Member Info for Starchild

Farm-in and oil ‘found’ rumours

Respected LTH commentator Pageofcups would never start a Farm-out rumour unless he believed his source was credible. Let’s say this rumour resulted in the SP temporarily surging, it would mean instead of being c70% down, POC would only be c60% down! H/er posting history shows no evidence of being manipulative, therefore there is no motive to concoct a baseless rumour. The same applied to Laallee over Jmann’s ‘lots of oil has been found’ posts. On the latter Jmann likely stated this in good faith and may be ultimately vindicated, despite it being non-commercial, ie, below 150m-200m boe. Because even 75m is still ‘lots’.

The fact is since 8/2/21, BPC are still in talks with majors. Monetization of Bahamas acreage has been accelerated with GNEISS since 16/2. 2 weeks is a ample time to knock on many doors and as stated in the RNS, to get unsolicited JV interest direct. I am not an expert on oil-well autopsies however I suspect the 80-20 rule applies. For 20% of the time/resource, 80% of the analysis can be done to prove what was logged in real time since spud on 20/12. It is possible it will take the remaining 80% of the time to finalise 20% of the final tech analysis. This probably means BPC/GNEISS has enough intel to be in the middle of negotiations. If there is substantial interest, there is a huge incentive to act quickly: BPC may do a deal with someone else.

Take-over rumours

There are 2 types of takeover/merger. Hostile and non-hostile. A question recently posed was why would a company pay for a farm-out when they can buy (or try to buy) BPC with its currently low SP? Opinions:

1. If hostile, we would know about it. The SP would surge as the predator builds a position over a few days until a TR-1 RNS is issued.

2. With BPC’s relatively low trading volumes, a mere 20m of buys/sells from the same person has made the SP move. What would happen if someone bought 5% (240m shares) over a few days?

3. The offer would have to be a lot more than the SP after this surge, for 51% shareholders to accept. The BoD and BPC staff (c10% held including options) would not.

4. It is unlikely a major would act in this way to save say, $50m in petty cash. I am not aware of any instance it has been done to a tiny energy company as it could be bad for PR.

5. A Major is unlikely to be interested in ex-CERP assets, or the hassle of disposing them.

6. A small player such as PRD could try this to get its hands’ on Trinidad assets, and then dispose of Bahamas acreage to pay for it. Let them try!

7. If non-hostile, it would have to be a lot more than the potential of Ex-CERP assets, Bahamas, and Uruguay. BPC is NOT in need of cash to survive. However if next week BPC recommended a takeover by Shell for 6p paid in Shell shares, I’d probably vote, erm, erm,…’yes’.

IMHO. DYOR. Have a great Saturday.

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

Jono44:

My original assumption was the suppliers were paid 135m shares at 0.8p. All the evidence now points to 0.5p. I suggest you get professional advice as you clearly did not understand my previous post.

If my company was owed £100k by, for example BPC and we accepted shares at 0.5p instead, i would do one of the following:

1. If I needed the 100k in cashflow for my company, I would sell the shares ASAP, perhaps forward selling them via a broker. I wouldn't wait in case the SP went up 5,10,20%...or in BPC's case substantially more with ex-CERP or JV potential. However I wouldn't wish to sell below 0.5p unless desperate for cash to pay my creditors. However, in this scenario I would have insisted BPC pays the £100K when due via wire tx, instead of shares.

2. If I didn't need the cashflow, I would get professional advice. And sell at a certain price but at more than 0.55p.

GL

Starchild

Hairy Mary
The most unusual posts were about https://www.urbandictionary.com/define.php?term=Hairy%20Mary . As I profess no expertise on the matter, I will await for an official RNS or news flash.

Dilution
Since 2019 until the Percy-1 result, funding has been at 2p or more, yet the SP has only fallen below 2p for short periods of time other than Covid-19 events spring 2020. BPCs market cap increased. Many of those most vocal against dilution for reason below appear to be part-time traders. Had PIs bought shares at 2p or less with no intent to trade them prior to result, they wouldn’t have objected to the same degree.

