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Bonum/ PetrolInvestor, I’m a LTH at BPC but have seen MATD mentioned and been reading up. Can you advise status of the drilling programme for 2020? I’m also looking for 2019 annual statement. I’m likely to be putting my toe in the water tomorrow- seems an exciting prospect! Be grateful for any assistance SF.
IK - I must have missed this. Am I eligible??? Your friend SF.
I’m a LTH here and have bought a significant number since March to lower my avg. On June 1st we had an RNS ( but not shown on LSE!!) detailing results, issuance of additional shares and future plans. Shares shot up again after big rise previous week. Now they are going down. Some will be making short term profits and good luck to them. However, the fundamentals haven’t changed and as I still believe in the project and the Board I will buy more at circa 2.5p when funds permit.
Large write up in Business Section of the Times today, pages 42-43. An extremely hard working and successful family. The Group generated £1.2 billion of revenues in 2019.
Laallee, nice response mate!
Careful mate! I’ve just finished strimming the garden here on wonderful IoM and having first of Several cold ones. Sky and sea are blue, bbq tonight and all is well in the world! I’d love to send u a photo to dispel your image. You’re right about housing costs tho! What a day!
Starchild- don’t forget the Isle of Man, where conveniently, BPC is registered. In addition to no CGT or IHT, there is a 0% Corporate Income Tax!
Starchild, excellent post which makes perfect sense. Thanks for sharing this excellent research and conclusions. There is speculation that failure to reach a deal with previous cash strapped rig provider was that BPC had to pay significant amounts upfront. Clearly the new deal with Stena is much better and provides additional opportunities for cooperation that go way beyond drilling a well. Thanks for sharing.
Don’t forget that some of the financing options are dependent upon the sp being +2p. Expect a stream of RNS’s to boost confidence ahead of payment of $2m in September.
Which shows how oil has lost favour recently, as we.now have a signed contract and the finance in place, although more favourable terms are still an option. A lot of PI’s chasing Bio-tech stocks and appetite for oil exploration has waned due to economic uncertainties. I’ve made a bit out of AVCT but I will be selling and buying more BPC. The next payment of $2 million will trigger a jump and I’m anticipating a gradual rise through the summer months to a 7/8p pre-drill price. GLA, exciting times!
Trek - I’m curious too. Your post got me into AVCT so I’m in your debt but surely we now have more options than previously was the case?
I guess it’s irrelevant now but I was always led to believe it was political factors that proved the stumbling block not the business case. Be it BP Shell or whoever , if we find oil a major will get involved. I’ve always been intrigued to know who it was so hats off to whoever got the intel.
Guys, I’ve been very close to BPC for many years having first met Alan Burns in 2011. I’ve followed every release and had meetings with various directors in the last 2-3 years. As far as I’m aware, the identity of the company that paid $1m over 4 months in 2018 has never been revealed. I’m not saying that it wasn’t BP but I’d be very grateful if Laallee could verify the source of the info as a) I’d be very interested and b) it’s a hugely important statement to make. At the 2018 AGM SP would not be drawn in the identity or the reasons why the major didn’t proceed. However, it was intimated that it was not for geological reasons and that the major had not “walked”. So it’s quite feasible to speculate that whoever it was, is still interested. Over to you Laallee!
1750 - neither was I and reading back through the manner these guys bought into the company it’s apparent this is a mates rates deal that must have been set up at the time. It doesn’t detract from the quality of the product but disappointing the Board has gone down this route rather than tie in with more established distributors
For newcomers, the rise in the summer of 2018 was due to exclusivity payments received from major which was hoped would lead to farm in deal. Unfortunately, for undisclosed reasons this deal was not concluded. As a result the Board decided to go it alone and have raised the necessary finance without a partner so as PI suggests, we are arguably better off as we have not had to give away sizeable proportion of potential asset. However, the CEO has stated that he’d prefer a partner to share the risk but if we find oil we’ll be better off.
Thanks again PoC. I’m disappointed that the new rate appears to exceed that which BPC had previously negotiated. I was hoping the market had softened.
Yonny , surely POC meant that it was hired from July 2020 to Jan 2021 do not available?
Hi POC, can you recall what the latest estimate for Perserverance was?
Been in BPC since 2012 and have topped up twice in last 4 weeks and will do so again next month if current price prevails. If you believe in this share now is the time to invest.
POC: fully agree. There is much to do and shareholders should be kept appraised of progress. News flow has been much better in recent times, let’s hope this approach is maintained