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POC my sentiments exactly. They have brought us this far while maintaining 100% ownership of the asset. Why part with a % now when a successful drill will have firms clamouring to buy in?
Jim, great stuff. As an LTH I do a lot of research and am following Stena in various ways but hadnāt unearthed this. Many thanks SF.
Jim - I started to write something similar (minus the CERP bit!) but gave up. Thanks for making the effort and fwiw I fully endorse your comments. SF.
*but IF I can buy more .......
GG - precisely. By not later than the 15th Oct (just over 3 weeks) an RNS will be released confirming the identity of the rig (which we know) and whether or not the funding options already in place have been improved. When the IceMax is Identified formally a $2m payment will be made to Stena. At this time the SP will significantly increase, by how much will depend upon the reaction to any revisions to the funding package. Of course, as we know, things can go wrong, but I can buy more below my 2.3 avg I see no reason not to.
IK - you can lead a horse to water...........
POC, I bought on Monday @2p when news of the IceMax departure was made known. Since then, monitoring of Stena Twitter feed confirms that IceMax is heading to the Bahamas. The contract is clear as to dates when drilling has to take place. These are all facts. The absence of RNS indicates other matters may not yet be fully agreed, namely the Stena buy in option which will trigger a review of the other funding sources that are already in place. At present the Company does not have to issue any formal statement but when it does it will be significant. This must happen in next few weeks, so selling now is not an option for me.
Bryn- I think the remoteness of the presentation takes away a lot of the transmission of passion and enthusiasm that normally apply when you address a live audience. The script was sound, the illustrations clear ( including IceMax ) but is a bit remote due to technology. IMO
5-6p
Hopefully! 150,000 @ 2p about 9.20.
DMS - Stena Forth has been contracted to Tullow for drilling off Suriname, according to recent press release, so we can cross that one off the list of possibles. IceMax appears to remain firm favourite.
Zebra, as stated in the RNS, todayās issue of options were from those agreed by a massive majority at the 2019 AGM. The strike price was set at that time. So for people to be surprised when the options have now been issued is in itself surprising.
Excellent point with relevant research and information to support the statement.
JBT Iāve filtered her(?) a long time ago....
Agree with JTK. I bought 97000 at 11.23.31 @2.089 to round up my free āCERP Arbitrageā shares. Happy to await further news in next 3 months.
Ibiza, as commented by a LTH earlier, the BPC Board is Not known for information overload! They have been advised that this is frustrating for us, but they issue RNSās only when there is a legal necessity to do so, or a significant event. They did issue several prior to lockdown relating to procurement of drilling equipment and some posters criticised them for their alleged triviality. Iām sure there will be updates very soon, starting with payment due to Stena in 3 weeks.
They should do. I sold 700k bpc to fund 1m Cerp so expecting 803,000 new bpc shares today. Iāve just checked my account and cerp shares showing nil value but no sign of new shares yet.
Apologies: .ā.. over the years.ā
Caribbean Oil. Active in many other regions Over the regions. Big discovery off Mexico about 3 years ago.
Jim, a question was asked at end of AGM as to whether the merger would result in cheaper finance costs for Perserverance. Eytan didnāt give a specific response but Simon commented that the spread of assets would remove some barriers to such discussions.