Overhangs
Overhangs are the number 1 enemy to day-traders holding a position after a placing because they can’t play with the share until the overhang ends and have to sit on a loss. The ones that timed their trades in their favour, often boast on BBs, ’I told you so’. The current 135m overhang has ended in the sense that a supplier that got shares at 0.5p and was happy to get 0.5p sold by forward selling on a T6 or manually Monday – Wed this week. The remaining shares if any, are likely held. This was evidenced yesterday because anyone could have got 0.55p – 0.572p but there was no surge of sells lowering the price 0.5p. Why? Based on the potential 0.8p soon. Or much more if ex-Cerp assets come up trumps or there is a farm-out.

GNEISS
Are financial solution providers, problem solvers and expert negotiators. Their CEO and founder Jon Fitzpatrick was a senior manager for Macquarie. They have come up with the goods 3 times so far for BPC. One of their areas of expertise, is advising on asset acquisitions and divestitures and connecting major players with small and mid-caps. his includes data room hosting, ie, helping interested farm-in parties undertake due diligence. (source http://gneiss.energy/service/asset-ad/ ). Also refer to their 2020 annual review http://gneiss.energy/gneiss-energy-2020-annual-review/ .

BPC’s acreage has value that can be leveraged. Percy-1 was NOT a duster. BPC does NOT need a farm-in for survival. If Percy-1 was a total duster and the CERP merger had not happened, any farm-in targets would know this and offer punitive bids. This probably happened in 2018. The major liked what it saw and either waited for BPC to fail funding, or ‘we are interested, but come back to us after the spud.’ Furthermore, Brent PoO being where it is now and projected to go higher, is perfect timing. Imagine if PoO was $35/b?

The CERP BoD took this into account before unanimously voting for the merger. They concluded unless a total duster, if the drill came up ‘heads’, CERP LTHs would win HUGE, ‘tails’, they would likely still win a smaller amount. The merger decision was not based on a Hail Mary (or Hairy Mary) out of desperation. If a JV is successful, news will come suddenly.

IMHO. DYOR. GLA

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

1. BPC’s Market Cap was £25m last night. @1.40 approx $35m.

2. PoO WTI is $63/b.

3. It costs $20/b to extract oil onshore from ex-CERP wells.

4. At $60 PoO this represents a $40 gross profit.

5. The stated goal by year end is to produce 2,500b per day (900,000b per year) from ex-CERP assets.

6. Trinidad does have high corporation tax, but this will NOT apply to BPC until $85m net profit has been generated plus ongoing capex. Round figures $100m. …..’In Trinidad, the assets are governed by corporate tax (55%), SPT [If WTI PoO more than $75/b, it is 50%] and royalties (12.5%)…… IMPORTANTLY, outstanding tax losses are ~US$25 mm for Goudron, ~US$15 mm for Inniss-Trinity and ~US$45 mm at Bonnase/Saffron’…….’ (Source page 20 https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2020/12/08133633/Auctus-BPC_IOC_08.12.2020.01.pdf )

7. The cost of a Purina Fancy Feast variety pack of grilled seafood, with gravy, containing 30 cans of cat food is $18.44. (source Walmart https://www.walmart.com/browse/pets/fancy-feast-wet-cat-food/5440_202073_1749780_5753663_3468323 )

8. Off-topic: Your average pet cat spends most of its waking hours figuring out how to kill you and eat you. (source https://www.forbes.com/sites/brucelee/2018/03/11/here-is-why-your-cat-may-be-plotting-to-kill-you/?sh=1bd6c386146f )

9. 900,000b/year x $40 = $36m/year gross, c$30m net profit. Which is approx BPC’s Mcap today.

10. $30m net per year can buy enough LUXURY cat food with gravy to feed 50m cats for 1 day, or 1 cat for 137,000 years.

11. $30m net per year can also pay for an offshore exploration/appraisal well EVERY year without share dilution or borrowing.

12. It can even be used to buy/merge with other companies. And one day, pay shareholders dividends.

I believe the market and short sellers has been so fixated with the result, despite Percy-1 NOT being a duster, the above potential has been forgotten. Rumours about a BPC bankruptcy are simply absurd.

