Bahamas Petroleum Share Discussion Threads

[whoppy] 01/9/2019 23:02

It really is not nice if there are deaths. I think it would have been a lot worse if it had hit the most populated island of New Providence and Nassau. It looks as though the hurricane is way north. The thing for the Bahamas is that their tourist industry can get wiped out. It kind of makes finding oil really important for them to have something to fall back on. Hopefully the hurricane goes back out to sea further north.

[bones] 01/9/2019 22:23

Without wishing to detract from the seriousness of the weather situation for the residents, I would expect the oil is safe.... :)

[archlight] 01/9/2019 22:07

897
WTNT65 KNHC 011957
TCUAT5

Hurricane Dorian Tropical Cyclone Update
NWS National Hurricane Center Miami FL AL052019
400 PM EDT Sun Sep 01 2019

...CATASTROPHIC CATEGORY 5 DORIAN POUNDING GREAT ABACO...

This is a life-threatening situation. Residents in the Abacos
should stay in their shelter. Do not venture out into the eye if it
passes over your location.

Hazards:
- Wind Gusts over 220 mph
- Storm Surge 18 to 23 feet above normal tide levels with higher
destructive waves

[linton78] 01/9/2019 20:54

htTtps://www.cnn.com/videos/weather/2019/09/01/hurricane-dorian-forecast-update-sunday-vpx.cnn

[martyn9] 01/9/2019 20:02

Linton, bet your bottom dollar Sean Connery got the private jet wound up Friday and back to Scotland!! 007 and haggis.

[linton78] 01/9/2019 19:51

I have no pleasure posting this link -

[rayrac] 01/9/2019 12:51

One of my daughters is in Orlando right now, she’s flying out tonight. Hope she makes it in time!

At least we don’t have a rig to worry about?

[bigsi2] 01/9/2019 12:06

Technicals

[linton78] 01/9/2019 10:45

Yes Martin. Not good at all.

[martyn9] 01/9/2019 10:21

My thoughts exactly Linton, feel for the people in the Bahamas, going to be a bad hurricane by all reports.

[linton78] 01/9/2019 08:06

Nice to get the PR Stewart.

This sounds worrying though, the Bahamas could be flattened by this hurricane like Barbuda was a couple of years ago:

[stewart4990] 31/8/2019 23:24

Linton,I have just read that article from today. a few grammatical errors but it reads very well with the Govt going after oil and gas.The reporting in particular terminology is a little incorrect but I worked it out.Be interesting to hear other comments and I was not going to add any more but I may well do.They mention Exxon and Chevron in the article. Nice

[linton78] 31/8/2019 16:46

Old coaster - yes, the exit point is critical here. Good luck !

[mpls] 31/8/2019 16:37

Once advanced, the Conditional Convertible Loan would be for a term of 3 years, with a coupon of 12% per annum, convertible at a price of either 6p per share or a 25% premium to any hypothetical future equity issuance, whichever is lower.

