Member Info for Starchild

Well played Geordie. Here's one that's just come out https://ewnews.com/smith-to-govt-let-bpc-fight-its-own-battles

Smith QC has a cheek!

Starchild

My observations on the court case’s recent timeline in simple language…….

24/12 Fred Smith QC practically DEMANDS a hearing criticising the judge for allegedly not following the Supreme Court rules and only relying on written submissions. If I was the judge I would be annoyed.

26/12 (or 27/12) Both QCs receive a written response from the judge which is not yet in the public domain, other than the BPC press release yesterday https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2020/12/28122807/Court-Outcome-Update-28-12-20.pdf

28/12 A hearing is scheduled today 29/12 although I doubt the judge is enamoured by Smith’s demand. It’s similar to using a court procedural technicality to state, ‘Oi judge, you must explain your decision in court to my face rather than in writing.’ Judge, ‘OK, Smithy, haul your bottom to my court on 29/12 and I will do so.’

6/1/21 BPC will apply to be joined to the case. This makes perfect sense for three reasons: (a) strategically, in case Smith QC appeals; (b) practically, to seek a security bond of gazillions and/or damages; (c) as insurance, in the very unlikely event the Gov and BPC are not aligned in their approach to the case. I am not doubting attorney general Bethel’s integrity (a QC) whatsoever. He is bound by professional standards to act on behalf of his client the gov to the best of his abilities. However his client has publicly stated they don’t want drilling, they inherited the BPC deal which they don’t want, and the royalties are too low. I say no more.

Manipulation of sentiment on share discussion forums is common. I invite newbies to refer to the posting history of these 3 individuals:

1. https://www.lse.co.uk/profiles/proselenes/ …..’ Will I buy BPC ? No way. Not now, not again.’ ……So, I ask two simple rhetorical open questions to the reader of this post. Why spend days on end bombarding this BB when s/he has no shares? Is it out of kindness and concern to fellow human beings so they don’t lose money?

2. https://www.lse.co.uk/profiles/irenekrapp/ .......Find one positive post s/he has written in the last 1 year. Or any post that includes research to back the negativity allegedly borderlining on contempt for CERP and now BPC. I rest my case.

3. https://www.lse.co.uk/profiles/rossannan/ …… Any poster that purports an almost neutrality to give pros and cons in real-time is OK. What is not OK is to base this on conflicts of interest at the time based on derivative trading, shareholding or no shareholding.

Despite all the above TEMPORARY challenges, the drill bit keeps drilling deeper and deeper and deeper every minute, every hour and every day. Why? To ascertain if there’s oil which could transform Gov finances having borrowed to 100% GDP and currently paying punitive 9% interest to service its debt.

IMHO. DYOR. Have a great day.

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

LLL: It's a BPC update because we are not party to the events since 26/12 only the court, Smith QC and BPC are. The courts are officially closed. So BPC updated us in a press release today based on feedback from the judge as promised on 24/12 . What's the issue?

Starchild

Sharescare: no I am not. It was addressed in the 3rd party and not to the person in question. Watch what happens if he continues to leverage the point to create doubt.

Roassannan's post is ridiculous.... 'it seems that BPC have realised that their original news release was not their finest hour.'

The RNS issued today https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2020/12/28122807/Court-Outcome-Update-28-12-20.pdf clarifies the latest situation as of today having heard from the court on or around 26/12. It is self-explanatory if you read it. Hearing 29/12 for oral arguments based on the rejection (NOT an appeal) and another on 6/1/21 for BPC to apply to be party to the case. In the meantime, the Stena-IceMax drill keeps turning.

Starchild

Thebhoys: ditto that re BPC/CERP merger. However I think Bryn's posts x 2 was misunderstood by a couple of folks. He is quoting from a very good article on how professional rampers mislead people, by pumping and dumping. He is a respected LTH on this BB who wants BPC to do well.

Starchild

There are some persons on this BB over the last few days who have major trading conflicts of interest and want to talk the SP down.

The our islands our future article https://ourislandsourfuture.org/bpc-and-the-high-price-of-justice/ appears to be bracing its supporters for a failure. It is way OTT to accuse ...'BPC has already made false public statements about this matter '.

The persons who have these trading conflicts of interests, possibly because they have CFD derivatives in play, will likely spend the next 2 days siding with the 'ourislands' article by bombarding this BB with negativity.

I suggest you Don't FEED them. If they post FAKE news, email BPC who have the powers and influence to deal with these matters. If there opinion is just negative but not fake, just don't feed them!