The BPC BoD has delivered on all its promises and met all it targets to date for events under its control. Disagree, but provide evidence.

To publicly complain about the SP is fine, but the machine gun posting of abuse and attacks against persons who cannot publicly defend themselves other than via RNS is akin to using a baseball bat on someone in a wheelchair who is blind.

As of this week, my family and I currently have more shares than everyone on the BPC BoD except Mr Potter (source bottom https://www.bpcplc.com/investor-relations/major-shareholders/ ). I am currently experiencing a huge loss, so the previous sentence is an embarrassment not a boast.

As a relatively major holder I remain confident the SP will recover to +/- 0.8p very soon, with SUBSTANTIAL further upside based on expected RNSs, some imminent. Refer to my previous posts for the rationale. But that’s just my opinion so please DYOR.

GLA

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

I do believe the 135m overhang of immediate sales has just ended. But i could be wrong.

Starchild

Petroleuminvest: you asked me a question…..‘What does this mean in potential SP in a years time..please advise’.

My advice is to DYOR or seek advice from a professional advisor who has no conflict of interest.

I have rarely given an opinion on the actual SP, unless backed by P/E ratios, research and analysts’ opinions. Please refer to my 4:16am 22/2 post on the possible permutations. All said and done, I believe most LTHs are going to be OK by year end.

Rather than be a rabbit in the headlights I war gamed the possibility of a total Percy-1 duster which was NOT the case. I had several million shares prior to 8/2 and budgeted for, and bought, several million more since. My strategy was based on the belief the BoD has historically set targets that have been met:

1. Funding the Percy-1 drill despite PoO collapse in the summer.

2. Executing the Percy-1 drill despite Covid-19, Environmentalists’ legal actions, a government in power publicly stating it was against oil exploration and exploitation, and being allegedly stabbed in the back by ‘suppliers’ LO and Lloyds of London.

3. Discovering oil systems having spent $130m to do so, therefore proving their belief and justifying this expenditure.

4. Increasing production to 500/b per day in Trinidad.

5. Funding the immediate anticipated $4m cost of drilling Saffron 2 and the WNZ appraisal well.

I therefore conclude the BoD’s outstanding targets will be met:

6. Monetizing Bahamas acreage in the future (JV/Farm-in, Farm-out). In fact there has been SO MUCH current and potential interest, GNEISS who have a history of negotiation expertise and coming up with the goods for BPC, have been appointed to manage the process.

7. Reaching 2,500b /day in production within 10 months.

Point 7 is key. Tiny BPC with only $4m/year in expenditure excluding Capex can make a net profit (based on $60 PoO WTI and $20/b extraction costs) of $35m per year minus gov royalties. Round figures $30m/year. If this target is reached, assuming WTI PoO doesn’t collapse to less than $25/b long-term, BPC will never ever ever need a CLN or ever ever ever dilute shares. And we will have our own funding for Percy-2 and Uruguay-1 out of net profits.

Point 8 is the potential large dollop of jam on the bread and butter to make us fat and happy. This is subject to the drill result autopsy RNS, meeting or exceeding expectations. I believe this RNS is imminent.

Finally I fully understand some LTH’s frustrations at being 70-80% down, especially because some wanted to top-slice pre-result, and get a free carry, but couldn’t. However before lynching the BoD, I suggest a few weeks of patience. In fact some BPC LTHs who wanted to fire the BoD for the CERP merger are now very pleased it happened.

All IMHO. Always DYOR. Have a great day

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

ps: Harry, some of you comments are unhelpful and totally out of order

Technical

1. 80m shares were traded yesterday plus 17m on Aquis. c100m total, c330m since the 16/2 RNS.

2. There were 135m new shares issued yesterday to pay suppliers and conserve cash for ex-CERP development. At what price we don’t know. I assume only a few suppliers were involved to lower admin and that the invoices offset was at 0.5p/s. How much 135m overhang (if any) is left, we don’t know.

