Bahamas Petroleum Share Discussion Threads

[pro_s2009] 14/2/2020 07:11

Looking like they might get forced down the CLN route, fund raise from the BMF is lower than anticipated.

[whoppy] 14/2/2020 07:08

$900k from the subscription, Not bad. Next subscription fixed at 3.35p

[mattd1] 13/2/2020 19:56

Can't be bothered* looking at MF prospectus someone here will have done. I wonder if the MF is open to to legal entities domiciled in Bahamas, which was a tax haven last I looked and probably hiding plenty of dirty (and clean) money that could over subscribe MF quite easily.

But I cannot be bothered to look. It remains a gamble either way. Time will tell.

Fingers crossed, its only play money...



* same as some folk can't be bothered to create a single BB that contains only one entry of the same speculation rather than two.

[specialistslegion] 13/2/2020 17:04

Today you get a B+ for behaviour and D for content. As behaviour is paramount everyone is allowed to post tomorrow and the forum remains open. Well done. Now let’s just think a bit before we write.

Thanks.

[specialistslegion] 13/2/2020 16:05

The MF news might have a few percentage impact either way depending on take up but it does not change any fundamentals ie. it doesnot make the drill materially more or less likely. Therefore we need to wait for CLN to either explode up or to crash.

[specialistslegion] 13/2/2020 16:00

Well done everyone. I approve of the discussion. As the only person who knows everything I commend the overall performance of the forum. You are around A- to B+. Content wise you can improve and I will help you.

Good effort so far today.

[whoppy] 13/2/2020 14:34

Got the 1 share code, so RNS inbound.

[walkermike1] 13/2/2020 12:13

You're such a fkn know it all. Pi55 off and let us make our own judgements.

[whoppy] 13/2/2020 12:13

Don't know Martyn. Maybe Monday, depends on funds being cleared and money banked.

[martyn9] 13/2/2020 12:08

News on the MF tommorow whoppy??

[whoppy] 13/2/2020 11:47

Same pattern appearing on chart as back in May 2018.

[specialistslegion] 13/2/2020 10:52

At this stage we will not ban the forum for one idiot who is under the delusion that he is smart 😀

[bunz3] 13/2/2020 10:32

Alan Burns has a 37 year career in the oil business as Managing Director or Chairman of successful oil exploration and development companies. He has been involved in 28 new oil and gas field discoveries and developments. If and when oil is found ,hopeing people remember Alan Burns

[dynamohum] 13/2/2020 09:55

Rich Bahamians would rather give their money to a charity . . . Pro is absolutely right , which begs the question as why anyone in the Bahamas would want to take a punt with the odds heavily stacked agains them . . .
IMHO
This drill is looking ever more tenuous . . .

[the millipede] 13/2/2020 09:46

"Thats a massive risk and all on one well. Kind of all or nothing."

If we fund the well ourselves it is always going to be all or nothing. I get what you mean, without the CLN there might be some residual value for shareholders if we do not find oil. But that residual value is, I think, so small as to make no difference.

That is what this share is: a binary bet on a commercial oil discovery and the idea that there will be further opportunities to de-risk individual holdings pre-drill is a non starter. I might be wrong - heck, Desire Petroleum was worth £500m on the eve of its fourth failed drill (all four failed, so at this point they had three failures behind them). But I think most AIM investors are now so worn down by being caught on spikes that further sustained gains seem unlikely...... maybe one more push to 4/4.5p but I can't see more than that, unless we find oil.

And even with a discovery, BPC will need to be very clever about raising money and getting the farm in signed off. If you don't know the history it is worth looking at Rockhopper, both the share price trajectory and the business progress. It will take a long time and lots of ducks need to line up, even after any exploration success, for us to see the benefits.

In the short term, let's hope they found enough rich Bahamians to buy into Leno's fund.

[thatsmart1] 13/2/2020 09:29

TROLL ALERT!

[bigsi2] 13/2/2020 09:27

Pro 100% agree

That’s why share price referred to the CLN as baseline terms - to be improved upon and only utilised If no other options became available -

even the OO to PI and II was better overall IMO - as the CLN whilst converted at 2.5p (excluding interest and fees) is less transparent as has variables such as when will be converted that are technically unknown to shareholders

[specialistslegion] 13/2/2020 09:18

... also can I recommend specsavers 😢

[specialistslegion] 13/2/2020 09:08

Therapist not terapist. Maybe you were thinking of your day job as a “trapeze”; artist!

[pro_s2009] 13/2/2020 09:08

That loan comes with interest payments.

3% on the CLN taking effect.

12% per annum for 3 years.

The issue with the CLN is that if they drill the well and get a duster......Shareholders will see 0p per share - as the CLN is senior over equity and they would liquidate the company and sell off all the assets to get their money back.

Thats a massive risk and all on one well. Kind of all or nothing.

A placing would eliminate that risk and the company could live on after a duster. So you can understand why there were rumours of trying to carry out a placing, it would be quick and less pain and more gain. The issue is of course the minimum they can accept is

[oiht] 13/2/2020 09:06

No posts, he must be at the terapist's today?

[nsm_10] 13/2/2020 09:06

Thought there would be news today Why the delay?No contractsNo farm outNo timeNo govt approval yet...Suppose the lack of news will at least whittle out same more of the 'weak holders'

[bigsi2] 13/2/2020 08:54

Ditch the pricey loan and raise at 2.75p Would be by preference - excluding the obvious farm out option of course.However I really don't think they are in a position to raise $13m at 2.75p -

[bigsi2] 13/2/2020 08:53

That's one explanation ....However there are many others and it is wise to consider all..The CLN is conditional on requirements outside of companies control - EA - 2020 licence fee etcAs such the need to meet the conditions ASAP or seek a "waiver"given the short timeframe involved and that by its own estimate the company has barely enough to cover costs without including contingency's there could be any many of additional funding alternatives being considered -the lack of progress on vital contracts is also telling - IMO a consideration is that the company won't want to commit to these contracts containing penalty exit clauses until it's certain of securing sufficient funding.As BPC has pumped and raised on numerous occasions previously some are understandably edgy presently