Member Info for Starchild

Leo Koot, a seasoned oil man was very impressed with the data-room. Remember his presentation today was geared to CERP shareholders. CEOs don't predict share prices or market caps, expert analysts and stock brokers such as Shore Capital do. Furthermore if we have 700mbboe it's value is dependant on various factors: POO on the day, POO forecasts, quality, type etc. I cannot see how proven reserves are worth 70c per barrel!

I feel more confident of a successful spud based on this interview.

Willec: Thx for youtube link. It worked and I watched Leo's presentation. My takeaway:
1. He appears very confident about Bahamas Pers-1. Been in data room. Huge potential. Similar play to their Suriname finds.
2. If Simon Potter retires eventually, I think he will be CEO.
3. He used the figure of £500million market cap on successful spud

VOTE YES

Daniel: Thx! Unfortunately its website is over limit for traffic. Will try later . The source is https://columbus-erp.com/news/videos/

IK: Welcome home buddy! Pleased you are back as captain of the ship.

One clarification, in case it was not obvious why I posted the idea of a hostile bid for CERP this morning: If they don't get a hostile bid, it's because CERP is not worth more than BPC / CERP BoDs (with a premium) have valued it at! I don't believe there is a high chance of a bunch of majors jumping up and down forming a queue similar to when the pound shop is having a sale, to do a hostile CERP takeover.

Bottom line: Vote YES for the merger

There is a possibility CERP (and to a lesser degree CERP and/or BPC) may be subject to a hostile takeover. IF IF IF this happens, it will very likely result in the positive RNS news-flow we are expecting from both companies, being brought forward. It's going to be an interesting few weeks.

I have full confidence in the BPC BoD. I believe the BPC/CERP merger is very symbiotic and recommend a YES vote..

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(a) Recommendation to new readers of this forum: always check the credentials and posting history of anyone recommending a course of action by clicking on their name, before making your own informed investment decisions.
(b) Disclosure: I am a long-term BPC shareholder since 2014. I do not directly or indirectly hold any CERP shares.

Onlybpc: you post made my day. I've never known this BB to be so negative until your post. It was usually upbeat with lots of camaraderie and some fun. Please post more in future. xxx

Harry: why are you spreading false news? I've been on this forum since February. Click on my name.
I really don't know how you can ever appear on this forum again with any credibility based on bombarding this forum that you were selling, only to admit today you bought more shares. Isn't that shameful?
We are no longer aligned in BPC's future. Go in peace and don't make it personal.

IK, Patoir beat me to it. Please don't resign. Hang on in there for 7 more weeks at least. I believe a lot of news flow will come out prior to the vote, perhaps starting next week. Furthermore a lot of new/inexperienced investors look to respected senior posters such as yourself for leadership, research and opinion.

What I have witnessed over the last 2 days on this forum has shocked me. People once loyal to BPC pretending to know better than the unanimous decision of two BoDs. Even running down the company on other forums and the CERP BB. I use the term 'pretend' because there are, I allege, hidden agendas. On a separate matter as for anyone that bombards this forum with reasons they plan to dump millions of shares in outrage to a BoD decision, and then freely to admit after the event, they actually bought more shares....I find this totally unethical. In fact, in some jurisdictions if proven to be a conspiracy with others, constitutes an actionable offence.

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Recommendation to new forum members: always check the credentials and posting history of anyone recommending a course of action, before making your own informed investment decision.

Soundie: Excellent find!

Rickie, if a JV with Stena happens (or big oil), involving a farm-in as opposed to self funding via a CLN, I suspect the markets will be delighted in between this being announced and the day of the spud result. IMHO dividends will only be paid after a discovery , after it is totally proven and if part of the rights to the discovery to a major is sold with an up-front fee. It could be a one-off special dividend.

