Member Info for Starchild

Watch https://www.youtube.com/watch?v=97B0ZuskdrI

Jono44: your post is wrong. Funding is dependant on the EGM vote, PLUS....the open offer AND/OR the Institutional placement c24 hours later. A minimum £5m subscribed from the OO/placement out of +/- £6.9m on offer will trigger Bizzell funding for £2m.

It therefore does NOT put PI's on the spot.

Why do you keep posting here as you admit to having no BPC shares?

Starchild

Key points

The Company can confirm that mobilisation of the drilling rig to the field is scheduled to commence on 9 May 2021, with rig-up activities to be completed on or around 17 May 2021. The rig - Well Service Rig #4 - is being supplier by Well Services Petroleum Company Ltd ("WSPC"), one of the oldest and largest onshore drilling companies in Trinidad. The rig was selected and contracted based on the experience of WSPC, and in particular their superior ability to handle drilling fluids. BPC has paid the initial mobilisation fee to WSPC, with no further fees payable until and unless the Saffron-2 well is spud.

Spud is expected to occur on or around 23 May 2021, subject to successful completion of the current open offer and placing process, and subject to passage of the various resolutions that have been proposed at the Extraordinary General Meeting to be held on 17 May 2021.

Saffron # 2 - Well Potential

The intention is to place the Saffron-2 appraisal well onto immediate production, with ready proximity to oil sales infrastructure, and expected production is in the range of 200 - 300 bopd. Based on a US$60/bbl oil price, this would generate cashflows to BPC of US$1.8 million - US$2.6 million per annum, with a full well payback of 12-18 months and a ROI of in excess of 200 per cent.

key recommendation from me: VOTE YES to the 5 EGM resolutions and refer to my previous post this morning

GLA

Starchild

This BB is getting more toxic by the day. It reminds me of the extreme toxicity during the CERP merger debates last summer.

What’s the point of real shareholders currently at a loss, attacking other real shareholders also running at a loss? Does this improve everyone’s lives? Do those that make repeated personal attacks, insulting other shareholders, or prepubescent name calling, feel better? Does it make the SP go up? What’s the point crying over spilt milk when a potential cash cow is in our reach in 6 months, with or without a Bahamas farm-in?

The anti-BPC crowd, ex shareholders and those shorting the share absolutely LOVE this animosity. Those that bombard negativity 24x7 feed off those posts to put off new investors for their own agendas.

The main reason BPC has a funding need is the Percy-1 drill went c$10m (net, after pending negotiations) overbudget. This is why we have the open offer and placing next week for approx the same amount. It could have been worse. Had BPC working practices not been vigilant in stopping 14 Covid-19 positive contractors boarding the IceMax, and had the ship suffered a major outbreak, the situation would have been dire. It didn’t and it isn’t dire. BPC can move forward with real shareholders help.

Recommendations

1. Rather than relying on anyone here to make your BPC investment decisions, it is important you watch the recent company presentation (31 mins) https://youtu.be/oEl4lw107OA and read the 5 page Auctus 27/4/21 pro-analyst’s report: https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2021/04/28113530/Auctus-BPC-27.04.2021.pdf .

2. Vote ‘FOR’ the 5 EGM resolutions. Depending on your share platform, it could be as easy as sending a secure email or making ONE 5 minute phone call. 75% shareholders need to vote ‘YES’ for resolutions to pass, after which the company can reset, regroup and move forward as described in the presentation above.

3. Take independent professional advice whether to subscribe to the open offer and don’t rely on this BB for that advice.

4. Keep a lookout for Eytan’s promised QA session expected later today.

All IMHO. Always DYOR. Take the open offer, sell, hold, buy….it’s up to you of course. GL to all real shareholders.

End of sermon

Starchild
https://www.lse.co.uk/profiles/starchild/

Surelock: only way to vote is to phone your provider or send secure message. If you have paper shares, I suggest you contact Link IOM for advice
https://www.bpcplc.com/investor-relations/shareholder-information/

Starchild

Prepaing: Please do not refer to me as Starfish. It has obscene connotations and it upsets me. SO why do you continue to do so?

OK. If you were the BoD, what would you have done differently since November 2020? Please explain.