3. The last trade of the day is closing price and easily manipulated. Below are the last 3. So for £17.50 a MM or DMA trader, lowered the SP by 16%. Some days it works the other way.

16:38:57 0.50 3,500 Sell* 0.50 0.60 17.50
16:36:46 0.60 3,500 Buy* 0.50 0.60 21.00
16:35:16 0.60 4,000 Buy* 0.50 0.60 24.00

4. The closing auction at 16:35 is also easily manipulated. It was 0.562p.

5. Use a 2nd level console for £24/mth. At 20% MM spreads it can make a difference of 5-7% by having real-time data and transaction sizes.

Sentiment and politics

6. The occasional vent is expected and OK, but I believe it is a waste of energy for any (real) shareholder to BOMBARD a BB in anger. It doesn’t help the SP go up nor does it bring forward an RNS. It feeds trolls and BPC haters, while helping short sellers who post here to manipulate this BB further.

7. It is in the interests of PRD for BPC to have a low SP and fail. I base this on what PRD attempted to do during the CERP merger and certain posts on this BB since the 8/2/21 BPC drill result RNS. I say no more. Be fun if they attempt a hostile leveraged bid despite only having a £15m MCap today.

The Percy-1 drill

8. Refer to Aug 2020 presentation slide 9 https://wp-bpcplc-2020.s3.eu-west-2.amazonaws.com/media/2020/08/12221803/BPC-Management-Presentation-August-2020.pdf ‘Near-term Milestones: Perseverance #1 drilling and logging – establish the presence of moveable hydrocarbons.’ ….. Now refer to slide 26 bar chart. Note….. ‘US$5m potential incremental SUCCESS CASE logging/sampling’.

9. Now refer to RNS table 1 ….. ‘Drilling Duration: The duration estimated to complete the well is approx 30 -45 days….’ ( Source https://www.londonstockexchange.com/news-article/BPC/drill-rig-contract-signed/14552335 ).

Key points: The intent all along was to drill for 30-45 days and only extended to 60 if commercial quantities had been found. Rather than waste money on an academic exercise, with little financial up-side, BPC has now chosen to spend a few million analysing the results because oil WAS FOUND. Why would BPC waste money doing the Percy-1 autopsy either if they felt there is little or no chance of ever getting a farm-out? Because Percy-1 was NOT a duster and our acreage is worth $$$. Especially because of https://oilprice.com/Energy/Energy-General/Goldman-Sachs-Sees-75-Oil-In-Q3-2021.html

I expect an RNS this week or next on the tech results.

IMHO. DYOR. GLA.

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

Jono44: I had a day off from work today, hence on this BB more than often. Tiburn's post was obviously ironic/satirical and caused no offence. Your's was not on the use of the word 'delusional'.

1. Please confirm you have no direct or indirect relationship with PRD, to lower the BPC SP for reasons PRD may know.

2. I got one of my staff to look back at your posts. You appear to be a trader talking SPs up/down to fit your trading positions. This may explain why someone who purports to have no shares in BPC is on a BB 24x7 trying to talk its SP down. Only asking.

All see https://www.lse.co.uk/profiles/jono44/

Starchild

Tiburn: I thought you turned apostate against BPC and had metamorphosed into a shorter (!) until I read your post again!

good post.

Starchild

Harry:

1. I suggest you get a 2nd level console. You stated you are down 5% and angry. It was obvious this morning, the bid/ask was going to pop-down based on sales vs buys. I am not lecturing you on how to manage your shares, however it makes a difference when the bid ask has such a large spread. With real-time data and actual volumes traded this can be estimated to your advantage.

Perhaps you can take your grievances with the BoD rather than bombard this forum with frustrations we all currently share as LTHs. Your negativity feeds those who hate BPC and its shareholders, some of whom are trolls, others are traders wishing to short the share and others bad losers who lost money and allegedly want revenge. Some gloat, other goad us and prey on this negativity for selfish aims.

As for Percy-1 being a duster this is simply not the case. Refer to 8/2/21 RNS. Why did you buy shares today if this was the case? Only because of ex-CERP assets?

