The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
Sorry: “he is not an experienced FD”
As much as I hate to admit it, Jim is absolutely correct in his comments. As an Isle of Man resident I know of the Proffitt family and having previously worked for his father at Renewable Energy Holdings (which folded) Ben followed his Dad to BPC. He’s not worked anywhere else. He is a nice guy and I’m not wanting to be detrimental, but he is Joan experienced FD. This doesn’t reduce my belief in BPC but these are facts.
We’ll only get an RNS when a deal is done. If that happens the price will explode. Until then we wait. There is reason for making any form of interim announcement- it’s all or nothing.
Given as a “buy”, perhaps a canny investor waiting to get in under 2p?
I had been hoping for 15-20p on farm in news but I’ve revised my estimates following latest share issue and info that suggests these type of deals are being done at lower prices. I’m now thinking 12-15p.
We went to 7p in a blink of an eye last May when exclusive talks were announced. A firm deal with 10-20% retention by BPC will at least double that. If oil is found in serious quantities then it’s multiples of that.
Yes. I bought 250k yesterday at 1.8245, it was shown as a sell.
The comments are in sync with recent observations from Page of Cups. Basically, the hypothesis is that the major who paid for exclusivity last year was ready to sign but delays by BG re licence renewals created further concerns and they ceased the payments. At the 2018 AGM SP stressed that ending of exclusivity did not mean the major had lost interest. The ongoing delay required fund raise and comments from AG who was aware that major was waiting in the wings resulted in rise in share price. With licences renewed and cash in bank everything is now aligned for major to return.
But correct in that the shares are a “firm placing” (ie. pre-sold) to institutional investors (unnamed) who agreed to pay 1.6p per share for the 120,000,000 new shares. Presumably they are persuaded a deal will be done.
Agreed! I keep hoping I’ll be able to add below my average of 2.4 but doubt it’s going to happen
Inconceivable- I’ve been a member of the FB group for many years. It’s been a great source of information about the Company and the oil business generally. Chief Uncas in charge but a lot of good members
Cheerio
Regarding SP’s options - 50% are exercisable upon signing of farm in deal and 50% upon commencement of drilling of first well.
Same article, direct quote: “I have been made aware that they have already commissioned and have an agreement with a major oil company.” ....”I cannot say who but I know who they are. I have every confidence they will drill.” This is the AG, not a political member talking.
It’s with the Government and will be updated as and when required with details such as type of rig, drilling techniques etc. It’s a working document which has been scrutinised and deemed acceptable to date.
Clear requirement is to implement an environmentally responsible test well by Dec 2020. All parties appear satisfied that this is a feasible outcome.
Well, our deal would certainly “transform the economy “
BISX listing was previously blocked by Bahamian regulators on grounds the company was too risky! Apparently it’s ok for other people to lose their shirts but not the locals. If a deal is signed the strategy was to reapply, but this was a number of years ago.
Last April we were well below 1p then in May we weren’t! 😀
Up until August the Board and CEO were sacrificing a large percentage of their cash payments and accruing shares which are worthless until we get a deal. If we get a deal we’ll all be rich. If I’d sold in June I’d have made more than any other share I’ve ever owned so I’ve only myself to blame. Recent interview with Ben Profitt confirms company is still very much alive. 1$million raised in summer to pay McQ plus another $1m from exclusivity fees. 2019 will see renewal of licences and by this time next year we could be counting our money. Alternatively there might not be a deal and looking to wind up. This is AIM. Pay your money and take your chance.