Member Info for Solarfire

I make it around 8.7p per share held, before tax deductions.

Then a further 8.7p per share for the special dividend, based upon your new shareholding quantity (you may have reinvested the first dividend), before taxation.

Wise words Wiseman72.
All good.

GLA.

I'm very pleased with the NED appointment. Action was taken quickly and decisively.
This is a very good move and he will bring a wealth of experience to a new BOD.

Thanks to the guys on ADVFN for the update. Better PR needed now from TK in order to push up to 10p area.

PageofCups (THURSDAY 6TH MAY): "23m buy yesterday was a signal. Todays RNS also a signal. Placing done, imo. Might be oversubscribed. Bizzells backing up further £10m at 8p."

Yes, here is an extract of the timetable: https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2021/04/23135622/Open-Offer-Circular-Web.pdf (PAGE 7)

Announcement of the result of the Open Offer and the launch of the Placing: 4:35pm on 13th May 2021
Announcement of the results of the Placing: 07:00 am on 14th May 2021

RNS issued this morning to remind investors of the work program near term. It was also, I feel, designed to attempt a reversal to yesterday's SP decline such that the Open Offer doesn't result in a flop. I bought more at £0.003175 yesterday but will take up my full entitlement under open offer assuming the price doesn't fall back again. Saffron is the key now and it's going ahead, in my opinion, despite the caveat mentioned in the RNS.

Good luck to all current investors. I do feel for all those LTHs that have pulled out. But for sure this remains a high risk share, made more so because of the obscene overspend on P1. That caught us all out.

Disappointing pull back today, but the fundamentals haven't changed and the clock is ticking towards drilling.

Funding for the work schedule can come from various sources. I am sure we'll learn more in the coming weeks.
The appeal for the assets remains very strong.

GLA.

Although I am not overly happy with BPC's financial performance related to the P1 overspend, I have decided that it is in my best interest to vote with the BOD for all the Resolutions.

A company reset is definitely needed and the upside potential is clear, albeit it will probably take a good deal of time to recover to a reasonable level in relation to my current investment.

I still believe that a farm-out for Bahamas is possible, so that could be a great recovery milestone.
Also I will be taking advantage of the Open Offer, assuming the share price remains at it's current state during next week.

Although it's not nice to read all the bashing posts on this message board, I am of the opinion that there is almost certainly a much larger percentage of silent shareholders that remain and who will like to see the company succeed.

I would also reiterate one of my previous posts, that BPC should find new NEDs quickly to add not only experience but provide a fresh pair of eyes for the Board.

I forgot to say that the potential farm out of P1 could be announced at any time. The BOD must be confident of the farm-out, or else why renew the licence?

If there's a positive outcome, then this should be a real SP mover.

Your number shares will be divide by 10 and at the same time the share price will multiply by 10. So, in theory, you lose nothing.

Good luck.

A great day for all holders of Lloyds shares, myself included!

I am invested for the steady return to 60 pence levels, and by reinvesting the dividend returns I can only see an upside in the medium term.

Willec, maybe [they] don't want to see the near term future positives. After all, we have all been let down by bad funding decisions and feelings are running high on this LSE board.

Reading this blog, it would be easy to conclude that the sentiment for BPC has taken a severe bashing. But if you have done your own research and trust the BODs plan over and above the negative messages written on these pages, then consider either holding or adding in the Open Offer (assuming you have access to cash and that the SP offer is higher than £0.0035).

Let's be honest, the SP is at a new low point and the BOD do need fresh capital and a high uptake from investors from the Open Offer. I believe the BOD can pull the restructure off, but I will wait a bit longer before instructing my broker to purchase my full allowance (and extra shares), in order that I can review if the price premium is worth the risk.

The BOD must have known the SP would drop to near the Open Offer price.

Although I am confident about the assets, I do think we need new and fresh NEDS and fast. The new CEO will have to stand by his ow actions and decisions, so I would imagine he won't want Simon Potter giving too much advice.

I also don't like the consolidation of 1/10. It doesn't go far enough to attract institutional investors (still remaining a penny stock) and there is a real danger the price could fall back (easily) if success doesn't materialise with Saffron 2.

Good luck.

Yes, I do note that the current board of directors are searching for additional NEDS. Our new CEO will need their guidance, both for technicals and commercial. I am sure he can deal with motivating his 80 strong team.
The fact that the restructured BODs (post Open Offer closure) will take shares in lieu of salary is one of the cost cutting exercises (well, let's say cash out saving). But I do prefer a strong BOD, so I would urge the BOD not to waste any time making new appointments, assuming they can find suitable NEDS.

The Open Offer Circular is now available for download on the Home page of the BPC website.

Lots of posts missing on my screen.

On the 2nd March, the Company provided an RNS, stating: "Further to BPC's previous announcements in relation to the Court process in the Bahamas, on 1 March 2021 the Honourable Justice Petra Hanna-Weekes allowed the Company's application and ordered the Applicants to post $200,000 security for costs within 30 days, pending which the proceedings will be stayed.
The Company will provide further updates as appropriate."

So, news is due.

Also news is due on the Farm-out process for the Bahamas asset. Any good news should have a significant positive impact on the market cap.

Exactly that Tiburn.
The other assets are the result of good corporate and risk planning by Potter. On reflection I think he is the right man, but I would still like to buy TheBhoys a pint or two.
And what about the Bahamas PM? The politics stink for all BPC shareholders.

It was interesting to read this morning that our CEO will consider further dividends later in the year, subject to a steady oil price.

He must be very confident of the improving macro economics in Iraq and of the regularised production payments. Until Iraq can diversify their income streams (not in my lifetime!), GKP will be an increasingly vital partner. Of course most shareholders will have wished for a larger dividend, but it does appear that our new CEO is showing a good deal of responsibility in his new venture. On the whole it was a very positive update today.

We are going to need a good deal of cash next year and a partner, in my opinion.

Passing the budget is very good news indeed.
Hopefully the Iraq's will start to push for ramping up oil production across the country. To this end, Shaikan will play a big role. As we all know. the field will need a serious injection of cash after the 55K program is completed within the next 12 months or so. Continuity of investment will be vital. This will lead to ensuring the regularised interim payments and processing of the Shaikan Field Development Plan.
The long awaited Oil and Gas law is the absolute necessary next step and, who knows, perhaps GKP can bring in partners to ramp up production to 100k and beyond.
All good news for the shareholders I think.
We just need a stable Iraq and Middle East.

Thanks for the updates CCC, it's appreciated.