Member Info for Starchild

Afterburn450: Thanks for https://youtu.be/JBY6cpWzbFg . Amazing documentary about oil drilling offshore with a state of the art ship (Maersk Viking). Until I watched it, CoMan's brill tech posts were 'all Greek to me.'

All: watch the 45 min Mighty Ships documentary at the weekend . Highlights....

13 mins..learn about dynamic positioning

21 mins..environmental protection!

24 mins..crew typically 12 hours on/off. 4 weeks on-ship/ off. Not sure what Stena will do during Covid challenges.

30 mins How a BOP (Blow out preventer) stops fatal explosions and protects the environment.

MUST WATCH

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

ps...Labido-loolee: sorry for mis0splelling of your name in previous post. I almost failed my 2nd PdH due to dickslexia

llallee: useful intel. Thanks. It shows gov is serious in enforcing EA. As long as inspectors doing instant checks, by following Stena/BPC protocols don't bring Covid on board the ship.

Starchild

Eggchaser1: Brill post and song. I remember 'I am sailing' was our romantic song with my wife. But I can't remember which ex-wife.

Starchild

Being a total nerd, I use the Windy app for all weather related stuff. See Grand Canaria here https://www.windy.com/-Waves-waves?waves,27.814,-15.454,9,m:erYafJp

Will show you wind/rain/waves and temp. Perfect weather for testing IceMax

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

Skywise welcome to the BPC BB!

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

CarsCoffee: If Percy-1 a success, it will not surprise me if some of the northern licenses (near Florida) are horse traded to minimise environmental concerns. However I would expect we would get replacement southern acreage in return. The default position is what the binding contract states, unless both parties agree otherwise.

Starchild

BPC has a binding contract. The royalty rates range from a low of 12.5% for 75,000 barrels per day to a peak of 25% for 350,000 barrels per day or more, with a production licence granted for 30 years. An d no corporation tax. Exxon/Shell et al have to pay substantial corporation tax and royalties in USA, Holland and UK. I say it again, BPC = NO CORPORATION TAX.

Source: http://www.tribune242.com/news/2020/nov/19/bpc-director-blasts-preposterous-action/
Source: http://www.tribune242.com/news/2020/nov/18/oil-explorer-we-will-pay-double-required-royalties/

Now, there appears to be some debate on Simon Potter’s (BPC CEO) comments implying BPC will double these. If you read between the lines, he is offering to re-negotiate so that the royalties are split after production costs. In other words royalties for first $c35-40/b per day = 0. More than this 50-50. Everyone does well if we are extracting 100,000 BoD for 30 years as projected in the recent presentation. BPC are worse off if PoO reaches astronomical amounts and better off, I believe, at sub $60/b.

Key point: When Simon undertook the interview, he was not suddenly transformed into a Father Christmas giving away our future profits and dividends in the form of presents. He is a respected businessman.

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

The last RNS summed up the environmental response as part of the drilling update quite eloquently. Furthermore, James Smith non-exec director was interviewed yesterday and made some excellent points. Read...

http://www.tribune242.com/news/2020/nov/19/bpc-director-blasts-preposterous-action/

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

Due to the number of daily posts on this BB, it is getting very hard to navigate. Furthermore, comments aimed at specific people are difficult to ascertain who they refer to.

Recommendations:

1. Always always always stay on ‘message view’. It enables all posts to be read (some ignored) sequentially and quickly.

2. Generally, please reply to a post with the same general thread heading and meaning. Unless it's a new subject, in which case start a new thread.

3. If you are starting a new thread, switch to ‘thread view’, post it and switch back to ‘message view’

4. I TRY and read most of the previous day’s posts as some questions (and occasional insults) are addressed to me. I find many posts are duplications to questions already answered 30 minutes ago. Other posts do not make clear which person or post is being referred to.

5. If you are new to this BB, click on the poster’s name to gauge from their posting history whether you should trust their opinion is written in good faith or not. Especially if they are traders ‘playing the BB’ …one day singing BPC’s praises and the next predicting the SP will collapse.

