Member Info for Spiritefan

Like many I took up my full allocation and added a significant percentage as an excess application. All money has gone from my account but as Riceman says, all brokers had to demonstrate the full funding was available to be considered for any excess. When the allocations are known any excess cash will be refunded (but not straightaway!). I’ve sold other shares to realise cash so it’s a toss up whether I’ll get to buy them back at a profit or loss. It’s starting to look unlikely that Xs applications will be met in full, but in the overall scheme of things, I’ll not be disappointed if I only receive my 1:5 entitlement.

Molokai- I’m afraid just because all money has been taken doesn’t mean you will get all or any of the xs. If the OO is oversubscribed they will scale back allocations and you will get a refund in 5-10 days, depending on your broker.

No. When issued the new shares will be identical to existing ones. The outcome of the OO will be known on 5th. If you think it’s going to be successful it might be worthwhile buying before the RNS at 07.00. But DYOR!!

Piranha- the OO was only available to existing shareholders so your only option now is to buy in the market at 2.1p or whatever. If you’ve been following this board you will understand that the Company needed to raise £7m via the OO to fund first drill. By supporting the OO rather than buying existing shares the shareholders are contributing the NEW money needed. IMO the issue will be a success and the shares will rise significantly next week when the outcome is concerned, but you should be doing your own research into the Company’s prospects.

Tex - it’s in the last RNS. Announcement of outcome of OO is 07.00 on the 5th.

5th November but a number of brokers will be able to assess its success the closer we get to that date.

Good2Bhere - like you, I’ve been on board since 2012 when my first purchase was at 8p! I’ve averaged down since as we’ve waited and waited and waited... for something to happen. Now we, as shareholders, can make this happen IF we put up the £7m or so necessary to complete funding for first well. If successful, the OO at 2p will be a good investment as the SP will increase, even prior to drilling. If you still think oil will be found, the sky is still the limit. The new options and the participation of management and board in the OO mean there is alignment of interests. As armatrading has said(and many others) support for the OO makes the drill more likely to happen. Buying in the market does not. That’s why I’m supporting the OO with 700k shares.

Monk - all the info regarding dates etc is in the latest RNS. You need to chase your broker If you haven’t heard anything from them yet. I received confirmation from mine yesterday and have responded with full allocation plus a further 120,000 shares.

PI - I hope it is left to the existing shareholders to make this happen. It’s like the early days of the railroads opening up new frontiers, when folk risked capital in return for the chance of gaining long term rewards in an age where day traders and shorters hadn’t been invented. Bring it on!

PI. As I understand the RNS, there is no compulsion on the Board to go through with the OO if, for instance, a farm in partner was signed up, the terms of which might make a further fund raise unnecessary. In that case, those of us supporting the OO would either have to buy more shares at a presumably higher price in the market or content ourselves with current holdings.

DP, there’s no such thing as a dead cert on AIM but if you believe the 3D seismics, competent persons reports and other data, as well as the expertise of current and previous management, including the sadly missed Alan Burns, you would conclude that oil is present in commercial quantities. This is defined as 150-200m barrels whereas the upper limits of estimates are in the billions of barrels. A successful fund raise via the OO will ensure the first well is drilled and it is likely (but not guaranteed) that the sp will rise we’ll above 2p prior to drilling taking place. IF oil is discovered this rise will continue and a farm in partner becomes increasingly likely. Obviously It’s your decision and you must make it regardless of what people like me think, so dyor etc etc and good luck!

Will be made known in offer documents due to be released on Monday

Jamins- a very accurate summary. LTH’s will be very aware of the points you are making and supporting the OO to ensure the drill is funded.

This tax issue happens regularly in Australia to companies who are disputing or late in settling tax computations. Queensland seems particularly keen on issuing winding up threats. What the sneering “expert” doesn’t mention in his efforts to trash the Company is that Bizzell had similar notices issued in 2014 and 2015. The 2019 “hearing” was due to be held on 29/3/19 but there is no record of it taking place, or any further actions, presumably because the issue was settled. He will obviously now stoop to any depths to try to regain his tarnished reputation.

I was hoping an announcement ahead of interview tomorrow but if not it’s imminent

LTH’s will know that TW and SP have a longstanding dislike of each other which is clearly colouring these allegations. Anyone who understands BPC’s financing requirements and the manner in which they have already raised half the cash will appreciate the alleged massive share issue could not have been for real. Eytan Uliel and Co have already demonstrated their expertise and contracts and I await the confirmation of the financing options that they have alluded to on several occasions recently. A farm in is unlikely at this stage but cannot be ruled out (on increasingly better terms) as the project progresses.

If there is no news of a share issue this morning there’s a lot of questions to ask.....

Bonum, the Board has been much maligned as is often the case when events are slow to occur but I’ve been impressed by the CEO and Commercial Director whenever I’ve met them. They have persevered against long odds to make this happen in an area with huge environmental sensitivities, questionable political representatives, limited financial resources , fluctuating oil prices and recently a major natural catastrophe. They are going where others fear to tread and I believe they have far more capabilities than some would give them credit for. I’m confident they will get this over the line.

Jim, at the AGM the question of could existing retail shareholders participate in any fundraising on favourable terms was asked. The answer from Eytan Uliel was “yes”. No further details but it was a clear response.

And the author is a kid who’s trying to flog “how to be a trader” courses at £500 a go. Can’t see how he has any credibility given his self-confessed inexperience