Starchild

I stand by my original opinions below, with additional commentary in [ ]:

‘Banks love to lend for projects, whether oil production or a gold mine, that gives an ROI in 1-2 years. BPC does NOT need tens of millions now’. [This is a FACT. In BPC’s case I was referring to moving forward in a successful outcome on its various short/medium term objectives ]

‘The SP has risen from 0.45p and will probably continue to meander higher pending news’ [it did and reached 0.7p]

TOTALLY FALSE …………..‘Any placement isn’t going to be hugely discounted and who knows where the SP will be if/when an equity raise is done. Keep some powder dry but I always find for good companies with a clear use for new funds, the share price rockets upon a week of the placing shares being allocated’ ………… [To attribute this post to me is TOTALLY FALSE. I quoted from https://www.lse.co.uk/profiles/bully1985/ HIMSELF at 10/4 13:17 on GGP!!!!!!! ]

‘20/01 - I continue to believe we are fully HEDGED in case of a duster’ [If the BoD objectives are reached as stated in presentations and reviewed by analysts, we are IMO still hedged to 2p+ based on a farm-in and/or all SWP being a total success. However this may not happen until 2022 unless there is a farm-in involving a cash payment]

Bully1985 yesterday….’So please continue listening to posters like Starfish who make such a compelling case and ignore posters like myself who try and provide a little reality. Don’t mind me I’m off to count my money….’ [This poster admits to trolling, behaves like a bully, attacks other posters, posts anti-BPC sentiment 24x7, posts untrue comments to cast doubt on others’ motives and integrity…. All for what……………… ‘TO COUNT HIS MONEY’ while shorting BPC. I allege such manipulation of sentiment for selfish gain wrongful and contributed to the SP not staying above 0.8p resulting in the recent placing being substantially below that figure ].

I post in good faith and give opinion based on company presentations and professional analysts’ opinions. Finally, I have asked on several occasions not to be referred to as ‘Starfish’ as this has obscene connotations in urban slang. Please respect this request.

I wish all real shareholders good luck

Starchild
https://www.lse.co.uk/profiles/starchild/

DaProphet: I suggest sending QAs to BPC direct in parallel to contacting Proactive. As it's time critical, it is advisable to make the email subject line meaningful in case it gets missed. eg, 'Follow up questions to BPC presentation'

I envision the 2nd presentation or may be a simple QA document will be available by end of this week.

GL

Starchild

Refer to the 1/12/20 RNS which explained Trinidad/Suriname strategy as of that date. It included an updated independent CPR of BPC reserves, by ERC Equipoise Pte Ltd. When reading it, remember few material changes compared to then and now: Financial projections and NPV were based on $40 PoO, not $60; spud dates have slightly slipped with Saffron 2 expected to Spud later on in May. (See https://polaris.brighterir.com/public/bahamas_petroleum_company/news/rns_widget/story/rg429jr )

Key point: for the approximately HALF the cost of an offshore drill which would need hundreds of millions to turn a successful outcome into a producing field, BPC can spud and produce from NINE Saffron lookalike nonuplets (at potentially >10m boe reserves EACH) over the next 1 month to 2 years. BPC doesn’t need the +/- $30m CAPEX to do so in one go and can organically access funding such as reserve based lending etc for these objectives. Furthermore, whereas a wild-cat offshore spud is high cost, high risk, high reward…. onshore spuds x 9 spread the risk/reward at a much lower total cost.

Below are extracts from my post yesterday morning. It is to assist newbies today that rarely read this BB which has become toxic of late, fuelled by a few non-shareholders/shorters who bombard negativity……..

Extract

Rather than relying on anyone here to make your BPC investment decisions, it is important you watch last week’s company presentation (31 mins) https://youtu.be/oEl4lw107OA and read the 5 page Auctus 27/4/21 pro-analyst’s report. Then make the decision: https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2021/04/28113530/Auctus-BPC-27.04.2021.pdf

A key point being made: the current share price and Mcap is based purely on the current measly 450-500boe / day product. It is as if BPC is a micro company that only has its current wells making $3m/year in free cash after opex, with nothing else. The market has not priced in ANY upside based on the short-medium term potential of Saffron 2, Suriname, SWP nor Bahamas monetization. Furthermore, Bizzell shows confidence in the company’s potential by still keeping the funding bar @0.8p when they could have asked for repayment at the OO price of @0.35p.