Incidentally, I have no conflict of interest as the several million shares i have are for the spud result. I don't care what the SP will be prior to this. However I accept some of you do want to top-slice/exit, hence this post.

Good luck all.

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

Proselenes: Until we see the written judgement next week (perhaps even today as it was ready yesterday), I take the default position as stated in the BPC press release 24/12.

in the meantime I assume any appeal will be an APPEAL TO HEAR the case in the supreme court, rather than an appeal of the judges decision (a) that they ran of time to lodge an action and (b) the court unilaterally refused to injunct the drill, hearing or not.

ATB

Starchild

I wish everyone who contributes or just reads this BB a very happy Christmas today, whether they be friends, enemies, rampers, de-rampers, British, German, Dutch, Aussie, Egyptian, environmentalist-infiltrators, illiterate, geniuses, dim-wits, ex-military, pacifists, Brexiteers, Remainers, short traders, long traders, fat traders, thin traders, LTHs, STHs, ………… and even Irenekrapper.

Have a wonderful Christmas

xxx

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

ps…Me finks I don't wanna be out of this share by the weekend. So I aint.

i just bought 1,160,427. Will probably show as a delayed trade. It shows I believe in my own posts!

Starchild

The current contract stipulates the royalty bands of 12.5-25%. Oil royalty regimes by country (researched links):

I don’t understand why the Bahamian Gov thinks they got a bad deal, other than to play politics by blaming the previous administration. Refer to links below. This took quite a lot of google drilling (if you pardon the pun) to harvest. Also bear in mind, some of the figures include corporation taxes which do not apply in Bahamas.

https://www.slideshare.net/devkambhampati/dr-dev-kambhampati-crude-oil-royalty-rates-by-country

https://www2.deloitte.com/content/dam/Deloitte/ro/Documents/energy-resources/An-overview-on-royalties-and-similar-taxes_April_2017.pdf

As a separate matter, I believe the court hearing being listed today, gives us some clues on outcome.

1. The court received the paperwork on or around 8/12.

2. If there was compelling urgency to injunct on safety issues, the court would not have sat on the case until now.

3. Judges like everyone else read newspapers and watch the news. They knew spud date would happen and has happened, yet saw no urgency to act.

4. Due to the matter being in the public limelight with a lot of publicity and controversy, the court decided to give a decision on whether to hear the case today XMAS eve. In my opinion, the court may decide to hear the case in the new year on administrative/gov processes and whether the gov broke any laws, but I believe there is very very very little risk of an injunction to suspend or stop the drill...due to points 1,2,3 above.

5. In the event I am wrong, the gov and BPC will likely immediately appeal the matter and ask today's judge to suspend any injunction pending appeal.

DYOR as I am not a lawyer. GLA

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

IreneK's post proves a point......she isn't a shareholder

Listen folks. Please follow MrGregg's advice .....' Everyone...hold your nerve...'

Anyone would think there's a hanging about to take place with a final appeal tomorrow.

The decision tomorrow is to rule if a hearing will take place after XMAS, and if so, whether to grant an emergency temporary order to stop drilling.

(a) in the event a temp injunction is ordered (extremely unlikely as the complainants left it too late), the Gov (and BPC) will appeal in 30 seconds.

(b) what is at stake here is Bahamas' reputation as a country to do business with. It is not in the public interest to allow an injunction to stop drilling even though the court may agree to hear the case in future re EIA approval processes followed by the gov.

(c) We have a great barrister on our side

(d) BPC BoD are not stupid. They have asked for inclusion in the case, although not named as a party to proceedings. Why? In case the gov wants to play games so they can get leverage for more royalties. I am not doubting the integrity of Mr Bethel QC the AG, however his party has stated on the record it does not want oil drilling.

(e) I have faith in the Bahamian legal system

Chill out. Have a glass or two, or watch a Zombie movie tonight. It's less stressful.

Starchild

The systems that list trades whether delayed or real-time cannot actually tell if it is a buy or sell, as technically every trade is both. So, the simple rule is if the trade is below mid-price (red) above mid-price (blue), bang in the middle (black).

If though a trade is delayed reporting for 1hr or more, you have to look back at the time it happened to work it out.

With a 2nd level console and real-time data you can tell by trading patterns whether it is a buy or sell. eg, lot's of trades at 2.23 vs lots of trades at 2.28 all in red, even if mid-price is 2.3

Anything below mid-price at the moment trade is executed is shown as a sell.

