For the 7.8 billion people worldwide (including those on this BB) who have Irene filtered for being so irritating, I have attempted to translate and pass on the essence of her posts in the last few days. It was a mightily difficult task though. A bit like working at the UN as a live interpreter simultaneously translating into Russian, the Furby Ambassador addressing the UN security council in Furbish while inebriated. I therefore used this link for guidance as a Rosetta stone https://www.youtube.com/watch?v=BR4wQqZH_jk
1. Something about an ‘Oopsie’. I assume she was referring to accidental flatulence by someone in her vicinity…….possibly a bulldog or poodle…’dropping one.’
2. Something about In4cedros being very wealthy.
3. What appears to be a flirtatious statement meant for Gary.
4. A few incomprehensible posts to my alter ego…’Starfish’.
5. An apparent love of washing hands, but a dire hatred of face mask activists.
6. An apparent fondness for Indian takeaways especially with a poppadom nibble starter to wet the appetite.
7. Something about CERP’s value being less than an expired crate of beer, assuming the beer had bottle tops.
8. A possible reference to BPC being the greatest opportunity for capital gains in the history of the LSE AIM. In fact on Monday she posted to Iking…’@ We have finance...trust me we have’
I could be wrong of course and stand corrected if this is the case. And I admittedly did use poetic license for point 7 and 8.
A few minutes ago a one hour delayed trade showed up
10:43:17 3.00 1,903,375 57.10k O.
No one would buy 2m shares in one pop (BPC MM size is 200k), unless they plan to buy a lot more, and don't want to 'prat about' with tiny buys of a few hundred thousand. Watch this space
The only thing permanent de-rampers will now talk about until the overall funding update is to state….. ‘BPC haven’t got the funds to do the drill’.
On the very safe assumption Stena’s executive management are not fools when it comes to money, Stena would NOT be planning a drill, thousands of miles away, with the hope BPC’s cheque doesn’t bounce.
As of today’s RNS it appears Stena has not agreed to the JV YET. If this will remain the case the BoD has 10% at the asset or share level to leverage in getting overall funding formally in place.
Proposed song for today ‘We are the champions’ by Bob Marley (Joke!) . https://www.youtube.com/watch?v=04854XqcfCY
The lyrics also sum up the BoD’s and shareholders’ ‘perseverance’ over the years. Worth reminding.
CONVICTION STRONG BUY
IKing: Wise words as always. Hope all is ok with your missus’ hospital visit.
CoMan: Thanks for your response to my tech question on the Percy-1 drill going through various plays. If you refer to this article, a diagram shows the 6 things done with the samples after spud. https://www.petroskills.com/blog/entry/00_totm/nov17sub#.X21tlGhKhPZ What is your approximate estimate for the time it takes to do this analysis? Can some of it, such as oil API be undertaken on the Stena ship?
Ibiza: I think CoMan partly answered your question earlier in the morning.
Cars: Please do keep us informed of Bahamas developments as you are normally based there and have many high level contacts.
All: This BB has generally been helpful and dignified leaving aside the emotionally charged time during the merger. IMHO attempting to answer questions from those that have a negative outlook using reasoned debate is both useful and productive. However when dealing with permanent de-rampers, rarely is it productive to answer their questions directly. All it will do is fuel more questions and observations from the de-ramper for personal gain with repeated posts on dilution / lack of funding / CERP will fail. These BBs for small AIM companies ARE read by investors/stakeholders who do not have access to regular mainstream news and insights compared to FTSE companies. Refer to BPC para here https://www.share-talk.com/stock-market-watch-icon-tils-bpc-eco-pre-tek-iqai/#gs.h1zdsb as evidence of this opinion.
Equity placing: Despite being able to possibly leverage CERP assets for finance, I do have an expectation like some on this BB for some share dilution. This could happen with a Stena JV, or if institutional investors are offered long-term shares at a fair price. Bear in mind if a pension fund were to buy 1%+ from the market, the price would spike. I remain confident the BoD will get a deal that betters the current CLNs @2p. What is more, Stena and new institutions will unlikely share dump most of their holdings.
I found this article about China interesting: https://www.dailymail.co.uk/news/article-8764715/How-China-poured-billions-Caribbean.html and wonder if they may want to be a player before or after a BPC oil strike.
A high level article showing expected KEY news-flow from now until 2022 can be seen here https://www.bpcplc.com/news-flow/ . Considering CERP accounts for the first £20m of BPC market cap (0.6p), I consider the share price is still very much undervalued, especially as news WILL be forthcoming soon.