Recommendations:

1. Vote ‘FOR’ the 5 EGM resolutions. Depending on your share platform, it could be as easy as sending a secure email or making ONE 5 minute phone call. 75% shareholders need to vote ‘YES’ for resolutions to pass, after which the company can reset, regroup and move forward as described in the presentation above.

2. Take independent professional advice whether to subscribe to the open offer and don’t rely on this BB for that advice.

All IMHO. Always DYOR. Take the open offer, sell, hold, buy….it’s up to you of course. GL to all real shareholders.

Starchild
https://www.lse.co.uk/profiles/starchild/

ZagEgypt. I'm a 'tit'?

I haven't been called that as a slur since a ginger headed kid called Malcolm de la Montague did so when we were eleven years old in a private school many decades ago. He was a posh kid and said it very poshly with plumbs in his mouth....., ' I say Starchild, I do believe one is a tit for encouraging one's pony to bite and mate with my pony during school dressage trials.'...

You have a great day too buddy.

Starchild

xxx

Antha: watching footie, so this is a quickie repose to be taken in conjunction with my previous one. .....

I havent researched this, however there is no way an EGM to sack the BoD would pass. I believe 75% (maybe 50%+) of shareholders would have to vote FOR, based on the number of shares not the sum of the shareholders. It would take 21-28 days lead lead time. A disgruntled shareholder (minimum 3, 5 or 10% overall holdings as I'm not sure) couldn't propose this the day before. As such, it is IMO NO point in proposing it. And I wouldn't support such a move anyway.

Starchild

Antha: A few counter arguments….

Your points 1 to 3: I rely on recent RNSs, the presentation and Auctus pro-analysts. What you state is possible, but then so are the company/Analysts viewpoints. I can’t prove the SP will not go down to 0.25p-30p for the short-term, but you can’t prove it will not jump to 0.8p in a few weeks and soar thereafter based on news. Furthermore as a starter, SENX, as far as I am aware does not have the equivalent of Bahamas monetization assets. P/E ratios for oil / gas are approx 17x as a rule of thumb. If the $3m in free cash BPC is currently making was pure profit (which it is not), it could be argued BPC's Mcap could feasibly be $50m/£38m.

Your point 4 is I believe disingenuous. Firstly, The BoD IMO has nothing deserving of sacking on-masse. Would I give 10/10 and a gold star? No, not yet, however…

(a) The Percy-1 drill was not done by negligently wasting $140m with a random punt. The chances were against us from the beginning and LTHs took the risk eyes wide open.

(b) Furthermore, the LOL finance deal was because it had no choice under the circumstances of the perfect storm at the time.

(c) The drill went $10m over budget due to reasons beyond BoD control which is currently being negotiated.

And (d) One very positive thing the BoD did was the CERP merger, otherwise we would be in deep doo doo with little hope of light at the end of the tunnel other than Bahamas monetization.

Let’s say for hypothetical reasons we wanted to replace the BoD in future. You suggest doing so now by voting no at the EGM in some sort of protest. This would result in a total short/medium term collapse of the SP unless there was a plan B. It would also require a mutiny by a group of substantial shareholders, not lots of small disillusioned holders. I do not profess to being a big shot although I own more than 0.6% percent of the company, but I would NOT support such a move. Furthermore, who would take the lead to find a new BoD, assuming key competent persons could be found within weeks for the right price BPC could afford including hefty share options? I think not.

Without appearing to criticise as I respect your opinions although do not agree with your recent ones, I believe you lost substantial money on BPC recently, are upset, hence you want people to vote against the proposal in the EGM. If this happened, I believe it would be a grave mistake.

DYOR as these are just my opinions.

GL

Starchild
https://www.lse.co.uk/profiles/starchild/

Eggchaser: you make some valid points. BTW, BPC needs 75% yes vote from those that vote out of the total votes given. Abstentions do not count as YES nor NO.

To use an example, with the current 5 billion shares, if investors holding 2.5 billion shares do not vote out of apathy or forgetfulness, it needs 75% of the remaining holders with 2.5 billion shares to vote YES.

Separately, only shareholders prior to the announcement on 23/4/21 qualify to take part in the placing at 1 share = 0.35p. These can be divided into 4 groups: those that take their full OO entitlement, those that request more than their entitlement, others that take less than their entitlement, and those that do not wish to take part.

