Bahamas Petroleum Share Discussion Threads

[linton78] 11/10/2019 07:30

Good Morning - this mugs got his cheque book out... ready with the Mont Blanc to write a big one... :-)

[specialist protector] 11/10/2019 00:46

Tomorrow we should go below 1.5p in my view. The journey to 0p has started in my view.

[specialist protector] 11/10/2019 00:45

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. :(

[whoppy] 11/10/2019 00:05

Nah, it's too much on the radar for buyers. At sub 2p it will just get bought until mm's get fed up of giving away cheap shares, imo, dyor.

[computercoders] 10/10/2019 23:41

Should see 1.5 to 1.7 area tomorrow as people realose this won't go above 2p for a while unlimited upside but plenty of downward potential. Pretty obvious really if you remain objective.

[specialist protector] 10/10/2019 23:30

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. :(

[bigsi2] 10/10/2019 23:00

With almost certainly Bizzell converting (remember they can convert at 20% premium to ANY fundraise) CLN prior to drill- this dumping another 500m (at current prices) and the company surely looking to replenish G&A expenses before completely running out H1 2020 (usually March/April as per previous MO) it's not going to be a clear run to the multiples of current share price many are banking on - all IMO of course

[specialist protector] 10/10/2019 22:56

Poor BPC. Will be lucky to raise even GBP100k. And so did the disciples decree.

[specialist protector] 10/10/2019 22:55

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 22:55

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 22:53

nd 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 -

[specialist protector] 10/10/2019 22:52

No logic. They are going bankrupt in my view. The Specialist is the only Messiah and he knows that they will be lucky even if they raise GBP 100k. You will all be thanking the great one and will be asking forgiveness from his hole one. Bankruptcy beckons in my view.

[bigsi2] 10/10/2019 22:51

They clearly can't raise 60m at presentso it seems they are raising bare minimum by hook or by crook to get the contracts signed with SD and then will surely will look to place more of the 1.8bn shares allotted prior to H1 2020 to raise more funds because as you point out $20m is not anything like close to a sensible figure-

[computercoders] 10/10/2019 21:49

It is the one where the begging bowl comes out?? :O

[linton78] 10/10/2019 21:46

Cheers Arama.

[armatrading] 10/10/2019 20:36

Interview video to be made public 0830 tomorrow.

[linton78] 10/10/2019 20:29

Fair enough bigsi.

The order book will do the talking, let’s hope we all make a few quid out of this in the long run. That’s why we are all here at the end of the day.

[computercoders] 10/10/2019 20:04

Interview to ramp a placing. Disgraceful. Where is it though?

[bigsi2] 10/10/2019 19:50

First time I've seen you acknowledge any risk -if you spent less time accusing those who are just posting what they see as current risks and discrepancies in company statements as derampers and acknowledged such risk rather than continually making baseless claims despite clear evidence to the contrary and then presenting as certainty such things as oversubscribed placings at premium to sp, 6p placing, farm out is done deal, super major will return, majors want the licence, International investors, conglomerates etc etc for which you have no proof - these statements are just as beguiling and foolish as the utter garbage spouted by all the "SPECIAL" people - albeit in a less primitive manor.But it's a free country FWIW if the OO is readily taken up and no significant amount placed with IIs at discount il admit my take was wrong-In that eventuality IMO there will still be plenty time to buy in and with no risk of wipeout

[computercoders] 10/10/2019 19:40

Shares always trade below dillution level on dillution. The same will happen here. It'a called overhang

[linton78] 10/10/2019 19:30

^ The bell end from Monaco is back.