Member Info for Tuckman

Yep fully agree Salinger, after all these years I really do want Morocco signed sealed and delivered ASAP. A blueprint for industry created. Focus on MSC admin and infrastructure that is bullit proof. Fuel supply unbreakable. April/May should be a massive building block for us. Get these moving efficiently then the rest will follow, no rush for me just getting it done right. No mistakes now.

Not sure we will get 4p this month so I will go quiet for a while in April :) but if we get travel on 10th April, MSC news mid April and any positive update from Utah then maybe 5p + come end of April. Looking forward to hopefully a very positive month ahead, plenty of news due. Maybe they announce the fuel supplier for Morocco and MSC very soon.

My last post which will please some until the next RNS which I hope is the court issue out the way. History dictates how they have raised money in the past, dilution and loan notes. Yes potential is there in spades but again talk is cheap for RBL and the Prepay facility. Until they deliver the market will be very cautious, again this is a debt instrument but long term along going to plan this can be serviced and even another drill could be delivered in the 3 year licence time without a farm in. Too many out there ie UKOG and UJO that diluted to the sky, this could be another one without real intervention and delivery. Real value could be achieved but is Potter capable or just too greedy?

Starchild, we are still just in March, earliest drill is Mid May, it’s even longer for Suriname! There is also no contract for rig yet delivered so no guarantee. All talk at the moment and talk is cheap. You do not do a corporate presentation for nothing and sadly I feel it is to look for a raise. I sincerely hope not as any further dilution will diminish any small amounts of reputation. They should concentrate on value add from a farm out right now and deliver a share price increase as soon as they can before going anywhere near any further fund raise at this level.

This is the line in the current RNS that stands out for me!

BPC has existing production of 450 - 500 bopd and a full program of drilling activities and corporate actions planned across the next 18 months (subject to capital availability)

Lots of potential here but subject to capital available. Right for me I want the capital question answering with whatever method they choose rbl etc. Then I want firm contracted dates delivered. Until then I sit and wait for real news not talk of potential.

Still think only real way out of a low prolonging SP is a deal next month and I am quietly enthusiastic, however I was quietly enthusiastic at the first big drill!

Starchild , I basically think you have just answered your own question why the share price is so low. When you get the answers to 4,6 and 7 and real contracted spud dates for Trinidad the market should wake up. All court issues should be cleaned up before 16th April IMO. Market wants to see real action not potential. Let's hope next week starts well and if your list goes to plan we will see our losses turn into gains.

Absolutely Tiburn, I really like the wording and the change of tact for the farm out procedure. I am sure they have done that for a reason, ie an interested parties suggestion maybe. Yes this drill will no doubt have shone the light on the depths down under has it got enough to tempt and also can Potter place his ego in check for a change. It would be a massive boost and again value building if they can generate cash to get the rest of the year underway without any further railings, and a multi well campaign to at least hopefully find something down there! As they say it could take a few drills to hit the jackpot!
We live in hope, next month for me, get a deal done please at all costs to keep the dream alive!

Don’t shoot the messenger but maybe 10th April could be an open up day for UK arrivals into Morocco? This is not official but seems a review on 10th April and with our current low levels of COVID hopefully a go :)
https://blog.wego.com/morocco-travel-restrictions-and-quarantine-requirements/

Tiburn, I agree that there could be huge potential here and all the pointers are positive in the narrative. But they are pointers but what if they are not good enough for someone to join the party? Everyone has a risk reward ratio and just what for some in that data room is good enough to work a deal? We just don’t know yet and many are just sat waiting and watching. It could be worth a punt but many are here underwater from the first failed punt and just do not trust what Potter has to say. If this comes really good I would be happy to add into a climbing SP than lose even more or be trapped here for years while they scrape around for income.
IMO The drill finished early because of the cash situation, if they had continued on they would have no doubt bankrupted the company, sadly they have not been able to explore further down which could possibly have unlocked many gems and gold, and we would not be even in this situation. P... poor planning etc etc
Anyway for shareholders let’s hope we get a deal but I bet it is not as good a deal as it would have been if we managed a full depth drill and had much more data.
He made a choice to go it alone and it didn’t work. We move on.

I got mine added this afternoon, all done and sat still for the next few years ! I did not apply for any extras. I have enough for me to make me very happy if all goes to plan these next few years!

Great posting Shouldvesold and Jono, we can all recognise the huge potential here if the future goes to plan and hopefully some fantastic news comes our way. But at this point there is no certainty in that at all. Sadly it is such a shame P1 didn’t get to target depth as maybe just maybe we could be sitting on a double figure SP now and the future very rosy. They ran out of cash, simple. Have they got a big enough carrot to dangle to get us back out of this financial mess and get shareholder value? Only time will tell. I invested for that potential double figure SP and knew the risk, I still see potential but will not throw good money after bad if they continue on a dilution spend basis just to try and say they are working tirelessly to gain shareholder value. Fact is history sucks here and the current SP only consolidates that theory. With all good sailing even Potter could fund another 100% crack at a drill within 3 years with potential income but they need a serious strategy plan and good luck if they don’t get a farm in. No matter what facilities they use going forward, there cash position is very bad for shareholders, some form of dilution could be on the cards, but for me I rest all my hope on a successful agreement sooner rather than later to save our short - mid term value. Put whatever rose tints you want on things, talk is cheap, action is value.
I await first hopefully the non event court business then let’s hope he can pull off a shareholder value add deal.

