Member Info for Starchild

Novice: I very much appreciated your defence of me on the CERP BB, however I have a thick skin.
Laallee: I am surprised by your post on their forum and the ADFVN one. To answer your earlier question... no my suggestion to keep my Eureka post from this morning for posterity was not out of hubris (it is not the Turin shroud), but to refer back to it in a few weeks and judge my opinion whether right or wrong.
Bonum: let's agree to disagree. You didn't answer my questions on this BB and bypassed them. We are no longer aligned in BPC's future.

Bully, quoting your last post..................... 'The problem you don’t seem to comprehend is that many investor bought in here at higher than the current SP and have been diluted down to pay for the end game, only for it to be snatched away for a pittance. And you want them to bend over and take it up the ****e hole so you can get your fantasy drill'..................

You clearly are angry, but why take it out one me? I'm trying to act as peacemaker. It's not my drill. I happen to be a relatively substantial shareholder in BPC for approx 7 years and I am not on your BoD or advising them. Have a great day.

Why would BPC loose 50% of their license? They have triggered a force majure clause which still applies until at least the start of the 2021 hurricane season.

Razor: don't understand. Please translate last post. If 'do one' is to give an opinion, please refer to my eureka post from this morning and previous posts by clicking my name.

Razor: don't understand. Please translate last post. If 'do one' is to give an opinion, please refer to my eureka post from this morning and previous posts by clicking my name.

Since the announcement of the proposed merger on Thursday, some long-term CERP holders have been angry to the point of rage. Even attacking with personal insults your potential future BPC step-siblings which I believe is somewhat undignified. IMHO it's not worth the energy to feel this way. If you don't like the deal, or believe both Boards of Directors (who voted unanimously for the merger) are delusional or crazy, then SELL UP or vote no. And if you vote no and win, it shows you have no faith in your BoD, which means you ought to sell up and find a similar investment opportunity as there are many [star]fish in the water. SImple as that.

However there are many on your BB who can now see the potential merits of such a a merger even though upset. It's currently your company and your investment decisions that count. Not my opinions.

Bonum: we've been on the same side although now you don't want the merger for reasons i respectfully disagree with. I note you are lobying against the deal on both CERP and this BB which is of-course your right.

Please clarify:
1. Is there a possibility or probability that my Eureka assumptions can materialise based on my thought out logic? If not, why not?

2. You have stated on the CERP forum about the possibility of a BPC massive right issue in future. Let's say you succeed by leading the no camp and the merger fails. How do we fund Pers-1? A massive rights issue or will Stena want to play with us in a JV for just 1 or 2 wells?

I stand corrected but i believe your exit strategy all along was to sell most of the stock before and during spud, rather than risk the well being a duster. If so, that's fine, however this possibly explains why you just want the BPC BoD to concentrate on 1 spud without it diluting your profits with the CERP folks.

I am not doubting your integrity.

Jim, the point of relevance was the disparity percentage between the SP of both companies and not the actual prices' which changes every second. This has been fixed at approx 1 CERP = c80% of 1 BPC by both BoDs as a fair value.

My logic is newsflow will be issued by BPC between now and vote in July

Irene, Hun. You are clearly flirting me with with the use of innuendo such as 'pumping' and 'ramping' However I am happily married and a granddad. Despite your offensive remarks, I forgive you. Doesn't it make for greater happiness if people could discuss stuff in a civilized manner on a shares forum? Have a great weekend sweetie . xxx

Jim, I stand corrected if I am wrong, however I think I'm right. The title of the merger document RNS key para is, ...'For each Scheme Share, 0.803 New BPC Shares.' So in first week of August if I have 100 shares in CERP, I would get approx 80 shares in BPC regardless of price. If the BPC share price on that day was much higher I'd be a very happy bunny.