Any shortfall will be covered with an II placing at the same rate.

GL

Starchild

This BB has become toxic. With a few commentators, some shorting the share, pretending to be the many by machine gun posting negativity to influence market sentiment for personal gain. Others are real shareholders frustrated at the Bahamas result price correction made worse by the imminent placing. This is totally understandable however most do not bombard negativity, as frankly there’s absolutely NO point crying over spilt milk especially as there’s the potential to a acquire a (cash) cow in future.

Rather than relying on anyone here to make your BPC investment decisions, it is important you watch last week’s company presentation (31 mins) https://youtu.be/oEl4lw107OA and read the 5 page Auctus 27/4/21 pro-analyst’s report: https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2021/04/28113530/Auctus-BPC-27.04.2021.pdf . THEN make decisions.

A key point being made: the current share price and Mcap is based purely on the current measly 450-500boe / day product. It is as if BPC is a micro company that only has its current wells making $3m/year in free cash after opex, with nothing else. The market has not priced in ANY upside based on the short-medium term potential of Saffron 2, Suriname, SWP nor Bahamas monetization. Furthermore, Bizzell shows confidence in the company’s potential by still keeping the funding bar @0.8p when they could have asked for repayment at the OO price of @0.35p.

Recommendations:

1. Vote ‘FOR’ the 5 EGM resolutions. Depending on your share platform, it could be as easy as sending a secure email or making ONE 5 minute phone call. 75% shareholders need to vote ‘YES’ for resolutions to pass, after which the company can reset, regroup and move forward as described in the presentation above.

2. Take independent professional advice whether to subscribe to the open offer and don’t rely on this BB for that advice.

All IMHO. Always DYOR. Take the open offer, sell, hold, buy….it’s up to you of course. GL to all real shareholders. Have a nice Sunday and be NICE to fellow commentators.

Starchild
https://www.lse.co.uk/profiles/starchild/

Below is for newbies (or oldies) who seek most key points in one place :

Watch the 31 mins Eytan (CEO designate) presentation: https://youtu.be/oEl4lw107OA

Read the 5-page Auctus 27/4/21 analyst’s report which explains funding availability vs need and the potential massive upside. Then do the maths: https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2021/04/28113530/Auctus-BPC-27.04.2021.pdf

Recommendations:

1. Vote FOR the 5 EGM resolutions (generic source https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2021/04/23135628/EGM-17-May-Proxy-WEB.pdf ). It could be as easy as sending a secure message to your share platform/nominee provider. If a no vote is passed, unless a plan ‘B’ is made public by the BoD, it is an almost mathematical certainty the SP will collapse further to the delight of the shorters. The market does not like uncertainty with the resolutions if approved, bringing closure to the past, while opening doors to the future.

2. Take independent professional advice whether to subscribe to the open offer and don’t rely on this BB for that advice. Warning: This BB has been over-run by a few short sellers who bombard negativity 24x7 to influence market sentiment and pretend to be the many.

Timetable and deadlines

• Latest recommended time and date for requested withdrawal of Open Offer Entitlements: 4:30 p.m. on 6 May 2021.

• Latest time and date for depositing Open Offer Entitlements and Excess CREST Open Offer Entitlements in CREST: 3:00 p.m. on 7 May.

• Latest time and date for splitting Application Forms (to satisfy bona fide market claims): 3:00 p.m. on 10 May.

• Latest time and date for receipt of Application Forms and payment in full under the Open Offer and settlement of relevant CREST instructions (as appropriate): 11:00 a.m. on 12 May

• Announcement of the result of the Open Offer and the launch of the Placing: 4:35 p.m. on 13 May

• Announcement of the results of the Placing: 7:00 a.m. on 14 May

• Latest time and date for filing of proxies for the Extraordinary General Meeting: 11:00 a.m. on 15 May

• Extraordinary General Meeting: 11:00 a.m. on 17 May

• Announcement of the result of the Extraordinary General Meeting: 17 May

• Admission and dealings in the Open Offer and Placing Shares, Shares issued pursuant to the Conversion of £2.5m Convertible Notes and Second Tranche Fee Shares expected to commence on AIM: 8.00 a.m. on 21 May

• Where applicable, expected date for CREST accounts to be credited in respect of Open Offer Shares in uncertificated form: As soon as practicable after 8:00 a.m. on 21 May

• Record date for the Share Consolidation: 4:30 p.m. on 21 May

• Dealings in the New Ordinary Shares expected to commence on AIM: 8:00 a.m. on Monday 24 May 2021

All IMHO. Always DYOR. GL to all real shareholders. Enjoy Saturday.

