Member Info for VerbierDave

Share - No you have got me wrong. They have taken the PUT but the CALL can only be made if it is done before and RNS is released about results, therefore if there was an RNS tomorrow for instance the CALL could not be made and therefore the lender looses the right to the 2.3p protection and will be issued warrants instead.

Share - they did if they needed the extra funds to go deeper and further evaluation. As someone mentioned Stena would want money up front for any extra drilling time and evaluation time that the logging could take.

Share - The PUT was taken in my belief because they already have had oil shows - if they haven't and took it anyway and we have a duster the way the financing is structured the company is doomed and I mean doomed to the point there won't be a pot to p in due to the compensation they would have to pay after the 2.3p share guarantee they have to pay.

Car's - I think you and I were in a discussion the other day about this and completely agree with you. Now, I have been thinking a bit more (painful at times) and as we know BPC had up until tomorrow to take the PUT but decided to do it a day early so with other important dates coming up i.e. the 14th of Jan when BPC have a hearing in the court to be added to the JR and then put in a request for a large bond from the plaintiffs, do you think we could have a surprise RNS tomorrow with some kind of results, even if to say they have had shows in the upper targets and are now with the PUT funds taken today going to drill to the extended TD and conduct further testing?
My thinking behind this is - if they've already hit pay in the upper zones it would make sense that they took the PUT so they can drill and test further also if they haven't hit pay and it ends up being a duster we are royally F****d. But in releasing an RNS tomorrow it would mean the CALL cannot be made and therefore protecting BPC. Also then when they go to the court on the 14th and get added to the JR with an announcement of pay dirt then the JR will be dropped by all involved thus allowing a very good rise to full results.

Or am I thinking too hard lol

I've read the post in the facebook group that has been mentioned and it actually said that drilling could be completed by the 17th however there would still be time needed for testing and the results probably wouldn't be out until the beginning of Feb.

However with everything this is all speculation and the truth is in the RNS.

Rossannan - do you have shares in BPC through the merger? If so I'm really confused. I do agree that all aspects should be up for discussion and ideas shared but it seems you are only looking on the negative side of things which is very confusing as one would think if you had shares you would be looking at the positive and negative to make an informed decision on whether to stay in the trade or get out. The fact your sentiment seems to be all negative does that mean you are disgruntled because you are so far in on a loosing investment that you have simply surpassed any hope of regaining your losses? If so just get out, take what you have left and buy something nice and live another day because it seems all you are doing here is living in a pool of hurt.

ShareScare - would you not agree that they wouldn't give two hoots if they only had 1 day to offload the shares as it doesn't matter to them as they have a guaranteed 15% whatever price they sell them at. They could dump the lot and crash the SP to virtually zero if they needed to just to get rid or is there a limit on how many can be sold in a day? I know some other shares I have been in have had this rule in place to mitigate the funding provider from crashing the SP.

Well they would just word it how they want but I believe it's been said on here that they have said the drilling is fully funded, however, the extra funding would be for if they wanted to extend the drilling depth and for testing.

Bespoke - I agree with you, if they took the money with no indication of hydrocarbons at that stage it would be a pointless exercise purely down to the fact that if it was a duster the SP will drop to around .5 before starting a dead cat bounce and probably settle at around .7 that meaning around 80% of the extra funds would have to be paid back in compensation for shares offloaded under 2.3p. Which in reality would be completely pointless to have a what would amount to a few hundred thousand dollars left after a period of a few days when the duster news would have to be unveiled.

Therefore if they take the funding in my mind it's a massive buy signal. but thats just my opinion.

Somm - it could be worth you reading this what I posted early from actually reading the drill program....

So I just want to show that there is a possibility that they may be going through the first target formations of Abian, Intra Albian, Aptian and into the top formation of the mid Aptian by the 13th of Jan. The way I want to show this is by using the information given in the drilling program in the EIA, also take into consideration this drilling program was from the March drilling program and now we are using the Stena Ice Max which is one of the most sophisticated drill ships in the world.

https://www.depp.gov.bs/wp-content/uploads/2020/03/BPC-Perseverance-Well-EIA-Final-Feb2020.pdf

If you use the link it will show on the drilling program that by day 25 of drilling they would have got to 3420m / 11,220ft and run the 9 5/8" casing.

You will find this information on Project description 2.1 and fig. 2.3

There will always be give and take on timelines depending on how the drilling goes through formations but what people have to remember that as per the drilling plan the actual drilling to TD could be completed in 39 days. 45 - 60 days is for the complete operation from preparing to drill all the way through to testing if required and abandoning the well after completion.

So as to the question could they know if they have hit hydrocarbons by the 13th of Jan the answer is yes especially if they are running TWD (testing while drilling). I hope this helps some that haven't done the research.

So I just want to show that there is a possibility that they may be going through the first target formations of Abian, Intra Albian, Aptian and into the top formation of the mid Aptian by the 13th of Jan. The way I want to show this is by using the information given in the drilling program in the EIA, also take into consideration this drilling program was from the March drilling program and now we are using the Stena Ice Max which is one of the most sophisticated drill ships in the world.

https://www.depp.gov.bs/wp-content/uploads/2020/03/BPC-Perseverance-Well-EIA-Final-Feb2020.pdf

If you use the link it will show on the drilling program that by day 25 of drilling they would have got to 3420m / 11,220ft and run the 9 5/8" casing.

You will find this information on Project description 2.1 and fig. 2.3

There will always be give and take on timelines depending on how the drilling goes through formations but what people have to remember that as per the drilling plan the actual drilling to TD could be completed in 39 days. 45 - 60 days is for the complete operation from preparing to drill all the way through to testing if required and abandoning the well after completion.

So as to the question could they know if they have hit hydrocarbons by the 13th of Jan the answer is yes especially if they are running TWD (testing while drilling). I hope this helps some that haven't done the research.

Proselenes - Do you realise the use of capitals is also seen to be shouting? Starchild never mentioned in his post that P-1 was going to production in his earlier post so why are you getting your knickers in a twist. It makes you look like a bit of an arrogant P***. Take a chill pill, if you don't like the share and company sell up a go elsewhere. I don't get people that spend all day posting on a share BB when they either hate it or don't own it..... if thats how you spend your days I feel sorry for you.

As has been mentioned by yourself and many others the lending was done at mates rates so do you not think if they are all as corrupt as you make out then they would be given a heads up not to sell prior to the results because it’s positive and they’re about to make a shed load??

They should know if the formations are inline with the 3D and should know very shortly if not already as they go through the first target if it's playing out as expected.

I have a decent holding already but in my view if they take the extra funding by the 13th it means they have hit pay dirt that needs testing. So I'm keeping cash aside and if they take the funding I'm all in.

Looking at vessel tracker it looks like the rig has been moved and in position since last night at around 20:30hrs UTC, my guess is we will get spud RNS Monday morning.

Back up already to 0.95 quick tree shake over

I think you will find that after the vote today the 16m will still go to Rathlin (they know they can't progress without it) however the 7m equity buy back may or may not happen, only time will tell.

Pawn - the way the RNS reads to me yes they will but just not the 7m equity swap at this point.

Makes sense to me, if the 16m is enough to prove up the asset to the point of sale why give up a larger share of the profit at point of sale when you don't need too. Maybe it could mean there is a potential buyer out there already once it has been proven up.