PYX Resources: Achieving volume and diversification milestones. Watch the video here.
Good or bad. Too many applications or not enough?
Phoebus, if they were just a loan note provider I’d agree with you, but in the light of past relationships between the senior management of BPC and Bizzell I don’t think this is the case. My belief is that Bizzell were willing to take a position in the company. I might be wrong and if there is an opportunity to refinance at a reduced cost then obviously I’d be happy to see this! All IMO etc
Jim, the animosity between Simon Potter and TW goes back a long way and drives all the drivel he spouts about BPC and the CEO. As you say, he was made to look an even bigger idiot than usual with his ranting about fund raising last year. The Company has quietly got on with the job in hand and we are now poised to drill, with huge expectations. If, as a result of market sentiment, we are able to reduce borrowing costs, this is a very legitimate aim and further underlines the Company’s enhanced prospects. I hope the savvy people here will do what they did last time and ignore him. Many chose to pay heed to his spouting last year and lost money as a result.
News update only 7 days away!
Many LTH’s would say 4p is just the start but DYOR!
Hi Phoebus, it’s a very fair point and one that nobody can answer with certainty. However, if you read the research published here by Jim the Know and myself relating to Bizzell and it’s relationship (past and present) with Simon Potter and Eytan Uliel you may conclude that this is not just a short term finance provider but a long term partner. If this turns out to be the case, then there will be significant profits for all. Had we gone down the more traditional farm-in route it might be easier to understand but we would already have sacrificed up to 60% (maybe more) of the asset.
Source: Dailymail.com
Huge Tsunami heading for Mexican coast. It looks as if Bahamas will be unaffected after reading initial report but thinking of those who will.
Jim, as others have commented I’d be very grateful for your continued presence. SF.
Add Bizzell and Eytan currently non-execs at Armour Energy. Re the murder, I think it was Eytan Uliel in the conservatory with the lead piping.
Great post Jim. Add in the strong relationships between Bizzell, Simon and Eytan and you get a better understanding of how this has come together.
Jim, the relationship between Bizzell and BPC is stronger than many understand. Eytan Simon and Stephen Bizzell goes back many years and Eytan and Stephen Bizzell currently sit on Boards together. This isa joint venture between friends and colleagues, not your normal banking/ client transaction. All are committed to a successful outcome.
I’m saying that when the draft agreement was instigated, the specification of drill was provided and it was agreed that the actual rig identity would not be made known until later in the process,
We did a Thomson’s”Square Deal” holiday to Cyprus in the 90’s and didn’t know where we were going until arrival. As you say, cheap as chips.
On this occasion, I would wish to support Mr Fatalcharm. The rig rate was agreed on the basis that the exact identity of the rig would not be known until the last possible date. It might be 1 of 3 of similar specification. However, that date is surely not long off now as the final detail in the EIA requires this information. When the Board have something to say, they say it. There must be a million details to tie up by a fairly small team, so we must be patient. When the next news is released, I’m confident it will be positive.
Even Malcy is talking in terms of when to buy as opposed to if....
Remembering of course that James Smith, in addition to being a highly respected statesman and financier, is also BPC vice-Chairman.
Who will be replacing Eddie Shallcross as Iom Director? I’m available for a very reasonable fee!!
Inconceivable- the Bonds are referred to in a commercial presentation dated June 2017. Other than that I have as much knowledge of them as you do. I assume they are still with the Company.
Casshy- a) it wasn’t a rights issue and b) any comparisons with Sirius are so wrong that they completely remove any credibility from your opinions. Please do some research!
Tex, RNS7000 is the one you need. Paraphrase of conditions precedent is:
1. Issue sufficient shares at 2p to cover drilling and other operational costs.
2. Obtain all necessary environmental authorisations from Govt.
3. Have detailed, signed contracts from reputable suppliers for rig, engineering and other services.
4. Received approval from shareholders at General Meeting
5. All key employees locked in for duration of drilling contract.
So I’d say that the outstanding conditions are in relation to the environmental issues and the detailed contracts with Halliburton and rig providers.