Bahamas Petroleum Share Discussion Threads

[specialist protector] 10/10/2019 19:29

Listening to the radio earlier on I feel the investors here have a similar death wish and blindness as the one coin Ponzi Scheme participants had. Sad.

[specialist protector] 10/10/2019 19:26

ahahhahhahahha ahhahahhahahhahah - Winding up order for Bizzel - quality !

FYI what you can’t see is a copy of a winding up order for BIZZEL dated earlier this year- yes these guys are real quality and clearly everyone falling over themselves to lend BPC money -

[specialist protector] 10/10/2019 19:22

I think instead of the train leaving it is more like the ship sinking. Sad. But bankruptcy is now the only realistic option in my view.

[specialist protector] 10/10/2019 19:21

0 0 0
It seems no one wanted to give them any money. Majors - no way and they walked away. City institutions - seemingly turned them down at 1p. Other finance options - everyone ran away. MUGS - not many will give them money at 2p when the market is below that level - so in my view it is all over. It was good fun while it lasted but we are at the last rites now. :(

[specialist protector] 10/10/2019 19:19

0 0 0
It seems no one wanted to give them any money. Majors - no way and they walked away. City institutions - seemingly turned them down at 1p. Other finance options - everyone ran away. MUGS - not many will give them money at 2p when the market is below that level - so in my view it is all over. It was good fun while it lasted but we are at the last rites now. :(

[linton78] 10/10/2019 19:10

The train is leaving the station....

[whoppy] 10/10/2019 18:58

It's pretty obvious they can raise a contingency amount after the open offer when drilling starts and the share price is 7-10p to cover any additional costs. The first order is to get the drill bit turning with this current offer at 2p. Over the next few days, weeks, it will become clear that this is going to happen so at the time the open offer closes the share price will be north of 2p and it's an easy decision to take up the offer. Dyor.

The late trade for 4m at 1.9p was a buy.

[linton78] 10/10/2019 18:52

Tool - there is a minimal small discount on offer today but that’s all.

I believe in the company and the geology, so will go via the offer. All long term holders will in this share.

I’ve spoken to one broker today and he said they will get this away (neutral source). I’ll check with one other when I get time.

I haven’t read your article but there are risks no doubt, but mitigated if you look at the full picture.

The risk vs reward works for me here.

The order book will do the talking on this one.

[linton78] 10/10/2019 18:45

I don’t think they plan to drill to target depth. Multiple stacked targets all the way down under the seal. if they are dry they won’t drill further - in the oil capital video.

Agree with you 7 million is fairly easy to raise.

[specialist basher] 10/10/2019 18:44

CHRIS are you copy and pasting off BigSi or vice versa, both your posts identical on two different boards both a load of bo''ocks.

[specialist is the living god] 10/10/2019 18:41

No Linton do not buy today at a 10% discount - you can buy in a month at a 90% discount. Hooray

[specialist is the living god] 10/10/2019 18:40

Hahahhahhahahha ahhahahhahahhahah - Winding up order for Bizzel - quality !

FYI what you can’t see is a copy of a winding up order for BIZZEL dated earlier this year- yes these guys are real quality and clearly everyone falling over themselves to lend BPC money -

[specialist is the living god] 10/10/2019 18:40

Hahahhahhahahha ahhahahhahahhahah - Winding up order for Bizzel - quality !

FYI what you can’t see is a copy of a winding up order for BIZZEL dated earlier this year- yes these guys are real quality and clearly everyone falling over themselves to lend BPC money -

[specialist is the living god] 10/10/2019 18:39

And so the saga continues. Bahamas Petroleum (BPC) having failed to get institutional backing for a placing at 1p to raise $20-255 million is now heading back to its existing shareholders with a £7 million open offer at 2p. You’d be mad to take it and here is why.

We broke the news that Bahamas was trying to place HERE forcing a disingenuous denial from the company. As the asking price was lowered from 1.4p to 1p it became clear the offer would fail the company said it was not consider than option and stressed. On October 3:

The Company wishes to confirm that it has no immediate intentions of undertaking an equity placing to institutional investors. As stated in various announcements in August and September 2019, the company has multiple funding options available to it to fund the exploration well intended to be drilled in H1 2020.