Perhaps you can do the research on Cuba for all of us rather than ask us to do it. It will be quite helpful.

Thanks

Starchild

Jono44: I have a thick skin. What I have an issue with to be frank is why you post every day most of the day so much negativity. I assume you lost money and are taking it out on this BB in frustration. Or you are a trader trying to create a lower price with machine gun posts, and feeding the other de-rampers. Or you are allegedly a representative of PRD management.

I suggest you DYOR, rather than ask questions which have already been answered. The recent Auctus report opines on how much money BPC has and what is outstanding fees for Stena, etc.

Starchild

Parpaing: as I've posted before, the original SEADRILL plan was 30-45 days. Refer to RNSs at the time. It was always going to be the case of the additional 15 days (45-60) expense, If if if commercial quantities had been found in the upper depths. BPC has enough samples to gauge interest, subject to the tech analysis.

Jono44: Even though you post de-ramping anti-BPC posts day in day out, you do so politely. So thank you. On that note, thank you for commenting on my morning's post, however it would have been more polite to disagree rather than use the term 'delusional.' I do not see it being delusional to believe there is a chance of a farm-out/monetization of the Percy-1 results as planned in the recent RNS. You clearly believe this is not the case, and call me delusional for agreeing on the possibility.

Neither do I see it delusional to hope that both Trinidad and Suriname come up trumps.

As for analysts' predictions which I based my ex-Cerp assets figures on, perhaps they are delusional as well.

As for getting $$$ for a farm-in, it is industry practice that money is paid for the privilege and/or free exploration wells moving forward. The fact is it has cost BPC a lot of money so far, which has saved the Major a lot of money had they done it from day one.

Have a good day

Starchild

Summary as of today [with medals to be won]:

1. [Wooden Spoon] IF the 8/2/21 RNS was too up-beat and ‘oversold’, no farm-out EVER, Trinidad is a duster, Suriname is a duster, PoO WTI <$40/b, only 400 boe/d production, and a new Covid-22 pandemic: the SP will clearly take a long-time to recover and risk a potential massive share dilution to do SW Peninsula/Percy-2/Uru-1. Personally speaking, a haircut would be a joy compared to the painful hair transplant needed.

2. [Bronze] IF no farm-out now, yet Trinidad OR Suriname come up trumps, BPC will have cash (via RBL/infrastructure lending) to invest in SWP. The Mcap will increase.

3. [Silver] IF no farm-out now, yet Trinidad AND Suriname come up trumps, BPC will have cash to invest in SWP. Mcap could reach the £250-300m proposed by analysts. 5B shares is a potential 5-6p SP. (Source: pages 18/19 https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2020/12/08133633/Auctus-BPC_IOC_08.12.2020.01.pdf )

4. [Gold] IF a farm-in or farm-out happens in weeks, and Trinidad/ Suriname BOTH come up trumps, BPC will have immediate cash to invest in SWP. How much cash? I hope there’s a bidding war and we get £100m in back-costs but this may be optimistic. Whether $50m - $100m, the up-front payment is TINY for a major that likes the data. It is also a small amount relative to the cost of several exploration/appraisal/production wells; with no BPC royalties payable until ALL its costs recouped. If the farm-out amount is substantial, the Trinidad onshore market is very fragmented with lots of small operators. BPC will have cash for M&A and to spud Uru-1. Mcap could reach the £250-300m re (ex-CERP) point 2, plus the cash from farm-out, and potential cash-cow royalties if the major finds oil in future. This implies a SP of MORE than 5-6p.

Is this post a delusional shameful ramp to seduc€ gullible PIs with a carrot of a 10x bagger from 0.6p to 6p? NO, because point 1 is clearly a ‘de-ramp.’

Note: points 2 - 3 are based on analysts’ opinions, and point 4 is a fact that net cash minus debt from a farm-out is an asset worth at LEAST 100% towards the overall market cap/SP of a company. Without implying I have a PhD in the bleedin’ obvious, cash is king because with cash reserves a company can leverage x2 – x5 with bonds or loans for M&A to make more cash, without dilution.

