Member Info for Spiritefan

Anyone with a sizeable stake here shouldn’t be relying on its success to pay off the mortgage. It’s not for widows and orphans and investors should be prepared to write off their stake. I could make a lot of money from BPC if a deal is done but I sometimes think the expectations of success might be more exciting than success itself.

BJ - agree but so far today only £5k of stock traded so why down 7%?

Hi Brynjohn, only 50% of options are exercisable on a farm out, the remaining 50% are only exercisable upon commencement of the drilling of an exploration well. And options will expire in April 2021!

The reaction last year to exclusivity talks suggest we will be looking at a multiple many time more than 2.

Molokai - I hope you’re right- I’d be very happy to be wrong on this!

Molokai - can’t agree with this. The Company can’t control the P&D brigade but there was no leak of last year’s exclusivity announcement and no other RNS has had any impact on sp. IMO they tend to be overly cautious regarding any release of information.

In Sheridan we believe. It’s a dead cert.....

P_I - your alternative to the 87p party is an excellent idea and I’d be delighted to join you. By and large, this Board has provided me with much companionship and quite a few laughs over the years. If we fail, so be it, and while I too remain confident we’ll get a deal I’d be pleased to join you!

Totally agree Pete

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