George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Team talk time needed, BPC gang! Our resident chief whip (Bonum) has already contributed and we just need InterestKing, Page of Cups and the other many good cabinet members to chivvy us on.
My own view - for the few buttons it’s worth - is that everything is still on. I see nothing in the RNS today that signals we are not going ahead as planned in Q2. What I do see (being the eternal optimist/glass half full person) is the major (sorry, ‘supermajor’) forcing us into brinkmanship. Thankfully, with all the headwinds presented to us so far in our long story, our BoD have the backbone to resist intensive squeezing, and foresight to prepare back up financing.
The insurance, drill ship and well services contracts are all intrinsically linked: you cannot sign one without the others in place. If, as I suspect (or choose to think), the farm-in negotiations are still taking place and are at an advanced stage, then we would not want to do a final sign-up for any of those items if the other side might be coming in with us.
Nevertheless, I do rather envy the people who say they are selling today because that takes guts and they may have the chance to get back in cheaper. However, after all I have been through with this stock there is no way I would want to be out of it when getting the ‘suspended’ notice following a big announcement and then be unable to get back in.
Judge-mental - I disagree that our leverage has now evaporated – I think it has been enhanced.
Sorry Molokai - if you will insist on watching downmarket news outlets like the BBC News then you can expect no more. I stopped watching the BBC a long time ago! A pity: a great institution gone down the tubes. Investigative journalism? Pah!
Jim-t-K - have only just read your post at 17:13 yesterday. Congrats. Says it all and puts our position in clear perspective.
Jim-t-K - very interesting views in your post at 11:43: thanks. Hopefully all should be revealed soon (but not this week if markets still down!).
I have listened again this morning to SP’s interviews last week, but shall not try and analyse further otherwise the board could easily fall back into the “near term” quote debate last year, ha ha. We shall just have to await proper announcements.
Exciting times, I think we all agree.
Thanks Jim-t-K.
So, at the end of all our deliberations this a.m. we are none the wiser about the actual rig! I suppose that’s one more thing that is exciting at the moment.
Of course, if discussions with a potential farm-in partner have temporarily stalled because the major in insisting on using their own rig then......... (!)
Alexios - TVM.
Jim-t-K - you are absolutely correct that costs are crucial. Thankfully I think this is the one factor SP is very aware of.
Binyari - TVM for all your research!
Yes, all absolutely correct, but I do find it interesting (tantalising?!) that SP never actually named it in either of his interviews. Also - and I could be completely wrong - I don’t think he actually mentioned Seadrill by name in either interview, even though he named Halliburton and Baker Hughes and even though Seadrill have been the name in the frame ever since last year’s big October announcement. Another thing is that at the Oil Cap conference SP said it would be their intention to load the rig up and that it was only a two-day steam from Fourchon. If that were still the plan then a rig presently in Trinidad would have first to sail to Louisiana before Bahamas. Anyway, all speculation and we will find out soon enough. Just all very curious!
Bynari - that is a great video of Seadrill’s modern rigs and if it turns out that we have got the West Saturn (though I think this is yet to be confirmed, even though all pointers are leading to it) then indeed we have got some great kit.
Bonum - I have had Fatal on filter ever since I saw his name first come up here a few months ago, having seen his offensive nonsense on iii in the old days. So I don't see any of his posts, but I gather from some responses that he must have raised his head again. You are right to ignore the person. He must have been very upset when I told people a while back simply to use their filter button to screen him out because LSE then removed MY post! You have to laugh. Anyway, please continue your optimistic posts and - whilst, of course, considering any real negative news or opinions properly - ignore the timewasters: they are just unneccesary background noise.
xxxyyyzzz - TVM for trying to bring balance to the virus scare. There is also a good piece in this week's Spectator 'The most dangerous think about coronavirus is the hysteria'. Actually, I think most of the posters on this board are sensible, intelligent and aware of the media's over-hyping of any scare story they can get their hands on. I won't mention Brexit fear, but the 'climate emergency' is another religion which the unquestioning and unintelligent have got lured into.
As for BPC, TVM also for your excellent summary the other day of the main points from SP's ProActive interview. It might be worth you posting it again today, to remind peeps of why things here are all so positive at the mo. I have just listened to both that and the Vox interviews and another point that I didn't pick up on the first time was SP's comment on our drilling team (referring to our "illustrious group") is that our insurance auditors have described them as "an experienced team with global operator pedigree". So all looking good!
