Bahamas Petroleum Share Discussion Threads

[tidy 2] 22/8/2019 10:12

The carrot is massive here for sure. Well worth holding imo

[whoppy] 22/8/2019 09:42

Based on reserves of 1Bn barrel find and $3 per barrel in the ground that's $3Bn. Say you had 3.5Bn shares in issue, then that's 70p a share. Obviously the oil is worth more out of the ground at $60 per barrel, and $30 break even, giving $30 profit per barrel, gives a multiplier of 10 times. But for reserves in the ground at $3 per barrel then 70p per 1Bn barrels is a conservative way of looking at it if a major wanted to buy out BPC before any production. If they found 2Bn then £1.40 a share, 3Bn/£2.10, 4Bn/£2.80...etc. You might say each barrel in the ground is worth more than $3 if it's easy to extract, and the API is good. Considering the location of the Bahamas, it might have a premium up to $10 per barrel in the ground..and of course the oil price will have an influence. Very simple way of looking at it I know.

[armatrading] 22/8/2019 09:25

According to my rough calculations, the current market cap (but with the future maximum potential dilution priced in) is about £19 million

[armatrading] 22/8/2019 09:19

Looking at the chart for previous rises, it looks as though the price might just be taking a pause for breath.
A couple of days trading later (after the bank holiday), it could be a different story.
Retail investors will have had plenty of time to digest the news, and the weekend papers might well cover the story.

[linton78] 22/8/2019 09:15

Stewart - I've sliced and diced a few numbers in my head and as you say the upside is potentially life changing for some shareholders.

I don't want to get carried away, but they look firmly on track to drill at long last. There are some key hurdles, AGM voting, other funding options and hopefully a last ditch farm in agreement. The rig still needs to be secured (full documentation signed) but fingers crossed that can be done in the next 2-3 months.

[martyn9] 22/8/2019 09:06

More buys than sells so far this morning,mm's holding this back but will have to let it go at some point!

[matunde24] 22/8/2019 08:54

This needs to move up...too damn low for its news... Buying selling today looks weak

[stewart4990] 22/8/2019 08:48

I assume some people have worked out the value per share of BPC with a successful outcome based on going it alone with the dilution for the extra shares or dilution restricted but with only 50% retained.

I did some quick calculations and the price per share with both options is quite remarkable but I would like to see other peoples calculations, they state 30 Billion but I worked on 1 Billion, work it out or whatever you think the reserves would be.

DYOR. IMHO.

[billthebank] 22/8/2019 08:09

Just caught up with thst RNS WOW!!!Just added some

[sallad3] 22/8/2019 06:52

Linton

Been back in for quite a while but there was nothing to be said until now.

I like the convertible, even if its a bit too one sided, but the deferred pay deal ahead of fully funded is outrageous and against everything they previously committed to and we have to stop it.

[linton78] 21/8/2019 21:43

Hello Sallad, I would say we have missed you but.... sorry you’ve not had the balls to buy in earlier. Lol

[sallad3] 21/8/2019 21:16

If I've got this right then the shares look like this: (millions)

In issue now: 1,573

Add:
Immediate warrant issue: 7.2 (at 1.6p)
Employee/director pay: 116.7 (no cash received)
Staff/directors Options:
immediate issue: 50 (at 2p)
50 (at 2.4p)
50 (at 2.8p)
future issue 25 (at 2.4p)
25 (at 2.8p)
Bizzell options: 25 (at 2p)
12.5 (at 2.5p)
12.5 (at 3p)

That is 373.9 (more than 23% dilution) for £6.2m [NB Nil Cash now.]

Then Bizzell conversion at max 6p = 171m shares. If converted immediately at say 3p then 342m shares.

So we have worst case 715m new shares for £16.5m.Best case 544m new shares.

I have a problem with the deferred remuneration shares being priced now. The conversion is supposed to be at price when funding in place not merely issued now at current price but held back until funding in place. This proposal is far too rich and should be rejected, even stretches the Gordon Gekko "Greed is good" too far.

[tidy 2] 21/8/2019 17:20

Malcy's blog today: PetroTal Corp, Bahamas Petroleum -hTTps://twitter.com/mgrahamwood/status/1164087801966731265?s=21

[linton78] 21/8/2019 17:03

Good day. Time for a beverage or two in the sunshine!

[rayrac] 21/8/2019 16:43

In au. Up or down?

[robertjbeck] 21/8/2019 16:40

My view is forget the majors now and go it alone. I would accept some equity dilution to secure the balance of funding required.

[johny cash] 21/8/2019 16:38

It will be like waiting for ketchup out a bottle. The best come to those that wait ;)

[tidy 2] 21/8/2019 16:36

Lol BPC is my first dream on AIM all those years ago in 2010. Finally getting there now.

[linton78] 21/8/2019 16:29

I’ve been avoiding the sell button for several years! Lol

[tidy 2] 21/8/2019 16:28

Defo one to load up and to avoid your sell button for some time.

[tidy 2] 21/8/2019 16:25

Yep very professional

[linton78] 21/8/2019 16:23

60m volume today - not bad at all.

They kept this under tight wraps once again, no leaks or volume increases in recent days. Pretty impressive for AIM.

[tidy 2] 21/8/2019 16:22

The sleeping giant has awoken today.

[linton78] 21/8/2019 16:18

Holding long & strong... :-)