Firstly, I think it’s poor that we find out via a newspaper and the Company has not made some form of statement. However, as I believe BPC has a watertight agreement re it’s licences, a court ruling will bring clarity to the situation, which will be to the benefit of farm in discussions and it’s quite feasible that this development has been influenced by a potential farm in partner.
I agree with Tuckman re the Bahamas. We gave it our best shot and hopefully the data gained will be of value. To commit significant funding in preference to developing other assets would, imo, be foolhardy.
Zak, let’s try and be factual. Simon Potter does not earn £1 million pa. His original contract was in the order of $1 million after he was hired by Alan Burns, a man who knew a bit about oil exploration. In 2016 when cash was tight, he deferred 90% of his salary and for 16 months worked for $100,000 pa, the balance being due in shares. In 2018, a new contract was agreed at $350,000 pa, at which time he wrote off $2m of deferred pension and other entitlements. This was clarified with shareholders present after the 2018 AGM. In lieu of salary he has accumulated a ton of options but if he makes money out of them so do us LTH’s.
To renew the licences is a major decision and would not have been taken lightly. Unless a partner can be found there will be no more drilling in Bahamas, it’s not feasible to be issuing more shares to fund such a project. So BPC will continue to enhance productivity in T&T and fund expenditure as cash flows permit, while seeking a farm-in and either retaining a minority interest or selling out completely. IMO
RE: Malcy talks BPC with Doc Holiday21 Feb 2021 18:15
“the Company has achieved nothing in last 10 years”. Pardon?? We have just drilled a wildcat having overcome a series of obstacles, not least the small matter of raising the necessary finance. There was a clearly stated 35% chance of finding oil (I.e a 65% chance we wouldn’t) so along the way we acquired sufficient alternative assets to support an sp at 1.5/2p. “Dilution, dilution, dilution “. Yes, there was dilution in the absence of a farm in partner, but we still own 100% of all assets. Less dilution would have = reduced ownership. I’m not sure on what basis people invest here, but to be blaming the management for getting us to the stage where we might have made fortunes if we’d defied the stated odds seems illogical.
RE: Harry, the board are on your side29 Jan 2021 18:45
FC - you are absolutely correct. Imo the Board has done an exceptional job. Sadly, many posters have confused statements regarding the drill being fully funded and statements regarding the business being fully funded, which includes the T&T, Suriname and other assets which have significant development planned in 2021. The Board has not lied, as those who read RNS’s and presentations will verify.
I attended the 2020 AGM. SP and EU joined via Zoom and a local advocate Chaired the meeting. For the first time I can remember, a motion was defeated ie the one relating to increased options. After AGM there was usual Q&A session.
Uliel and Potter have zillions of shares, many taken in lieu of salary. Their interests are aligned with all other shareholders. We have reached a point many thought could never happen - a drill underway with no major involved and with the Company owning 100% of the asset, plus a range of other assets as insurance should things go wrong at #P1. To do this, a lot of deals have been done which many don’t like but beggars can’t always be choosers. Let’s wait another 45-60 days before judging.