Bahamas Petroleum Share Discussion Threads

[bigsi2] 20/2/2020 07:50

It's done though is it... still need CLN mate

[bigsi2] 20/2/2020 07:50

-- Conversion: The holder of Notes may at any time prior to maturity elect to convert the face value of the Notes into fully paid ordinary shares in the Company-- Conversion Price: The lower of (i) a 25% premium to the price of the Company's ordinary shares on the date of draw-down, or (ii) the lowest closing bid price of the Company's shares on the five days prior to the date of conversion

[pro_s2009] 20/2/2020 07:45

Funding done then, off we go

[bigsi2] 20/2/2020 07:43

They said they had enough for drill they did not -As recently as last week they said the funds arranged were sufficient.they also adjusted drill estimate lower prior to OO and now have raised it - They say that they will get approvals for drilling and for CLN ....

[linton78] 20/2/2020 07:39

The fee is on market for this type of facility. It’s minimal in the grand scheme of things.

[hairballradical] 20/2/2020 07:33

Not a good RNS,

Additional CLN at funding with zero coupon but that's because only 90% of the £ is ever provided. So really there is a coupon, just that its paid up front.

£240k cost for arranging!

Understated costs - no doubt on purpose otherwise we wouldn't have got this far.

Farm in unlikely now as news would have been forthcoming. That's what I hoped this RNS was going to be about.

V deceptive by board.

[bigsi2] 20/2/2020 07:31

Seems to add credibility to the claim they were attempting to raise 10m through a placing via SC

[linton78] 20/2/2020 07:23

Glenn - yes, the language in this and the last RNS looks very ominous... farm in coming shortly IMO.

[bigsi2] 20/2/2020 07:18

There you go then...need PI interest to promote share price to facilitate death spiral loan

[bigsi2] 20/2/2020 07:14

They've been banging on about a partner for years ... I doubt it nowespecially now shown to have been telling big porkies

[glennrcharles] 20/2/2020 07:12

Get the feeling a partner is definitely more likely.

[bigsi2] 20/2/2020 07:11

So they didn’t have enough !!

Essentially death spiral financing as surely loan providers won’t wait till TD??

So how is this less dilutive than commentary??

It’s additional 200m to what expected and multi they still have CLN!!
The Facility now entered into, which if fully draw and fully converted, based on the Company's current share price, would require the Company to issue a total of approximately 200 million new ordinary shares

Also dropping the well estimate to $20-$25
prior to fundraise and now returning it to $25-30m as before ...

As a result, the estimate for the base cost of the Perseverance #1 well has now been revised to be in a range of $25 million to $30 million.


Attention is drawn to the fact that, as detailed above, draw down of funds from the Conditional Convertible Note Subscription Agreement remains dependent on a number of conditions first having been satisfied. To the extent the conditions are not satisfied there is a risk that the Company will not be able to receive the funding contemplated in the Conditional Convertible Note Subscription

[judgie] 20/2/2020 07:07

We are of to the races

[bigsi2] 20/2/2020 06:50

the organ grinder and his monkey up arguing all night again?Just filter them fella-or switch to LSE ... for once shamefully that has the more intelligent and intelligible coverage

[bigsi2] 20/2/2020 06:47

You have to wonder why they would still be interested in paying to present at this event .. naturally you'd think raising funds or pushing share price a priority still-Drill already pushed from late Q1 to early Q2 - 50 days approx to go and so far No funds No master service agreement No Rig No Rig provider contract No EA No 2020 license fee agreement.certainly taking it to the wire !should see share price react post presentation as share price fields some direct questions from PIs

[pro_s2009] 20/2/2020 04:28

BPC are presenting today.




20 February 2020 | London
Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair

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[specialistslegion] 20/2/2020 01:47

The idiot muppet did not take his chance therefore he will now be eliminated. Furthermore the forum remains close throughout tomorrow.

[specialistslegion] 19/2/2020 23:26

No that is not an apology. One more chance as I am feeling more optimistic given the rise today.

[linton78] 19/2/2020 23:22

Onwards and upwards

[specialistslegion] 19/2/2020 23:17

If you apologise for naming Simon Linley and outing BigSi then I will and will reopen the forum. Otherwise this will go on forever - as you know your Messiah never gets tired, give up or lose.


However I want a genuine apology.

[specialistslegion] 19/2/2020 23:16

I will but only if you reveal email and address as promised.

[linton78] 19/2/2020 23:13

:-)

Come on chill out.

Can you share your wisdom on BPC’s drill messiah?

[specialistslegion] 19/2/2020 23:09

Big Si is infinitely superior to this lose - Ladyboy linton