From latest RNS,

As at the beginning of March 2021, the Company had current cash and unconditionally committed cash resources of approximately $13 million, and a potential additional $14 million available under the Company's conditional convertible note facility (the drawn down of which remains subject to satisfaction of various conditions).

It has the potential of another 14m but has bills of 25-40m this year. This is a major concern and no doubt IMO why the share price or MCAP is so low. They at this current time have no concrete forward plan (2 delays already for drills, could be more in COVID society etc). All this POTENTIAL funding is just that, potential. Let’s see them actually execute it for shareholder value and let’s really hope huge dilution is not around the corner.

For me now I really hope next month can deliver a nice big lift. I like the way they have split the license area and hopefully can potentially see a sale of areas and or JV in some form for another. I would hope the company can somehow raise 20m for going forward but when the MCAP of the company is just over 20m then it will be really difficult. So much potential here but for me at current time without any real RNS data on facts we will just have to wait.

All potential good news is due from next month onwards as far as I am hoping. Financials before end of month, but there could be a surprise any day with anything MSAR related, we just don’t know but like Indigo said, no way would anything be held back. That’s naughty.

This is simple from the RNS today. They could need 40m, best case 25m (history with cash not good) , they can access 27m. This year they need more money and hopefully a lot riding on a great saffron result. Let’s see how they do it. I will never add more while the numbers do not add up.

Those Perseverance #1 costs remaining to be paid (noting that some items are being disputed or negotiated by the Company), along with the Company's anticipated but discretionary 2021 work programs in Trinidad and Tobago and Suriname (as announced by the Company on 18 March 2021), renewal of the Company's Bahamas licences, and the Company's 2021 overheads, will require a total estimated spend over the balance of 2021 and into 2022 of between $25 million and $40 million. However, the eventual actual spend will ultimately be dependent on a number of factors, many of which are at the Company's discretion - for example, the extent and timing of future development drilling at the Saffron project, which in turn is dependent on the outcome of the drilling of Saffron #2, expected to commence in mid-May 2021.



As at the beginning of March 2021, the Company had current cash and unconditionally committed cash resources of approximately $13 million, and a potential additional $14 million available under the Company's conditional convertible note facility (the drawn down of which remains subject to satisfaction of various conditions). The Company also expects, dependent on oil price and production volumes, to generate a level of surplus cash from increasing production through the course of 2021. The potential prepay facility (as announced by the Company on 18 March 2021), and any proceeds from a successful farm-out process would be in addition to these amounts.

Respectfully you don’t know that yet. We have had the fully funded debate plenty of times and look what happened with the drill. The financial situation is a mess and nothing is organised (contracts for rigs etc) for the rest of the year. I am really hoping we get a positive outcome for the farm in process and I believe the odds are in our favour but the reality waits to be seen. Without a successful outcome after P1 this company is going to need to heavily dilute IMO and it will be significantly lower than 0.8p. The bills and wages need paying no matter how long they can defer them for. Potential income from new wells will only come if they actually drill them and they are successful, that’s at least 3 months away!

Alternatively, BPC can elect to pay 100 per cent. of the coupon accrued on the Notes at the relevant Interest Payment Date in the form of BPC ordinary shares, to be issued at a price equivalent to 90 per cent of the volume weighted average price of BPC's shares in the 10 trading days prior to the relevant Interest Payment Date.

If they borrow £10m by April 16th they have to pay 12% on the dates set. If they have no money they can do it in shares. Am I missing something

The coupons could be paid in shares, which will create further dilution, which will reduce potential shareholder value. I doubt they will have the cash to pay at the first few coupon dates, all IMO of course.
Hopefully a successful outcome next month should generate a significantly higher SP, and a better base to raise the required cash for the 2021 program. Only time will tell.

With all due respect PofC and I really value your knowledge and input but the notes could alter,

The ability to draw-down on these remaining funds remains subject to satisfaction of certain conditions precedent, which the Company and the provider are engaging on collaboratively.

It has changed once from 2.5p to now 0.8p, it could change again, until real money is in the bank and clarity on finances is really understood I am very cautious.

Thanks for the work on the RNS with the information available, I really am more positive about a farm in after this RNS but will wait and see the RNS first on the terms if we get one.

Willec are you trying to compete with Bonum for chief ramper, are you trying to work in tandem! Have you looked at all your previous posts and seen these huge target prices you both hold come even close yet! Do you think with your posting history you have any credibility? Just a thought for the pair of you, you never know even I wish one day you will be right!

I can sell at 3.5p