Bahamas Petroleum Share Discussion Threads

[martyn9] 15/3/2019 22:20

Amazing the trolls crawl out of the swamps always on their perception of a rights issue!! Its over gloom&doom!!.laughable.

[linton78] 15/3/2019 18:14

Just seen that Whoppy - Lithos top up?

Nothing’s changed here, one step nearer but dilution annoying.

The timing is very odd - will a deal land sooner than we think?

Time for a beer...

[whoppy] 15/3/2019 18:02

6.3m buy at the end just shown.

Hum, your mindset says that BPC will not drill a well, hence you will argue from that point of view and not take into account circumstances along the way but try and fit facts to your mindset. What has happened along the way and the consequences of delays, and the reasons why, is in the context of attracting a partner. What has happened up to now doesn't change the purpose of BPC and it's finding a partner and drilling a well, which is what they are working towards.

LW425, there is maximum of 21 months to find a partner and drill. 12 months will be used in long lead items. That leaves 9 months max for a famout partner to be found but they've already been in discussions for 6 months or more, so a farmout could come anytime in the short term, hence the next 6-12 month duration for short term potential.. Therefore a farmout could come at any immediate time seeing as they have already been in discussions, with an immediate short term 6-12 month upside until they start drilling which will provide a longer term 12-18 month upside. If you look at the chart and the upside from May to August 18 of 1-7p, you can see the upside potential.

[jamesto2] 15/3/2019 17:49

THIS WILL BE 1p or lower within the next 3/5 months ...

One thing that I've just recalled is that Potter stated the following in the RNS of 24th August 2018.

"Following receipt of $1 million in exclusivity payments under the Agreement and the raising of additional finance through the placing of shares in May 2018 the Company remains adequately funded to continue developing well financing options through to completion."

So since there is no deal completed and hence no finance for the well, then the above statement was not true then?

[lw425] 15/3/2019 17:39

Guys.

Page 17 of the March presentation clearly states Farmout timeline as 6 to 12 months and drill 12 to 18 months.

So clearly a farm out is not going to be announced next week!

So why hold the shares?

[dynamohum] 15/3/2019 17:31

The reality is based on fact, not unfortunately on opinion, the fact is they can't get a deal no matter what you read into utterances from the press, Attorney general, or an RNS which you interpret to suit your mindset . . . . .
I assume your hanging on fat Malcys latest ' opinion' . . .

As inevitable as death and taxes is BPC’s need for moolah at this time of year, last year the friendly major brought in some but right now the company needs more for ‘ongoing funding’ and has thus announced a raise of $2.54m at 1.6p, a deep discount to last nights close of 2.55p.

The company is still seeking a farm-in partner to finance the exploration well but remain ‘confidentR17; now that the licence has been extended until 31/12/20 with ‘discussions ongoing’ with a number of potential partners. I would normally say that the process has now gone on for so long, and with the exception of last year’s fish that got off the hook, it is unlikely that a partner can be found.

There is one line of thought that I wrote about last time which just might give shareholders a faint chance for optimism, at least a straw to hang on to. If, say, last years fish had walked away from discussions because they thought that the licence might expire giving them an opportunity to negotiate with the Bahamas Government, that disappeared with the renewal. The data room clearly has serious potential partners in it, who is to say that last year’s candidate has not returned, but the only downside is that any prospective farminee will drive a hard bargain, 20/80 or maybe even 10/90…..

[belgrano2] 15/3/2019 17:30

I see the posters were correct a couple of days ago when they were suspect about high selling volumes. Seems like a pretty leaky ship. 9years talking and still no drilling.

[whoppy] 15/3/2019 17:19

He deferred his salary along with other management quite some time ago and then wrote it off last year. I guess Simon Potter could see the delays that the Bahamas Government were incurring and he couldn't go on taking a salary. Looking at the last placing and the money from the exclusivity, it's clear BPC thought that the Bahamas Government would have extended the licence last year and the money would have been enough to see a farmout to completion. BPC say they were in discussions all last year with the Bahamas Government, but the Government took so long in deciding the licence extension, the company needed to raise cash again today to continue farmout discussions. Now they've got the licence extension and the money they can get a deal done, imo.

