Member Info for ShouldveSold

RE: Tiburn
Lol it was a compliment. I can't argue with your last post :)
I want to believe in the fairytale ending. I mean I bet we all need a fairytale to get back in profit lol.
I'm still unconvinced that will happen. Am I gonna sell at a loss and walk away from BPC? No, because I do believe in the Saffron asset & have held Columbus shares since the LGO days. And I do believe its that asset that will take the company to a midcap.
When BPC release an RNS stating the Farm In with the Major or Super Major and JV,.you can all pelt me with "I told you so tomatoes". Lol

RE: Tiburn
Your procedural breakdown is really clear and well laid out.
:)

Forgive my attempts at trying to inject a little humour in to defuse any tension. I'm not here to beef.

RE: EggChaser1
Please quote me where you think I have bashed and if its warranted, I'll accept it. I'll even withdraw it if I agree with you.

Painting someone as silly because they have a different opinion to you is not very nice in my opinion.
The results of the P#1 well as I understand it is its non commercial.
I wait for the next investor presentation where BPC detail what structures they did find and what the JV &P#2 will target.
I'm factoring into my interpretation the time & money it took, will take to get to that stage, also adding in the environmental hoohaa which will come from a 2nd drill. Do I believe another company will Farm Into that? No I don't. Unless of course they really did find the Mother Load but are choosing not to tell the market, nor did they select to drill into it. Maybe the Stena boys didn't have enough drill pipe lol. Maybe this wasn't really about drilling a commercial well but it was just to test whether those Stena Boys know what they are doing and so BPC have confidence to use them for the real Well. Lol

RE: EggChaser1
Just to pick up on this "working petroleum system with seals and the company have enlisted a third party to deal with possible farm in discussions with an unsolicited approach already been made"
I don't know how to value that. What's a competent seal worth?
So rather than buy into the speculation that a Farm In is imminent, I am choosing to wait for a RNS which details one.

RE: EggChaser1
I'm not here to trade insults just debate.
Its ok if we disagree, I'm not here to convince you to adpot my opinion.
We have all read the RNS's and can refer to and quote it & interpret it.
I don't think I have bashed my investment or the BOD. I invested what I could afford to lose and an I am disappointed that P#1 is non commercial.
I have questioned whether S Potter is a good CEO and stated that the proof on that for me will come in the management of Saffron.

RE: Onlybpc
Thanks for the tip :)
He hasn't posted in 3 months..is he still alive? Maybe he's been sworn to secrecy or abducted by the Farm Inniee's as to prevent him from leaking insider info lol

But my point to Petrodollar is, he (assumed pronoun) is speculating and interpreting, just as I am, just as we all are because all we have to go on is a "Working Petroleum System".
I am waiting for an RNS which details the Farm In and a second drill target. Until that time all the data I have is " P#1 is Non Commercial. And I accept that.

RE: Petrodollar
Who are these specialists you mention and what have they seen?

I find it quite odd that if you post an opinion, belief or rationale on here, you are asked to provide your credentials lol.
Aren't we all here voicing our beliefs, interpretations and rationales? I'm not here to ruffle feathers or upset the hierarchy, I'm just here to read what other investors think and have a engaging debate.
I have been investing/trading for a few years now & through experience I have learned to read between the lines and make my own interpretations, rather than accepting the fluffy words of an RNS. I think its helped me make better investment decisions, despite my username lol *facepalm*
News stated figures and facts are unquestionable, when those aren't provided one can only ask questions and theorize as to what it all means, either drawing on experience or information gathered from other sources.
I don't know how to value a " Working Petroleum System".? I know how to value oil in place, reserves & flow rates. When S Potter said " we are looking at renewing the Farm In process" (I paraphrase) it does suggest that there is something significant there that is worth chasing. Again I think that is price sensitive news. Like everyone else invested here, I am hoping what the 3D seismic data says is there, is not only there but it can be tapped & flowed. As of now, it doesn't. Maybe it would flow at 18barrels per day, they didn't release that info so we don't know whether it was completely dry or could flow 300bopd. My definition of a "duster" is relevant to whether the well financially economical or not. We are all free to debate the semantics of that.