Despite 135m new shares being issued today, some of which may have been forward sold, IMHO the future looks bright but DYOR. We may get the results of the Percy-1 autopsy this week or next. Perhaps this explains the mystery why the funding bar is set at 0.8p, when the SP was c0.6p. A 33% difference.

Refer to my 04:17am Sunday funding opinion. So, place your bets, wait/hold, or sell-up. It’s up to you. Polite research based alternative viewpoints welcome. Trolling from BPC haters is NOT.

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

Tiburn: I liked your summary.

From memory: A commercial discovery has been stated in different live/written BPC presentations as 150m and 200m boe. $40 BRENT PoO gave the $2.5b NPV10/$5b Bahamas royalty figure. However Auctus and Investec analysts used different parameters for PoO.

IBLondon: I live in a time zone ahead of GMT, but I do get out of bed early as well!

Have a great Sunday guys

Starchild

If the BoD believes a Bahamas farm-in or farm-out ‘JV’ is possible, why did it recently structure financing options?

I believe it is for the following practical/hedging reasons:

1. Obviously, in case a JV doesn’t materialise.

2. For negotiation leverage with a major. BPC is proving it is not desperate for cash to survive. It has enough revenue to make a surplus to enhance the currently producing 500+ wells. If the CERP merger hadn’t happened, BPC would desperately seek a JV for survival.

3. Negotiation leverage with a major for another reason. BPC is signalling it has enough cash to fund the appraisal programme in Suriname and Trinidad, including the redrill of the 11mb Saffron well. (Source Auctus analysts’ report https://drive.google.com/file/d/1e196BkXE_zeAgpjLTGNL8kIUsaPn3UbM/view?usp=sharing ). BPC is publicly stating it is neither desperate nor dependant on a JV for these.

4. BPC has signalled it has a funding roadmap in place for growth. Assuming the Percy-1 autopsy is as good as implied in the 8/2/21 RNS, it is in the interests of the major(s) to do a deal BEFORE the Suriname and Trinidad spud results in April. Why? If the results are good for either or both, BPC will likely be able to source alternative development financing at a much higher rate than 0.8p, or via RBL or infrastructure lending. And potentially have a lot towards a Percy-2 spud 4th qtr 2022 (if not farmed-out in future). It is not in the interests of a major to wait, in fact another major may do a deal. Think Guyana.

5. This explains why only £2m was sought at this time, to ensure time for a JV negotiation, and the Suriname/Trinidad spud results.

6. In 2018 a major spent months in the data room and paid $1m. If they are still interested, I doubt it will take several weeks to do due diligence on the Percy-1 autopsy. If more than one major is interested, things will get very interesting.

To avoid accusations of being delusional, if it transpires the Percy-1 autopsy is not as good as BPC hoped, no interest for a JV, Suriname and Trinidad are dusters then BPC will have a mountain to climb. However if it meets or exceeds statements made in the 8/2/21 RNS, a deal with a major could happen SUDDENLY and out of the blue. I believe the CERP BoD war gamed the current scenario and got PROOF of interest from majors prior to the merger as part of their due diligence.

BPC has spent $130m and this includes buying results from legacy spuds that cost in today’s money $500m, 2D, 3D data etc. How much is this intel + the recently extracted samples + Bahamas licenses worth to a major? Potentially A LOT, as the whole structure has probably now been de-risked geologically. If BPC can get £100m back-costs + minority equity, it’s worth more than 2p/share (in cash alone) excluding ex-CERP’s potential worth another 2p without SWP.

IMHO. DYOR. GLA.

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

It is exactly 1 year since I started posting on this BB as a hobby. After the CERP merger I spent an average of an hour a day researching and writing about BPC.

We all knew this was a high risk high reward share, however I did have a plan ‘B’. I am not suggesting anyone else uses my strategy, but I have +/- doubled up in the last 2 weeks and now see BPC as 2 investments. The original investment is ‘parked’ at just over 2p, the new one mostly between 0.55p and 0.65p.