[dynamohum] 15/3/2019 17:11

Whopper ✊
How many years did he receive his $1 million salary, pension contribution, housing in the Bahamas, company car + a very generous expense account . . all virtually tax free.
Come off it Whopper, you are again in denial of the actuality, 10% of a million is enough to get by on . . . . . The deferral of salary was to placate PIs. . .

At least your willing to talk , unlike the mug punters who filter because they don't like any opinion other than the one they are wedded to . . . .

[whoppy] 15/3/2019 17:01

That's the thing. He hasn't really been getting paid as 90% of his salary had been deferred in taking shares which he then wrote off last year due to the dilution, and in return changed his contract. The only way he wins is through his 63m shares he has, if he gets a partner to drill.

[dynamohum] 15/3/2019 16:50

Maybe Potters egging the bread , nine years of talking ?? to potential partners , who's he trying to kid . . . . . he will walk away to the sunlit uplands of retirement having failed to secure a partner . . . . yet still has a very tidy return for his time , I wonder what he's actually been doing all this time , realy I would like know . . . . .

[whoppy] 15/3/2019 16:38

I must admit, I don't quite understand why all these potential partners are constantly in ongoing discussions. I'm sure they must have all talked it to death by now, and yet they are still present. Logic says there is a reason, presumably to make an offer? I mean if you were buying a house and hadn't made an offer but was still discussing with the seller 6-7 months later, you must be interested in buying it, otherwise why bother.

[whoppy] 15/3/2019 14:45

Seems like BPC has always had one hand tied behind their back by the Bahamas Government. Flushed out a major last year who paid exclusivity which they extended to pay more and then bang went cool on it. Potter always said it wasn't asset related. Can only assume it was licence related which has now been clarified and put right with the 2 year extension. Time will tell.

[whoppy] 15/3/2019 14:41

They had £1.33m in cash at 28th February 2019. Now have over £3m.

[stewart4980] 15/3/2019 14:27

Not sure if this has been posted it says March 2019, perhaps today as it refers to the placing. I think !!

[sandcrab2] 15/3/2019 14:24

I 💘 Gismo

[gismo] 15/3/2019 14:08

Post from Ollie on LSE"The reaction too the placement I think is wrong. Maybe BPC, as part of any arrangement, need to have a certain level of cash in the business to offset risks / delays. What the AG said trumps all of the negative stuff since last August. A deal is close; ;although given that many of us have been here for many years, close could be June."Maybe they do need to have a certain amount of cash in the business. It would explain this fundraising

[gismo] 15/3/2019 13:36

No worries, it's upsetting when this happens but I'm with whoppy on this one. Have a great time, it's on my list of things to do!

[ken chung] 15/3/2019 13:35

Shorters delight.Thank you lemmings.

[bigsi2] 15/3/2019 13:26

my two pence -I do hope from sheer curiosity that BPC get there eventually, if they don't sign up JV soon either they're being too greedy with the terms they think they can achieve, the data room suggests the prospect has issues or they're are still political uncertainties.either way today's fundraising was a kick in the teeth for what have been very patient shareholders- especially considering only 6 weeks ago you were told the company had funds to see them through farmout medium term - Semi sincere apologies if I've offended you today Whoppy Gismo et al - I do find unbalanced, deluded one sided views irritating, and today surely that outlook was vindicated.If it makes you feel better you won't have to worry about my "upsetting" you as im signing off for two weeks whilst soaking up the Sun, Tea and perhaps the odd vodka in Sri Lanka

[dynamohum] 15/3/2019 13:10

Whopper , share price has been saying the same thing for 9 years. . . .
I too would like to see a well drilled. . .
I just think the odds are getting very long on that happening for the reasons I've stated in previous posts . . . Where are the risks diminishing , I would say they have not changed . . . .

[whoppy] 15/3/2019 13:00

Hum, I know you don't think that BPC have any partners who are in discussions or are interested in farming into BPC's licences and that is fine, but I have a different view based on the assets and what is happening. I think a well will be drilled to find oil. High risk, High reward, although those risks are diminishing as we see events unfold and action taken.

[lithological heterogeneities] 15/3/2019 12:58

penfold

thx for posting the shares mag article.

[cinoib] 15/3/2019 12:54

Penfold, Yes have seen that about Guyana so took a stake in Eco the other day and hope one of them turns up with the bubbly.