RE: StarChild
I think experienced investors understsnd the binary results of oil exploration. And like the guys over at the Weald basin have learned, you can find the biggest oil deposit in the oberservable universe. But if it doesn't flow, it doesn't flow. No pretty bow or sales speech will change the result.
I don't think the BOD did anything wrong. Could they have chosen to Farm In to have the cost halved and de-risk P#1..... Probably? From my analysis of Potter I think he probably let pride get the better of the decision making. I have no proof of that, but its my gut feeling.
I appreciate and acknowledge your response. I didn't join this site to insult, berate or argue, just to share opinions and engage and debate. And I look forward to continue doing that with you.
:)

RE: StarChild
I am unaware of any rule that says; for one to choose to invest in a stock to make some profit, one has to believe in that company or has to say nice things about the BOD.
Feels like there is an unspoken rule here which is enforced by the older posters which says " do not challenge the logic or disagree with the opinions of people who have posted more than you".
:/
I think being able to read between the lines and interpret news is vital to making good investment decisions and very much counts as DYOR.

I don't feel as though I have spoken negatively about the CEO. I think I have just questioned the way he presents, words the RNS's and his success rate, which I think remains unproven. That proof for me remains in Saffron.
I will say that I don't like the fact that he has now gone radio silent. Maybe P#1 should have been named #SS for Secret Squirrel Drill.
I have said in a previous post that I think its completely possible in a vast acreage to discover a commercial find in the same license as non commerial find and that its possible a super major could farm in to drill P#2. I have also said that I don't believe that will happen because from memory, that only occurs when the initial drill makes a monster discovery. BPC hasn't stated they have made a monster discovery. My interpretation of that is; there isn't movable oil there. Nor is there any that was picked up on the logs. If there was, that is price sensitive information that has to be released. I also believe that after 15 years of working on that Bahamas licence that they picked the best drill location to give them the best chance of success. My interpretation of that is "if the oil isn't located at the best geological spot....then where will it flow from??? And I don't think there is anything wrong with questioning that.

To be clear, Im not angry with the BOD at not finding oil. I am disappointed. I am also disheartened with the statements made by the CEO since the P#1 result. The proof in his ability as a good CEO will be if the company can recover with success in Trinidad.
His statements reminds me of a HA HA from Nelson Munce. As if to say "thumb in your eyes bigboys, told you there was oil there. OK I know it doesn't flow but that wasn't the point of the drill. It was only to prove a point and we did that. So ner nerner ner ner a farm is is gonna cost you double now" lmao

RE: EggChaser1
I am invested. Although I don't think being or not being invested means you are not entitled to voice an opinion.
I like to think I am a realist and call things how they are. I don't think calling a crap situation crap makes it a biased opinion.

We are all free to have our beliefs and opinions and share them here.
I don't think the market agrees that P#1 was a technical success, if it did, it would have been reflected in the share price. If the analysts would have agreed, I think they would have re-rated the stock with a target based on P#1 actually being undervalued.
What is a licence worth if it has 10billion barrels of oil in place but it will only trickle up to surface at a tiny rate?
Spending $130m on a project to get a return on a a few barrel a day for the next 100,000 years isn't a great ROI or smart invest decision in my opinion.

I think if Potter released a webinar presentation to state the volumes of oil in place they actually found, the amount of shows, the potential oil flow with a side track, ok. One could argue a technical success. But until he does that, in my opinion P#1 is a duster and there is no shame in that. It is what it is.

RE:CERP-84
Oh great info, thanks :)

My fear now is all the Columbus management who were managing the Trinidad Wells and understood the geology have all gone.
Now we have a management team who haven't produced any oil in the past 10 years trying to maintain and increase current production.
My confidence in BPC has been rocked to be honest. I'm hoping someone in the team knows what they are doing lol *facepalm*

RE: Jono44
Shocking really. Imagine being a CEO of an oil exploration company for 11 years and you haven't produced a single barrel of oil within that time. :S
Also just as shocking is the investment bankers who brokered the merger with Columbus. They managed to value a licence with the promise of oil 5x higher over a company with 100+ producing Wells with a daily rate of 220+bopd.

Apologies for autocorrected Deltalo*

RE: Delgado
Sounds great when you put it like that. I really hope Saffron is as good as LK believed it was & BPC can unlock that reservoir to haul the share price back into the 4p range.

RE: GaryGraham
I agree with a few of the points in your breakdown of the Board members. In the 2months between October 2020 - December 2020 BPC did 6 placings. I was unaware of S Potters track record but it what you have stated is accurate then *shrugs* BPC is doomed *facepalm*

RE: Tiburn
I agree. I mentioned in a previous post that I am unaware of any company that farmed into a licence with a non commercial find.
I'm sure its completely possible with a vast acreage to find either a separate formation or one that is connected that will flow at commercial rates.