Folks thought there was no fund raise so the shares raced up to 2.5p (helped by a bear squeeze). Into that spike the company has launched an open offer to all shareholders (including institutional investors) at 2p to raise up to £7 million ( $8,5 million)

It says that together with a $12.5 million convertible loan note it will have enough cash to fund one well in late H1 2020, if it comes in at the bottom end of the range of expectations The loan note provider is, as you can see below, one with an interesting history and hence no wonder it is trying to farm out its commitment. If it fails to do so is it really good for the cash?

And what happens if there are any over-runs on cost?

And Bahamas is not drowning in cash. It says it has enough cash to cover PLC costs unto H2 2020. So shortly after drilling starts Bahams will be out of cash at a PLC level.

And what happens if the £7 million open offer flops. Bahamas says “To the extent the Open Offer Shares are not taken up by shareholders (including via the Excess Allocation Facility) the Company has appointed Shore Capital, the Company's broker, to seek to place those unsubscribed Open Offer Shares with institutional investors at the Issue Price.”. Shore can seek but with the shares now trading at 1.85p-1.95p in the market why would anyone be interested?

Bahamas clearly faces numerous funding shortfall scenarios on its drilling plans as well as at a PLC level. That makes the shares a pretty clear sell.

FYI what you can’t see is a copy of a winding up order for BIZZEL dated earlier this year- yes these guys are real quality and clearly everyone falling over themselves to lend BPC money -

[toolsmoker] 10/10/2019 18:39

Linton why dont you just buy 10% cheaper today. Or wait a few weeks and pay 1p .50 .40.30 .20 .10 008 .006 .004 .001 and so on

[specialist is the living god] 10/10/2019 18:28

Tomorrow we go down towards the 1.5p level, in my view.

[specialist is the living god] 10/10/2019 18:27

It seems no one wanted to give them any money. Majors - no way and they walked away. City institutions - seemingly turned them down at 1p. Other finance options - everyone ran away. MUGS - not many will give them money at 2p when the market is below that level - so in my view it is all over. It was good fun while it lasted but we are at the last rites now. :(

[specialist is the living god] 10/10/2019 18:25

Of course it is. They are just doing this in my view to get their options vested so they can get something out of it before bankruptcy in my view. There will be no drill in my view. It is game over.

[gunsofmarscapone] 10/10/2019 18:17

Is it not a grave error to raise so little money? Rig on location to P and A times can easily overrun by a factor of two more. Respud, slumping, pressure kicks, tool losses, BOP pulls etc etc.

Something really not quite right here.

[specialist is the living god] 10/10/2019 18:07

It is all over now Everyone is now selling in my view. Poor Mugs will be mugged a little bit everyday. 10-15% a day until we reach 0.4p should they fail to raise funding. The open offer in my view is dead. The market is telling you as much with the stock at 1.9p vs open offer of 2p. Game over in my view - all looks like lose to me. Panic will take over when the stock goes to 1.5p against an open offer of 2p. I told you the pain for the MUGS is just starting.

[linton78] 10/10/2019 18:04

The rats are staying aboard and taking up the offer. Well this rat is anyway :-)

The interview will focus minds on the asset and reason for taking up the offer of 2p.

[toolsmoker] 10/10/2019 17:53

Worked sell guys the rats are abandoning ship .where is this interview cant wait for the next bs ramp .unfortunately they are all out of ramps now

[armatrading] 10/10/2019 17:52

Showing as a sell on LSE, but the price isn't comparatively low for a big £83.45k sell.

[specialist is the living god] 10/10/2019 17:47

Disaster - Stock closes at 1.9p below the open of offer of 1.9p. In my view they will belucky to even get GBP100k. Unfortunately the market is telling us that it is now game over. Sad but Longs are likely to lose everything now.

[whoppy] 10/10/2019 17:28

Is that another big buy at 17:08