What was NOT offered in the merger to CERP shareholders was cash equivalent (in BPC shares) at a fixed rate of 80% of 3.33p per CERP share. IMHO

Jim: I agree with you. The BPC 3.33p price is only relevant based on its relationship to the CERP SP nearer the time of vote and execution of the merger. In fact if due to positive news flow as stated in my post, BPC is (by example) at 4p, it means (a) CERP shareholders will get a great deal compared to what their SP would have been without the BPC approach and (b) the markets like the merger (and news) otherwise BPCs price would not be higher than 3.33p,

BTW, CERP shareholders must realise that if they decline the deal, their SP will likely plunge and if they want to spud, a massive rights issue will be on the cards.

Irene: I found your post offensive as you have attacked my integrity twice. I am not ramping. I am lobbying for the merger and providing facts and opinions for you folks to make informed decisions. have a great weekend

WIllec your two posts (BPC forum) were very informative. It gives me even more reason to believe there is stuff going on behind the scenes involving a JV with Stena or equivalent for both CERP and BPC prospects. It potentially gives funding to spud several wells with potentially not having to pay much real cash to do so. For the CERP board unanimously to hand their prospect to BPC implies this.

WIllec your two posts were very informative. It gives me even more reason to believe there is stuff going on behind the scenes involving a JV with Stena or equivalent for both CERP and BPC prospects. It potentially gives funding to spud several wells with potentially not having to pay much real cash to do so. For the CERP board unanimously to hand their prospect to BPC implies this.

Please copy and paste this post somewhere for posterity. I had an eureka moment yesterday evening which I slept on overnight before posting. It involved reviewing recent RNSs, analysing human reaction and joining the dots to paint a prediction picture based on possibilities vs probabilities.

Q1: It is a safe assumption to assume the CERP BoD were neither desperate nor suffering from mental issues. So why did the CERP BoD unanimously vote to merge with BPC considering most of them will be out of a job? A1: It is because they know of material events behind the scenes which will substantially increase shareholder value and the SP in the merged entity.

Q2: Why did the CERP BoD unanimously agree to a BPC SP valuation of 3.33p considering the SP has fluctuated so much since January 2020? A2: as above and also because there is a high probability more positive RNS news-flow is on its way BEFORE the merger vote on 24/7 and 27/7.

Assumptions:
1. When the proposed merger announcement was made Thursday it caused a mini panic and confusion until Friday lunchtime. If lynching was legal, some BPC + CERP shareholders may have exercised that option against key members of both BoDs. When the SP recovered Friday and these disgruntled shareholders began to understand the overall strategy as being very symbiotic, many calmed down.
2. I believe positive RNS news-flow will emerge between now and the July vote to ensure 75% acceptance. And if this news-flow results in a BPC share-price of higher than 3.33p, it will give even more reason for CERP shareholders to accept.
3. The above will also entice BPC shareholders to accept, as the SP from now until vote assumes the merger will be agreed. Contrarywise, if the SP is [much] higher by end of July, and the vote is rejected by BPC, it is likely to fall.

So what's going on behind the scenes? The answer is to look at dates and to paint a picture of probabilities.
1. Stena were given 'various' options (RNS 26/5) for funding including a farm-in in lieu of services. And others that have not been disclosed. At the time based on the $10m for 10%, it valued the company at 3.2p DISCOUNTED. This was despite the SP on 26/5 closing at 1.58p.
2. At any-time from 1 September, Stena can join the party. And I suspect they already knew about the merger plans, Uruguay and other stuff not yet in the public domain.
3. Why 1 September? Because as long as the merger happens in August, I believe Stena have already agreed in principle to do a farm-in JV for a number of wells not just Pers-1. The Stena sphere group are cash rich. While their drilling ships are under-utilized due to Covid-19, they have nothing to lose and everything to gain if only 1 spud is hot.
4. As part of point 3, there is even the possibility Stena will JV with BPC to go on a M+ A shopping spree of companies similar to CERP affected by Covid-19 and PoO.

I'm voting YES (BPC) even if some of the above doesn't happen.

Please copy and paste this post somewhere for posterity. I had an eureka moment yesterday evening which I slept on overnight before posting. It involved reviewing recent RNSs, analysing human reaction and joining the dots to paint a prediction picture based on possibilities vs probabilities.