By following the above recommendations, it means your posts will be read by more persons than they are now.

Have a great day. Lot’s of news is expected perhaps even this morning

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

Only on the BPC LSE BB would a Mr Spacetomato have an intelligent rational conversation with a Mr Starchild, without eyebrows or a section order under the mental health act being raised.

LOVE IT!

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

Overview of the legal challenge as at 19/11/20 PM (updated from this morning)

Elevator pitch: http://www.tribune242.com/news/2020/nov/18/last-ditch-threat-oil-exploration/

My opinions:

1. The legal challenge against BPC has no merit. BPC are fulfilling contractual obligations with the Gov.

2. The legal challenge against the Gov has no merit. It will prove it undertook due diligence with best practice experts prior to giving Environmental approval in Feb 2020.

3. The suggestion BPC delays drilling is ridiculous. It’s not like delaying a taxi.

4. BPC’s contractors are world renowned experts in their fields, such as Stena-Drilling, Halliburton etc. With impeccable safety records.

5. Oil tankers regularly pass through Bahamas’ waters and even deliver crude to facilities in the Bahamas.

6. Shouldn’t planes be forbidden from landing in the Bahamas? They pollute and may even crash.

7. Percy-1 is a 45-60 day exploration well off the northern coast of Cuba, not an oil platform 1 mile from Nassau.

8. In the extremely unlikely event of an uncontainable accident, the ocean currents will affect Cuba and the Florida keys, NOT Bahamas. Source https://oceanexplorer.noaa.gov/explorations/17cuba-reefs/background/sistersanctuaries/sistersanctuaries.html

9. The Bahamas judicial system is robust with an appeals process to HM Privy council in London.

10. The Gov is broke due to a hurricane and now Covid-19. It’s citizens suffering. The national debt is $10B 100% GDP and recently had to borrow at punitive 9% interest rates. Source https://ewnews.com/dpm-defends-us600-million-bond-issue

Conclusions:
(a) The legal case has no merit. The judge will likely see the financial greater good for the majority (IF IF IF oil is found) outweighs the tiny environmental risks involved, bought to court by a minority. The only way to know, is to drill an exploration well.

(b) Why wait till the last minute to bring the case when they had several years? Is there malicious intent or perhaps a conflict of interest? What if Stena were going to do a JV and have been put off? Does BPC have a claim?

(c) The legal costs and damages of the activists winning an injunction (unlikely), yet losing its case will be astronomical if Stena delayed until 4th qtr 2021. Bahamas costs are similar to England and Wales where the loser usually pays (Source https://www.gschambers.com/awards-litigation-costs-bahamas ). In E+W if you chip in to legal fees, you lay yourself open to a percentage of costs and forced court disclosure of your name.

(d) If the case was won by activists (unlikely) BPC could possibly have a multi-billion dollar claim against the Gov.

(e) The international mainstream news publicity will be good for BPC when this blows over prior to spud, especially if GreenPeace gets involved.

(f) BPC will likely issue an RNS stating case has no merit whatsoever and the drill ship will depart as planned. Or they will just ignore it.

IMHO

Star

the 2m was at auction, so bypassed MMs

Elevator pitch of the legal challenge can be read here: http://www.tribune242.com/news/2020/nov/18/last-ditch-threat-oil-exploration/

My opinions:

1. The legal challenge against BPC has no merit. BPC are fulfilling contractual obligations with the Gov.

2. The legal challenge against the Gov has no merit. It will prove it undertook due diligence with best practice experts prior to giving Environmental approval in Feb 2020.

3. The suggestion BPC delays drilling is ridiculous. It’s not like delaying a taxi.

4. BPC’s contractors are world renowned experts in their fields, such as Stena-Drilling, Halliburton etc. With impeccable safety records.

