Member Info for Starchild

JConchy, I do not follow your logic. The markets don't agree with you its 'bad news.' BPC spending 200k on a license has currently increased the market cap overnight (as of this moment) by 8 million pounds for us shareholders.

Bigpat, I don't fully understand your point. There were 2 very large buys (700k and 1.6m) yesterday. The latter had a delayed reporting for 1 hour which normally means they want to buy more, but as far as I can see didn't. I believe there is general positive sentiment for this stock and a few fat cats are now in the game.

Today's RNS was good, however not the one the markets were expecting. New ones will follow in the next few weeks, arguably better than today's!

Dear Oil Man Jim, further to my post on Saturday, do you advise we wait till the price gets to 4p-5p or buy now? My cat chose the left bowl of Friskies which means I should have bought yesterday.

IK, after Langans, I propose you pre-book a table in 2022 at the Tandory Montevideo (it is not an Indian restaurant). We can stop in the Bahamas on the way.

Reading between the lines it gives BPC/Stena sphere even more incentive to do JV with perhaps other 3rd parties to share risk. BPC experts would do the research, Stena Drilling would do the work, Stena tankers would deliver the oil, and BPC/Stena sphere/others would benefit. Risk diversification is a key to playing the odds of successful spuds.

Thanks Linton. RNS just out about this. I think it's good and proves BPC are not a one act pony and dog show. only 200k per year creates leverage for farm-ins to the Bahamas

Rickie. We still respect people who turn up out of nowhere and talk down BPC's/our stock. It's freedom of speech. However we ask that you leave the dark side and join us. We love puppies, kittens, and one of our respected contributors even talks to birds, specifically blue-tits. Another, as disclosed at the weekend (in front of lawyers), talks to t+ts as a hobby. Please join our BPC cult.

Joking aside, ....Please don't talk down BPC for selfish reasons. Join us and let's have a laugh about this post when sipping a drink at a future BPC shareholders Toga party in the Bahamas when you have bagged a few hundred grand. Karma. xxx

Rickie (again), don't be cought-out with a lost opportunity on BPC till then. August is almost here. So could positive RNSs at anytime starting tomorrow. Refer to Only6's excellent research post earlier on oilers. Of-course don't invest in any stock at more than you can afford to lose.

Rickie. Respectfully, why don't you read prior posts (at least 7 days) and do some proper research on this stock before talking it down?

Oil man Jim's article below is from https://www.share-talk.com/oil-man-jim-company-oil-gas-podcast-blog-7th-june-2020/#gs.84fkfc with my dissected commentary in [ ]:..........
Bahamas Petroleum Company (BPC) announced its final results. Nothing remarkable in them, but rather disconcerting that they’re converting over £1.5 million of the notes at 1.27p per share, when the market price was standing at nearly 3p. [Misleading. 'They' implies conversion triggered by BPC. It was not. It was by investor during a major dip due to oil price and Covid-19. Furthermore he is commenting on events pre 31/12/2019 in an out of context fashion. This is misleading ]

The company will proceed to issue a further 120 million new shares and continue on its path of dilution for the reward of certain undisclosed “investors.” People appear to have been misled into thinking Bahamas Petroleum is now fully financed for the drill and have been buying these new 1.27p shares at up to nearly three times that price. Unfortunately, it’s not and it’s come back quite a bit since I pointed this out on Twitter. [What people were misled? Anyone with an average IQ knows drill(s) not fully financed otherwise SP would reflect this. BPC has many options to fund, some new, such as potential JV with Stena]

You really have to read the RNS announcements carefully. The financing talked about is “conditional.” [A somewhat condescending statement in the bleedin' obvious. I read RNS carefully and so do most people . Serious investors in a stock that don't, either seek advice from those that don't have a conflict of interest or read it from reputable opinions]

There likely will be money to be made, though, and possibly big money at that, but you need to be alert and aware and, of course, enter at the right price, which I suspect will be quite a bit lower than where it is now. [Eh? what is quite lower? 2p? If so what does he mean by big money? 3p, 4p, 10p? If more than 3.1p why isn't current 3p SP good?!]

