Member Info for Spiritefan

Jim, I’ve been in this share for a long time after investing following several meetings in with Alan Burns on the IOM. At the AGM it was apparent to me that the short term sp is not an issue for the Board who are entirely focused on drilling H12020.

Jim, I’ve been in this share for a long time after investing following several meetings in with Alan Burns on the IOM. At the AGM it was apparent to me that the short term sp is not an issue for the Board who are entirely focused on drilling H12020.

If you read the RNS you will know that there are differing stages in the process, funding, drilling and outcomes, each of which trigger various options at increasing price levels.

At the meeting the question of why no major was raised and discussed. The CEO said that the geology or financial terms had never been raised as an issue by a would be partner. He did admit, as he said the year before, that it’s very possible other parties do not give necessarily honest answers as to why matters don’t progress. He did speculate that the biggest issue he believes was creating concerns was that the Bahamas is an oil exploration “frontier” and nobody wants to be the first to sign off. However, now that the Company is controlling its own destiny and making its own plans that issue becomes much less of a barrier. They would still prefer a farm in to share the risks, both corporate and financial, but are focused on their own plans and own timeline. Obviously they have no choice since the Govt started the clock ticking but it’s now far more likely the first well will be drilled next year. The question that hasn’t changed is whether oil will be found in commercial quantities. The CEO’s view, as a very experienced oil professional, was that the potential reservoir is the biggest he’s ever come across, based upon the seismics and third party opinions. Given the conversations were about how and not if the well will be drilled this seems to me to be progress. What will be found has not altered.

I attended and know the author or the report. It’s an accurate review in every detail

Hi Armatrading, yes shares are in nominee account but I’ve instructed my broker to pledge all my shares in favour of all resolutions.

Uncle Uncas is encouraging members of the FB group to support the AGM resolutions

Latest interview by Simon confirms that if no farm in, finance is available to go it alone in H1 2020 with initial drill. If dilution is 45% as per AGM notes, we have a great deal and as said by CEO in interview, future “is now in our hands”. So we are now progressing down a clearly defined programme and it’s surprising we haven’t even seen a return to last summer’s sp when there was only speculation.

Fully agree with the last 2 posts. The economy is already precarious and despite probable overseas aid the annual hurricane season provides far more risk of environmental problems than drilling for oil. The royalties could be the means of rebuilding infrastructure and improving hurricane defences. Yes, as shareholders we will benefit, but at the moment, the needs of the Bahamian people are greater than ours.

Given the information in last RNS and certainty that all motions will be passed at AGM it’s strange that share price has not increased more, given the potential rewards on offer and the 7p + reached last summer when nothing had been agreed. It’s still a risk but the odds have shortened considerably.

Apologies- “BPC” not “BOC”

You can Google Bizzell Capital to find their background. What’s harder to find is that Stephen Bizzell and Eytan Uliel are former colleagues at Dart Energy where Simon Potter also worked before his move to BOC. Dyor!

Doubt if the financial strategy is anything to do withCEO. He admitted at AGM that he’s a geologist not a financier. Hence the involvement of McQ. This has their DNA all over it .

...and it specifically mentions New Providence. Good call Parpaing, sorry everyone ??

Good question. Is New Providence the likely site for onshore terminal?

“Minister Minnis teases “major economic announcement “ for New Providence within a few weeks” in Nassau Guardian . Agreement to drill perhaps?

Under stock market rules, there can be no announcements at an AGM that are price sensitive. It is simply a regulatory requirement to hold the meeting and agree accounts and appoint directors ,auditors , agree dividend (ha!) and other very limited items of business. It’s interesting that this year, the statutory audited accounts were produced much earlier than usual but the notice of AGM is now later than usual. This has led to some speculation as to why this is happening but as usual with BPC, speculation is all we have. Presumably the company want to make an announcement if at all possible before the AGM to avoid another embarrassing session after the formal business Has been concluded (which takes about 10 min). .

PI. At last year’s AGM SP was asked very specifically about the circumstances regarding the ending of exclusivity as it was a very topical subject at the time. Simon stayed categorically that it was not a geological issue and made it very clear to those present that the ending of the exclusivity did not equate to the ending of interest by the potential suitor. Now some may choose to disregard this but he was looking me in the eye when he said it. Subsequent to this we became aware of the license issues which were removed at a subsequent date. We also had the AG’s comments which are all reasons why I’ve added to my holding since the AGM.

Whether it’s 4,5,6 or 7 months it seems inevitable to me that as we progress towards the end of the year anticipation will increase and the sp will start to rise. This could then end in tears with no deal but the possibility of a mega return will draw people in. It’s a question of when this momentum will start.

PI - a nice find. I guess it might be called “Great Expectations” !