5. Oil tankers regularly pass through Bahamas’ waters and even deliver crude to facilities in the Bahamas.

6. Shouldn’t planes be forbidden from landing in the Bahamas? They pollute and may even crash.

7. Percy-1 is a 45-60 day exploration well off the northern coast of Cuba, not an oil platform 1 mile away from Nassau.

8. In the extremely unlikely event of an uncontainable accident, the ocean currents will affect Cuba and the Florida keys, NOT Bahamas. Source https://oceanexplorer.noaa.gov/explorations/17cuba-reefs/background/sistersanctuaries/sistersanctuaries.html

9. The Bahamas judicial system is robust with an appeal process to HM Privy council in London.

10. The Gov is broke due to a hurricane and now Covid-19. It’s citizens suffering. The national debt is $10B 100% GDP and recently had to borrow at punitive 9% interest rates. Source https://ewnews.com/dpm-defends-us600-million-bond-issue

Conclusions:
(a) The legal case has no merit. The judge will likely see the financial greater good for the majority (IF IF IF oil is found) outweighs the tiny environmental risks involved, bought to court by a minority. The only way to know, is to drill an exploration well.

(b) The legal costs and damages of the activists winning an injunction (unlikely), yet losing its case will be astronomical if Stena delayed until 4th qtr 2021. Bahamas costs are similar to England and Wales where the loser usually pays (Source https://www.gschambers.com/awards-litigation-costs-bahamas ). In E+W if you chip in to legal fees, you lay yourself open to a percentage of the costs and forced public disclosure of your name.

(c) BPC will possibly have a multi-billion dollar claim against the Gov. ‘you owe us $50B.’….’prove it’,…. ‘OK, approve our exploration well,….’ , no’, …’you owe us $50B’

(d) The international mainstream news publicity will be good for BPC when this blows over prior to spud, especially if GreenPeace gets involved.

(e) BPC will likely issue an emergency RNS stating case has no merit whatsoever and the drill ship will depart as planned.

IMHO

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

Mr Spacetomato: see my previous post for link. It's an excellent 24 page research document from Investec Bank analysts.

All: Rainbow Warrior 45 mins away from IceMax. I hope they do a stunt for the BPC international publicity that could ensue. I have no concerns whatsoever. I see only upside. I'm sure it will be peaceful with everyone winning. Hope Spanish navy use kid gloves.

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

I am not bonum/Petro$.....I write in a different style, however I suspect we live in a time zone, east of UK.

I am Starchild

Tonsan, it would be great if Investec opinion could be linked to. BTW, price consistent with my breakdown and justification how it could get to £1+ during production of 100,000 boe/day. Refer to my post 11/11 05:46 'If we find oil....more than £1 a share?'. Of course, this assumes a lot of stuff successfully concludes in between, such as appraisal wells.

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

Findme: how did you I have a James Bond fetish involving ropes and being tied up to chairs?

Starchild

to exercise a share option is not negative. It makes sense, for example if UK resident and s/he wants to put it in a pension fund to avoid a huge taxable capital gain after spud, or may need some money due to being unemployed.

Now, if Eytan or Simon sold most of their shares, they would have to disclose the fact in an RNS. Start getting worried then! The above doesn't apply if Simon et al, are issued more shares as part of their package

Starchild

The share option is tiny out of 4 billion shares. It's from an ex-CERP director who lost h/er job after the merger, so only fair. I hope they do well.

Starchild

RE-POSTED with edits as my below post was deleted after i alleged 'she' complained.............

Irene's sarcastic post at 14:17 today re my 'pulse on the market': Refer to my post on 17 Aug 2020 when SP was 2.05P !!!!........

Irene quote then, 'Starfish, your recent ramps have cost newbies over 20% of their cash in less than a couple of weeks, but instead of reflecting on why you have called it badly wrong you seem intent on doubling down'

I stand by everything I have written on this BB which has all been in good faith. When the SP was at 1.3p in May most would have salivated at the idea of 2p. It hit 3.5p on 1/6. Most opinions I have made were and are aimed at holding long. If a newbie came along hoping to learn day trading skills, I suggest they learn from other regular posters and certainly not me. Is [she] willing to apologise and symbolically self flagellate if based on your daily de-ramping posts, newbies sold their BPC shares and lost half of their investment?.............

Bottom line: Irene, Stop your 24x7 hate against our company. NOW

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