Member Info for Spiritefan

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

Can’t see why it would.

The EU likes doing things like this, it keeps them busy. The Isle of Man and Channel Islands have been on similar lists in the past and it’s not made any difference. The AG says that because of CV they haven’t been able to visit to verify progress so this is just a bit of sabre rattling by EU to ensure Bahamas Govt delivers on its commitments.

Morning Trek, saw your ref to this share on BPC so did a bit of research over weekend and bought yesterday morning. So far so good......

AIM is a minefield full of sharks. DYOR always and don’t listen to anything or anybody on bulletin boards unless you’ve verified the info, preferably by several independent sources,

O6G, I did email the Company after your recent post and received confirmation that the well team in Houston has been stood down pending further developments. This has been referred to by the CEO in a recent interview. Other measures are being taken to preserve cash and my suggestion of further updates to shareholders was acknowledged. I was further advised that there is a significant amount of work ongoing to review opportunities and ensure existing contracts are amended to take account of new conditions. Hope this of interest, SF.

I believe the Houston office has been closed until operational activities resume. Hopefully, the SMT are actively progressing revised drilling costs and ensuring that the various funding agreements are being reworded to ensure everything is ready to go when we emerge from this wretched situation.

Hi Gatto, some very pertinent points. I’ve topped up (again!) this morning and average 2.4p. The need to convert shares will be driven by the need to access cash and at present there is $13m in the bank. Obviously the strategy has been knocked off course in the short term but as we have sufficient funding to drill Perserverance later in the year the sp is largely irrelevant. Once the drill contract is signed and all other ancillary contracts are in place the sp will recover. With regards to the oil price, it will be 2 years before we are producing. By then we will have answered the main question: is there economically viable quantities of oil to be extracted? If no, we all go home, if yes, the party starts!

Hi Laallee , there was an announcement in August 2018 (not an RNS) that SP’s salary had been amended to $350,000 per year, a significant reduction. Previously (since April 2016) his $1m salary had been paid 10% cash and 90% share options, exercisable when drilling confirmed. At the same time he relinquished about $2m in accrued pension rights. He was quizzed about this at 2018 AGM and said he felt he’d reached the max of options appropriate and was happy to accept lower total package in exchange for increased cash element. I’m not sure if the other Directors amended their remuneration or carried on with the deferrals announced in April 2016.

I recently posted a summary of funding availability and annual cash flow requirements as set out in RNS4665 dated 25th March. It’s perhaps worthy of another read?

https://www.ft.com/content/150df67b-839f-455a-9546-6edf72a08df0
Interesting article supporting theory of a new base level price for oil. Many producers will have problems if oil does not surpass $40/$45 Pb.

Starchild- count me in for that!