Member Info for Spiritefan

Thanks Parpaing, that’s good to hear! I chose management accountancy for the very reasons you’ve stated. CMA’s look forward not backwards and having been invested here since 2012 I’m more hopeful now than I’ve ever been!

Parpaing, speaking as a Chartered Management Accountant I have to hope you won’t be shooting us all !

Hi O6G, no worries the queries, I may be wrong! I’ve taken the info from the RNS but the various elements do concur with my understanding of what has been previously agreed re CLN, OO, Mutual Fund and the Bahamian family office. The operational costs including wages and everything other than the drilling costs are included in the $2-$2.5m annual operating costs. Granted these costs will need to be paid during the summer months but as I understand it, they would have had to be paid irrespective of when drilling starts. Overall, I remain confident that there is sufficient funding in place to pay opex and capex for at least 12/24 months even if actual costs come in at top of estimates. This is all worst day scenario. We could see reduced capex and there was the intriguing announcement that up to 50% of CLN might be declined, at no cost to the Company. This was due 31/3 but is now on hold as per revised timetable. Well done with Tullow btw. I’m afraid my next purchase when funds permit will be BPC!

O6G, I’m not having a go at you - concerns expressed on a board like this are what it’s for. I do object to people who try to put themselves across as experts and presumably get paid. RNS 4665 included the following:
1. Drill costs currently $25-30m with $5m contingency.
2. Non-drilling costs $2-$2.5m per annum.
3. Available funding (if all options fully utilised) $45m at a cost of 1.6-1.8 bn shares.
4. All facilities “on hold” with agreement of lenders until later in year when cv situation relents.
5. Potential to review costings in light of downturn in sector activity.

How this can be categorically stated as being a blunder by the Board is what gets me. Had it not been for cv, preps for drilling would have been well advanced. Had we started drilling before lockdown it could have been much worse.
Ultimately, it all depends if oil is present- that’s always been the situation. I’m very content with where we are and how the Board has dealt with matters over the past 12 months to get us to where we are.

I’m reluctant to give this person the oxygen of publicity but there is always a danger that some might be influenced by his drivel. He was the man who, 2 bulletins ago, stated with certainty that drilling couldn’t happen due to inability to raise funds only to read next day the Bahamian office facility had been doubled. The current sp is a reflection of cv - I think we all get that. Had we started drilling only to have to suspend it could have been disastrous. We are currently evaluating what might well be better costings to drill when the pandemic is over. The short term downside is we have to issue a few more shares to cover the £800k raised. In the overall scheme of things it’s hardly a seismic event. Certainly the market was unmoved. We are paying no interest on the facility despite the delay so it’s outrageous that “commentators” such as OMD are allowed to try and influence investors in this manner.

Stewart, I agree with your current summary of the oil market. I also agree that when the current pandemic eases demand will increase, with positive impact on POO. However, I can’t see the current impasse between Russia and Saudi Arabia continuing indefinitely and I believe by the time commercial production is scheduled to commence in our areas (assuming there is oil), agreement will have been reached to return to the good old days of market fixing. IMO it will be the Saudis who blink first, but wtfdik!

Hi Prospect- I get you! Have a good day! SF

OldTrader/Prospect, I have been around this share a very long time and have always tried to post informative data. My earlier post was an attempt at humour as people who know me would understand. I had not anticipated that anybody would take a comment like this seriously as to suggest everyone on this Board has £20k+ invested is obviously a ludicrous premise. However, if it has caused you both and anyone else offence I apologise.

Do some posters have less than £20k? Unbelievable!

The usual and understandable divergence of opinions this morning after a perfectly reasonable and predictable RNS from the Company which is communicating much more reasonably with shareholders than in times gone by. Due to cv there is obviously uncertainty due to inevitable delay. Markets don’t like uncertainty and price has fallen. My trade at 10.15.41 @ 1.369 was a Buy, not a sell as shown here. I will continue to buy at this level during summer months until clarity returns. GLA

Now enacted. Businesses shut down, curfew etc. I really don’t think we can hang onto the idea of drilling pre-hurricane. But if we settle finances and rig contract ready for later in the year I’m happy enough. Have a good weekend all.

Back up over 2p to buy which is important

Starchild, you’re right to raise the 2p threshold but I’m sure if a rig is identified the price will be well above 2p. I think we should accept there will be no drilling until Oct/Nov given restrictions on movement of personnel. If you continue to believe in the Company as I do the current price is good value. As soon as I can realise cash I will top up. I have holding several million at present. GLA

POC - oil prices are not a misnomer (an inaccurate description or name) they are an irrelevance.

Today was a little bonus. In a fortnight we will know to what extent we are relying upon the CLN. Given the wording of last week’s RNS it will be interesting to know how much of the penalty free sum we will be foregoing.

Steve, at times I feel sorry for all BPC shareholders, but I’m still here!

JC, I fit that category but as long as we drill this year I’ll be happy! V disappointed that we don’t look like drilling in April ( but haven’t completely given up yet) but if there is an an RNS 31/3 detailing unambiguous funding details (with or without partner) for November I can wait a bit longer. GLA

Some may not have noticed that the terms of the CLN have been amended. The Company can now waive up to 50% of the amount agreed at “no cost or penalty” to the Company as opposed to the original RNS last August that stated any reduction would be at “minimal cost”. Could indicate a new source of funding may be agreed by 31st March?

Alan Burns “retired” to the Isle of Man, hence the domicile of BPC.

There has to be an RNS on Monday as the Board has already advised of this date as being the day by which CLN has to be agreed. There will have to be an update saying either a) it’s agreed, b) it needs more time, or c) it’s not agreed. If it’s the latter then there should be clarification of what is happening.