[tidy 2] 31/8/2019 16:15

AGM SPECIAL RESOLUTIONS Resolution One: As a special resolution, THAT (i) the entry by the Company into a conditional agreement for a GBP10.25 million convertible loan facility (the "Conditional Convertible Loan") with Bizzell Capital Partners Pty Ltd, an Australian-domiciled investment firm acting on behalf of entities associated with Mr. Stephen Bizzell and Mr. Mark Carnegie ("BCI") is approved and ratified,(ii) the issue of 25 million options to BCI to subscribe for ordinary shares in the capital of the Company, for a term of four years and with an exercise price of 2p per share (the "Convertible Tranche One Options") pursuant to the terms of the Conditional Convertible Loan, is approved, and(iii) subject to agreement being reached between the Company and BCI on the terms of the definitive long-form legal documentation governing the Conditional Convertible Loan by no later than 30 November 2019, and subject to satisfaction of all conditions precedent under that documentation and completion of the convertible loan note investment under that documentation by 31 March 2020, the issue of 12.5 million options to BCI to subscribe for ordinary shares in the capital of the Company, for a term of four years and with an exercise price of 2.5p per share and the issue of 12.5 million options to BCI to subscribe for ordinary shares in the capital of the Company, for a term of four years and with an exercise price of 3p per share (together the "Convertible Second and Third Tranche Options") pursuant to the agreement for the Conditional Convertible Loan, is approved.Resolution Two: As a special resolution, THAT the Directors be and hereby are granted the authority, pursuant to Article 6.7 of the Company's Articles of Association, to allot and issue up to a further 1,800,000,000 new ordinary shares in the capital of the Company, as if the pre-emption provisions contained within Article 6.3 of the Company's Articles of Association did not apply to such allotment and issue, provided that such authority, unless renewed, shall expire on 31 December 2020, but shall extend to the making, before such expiry, of an offer or agreement which would or might require ordinary shares to be allotted after such expiry and the Directors may allot ordinary shares in pursuance of such offer or agreement as if the authority conferred hereby had not expired. Resolution Three: As a special resolution, THAT (i) the cancellation of 68.85 million options over ordinary shares in the Company be approved,(ii) the creation of a pool of up to 200 million new options over ordinary shares in the Company be approved, expiring on the date that is five years after the date of grant, for allocation by the Board, in three tranches as follows:a. Series A: A total pool of 50,000,000 options, vested and immediately exercisable, at an exercise price of 2.22p,b. Series B: A total pool of up to 75,000,000 options, that will vest and become exercisable at such point in time as the Board, having consulted with the relevant advisers to the Company, determines that the cost of an initial exploration well is fully funded on an unconditional basis (defined as the Company either securing a farm-in or securing capital via debt or equity or a combination of both in excess of $25 million, or any combination thereof), at an exercise price of 2.4p, andc. Series C: A total pool of up to 75,000,000 options, that will vest and become exercisable at such point in time as the initial exploration well commences (defined as once a rig is mobilised, that being when the contracted drilling rig, following inspection by BPC and any necessary customs authorisations, leaves the port of origination by a distance of 1 nautical mile), at an exercise price of 2.8p,(iii) an initial allocation be approved of 50,000,000 of Series A, 50,000,000 of Series B and 50,000,000 of Series C of these new options be approved, with the balance of the available pool, being 25,000,000 of Series B and 25,000,000 of Series C, reserved for future allocations at the discretion of the Board, and(iv) the issue of 116,698,188 fully paid ordinary shares in satisfaction of deferred pay obligations up to 31 July 2019 be approved, such shares only to be issued at such time as the Board, having consulted with the relevant advisers to the Company, determines that the drilling of an exploration well is fully funded on an unconditional basis.Resolution Four: As a special resolution, THAT the Directors be and hereby are granted the authority, pursuant to Article 6.7 of the Company's Articles of Association, to immediately allot and issue 7,200,000 warrants over new ordinary shares in the capital of the Company to Shore Capital, with an exercise period of 2 years from the date of grant and exercise price of 1.6 pence per ordinary share, as if the pre-emption provisions contained within Article 6.3 of the Company's Articles of Association did not apply to such issue.Attached to this Notice of Annual General Meeting is a letter from the Chairman which contains the Directors' unanimous recommendation that you vote in favour of all of the Resolutions (whether Ordinary Resolutions or Special Resolutions) to be proposed at the Annual General Meeting. Attached to the Notice of Annual General Meeting are explanatory notes setting out the rationale for the various Special Resolutions being proposed. Shareholders are encouraged to read these explanatory notes carefully and in full.This Notice of Annual General Meeting will be despatched to Shareholders by no later than 23 August 2019, and has on 21 August 2019 been posted on the Company's website (www.bpcplc.com). Copies can also be obtained in person at the Registered Office.

[mpls] 31/8/2019 15:55

From 4p to 5p and then 5p to 6p not much resistance.
Note the reference to 6p in the recent RNS.
6p equates to the farm-in exclusivity last year.

Once 3.5p is breached end of day 4p easily in reach.

But between now and 3.5p could be choppy.

May be a sell off point or a shake or two on the way to 3.5p.

Looking for a buy opportunity like Friday afternoon.

[old coaster] 31/8/2019 12:53

This is where I first came in during 2010.

Let’s hope LTHs have better luck this time. I won’t hang about 9 more years .

[stewart4990] 31/8/2019 11:06

66778898,

I note you joined 2 days ago, interesting and form your own opinion.

[johny cash] 31/8/2019 11:05

New member just like you.

[shanur90] 30/8/2019 21:39

Decent week. Still alot of upside hit much higher last time when money was coming in. We are drilling for sure now. Zak mir has a Conservative short term of 4p target then we break that to much higher. Should see a further good run next week as the liquidity arrives 1st week of September and the big boys return to their desks. Have a good weekend all

[laallee] 30/8/2019 16:32

Well, that was a good week. Long may it continue...

[mpls] 30/8/2019 16:20

Think it was just people waiting to take a profit and see a slight drop and decided to push the button, buyers soon came in to put the price back. Tight stock now, only a small amount of buying pressure to finish on intra day high.

EDIT: Someone brought just before the bell, always Monday for the rise.

[matgordon1] 30/8/2019 16:15

I'm sure when it drops like that it's because the mm's see stop losses