The special trading course explains all about how to do this. [As stated by Bonum, this is a product plug.]

The author holds one or more investments in one or more of the companies mentioned so this post cannot be viewed as independent research. [This sentence is from the bottom of above share-talk page. It sums up the situation. Oil man Jim probably is annoyed he went short recently and is talking down BPC's price so he can buy in again. Furthermore as to his other predictions, i will do a deep dive when i get time, however even if he was right on some opinions in the last 12 months, a broken clock is also right 2 times a day. With all due respect to this proclaimed expert, speaking personally, I would rather make buy / sell decisions using (1) my cat's eating preferences from a left or right bowl of Purina Friskies vs Purina Fancy Feast (2) which company's printed RNS it wishes to use as a toilet ]

I thank you all for your very gracious comments about my recent posts. I consider others especially long term holders who have contributed insights, opinions and research over the years to be a valuable symbiotic team. Although only active since February 2020, I've been reading your posts since becoming a shareholder in 2014 and topped up 14 times and never sold. I found studying BPC and sharing my findings to have been personally therapeutic during Covid-19 lock down. While bored, stuck at home with little to do while my companies were in limbo has been very enjoyable.

The next few weeks will be exciting. The world is coming out of lock down, PoO (based on OPEC+ meeting yesterday) stabilizing upwards and risk appetite increasing daily. This is excellent for BPC's objectives and the wonderful people of the Bahamas who have gone through 2 recent disasters.

I am of the opinion positive RNSs will be announced between now and 31 October, when Stena are obligated to give a spud drilling window. However Stena can do so at anytime after 1 September to lock the deal and get a $2m cash deposit.

Today, I'd give BPC: A Mega Strong buy rating. A 9.0 on the Richter scale of likely SP upside. And in Saddam speak, 'The mother of all frontier oil exploration potential.'

I'm a bit hyper as I had too much coffee this morning. Have a great Sunday folks!.

For the new folks on this forum, I have harvested 3 key presentations about BPC. It is worth the 30-45 minutes time investment to learn or to be reminded.

1. 'Bahamas Petroleum Company PLC's (LON:BPC) Eytan Uliel speaks to Proactive London's Andrew Scott after inking a rig contract for its Perseverance-1 exploration well which is slated to start potentially as early as the fourth quarter.' May 2020, 12 minutes. Watch https://www.youtube.com/watch?v=FfU_9wVTndo

2. Excellent slide show (14 pages) giving elevator pitch. Read https://www.bpcplc.com/wp-content/uploads/2020/02/BPC-Proactive-Presentation-website-20-February-2020-FINAL.pdf

3. Very informative 'deep dive' by industry expert Dr Zac Phillips. February 2020. Read and watch https://www.proactiveinvestors.co.uk/companies/news/912143/bahamas-petroleum-company---countdown-has-begun-912143.html/long

It is exciting times for the company and in the top 5 exploration drilling projects in the world based on prospectivity over the next c12 months. Today's market cap is c£70m/$88m of which 14% is internally owned. I believe between now and drill date, hedge funds and high return investment funds may have a flutter out of their 'petty cash' based on the potential huge ROI. Risk appetite has returned. However if they do, there's only c£60m shares available to buy globally assuming everyone else wants to sell.

I am not a day trader. Please refer to my previous posts and others who have undertaken substantial research and held the stock for several years, such as I. I very much believe in this company and its Board. Have a great weekend.

239: It depends whether you are a mega trader or just deal in a few stocks. I'm OK with the one offered here on LSE. I think its around £400 a year, but can pay for itself quickly as you can identify when MMs are about to up price (before you buy) or lower price (if you want to sell). Even though Google has realtime data don't rely on buy/sell decisions based on this. See the pattern before you buy/sell. It could save you lots of £££/$$$$

Coolmax, as I've stated several times, (1) MMs are mainly bots with human oversight. (2) the colour of the trade red(sell), blue (buy), and black unknown or bang in the middle..... is based on whether the end price is below or above the mid price between bid/offer.

ooops...I meant PI's post yesterday evening!