Have a great day. DYOR.
Bryn: great post.
Irene: I'm in my 7th decade of life and a grandad a few times. In the old days we were brought up to respect the older generation. During the Covid crisis it could be as simple as washing hands and wearing a face mask to protect the more vulnerable such as me. But that's up to you. My previous post was a suggested call to action and not me being 'preachy'.
have a nice evening
I am wearing a mask when I go out whether it’s mandatory or not.
I’m not sure how being considerate to others for the common good is now being mocked by some who are calling it “living in fear”, but it needs to stop....................
When I wear a mask over my nose and mouth at work, in public and in the stores/Supermarkets/Pharmacies/Offices - I want you to know the following:
• I'm educated enough to know that I could be asymptomatic and still give you the virus.
• No, I don't "live in fear" of the virus; I just want to be part of the solution, not the problem.
• I don't feel like the "government controls me". I feel like I'm an adult contributing to the security in our society and I want to teach others the same.
• If we could all live with the consideration of others in mind, the whole world would be a much better place.
• Wearing a mask doesn't make me weak, scared, stupid or even "controlled". It makes me caring and responsible.
• When you think about your appearance, discomfort, or other people's opinion of you, imagine a loved one - a child, father, mother, grandparent, aunt, uncle or even a stranger - placed on a ventilator, alone without you or any family member allowed at their bedside.....Ask yourself if you could have helped them a little by wearing a mask.
I copied and posted......Who else will follow me by posting this on social media and to their friends/relatives and workmates?
Cars: but the prospect site is just off North Cuba! If there was an oil spill it would land in Cuba and Florida Keys according to an article I posted a few weeks ago on ocean currents. Furthermore, lots of oil tankers pass through Bahamas water with no real complaint.
CoMan: Welcome back. Clarification please.....with the caveat I may be using the wrong terminology. ............... Based on various written and verbal presentations (eg page 11 diagram, Aug 2020) I believe there are 10 potential reservoirs the Percy-1 exploration drill will go through at the same location. Any or all 10 could have oil traps of various heights or thicknesses that spread for miles. Is this correct? In other words, the one physical exploration drill will go through all +/- 10 layers over a period of a few weeks...in the same drill hole?
Rocket: It's daft to wait until the SP is at £1.50. Buy now at sub 5p.
If you mean 1.5p, you may be waiting a long time as all the evidence points to MM Shore CAP not allowing price to drop below 2p.
Refer to my post from this morning
Dubed: Excellent find on LinkedIn………….
‘Ultra-deepwater drillship Stena IceMAX has today departed Gibraltar and is bound for Las Palmas, Gran Canaria. The rig has new contracts lined up off the Bahamas and in Mexican waters.’ Source https://www.linkedin.com/posts/bassoe-offshore_stena-icemax-bassoe-analytics-activity-6711230855995498497-xrad It was posted by the highly reputable Bassoe Offshore international group of companies https://www.bassoe.no/ who have 30,000+ LinkedIn followers.
Stena Drilling is far from being a picks and shovel company. It is not ‘Snow White and the seven dwarfs mining Limited.’
StenaMax alone cost $1 billion to build, the fleet is worth billions, and the charge out rate is in the hundreds of millions per year when fully deployed. The annual financing costs, maintenance, repairs, crew and port costs for IceMax alone must be astronomical. $10m is peanuts in the overall picture, and even more so if you include Stena Sphere as a whole.
The key points to the above are:
1. A Stena ship WILL do the Percy-1 drill. All fingers currently point to the IceMax.
2. An RNS on 26/5/20 stated Stena has a 10% JV option in shares or asset level. This wouldn’t have been disclosed if it was untrue, unlikely or misleading, for example if Stena fell about laughing at the idea.
3. $10m is peanuts to Stena, yet currently a large chunk of change for us.
4. IF Percy-1 is a success, Stena will likely have options in the contract to drill appraisal wells, Percy-2,3,4 etc etc. The potential revenue in the future will be far from the original bag of peanuts.
Which brings me to an opinion I have never stated before:
Let’s say Stena does not want to do a JV. There is an alternative simple solution which is not rocket science: buy now pay later (3 years?) with delayed invoicing secured on CERP assets. Interest can be in the form of shares. If £/$1m and Percy-1 is a success, the ROI will be more than the debt owed. I voted for the CERP merger mainly because of potential access to capital markets loans/bonds to fund Percy-1. In the aforementioned Stena scenario, it would happen through the back door.