Red: Brill. Please do keep us informed on all matter although I suspect an RNS will be issued when they get a formal response from Gov. I think a Force Majeure clause is a matter of fact which only needs to be tested in court if the triggering party has allegedly breached a contract and the contracted party believes this not to be applicable. I can't see the gov having a case legally. Furthermore politically it would not go down well with most members of the public just prior to a spud (if spud happens in early 2021). I think the insurance issue will be a bit more clear cut with Stena being the service provider. However I don't know all the facts or anything about insuring drill rigs.

Hillbilly, you say wise words. This BPC forum is usually dignified however it went down hill a few days ago. I personally think anyone should have the right to opinion as long as its based on research, facts and probability. What is totally unacceptable is to state false news or twist facts for personal gain. For example talk the price of a stock down because a day trader made a mistake and sold to low, with the hope of buying in again. Or to continuously bombard a forum as part of a gang to do so.

Let's agree to disagree and move on. In fact i thought you dumped all your shares Friday at a profit if my memory serves me correctly. If that's the case I don't quite understand the issue. Have a good day.

I invested in BPC over the years knowing it is a high risk/high reward. It is still the case even after merger. Don't take my word for it, the SP is at 3p. It hasn't suddenly gone to 10p or become a blue chip stock. However I'm happy with the merger and will use a casino analogy to explain it. Up until a few weeks ago the bet was 3-1 similar to playing a column in roulette but the win huge. It's still the same bet per chip (the price being 1.5-5.2p per share/chip), but if we lose the bet (Pers-1 is a duster), we get other future bets on the house.

IK, you should see what Bonum has posting on CERP forum the last few days.

Harry please clarify the question to me

A key point being made by shareholders not wanting the merger is the 800m share dilution post merger. Instead of 2.5b shares, there will be 3.3b. (with more if CLN is executed which would have happened regardless of the merger, however less likely to happen with a JV deal using a percentage of the well on success). The anti-merger folks don't want to share the profit with the new CERP shareholders if spud successful.

To those folks, the simple solution is buy 25-30% more BPC shares by volume. If spud successful, you will get the same ROI as if merger didn't happen. However you get a free hedge bet in case spuds are successful in CERP acreage.

Isn't that a win win?

Vote yes!

Harry, you can still get the same return by investing 25% more of BPC shares (by volume) to take into account the share dilution. However if we don't strike oil, the SP will not collapse. Isn't that a way to get the same ROI but hedge the outcome?

IBL: I totally agree with you. To vote no, will create massive investment damage IF no oil found in Perseverance-1 and we are one dog show at the time

Good morning

RNSs to come, with my commentary in [ ]

Expected RNSs
1. Legacy licensing issues resolved with Bahamas Government
2. Bahamas Government has accepted the Covid-19 pandemic constitutes a Force Majeure event and latest drilling date extended from 31/12/2020 until [at least] ??/??/2021]
3. Bahamas Government has accept the few Environmental Approval issues outstanding and has fully signed off the spud for Perseverance-1.
4. Merger pre-reqs: Heritage Petroleum Company Limited and Staatsolie Suriname consent to the merger without exercising certain rights or objecting. [Refer to appendix 1 of merger prospectus RNS 11/6/20]
5. $1m Investment Fund for ordinary members of the Bahamian public to be launched at the reduced share price of 5p net (!!) [Less than 1% share dilution post-merger and good PR]

Possible RNSs
6. Joint Venture MOU signed with Stena, subject to x, y, z
7. Major Oil company wants to join the party and is miffed they were sidelined
8. BPC plans to merge with, or acquire, little explorer(s) x, y, z using funds from points 6 and 7.

Unlikely RNS
9. Greta Thunberg will join as a non-exec director because (a) she is Swedish and loves Ikea, Abba and anything to do with Stena (b) all oil produced by the merged BPC/CERP will be sold at a premium, delivered on energy efficient Stena tankers and be used to produce fertilizer for organic vegan farms.

Consider showing a bit of TLC to our step-siblings on the CERP forum and win them over from the dark-side. A few of them are beginning to see the way and the truth.

Have a great Sunday folks xxx