Member Info for Spiritefan

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

BPC make reference to PRD in this morning’s RNS regarding expansion of drilling activities on T&T.

Following the over subscribed offer on Friday I bought into PRD at 11.8p. There are frequent references to “our” relationship with Predator so it seemed appropriate to hedge my bets. GLA.

Great post Jim. I’m sitting on 5m shares at a tad over 2p and remain confident I have an excellent chance of a sizeable return.

“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.

PD, after yesterday’s disappointment my fingers are crossed even more firmly here!

Llallee is a top bloke with a very large holding.

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.

Joatmon- thank you. A voice of reason.

I’ve just been the first person to cast a vote in the “Will 2021 be better for the Bahamas “ poll. I voted “yes”!

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.

About the same number as the BPC Facebook group.

Someone has made a few quid this week.

Kev, still
The 15th. The 28th is the latest date to satisfy CLN conditions.

IceMax is sailing directly to drill location and not visiting Freeport. All additional equipment will be brought out.

The previous Administration threatened to hold a referendum but it didn’t take place prior to the Minnis led Government taking over. They have parked the idea, as referenda on the Bahamas have unpredictable outcomes.

Tonsan , fully agree. There is no requirement for BPC to respond or comment on an action in which they are not a party. I doubt they will even respond to the invitation to delay drilling, they will simply carry on, IceMax will sail on Thursday and the next RNS will be the CPR.

Hi Jim, it’s probably a flag of convenience. I don’t think it’s Bahamian government or navy.

It’s difficult for the Co to comment as it’s not a party to the action. It’s between the party seeking the review and the Govt. While BPC will be effected by any outcome good or bad, it cannot directly influence the process. If the Govt lose, and the drill is delayed, BPC will launch its own action against the Govt to recover the costs of the delay. However, by then the real damage will have been done as all the preparations will fall apart. The chances of the injunction being granted are imo very small, but cannot be completely ruled out, hence the sp movement.