doesn't.

Just to add; its my opinion based on that paragraph, any shareholders who chooses to subscribe to the open offer would see the value of any subscription halved by year end.
The company outlook for me has gone from very positive to self destructive with that RNS.
I see paper losses now being locked in till 2023.

The way that RNS was written is a mess. Its all over the place going back & forth. If that was Eytan's first go at writing one, I
expect all RNS's from now to be just as messy.
I think this is the most value destroying paragraph in the entire RNS:
*quote*
"Equally, in the event of success with the Saffron #2 well in Trinidad, and/or success with the WNZ well and EWT in Suriname, the Company will need additional funding to pursue development of those projects and for general working capital purposes, presently estimated to be $15 - $20 million in additional funding required through the balance of 2021."
*end quote*

The company is now in such a rush to achieve milestones and generate cash flow that it is prepared to dilute share holders again throughout 2021.
This will take money raised by year end to £25M when production income won't cover that capex.
I would rather the company take a slower approach and drill 2 Wells this year. And get those Wells producing to generate income. And then another 2 in 2022.
The companies push for rapid growth in my opinion will have capex at such a level that value will not be realised. And production my very well be circa 1500bpd by year end but the SP will be circa 1p-1.5p.
I am not happy at all. I now see the 4p target which I thought was achievable, now unachievable by year end 2022.

Novice
Appreciate it.
Initial confidence boost in the licence was short lived. Nice to know Kosmos is also looking. Although no current operations are taking place in Uruguay for them. That certainly gives me reason to consider a possible exploration JV with them.

As for the Majors. Their licences are in Argentine waters. If they indeed make discoveries in layers which exist in Uruguay, that will give me more confidence in the pursuit.