As already stated in total transparency, to hedge this further I have allotted c10% of BPC shares for trading with the caveat I do not have time to sit in front of a level 2 console all day, nor rely auto trades will execute. Share dealing can be run on autopilot for a FTSE company but not BPC. What I will NOT do is machine gun post on this BB as a cheerleader to make a few hundred quid a week on the side. Nor, for obvious reasons, give a running commentary. Similarly if I chose to sell all my shares, I would consider it extremely bad-form to machine gun post talking down the SP and BPC in a type of passive aggressive revenge. Or if the SP soars, out of jealousy. However I would probably write the occasional post out of homing instinct or Stockholm syndrome.

Various points

1. The Auctus analysts’ report (thank you Armatrading and Noviceinv) https://drive.google.com/file/d/1e196BkXE_zeAgpjLTGNL8kIUsaPn3UbM/view?usp=sharing has stated a new ReNAV of c1.9p excluding the Bahamas and the SW peninsula, but includes share dilution and virtual ‘debt’.

2. I remain suspicious of the 50mb rumour posted as a comment on a local news channel by someone who is clearly a LTH. The giveaway was s/he knew of Alan Burns, founder of BPC who died in 2011. After the Percy-1 autopsy is released we will be updated with further info via telecon. I believe this VIP news will happen within 2 weeks, perhaps even next week. Will the market share the BoD's belief a farm-in or farm-out is possible?

3. Despite the SP hovering at 0.5-0.75p for 2 weeks, the bar has now been set @0.8p for funding. Financial institutions are not known for generosity or charitable acts. I can only assume they MUST KNOW something we don’t, otherwise it would have been at 0.5p for the Feb chunk.

4. I am curious why MMs have shepherded the SP at 0.55-0.6p last few days. Some believe this is to do with the 135m shares to be issued Monday that have not been forward sold already. I await a BPC reply at what price the 135m was offset. I believe it was 0.8p although some disagreed.

5. In the last 12 months, the highlight for me was the CERP merger which softened the blow of the Percy-1 result. I feel sorry for CERP LTHs who now have c4b more shares in play, however the value of this symbiotic relationship will be proven if a farm-out materialises. If it does, apart from the inherited ex-CERP trolls, it’s a win-win.

IMHO. DYOR. GLA.

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

Irenekrapp: you have goaded me and other for months. you implied unethical behaviour on my part which I ignored. I used to use sarcastic put-downs and then decided to ignore you. Here are your shameful posts https://www.lse.co.uk/profiles/irenekrapp/

Your last post is ridiculous implying Actus are idiots or worse, dishonest. The fact is their SP possibilities could have happened if commercial quantities of oil were found. This was not the case.

How can you look at yourself in the mirror at night before going to bed? You troll people, laugh at their losses, even gloat. What a shameful existence. All for what? A bit of money per post on behalf of a 3rd party, or out of spite because you lost on CERP many years ago?

Despite this I wish you well.

Starchild

Irenekrapp: you have goaded me and other for months. you implied unethical behaviour on my part which I ignored. I used to use sarcastic put-downs and then decided to ignore you. Here are your shameful posts https://www.lse.co.uk/profiles/irenekrapp/

Your last post is ridiculous implying Actus are idiots or worse, dishonest. The fact is their SP possibilities could have happened if commercial quantities of oil were found. This was not the case.

How can you look at yourself in the mirror at night before going to bed? You troll people, laugh at their losses, even gloat. What a shameful existence. All for what? A bit of money per post on behalf of a 3rd party, or out of spite because you lost on CERP many years ago?

I wish you well.

Starchild

Jono44: I am very sorry you sold up at a loss, but your appear very angry and taking it out on LTHs that have remained. BPC disclosed they had $12.5m on 8/2/21. Plus $1m saved by issuing 135m shares to suppliers, plus $2m from investor.

the figure of $15m is correct. Why would Actus lie and risk their investment/bank licence. ? However I want to see the whole article

I wish you well

Starchild

Thanks Patoir. It is poss you or someone else can post the link for the whole report? I was just accused of making this up from our resident troll and I don't want Armatrading being accused of this either.

Starchild