Q1: It is a safe assumption to assume the CERP BoD were neither desperate nor suffering from mental issues. So why did the CERP BoD unanimously vote to merge with BPC considering most of them will be out of a job? A1: It is because they know of material events behind the scenes which will substantially increase shareholder value and the SP in the merged entity.

Q2: Why did the CERP BoD unanimously agree to a BPC SP valuation of 3.33p considering the SP has fluctuated so much since January 2020? A2: as above and also because there is a high probability more positive RNS news-flow is on its way BEFORE the merger vote on 24/7 and 27/7.

Assumptions:
1. When the proposed merger announcement was made Thursday it caused a mini panic and confusion until Friday lunchtime. If lynching was legal, some BPC + CERP shareholders may have exercised that option against key members of both BoDs. When the SP recovered Friday and these disgruntled shareholders began to understand the overall strategy as being very symbiotic, many calmed down.
2. I believe positive RNS news-flow will emerge between now and the July vote to ensure 75% acceptance. And if this news-flow results in a BPC share-price of higher than 3.33p, it will give even more reason for CERP shareholders to accept.
3. The above will also entice BPC shareholders to accept, as the SP from now until vote assumes the merger will be agreed. Contrarywise, if the SP is [much] higher by end of July, and the vote is rejected by BPC, it is likely to fall.

So what's going on behind the scenes? The answer is to look at dates and to paint a picture of probabilities.
1. Stena were given 'various' options (RNS 26/5) for funding including a farm-in in lieu of services. And others that have not been disclosed. At the time based on the $10m for 10%, it valued the company at 3.2p DISCOUNTED. This was despite the SP on 26/5 closing at 1.58p.
2. At any-time from 1 September, Stena can join the party. And I suspect they already knew about the merger plans, Uruguay and other stuff not yet in the public domain.
3. Why 1 September? Because as long as the merger happens in August, I believe Stena have already agreed in principle to do a farm-in JV for a number of wells not just Pers-1. The Stena sphere group are cash rich. While their drilling ships are under-utilized due to Covid-19, they have nothing to lose and everything to gain if only 1 spud is hot.
4. As part of point 3, there is even the possibility Stena will JV with BPC to go on a M+ A shopping spree of companies similar to CERP affected by Covid-19 and PoO.

I'm voting YES even if some of the above doesn't happen.

Irene: you asked me to summarize what value BPC has delivered since I became a holder (in 2013/14). I will try to assist:

Dividends: zero, however neither has Warren B's Berkshire Hathaway.
Income revenue/profit: zero, however neither did Amazon, FBook, Google in the early days.
Value: its future potential based on where its market cap can reach on successful drills and/or become a target for M+A by a major. There is more chance it can hedge its bet and enter into a JV (with minimum share dilution) my merging with you folks at CERP. Don't take my opinion as gospel however why would a financial investment institution disclose 1% BPC holdings today in RNS? These guys have brains the size of planets and PhD yet invested in an energy company despite PoO being low and Covid-19.

I have a sizeable chunk of BPC stock and firmly believe it is a good marriage and will vote Yes. If the merger fails, there is a chance the CERP BoD will do a mega rights issue so that you can get to the next stage of asset creation. However the vote is up to you. Visit the BPC Board and drop us any questions. We tend to be a civil lot.

My comments below in [ ]

Star "I have held the stock for several years...I very much believe in BPC and its Board" [yes]

Star, I'm guessing you are the Ramper in charge for the Bahamas Pet board. [no. check my recent posts. They are based on research and opinion]

What have they delivered in that time and shareprice that justifies your belief in them ? [A spud in a few months ...and potentially a merger with CERP]

[have a good day. I dont normally visit your board]

Qnard, I can totally understand your frustration. Some BPC posters are angry because any oil find in Bahamas will have to be shared with CERP. i personally believe when both sets of shareholders study this deal, it will be a perfect match. If a reputable investment fund disclosed 1% ownership of BPC today, it's because they believe the merger is a good one for all.

Bonum buddy, that's fine if you are going to vote no, however if you sold most of your BPC holdings, you won't have many votes. I suspect you regretted dumping yesterday. But please stop talking the BPC SP down under those circumstances. Karma. xxx