Member Info for Spiritefan

Cheerio

Regarding SP’s options - 50% are exercisable upon signing of farm in deal and 50% upon commencement of drilling of first well.

Same article, direct quote: “I have been made aware that they have already commissioned and have an agreement with a major oil company.” ....”I cannot say who but I know who they are. I have every confidence they will drill.” This is the AG, not a political member talking.

It’s with the Government and will be updated as and when required with details such as type of rig, drilling techniques etc. It’s a working document which has been scrutinised and deemed acceptable to date.

Clear requirement is to implement an environmentally responsible test well by Dec 2020. All parties appear satisfied that this is a feasible outcome.

Well, our deal would certainly “transform the economy “

BISX listing was previously blocked by Bahamian regulators on grounds the company was too risky! Apparently it’s ok for other people to lose their shirts but not the locals. If a deal is signed the strategy was to reapply, but this was a number of years ago.

Last April we were well below 1p then in May we weren’t! 😀

Up until August the Board and CEO were sacrificing a large percentage of their cash payments and accruing shares which are worthless until we get a deal. If we get a deal we’ll all be rich. If I’d sold in June I’d have made more than any other share I’ve ever owned so I’ve only myself to blame. Recent interview with Ben Profitt confirms company is still very much alive. 1$million raised in summer to pay McQ plus another $1m from exclusivity fees. 2019 will see renewal of licences and by this time next year we could be counting our money. Alternatively there might not be a deal and looking to wind up. This is AIM. Pay your money and take your chance.

It was in the RNS dated April 2016. Shares were accumulated monthly based upon share price each month. Payment conditions include 50% exercisable on funding for first well being secured and 50% on actual drilling. There will be a dilution (10%?) but if the above conditions are met the share price will have climbed to such a level it won’t matter.

During the past 12 years there have been many obstacles to raising the necessary finance to commence drilling. The $40 pb oil price, the previous administration who achieved nothing for the Bahamas other than devalue its debt, and the absence of the necessary regulations to name a few. As a result, the share price has fallen from 20p+ to today’s level. During this period many shareholders have given up, I suspect the majority selling at a loss. However, the fundamentals remain the same - is there oil or not and can the Company deliver the means to find out? It’s onmy in the last 18 months that all the factors have been in our favour. There will be no RNS’s until a deal is done or we go bust as was stated at the AGM and confirmed by Royscott. This is AIM. You win or lose significant amounts depending on what you can afford to wager. Ive followed every story for 6 years, read every bit of info and remain of the view that the waiting will end one way or another next year. In my opinion, it will be a positive outcome but many think it will not. Let’s hope I’m right. Best seasonal regards to all.

Mike, there are times when you have to do your own research. Frankly it’s better that way rather than relying on others on Bb’s. Find the Moyes Report and digest. It’s an interesting read and will answer your question.

Let’s keep this in perspective. Nothing is actually happening. Today’s sales total about £10k. It’s an irrelevance. We carry on waiting.

Me too! I met Alan Burns several times in connection with another project and he was very excited about BPC. Likened it to pirates finding treasure in the Caribbean!! Been here ever since.....

Page of Cups- I grant you there was a reference to “opening discussions with multiple parties” but nothing in the article referred to a “competitive bidding process”. Please enlighten us as to your sources.

There was no mention of “competitive bidding”, “locked in negotiations” “multiple parties” at the AGM.

Amtech- 2 scenarios: they feel they are so far ahead of opposition that no need to pay more OR they didn’t feel exclusivity worthwhile. If I were betting I’d say the latter but nobody knows for sure.

All I can say is that the point was made to the 3 Board members that the RNS gave a very different impression to that being presented at the AGM. They seem very concerned not to mislead market and to be always factual in their PR but the comment to them was that there seems to be a lack of balance. Simon didn’t meet Malcy and I don’t think they get on.

I have previously posted to confirm RiceMan’s attendance and comments re the AGM. We chatted after the meeting. Everything he says is 100% accurate and in accord with my own notes. He should not be doubted. I continue to hold a significant number of shares and remain positive about the future. However, that doesn’t mean anyone else should follow my example.

With no news the price will drift down until it returns to 1p, the level prior to announcement on 2nd May. Unfortunately, there could be a new announcement tomorrow next week next month or next year! You pay your money and you take your chance ...