I have absolute confidence the BoD will negotiate the best funding possible for us. And we will read about it ‘soon’ in an RNS that will appear out of the blue.
IMHO. DYOR. Strong BUY.
Rossannan (or if may be so familiar, ‘Dross’): Your post addressed to Jimtheknow who is considered by many a highly respected commentator on the BPC BB going back many years, is totally unfounded. This includes my respect, despite having a couple of skirmishes with JTK. Here are the facts and my opinion surrounding the facts:
1. Fact: Currently BPC has 2 CLNs which if invoked will be more than the funding required to drill Percy-1 and have enough left (including change) to develop CERP assets.
2. Fact: It has been stated by the BoD, these CLNs are worst case benchmarks, assuming no Stena JV nor a better deal anywhere else.
3. Fact: Since last month, BPC owns CERP assets it can leverage to offset some of the CLN requirements.
4. Fact: The CLNs could not be invoked, unless waived, if the SP went below 2p at end of day, over a contiguous period of time. Refer to https://finance.yahoo.com/quote/BPC.L/history?p=BPC.L and you will see since June 1, 2020, this I believe has happened only twice. And BTW, I too could make the price at eod 1.95p by selling 5 shares worth 10p as the last trade!
Respectful bottom line opinion: Your post is unfounded.
Out of curiosity is the allegation you asked for money to stop posting negative commentary correct or erroneous?
Yes folks....you are absolutely right.....[Wiki...] ...'In fact contrary to popular belief, the famous reggae musician Bob Marley never recorded a version of "Don't Worry, Be Happy", as he died seven years before the song was written. Despite this, a video on YouTube entitled "Bob Marley - Don't worry be Happy " has over 146 million views.'
so..... I herby correct my post, as the song was written by Bobby McFerrin and nor Marley.
Nevertheless......BPC remains a STRONG BUY!
Solarfire (love the name!): Thanks for your post. A quick response as it's approaching my switch-off time based on where I live......
1. Today we had 2.25m shares traded which is peanuts. My family and I have many more than this and so do many posters on this BB.
2. The MMs bid/ask was 2.25 - 2.60p most of the day, although de-facto real price was generally around 2.3 (sell)- 2.4p (buy).
3. As such, the close price was below yesterday and almost all buys today were shown as sells.
4. As an LTH looking forward to the big Percy-1 spud..... I don't care!
If you have other questions, I will attempt to answer in the morning (your night!) with the caveat you should always DYOR. I share in your confidence of our BPC BoD. Have a nice evening.
Firstly, I'm annoyed. The last trade of the day (subject to off-book trades in the next hour) was for 9 pence, 4 shares...
16:35:26 2.32 4 0.09. Such alleged SP manipulation to influence the price on opening should, I believe, be banned by AIM.
Secondly, everyone is awaiting news which is why SP and trading was stagnant today. IMO on news-flow...
(1) Stena has NOT made the JV and spud date decision yet, in which case it is pointless writing an RNS stating same. Or,
(2) Stena HAS made the decision and depending which option they have chosen, the BoD are negotiating the funding of the balance before making a formal announcement. The BoD has stated worst case scenario is the current CLNs on offer at 2p, which is a benchmark rather than the aim. Furthermore we have something extra we didn’t have in February: leveraging CERP assets in a bond/loan scenario for some of this funding.
Let's wait and see. 'Be happy, don't worry' a.....s Bob Marley said in his song. However that's just my opinion.
Bryn: agreed. It also gives some contingency in the event of a hiccup. For example if one or more of the crew got Covid, the drill ship doesn't need to go to Mexico until May/June, yet potentially finish the Bahamas before hurricane season and the theoretical current Force Majeure date of April 15 2021. This wouldn't be possible id the IceMax was scheduled to be in the China Seas in May.
Arma/Bryn: IceMax 2021 ....
Jan/Feb in Bahamas for Percy-1 exploratory well.
May/June for a few weeks in Mexico (while the BPC core samples etc analysed).
After Mexico back in the Bahamas 4th quarter to drill Percy-2 or Percy-1 appraisal wells.
In the words of Bob Marley…..’Don’t worry be happy’. Admittedly he was probably as high as a kite most of the time, and always happy, Marley’s four and a half words are very true. https://www.youtube.com/watch?v=L3HQMbQAWRc
There's absolutely no point in worrying or getting excited about short term SP fluctuations. In fact I personally find the overall 'story' quite fun. This would not apply if a failed spud resulted in having to send one's wife (or husband) into escort services, to put food on the table.