IK's post yesterday evening was an excellent summary. I'd like to add a few points relating to the potential of a joint venture, or part disposal, as opposed to the often used term 'farm-out' or 'farm-in'.

1. According to https://www.bpcplc.com/our-operations/licences/ last FAQ link point 14............................'The specific terms of the licence are confidential, but in the event of extraction of oil, the Act determines that the Company is to pay royalties at the rate detailed in the Act but increased to between 15% and 25% based upon the level of production. This effectively means the Government is an ‘equity’ holder in the licence.....'

2. BPC royalties to Bahamian Government is between 12.5% for 75,000 barrels per day to a peak of 25% for 350,000 barrels per day or more.

3. BPC pay no corporation tax in the IOM or the Bahamas. They are even exempt from most import duty relating to oil exploration. Most super majors and majors pay a hefty sum in government royalties and corporation tax before ANY net profit is distributed to shareholders in dividends.

3. The above gives BPC an advantage and leeway to de-risk exploration costs by selling a percentage of its acreage with shareholders benefiting in 3 ways (a) no further share dilution, (b) no debt (c) and more importantly, when oil is found and eventually extracted a cash cow in future dividends (and / or the acquisition of BPC at a premium).

4. Despite Covid-19 and PoO uncertainty, last month ExxonMobil purchased a 50% stake in Petronas Suriname's prospects in Suriname waters, for an undisclosed sum, without a drop of oil being found yet.

Key takeaway: We all know there are various ways oil exploration can be funded, one being the generic terms 'farm-in/out or joint venture'. However the point I'm emphasising is due to the zero tax and maximum 25% royalties payable, a 25-75% 'disposal' could fund several wells yet leave BPC shareholders (including the BPC board who hold many share options) very happy when oil is found. And regardless, all shareholders could receive a one off special dividend from such a transaction.

I have full confidence in the BoD's negotiating skills based on the various funding tools at their disposal, including the above. As such, I believe it is 'almost' a certainty at least 1 spud will take place.

Sprite....no brainier. Of course you are eligible!

Thanks Iking. Please consider joining LSE's premium chat with a few other respected posters on this forum, so we can discuss stuff privately. A bi-product is you get a 2nd level screen to see what MMs are up to. Makes a huge difference when buying/selling in real-time. (Full disclosure: I don't own stock or earn commission in LSE!)

Snapshot:
1. In the last 7 trading days 435 million shares have changed hands. I believe this is a record since BPC floated on AIM in 2010.
2. Next RNS is likely to be a confirmation (for the avoidance of niggling doubt) that the Bahamas Government has accepted the triggering of the force majeure clause allowing the spud to be delayed. And to a lesser extent, all license payments are now in order.
3. There is the possibility between now and spud date, a farm-in by a major could happen. There is a reasonable probability a mini farm-in could happen via Stena.
4. Tomorrow 4 June or soon after, there is the possibility the new shares that come into play (approx 5% owned by the investor who exercised a shares option last week) will all be dumped on the market. The probability in my opinion of this happening is ZERO. Don't take my word on this, however just after closing today, the MMs increase bid/offer from 2.80/2.90 to 2.80/3.00.
5. This is an open BB forum where freedom of opinion is allowed. I personally have no time, and generally ignore those that suddenly appear, do no research nor have the courtesy to read prior posts before spouting doom and gloom. My advice to anyone that do so for selfish day trading reasons is............... F+++ off. To be clear this opinion does not apply to anyone who genuinely feels negative comments that have been RESEARCHED have merit and worthy of sharing, subject to doing so for non selfish reasons.

Bottom lines: (1) I am not a day trader otherwise I would not, as proven by my profile, have a fetish for just one share. However I have studied this stock thoroughly and believe in it. (2) STRONG BUY

Have a great evening BPC fans.

ps...I forgot to add....5% share dilution is nothing in the overall picture. Many famous companies dilute by more than 5% annually to pay dividends by printing more shares. It's called a scrip issue.