In addition to today’s phone interview with a ProActive, SP also did one with Vox (sorry - cannot paste link). His comments (on the Environmental authorisation) “one of the most important milestones we could conceive” , and ( on drilling schedule) “...spud within a month’s time”. Also ...”we are drilling at 100% equity “, which to me, hints that we are going it alone (albeit FI talks still going on).
Yes, PoC, drill ship built in 2014, dual-derrick, with a managed mud system. But I particularly liked SP’s specific comments: (on the rig) “one of the most technically capable rigs in the world”, and (on the environmental authorisation news) ...”Huge, a huge milestone for us”.
TVM for posting that link Novice: I might otherwise have missed today’s broker’s note (or at least ProActive’s extracts of it.
Whistler - Yes it was. I remember it well: I happened by chance to be in front of my screen at the time.
Interestking – please don’t ever ‘pull back’ as per your 06:55 message! Your input – as well as that of all the good posters on this board – is extremely valuable to those of us who do not have the time to focus entirely on their BPC investment (gamble?) and whose reading of the boards is usually done as a catch-up at weekends. Even more maddeningly, I live and work in central London, with both home and office in walking distance of the Chesterfield. Had I known in advance about the presentation the other night and not been so busy I would certainly have attended. Aarrggh! So thanks also to all the others who reported from their attendance: there is nothing like face-to-face and seeing ‘the whites of their eyes’ to get a good feel for any investment. Please keep up your good work!
Just getting up to date reading the board.
Pr0spect - thanks very much for giving the link yesterday to the Zac Phillips interview. Although I had read ZP’s excellent research note when it came out a couple of weeks ago, I had not actually listened to his interview and I’m very glad that I now have. It is really uplifting to hear an experienced analyst giving a very positive, independent view of BPC’s situation. Thanks again.
https://www.proactiveinvestors.co.uk/companies/news/912175/bahamas-petroleum-success-at-perseverance-1--would-be-a-game-changer--912175.html
TVM PoC - will now negotiate the e-cube business to see what they actually said (!). However, a good spot of yours though.
Heid/Mats - such views are valuable to us non-techies and will be of particular use when we start drilling, so thanks. I rarely have time to post, but have watched from the sidelines and so appreciate the many who do.
PoC - please continue posting: your thoughts have kept us all positive throughout the dark days and have also been much appreciated.
All views are welcome here and we are all big enough to judge their worth, and anyone who buys or sells on the strength of something they read on a chat board is nuts.
As for the hurricane season dilemma, this has been addressed many times before: Simon Potter - who of course knows what he is talking about - included it at length in his presentation to the Oil Capital Conference last year.
As for me, how I wish I had kept a diary over the last ten years about my BPC dealings: the margin calls when my initial positions were done through spread bets to avoid CGT; the quarterly roll-overs; the conversion to shares after the price had tanked to below 1p and all SBs covered; then the gradual transfer to ISA when AIM stocks admitted - and these are just the operational ins-and-outs of a private investor (gambler?). Then there have been all the corporate twists and turns, of which last week’s RNSs were just two: politics, regulations, delays, placings, offers, oil prices, exclusives, etc, etc . I’m sure our story would be a worthy competitor to anything Michael Lewis has written. Let’s hope guys that this is the final chapter of our story being played out - or, to paraphrase Churchill, just the end of the beginning and that there are extraordinary sequels after our initial blockbuster! Onwards…..
Interestking - your wise and knowledgeable words act as a comforting balm for the soul at the end of a tortuous trading day - far More soothing than Nytol tablets! We shall all no doubt regroup at 06:59 on Monday.
Jim the Know - I think you hit the nail on the head in the second paragraph of your post at 12:53. The trouble is that TW has also now made it his leading article on the Share Prophets daily circular issued at 16:32, thus promulgating the point. I don’t subscribe so cannot see exactly what he has written. It could be that there is an element of truth to the rumour, though TW has chosen to put an entirely negative spin on it. I know he is often referred to as the ‘sheriff of AIM’ , but he seems unable to differentiate between corrupt AIM companies and good ones. I believe that we have an excellent BOD in BPC in whose integrity I trust entirely. What a pity that at this crucial time when our board are doing all they can to bring this project to fruition, people like TW put out this poison, no doubt without knowing the full facts. The thing that bothers me is that Shore Capital must have a leak somewhere: not themselves, but in one of their main contacts, who had clearly passed on some kind of snippet to TW without the full picture. Either that or it is complete and utter tosh. Aarrgghh!