Member Info for Spiritefan

...and a shed load of options, exercisable at 2.2, 2.4 and 2.8P!

Xyz- echo JBT comments. SF

I was around on the old ii board and it wasn’t Uncas, but was in that era. I forget the name of the poster but was in the days when there was a lot less shares in issue and oil price was $100pb!

Last weeks share issue should not have any impact on pre or post drill estimated share prices. Dilution via the Bahamian office has now been removed and replaced by the 450m new shares. The Aussie CLN will provide further dilution and we have until 15/10 to be advised whether this dilution will take place of whether it will be replaced with an alternative (but likely equally dilutive) form of financing. These dilutions have been known for months and yet some people are recalculating potential share prices as if it’s a new phenomenon!

Dubed: correct. We have replaced the funding agreed with the Bahamian family office (which has at its core a floating conversion share price) for a fixed price deal that has brought certainty regarding the number of shares to be issued and at a cheaper price. There was also a 12% coupon on the previously agreed funding option. So we were previously fully funded and remain so, albeit at a lower cost.

Jim, my view is that by placing the shares now, it avoids the risk that if P1 tanks, the floating conversion rate could have enabled the Bahamian family office to swallow up a huge chunk of the Company. This can’t happen now.

Hi Jim, I’m not going to argue as I have great respect for your views. I believe BPC has such faith in P1 that it will unlock the unrealised potential of the CERP assets and that will justify the “merger”. Time will tell. Go well.

If successful, this will reduce the overall finance cost. What’s not to like? It’s replacing one source of finance with another.

Lallee - I’m a friend from another forum, and I now have 14 people on filter. How about you?

Brynjon - good to watch these again. The funding strategy has delivered and I’m very happy I over-subscribed on the OO. Zac Phillips was particularly interesting, “a ten fold increase “ should P1 hit commercially viable structure. Exciting times!

Fair enough, but next RNS will be more important imo.

A good day today, given that the IceMax was probably the worst kept secret in the world to LTH’s and has been watched ever since it left Gib. The next and more genuine new info will be the funding update due before 15/10. At present we have cash in bank, the Bizzell CLN’s and the Bahamian office money. More than sufficient for P1 but expensive. At 2020 AGM Eytan & Simon confirmed the CERP deal increased the options for alternative & cheaper finance. There is the Stena Jv option as well. I’m confident that they will deliver a funding RNS that will enhance the current situation and, as that will be genuinely new news, it should give a significant further boost to sp. GLA , SF.

POC my sentiments exactly. They have brought us this far while maintaining 100% ownership of the asset. Why part with a % now when a successful drill will have firms clamouring to buy in?

Jim, great stuff. As an LTH I do a lot of research and am following Stena in various ways but hadn’t unearthed this. Many thanks SF.

Jim - I started to write something similar (minus the CERP bit!) but gave up. Thanks for making the effort and fwiw I fully endorse your comments. SF.

*but IF I can buy more .......

GG - precisely. By not later than the 15th Oct (just over 3 weeks) an RNS will be released confirming the identity of the rig (which we know) and whether or not the funding options already in place have been improved. When the IceMax is Identified formally a $2m payment will be made to Stena. At this time the SP will significantly increase, by how much will depend upon the reaction to any revisions to the funding package. Of course, as we know, things can go wrong, but I can buy more below my 2.3 avg I see no reason not to.

IK - you can lead a horse to water...........

POC, I bought on Monday @2p when news of the IceMax departure was made known. Since then, monitoring of Stena Twitter feed confirms that IceMax is heading to the Bahamas. The contract is clear as to dates when drilling has to take place. These are all facts. The absence of RNS indicates other matters may not yet be fully agreed, namely the Stena buy in option which will trigger a review of the other funding sources that are already in place. At present the Company does not have to issue any formal statement but when it does it will be significant. This must happen in next few weeks, so selling now is not an option for me.

Bryn- I think the remoteness of the presentation takes away a lot of the transmission of passion and enthusiasm that normally apply when you address a live audience. The script was sound, the illustrations clear ( including IceMax ) but is a bit remote due to technology. IMO