Starchild
https://www.lse.co.uk/profiles/starchild/

DavidBrent: that's fine. I agree don't throw good money after bad. Which i deduce from your post means you have no intention to take part in the offer. This is your decision which I respect.

However as a separate matter, it is pointless any real shareholder (I believe you are one) attacking other real shareholders. It causes bad feeling and negativity on this BB. Anti-BPC actors feed on this for selfish gain in attempts to destroy the SP further.

I am not giving a sermon, just a suggestion.

Starchild

Carlif1990/DavidBrent: Respectfully, we are all substantially down, me most than most in real £££. It is pointless attacking other LTHs who are also down that provide upbeat opinion.

It's not sunshine and roses (YET), but let's not give shorters or BPC haters ammunition to make matters worse. They feed on negative posts to manipulate sentiment.

Come on folks. Be nice with fellow LTHs

Starchild

SvS: I totally disagree with your last para. It is a total NO BRAINER to vote for the 5 resolutions. If these votes are not passed (other than the company rename one), the situation will be dire. BPC will not be able to 'reset' and move forward unless there is a plan B.

As for whether to buy more shares as part of placing, that is more complicated as it involves spending money, hence my suggestion for DYOR and seek pro-advice.

Does anyone (who is a real shareholder) have plausible rational reasons we should vote no?

Starchild

Watch the 31 mins presentation: https://youtu.be/oEl4lw107OA (Deltalo thanks for the link)

And then read the 5-page Auctus 27/4/21 analyst’s report which explains funding availability vs need and the potential massive upside. Then do the maths: https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2021/04/28113530/Auctus-BPC-27.04.2021.pdf

IMO Eytan was confident, assertive, honest, and informative. There was no sugar coating. He explained very frankly the Percy-1 drill went way over budget (with some payments under dispute) which left an unplanned +/- $10m financial hole. I did not get the impression of Oliver Twist sheepishly asking for more. Instead, I saw someone taking the lead who has found a permanent solution to having enough food on the family table today, more than enough food in weeks, with the possibility of gourmet feasts in months.

A key point made by Eytan, Auctus and several commentators recently on this BB is BPC’s MCap (at the offer price of 0.35p x 8B old shares = £28m) is based purely on the current measly 450-500boe / day production. It is as if BPC is a micro company that only has its current wells making $3m/year in free cash after opex, with nothing else. The market has not priced in ANY upside based on the short-medium term potential of Saffron 2, Suriname, SWP nor Bahamas monetization.

Furthermore, Bizzell shows confidence in the company’s potential by keeping the funding bar @0.8p when they could have requested repayment @0.35p.

I stand by the opinion I have stated on several occasions when the SP was between 0.5p – 0.6p…. ‘There’s very little scope for the SP to fall further LONG-TERM, yet huge potential for a surge in the short-term. AIM is quick to punish and quick to reward its listed penny share companies….’

Recommendations:

1. Vote ‘FOR’ the 5 EGM resolutions. Depending on your share platform, it could be as easy as sending a secure email.

2. Take independent professional advice whether to subscribe to the open offer and don’t rely on this BB for that advice. Warning: This BB has been over-run by a few short sellers who bombard negativity 24x7 to influence market sentiment and pretend to be the many.

All IMHO. Always DYOR. Sell, hold, buy….it’s up to you of course. GL to all REAL shareholders.

Starchild
https://www.lse.co.uk/profiles/starchild/

ZagEgypt: your comment is ludicrous. Of course they don't have the $10m today, it's based on an open offer which if undersubscribed by shareholders will be offered to IIs in approx 2 weeks. Therefore your argument and maths were flawed.

You can huff and puff and state, IIs will not want to subscribe for the difference, but in the meantime the only legacy debt owed in June is $4m to LOL. Stena's has yet to be resolved which can take months and when it is resolved, BPC (or CEG by then) can pay in shares whether S2 is successful or not.

End of debate. Stop trolling real shareholders

Starchild

Starchild