Sometimes the opposite is true and a sell is shown as a buy, if above mid-price

As a LTH, I am not pleased with the recent 375m share placement. Not that it happened nor that it attracts a 15% yield guarantee, but because BPC only received 2p per share. Had it been at 2.5p I would have been content and at 3p+, pleased. All said and done it is pointless getting stressed or angry or to cry over spilt milk. What has happened has happened. I am of the opinion most forum members upset, have or had an intent to top-slice or jump ship before the spud result is made public. This is fair enough, and there may be time to do so, however the BoD has no duty to facilitate short term trading strategies.

I remain confident with the BoD. The reason the placement was at 2p is simple: the threat of injunction spooked everyone including potential investors for a placing. I hope there are grounds to sue the environmentalists who caused the problem in the first place including those allegedly propagating FAKE news in the media.

The good news is we now have additional funding to develop ex-CERP assets. These alone have the potential to create a 7p share price WITHOUT Percy-1 according to analyst’s opinions (source https://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2020/12/08133633/Auctus-BPC_IOC_08.12.2020.01.pdf ). A few weeks ago, when I provided arguments backed by research and evidence, suggesting a SP of 5p+ from ex-CERP alone, I was greeted with insults from the usual suspects. One well known troll referred to CERP as subscale garbage.

The full Y/E 2019 CERP accounts were published in August although not RNSd (source https://find-and-update.company-information.service.gov.uk/company/05901339/filing-history ). They showed the potential for greater things, but no capital to maintain let alone develop without CLNs etc etc. Next came Covid-19, PoO collapse and the BPC merger. A couple of observations: The Spanish Gov still owed approx. €1m, and CERP had £2.6m in the bank on 31/12/19. However, I suspect this was used up until the merger due to PoO collapse.

Bottom line: just because yesterday or the day-before is a bad day, doesn’t mean today or tomorrow will be. But while discussing opinions on this BB, let’s keep it dignified. Lots of exciting stuff for BPC shareholders ahead. Especially at the current SP, LTHs appear to be fully hedged in the event of Percy-1 being inconclusive.

End of Gettysburg address, sermon or ‘guff’….depending on your viewpoint.

IMHO. DYOR. Have a great day. GLA.

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

laylee: 'Starchild You forgot to mention the raffle'.

Good point.....

Answer...I thank everyone that participated for the IceMax crew XMAS raffle with a gift. They are spending XMAS away from their families in the middle of a pandemic. Refer to my post his morning as there is a chance the current crew may be asked to stay on due to UK flights being stopped re new virus strain. The Stena CoO emailed me to state a few have already given gifts.

It's not too late as long as it is done by XMAS eve. Refer to my recent posts here for logistics. Karma!!!!!!!!!!!! https://www.lse.co.uk/profiles/starchild/

Starchild

Rebuttal to ‘Letter to the PM: Oil drilling in The Bahamas from the perspective of a nine-year-old’
Source: https://ewnews.com/letter-to-the-pm-oil-drilling-in-the-bahamas-from-the-perspective-of-a-nine-year-old

......‘I am a three and a quarters year old and my grandad is a BPC shareholder and got a PR company to write this for me because I can’t read and write and they are more cleverer than Mr Smith QC’s clients PR departments who wrote yours because they are desperate for publicity and I like Lego and my grandma has a fat dog called captain gumdrop who is so fat he is glued on a skate board to go shopping and I don’t like Broccoli and I looking forward to the big man in red giving gifts to us children at Christmas. Marcus Rashford. '

Starchild

ps...sorry couldn't resist the above.

The3rd: I note your post referencing me, …………………….’We’ve had the daily guff from Starchild but without the ridiculous SP predictions’ ,………………………… so on this I occasion will respond.

Please remind me where I have provided purportedly ‘ridiculous’ SP predictions. My posts are in good faith, professional, give researched links, state fact or give opinion for the reader to make their own decisions.

Your contribution to this BB consists of 2 posts, the first one boasting …. ‘The predictability of share price behaviour was pretty bleedin’ obvious since the beginning of the year once dilution flagged as the only way forward. It’s been an ideal trading share for months, and now a (free carry) small rump remains for the binary outcome!.....’ Source https://www.lse.co.uk/profiles/the3rd/

I am very pleased for you if you made money by trading BPC. But listen to me son, BAHAVE. There’s more to life than earning a quick buck at the expense of others or hurting others with snide comments to rub in a temporary low share price.

Listen to this advice and instead of being The3rd, you may even be second and win a silver medal. .

Starchild
xxx

yes, the Hedge fund sold 45 million shares by day of placement on 17/12 by forward selling prior. https://polaris.brighterir.com/public/bahamas_petroleum_company/news/rns/story/r7joe7r

Unless it is is another company with a similar name who has just bought 330m shares, which I very much doubt