Member Info for Telemachus

No bad RNS today so why is this price dropping?

This thread is just for a chat, which is also what this forum is about i.e. conversation. It is not investment advice. Please don't take it too seriously.

Sorry that should be one well was 12000 bopd, other wells averaged 6500 bopd. DYOR

I've read that some wells in the eastern venezuelan basin (and SWP is within that region I believe) produced 12000 bopd.

What would that do to this share price if it was repeated?

What are the chances that the lower cruse flow rate might be higher than 300 bopd? The venezuelan wells seem to be much deeper though (3x or 4x deeper). DYOR

Just found this in the RNS:-
"Qualifying Shareholders will be able to subscribe for shares under the Open Offer Shares at a price of 0.35 pence per share (on a pre-share consolidation basis, which equates to 3.5 pence per share on a post share consolidation basis), pro rata to their holdings of Existing Ordinary Shares on the basis of 1 Open Offer share for every 2.46 Existing Ordinary Shares.

The issue price of shares under the Open Offer represents a discount of approximately 35 per cent. to both the closing share price on 20 April 2021 and the average VWAP of the Company's shares in the 30 trading days to 20 April 2021."

Are existing shareholders being offered 1 NEW share at 0.35p? Where a NEW share is a post 10:1 consolidation share? That would be like at a tenth of the current market price approx?

Fatal, I never do a stop loss for that very reason. Would be nice to buy and share sells directly to other PIs like trading gold and silver on BullionVault where you are effectively the market maker as I understand it.

LTH since 2010 and still here as no point selling and there was enough positive in the RNS. Hoping for S2 spud and farm in for P2+ and these were both implied in the RNS IMO. Not happy with the way the share price is so static first at 2p and now at sub 1p even with huge volumes! Surely a share is worth what someone is willing to pay for it?

I'm asking if anyone with L2 (which i don't have) can tell if it's PIs or MMs buying?

Highest volume I've seen on this share. Some large transactions but is there a lot of buys going on?

They should have sold them to PIs at 2p. We wouldn’t have gone on a moronic selling spree to vandalise the share price.

Thanks! Looking forward to it!

From the Nassau Guardian article:-

"On the issue of “safe oil drilling” the opposition leader, Philip Brave Davis, whose law firm previously represented BPC, in an interview with Eyewitness News, reaffirmed his support of oil drilling recently.

“Once we follow the regulations that are in place, both parties (Progressive Liberal Party and Free National Movement) have committed to ensuring that if it exists we should exploit it for the benefit of the Bahamian people. I share that view, once it can be exploited in an environmentally friendly manner,” Davis said."

Looks like a bipartisan determination, not only to explore for oil, but if it exists, to exploit it safely. That's good news for everybody if it's true, even for the Bahamian environmentalists. All IMO, DYOR

Oil

Thanks for your answer. That’s a sobering thought. Why did cerp shareholders get so many Bpc shares then?

If the P1 drill was stopped wouldn't the ex-Cerp assets be worth the current share price anyway? Cheap IMO

Especially when you consider how much money already paid into the Bahamas economy through licence fees only to be paid over and over again while having to jump through the environmental hoops. money for nothing so far in return. Even if oil found and production starts, Bahamas is the real winner here through royalties.

Eco warriors hedging?

Ok I don't think that today's drop was anything to do with the P1 well being exploratory - I've read this before today's RNS.
The RNS was in my opinion positive and the price started to rise. Then a series of what looks like sells occurred and as they continued throughout the day the price gradually dropped. On the London Stock Exchange website they were marked with the Trade flag LRGS and were on average 1M shares. I counted at least 10 of these transactions. These do not look like PI trades.
Here is one scenario, all IMO so please let me know if you think this is far out or a possibility:-
I think they might be shares bought in the recent placing and being sold for a profit. The recent placing created 475M new shares so if whoever bought these shares wants to de-risk before the outcome of P1 you could see this happening again each day for 47.5 days! Perhaps someone down the institution tasked a teenager in a nylon shirt to sell 10M a day, 1M at a time, each a half hour apart, and they set to work. The result was something akin to an act of pure vandalism on the share price! I'm thinking it would have been better to let the share price rise for a day or two ( it could have reached 4 or even 5p) and then the herd would have arrived and they could happily have sold their 10M a day for much more and it would have been hidden in the noise of the higher volumes but they're a bit nervous about their investment and were keen to get started. Like I say its just a scenario - is it possible?

But aren't there hundreds of rigs in the gulf of Mexico and tankers moving through the region? Also there has been drilling just across the maritime border in Cuban waters. I think the Bahamas may already have been at risk from what they fear with none of the reward. Don't the Bahamas deserve to be an oil rich nation rather than impoverishing with high energy costs? Carbon capture may well be the answer to make fossils fuels carbon neutral too. They are just a few miles from the biggest petroleum market in the world. They may well be sitting on a pirates treasure and not realise it. Besides, this is an exploration well, not production and BPC are using a drill ship, not a rig. When it's done you shouldn't even know it was there from the surface - unlike windmills or solar arrays -a blot on the landscape (or seascape).