Bahamas Petroleum Share Discussion Threads

[oilhunter2020] 12/4/2021 07:44

Bigsi, you might be right with your negative view to the company and its CEO. BUT this is not the point! Also with BPC there were many phases where you could have made a lot of money and my guess is that we are at the beginning of such a phase.

[zxie] 12/4/2021 07:42

The well conductor is due to be installed during March and mobilisation of rig and associated equipment will commence mid-April 2021. The well is expected to spud on or around 17 May 2021.

[zxie] 12/4/2021 07:41

BPC only go one way up

[zxie] 12/4/2021 07:40

the Company's discretion - for example, the extent and timing of future development drilling at the Saffron project, which in turn is dependent on the outcome of the drilling of Saffron #2, expected to commence in mid-May 2021.

[bigsi2] 12/4/2021 07:35

It didn't work out well for LGO ... CERP... or BPC up to now did it.Yet somehow you think this time will be different??? Same assets

[bigsi2] 12/4/2021 07:34

Simples !!You can either listen to someone with no ulterior motive who has followed the company and successfully traded it for 10 years OR YOU CAN listen to the CEO who presents "likelihoods" and has singularly relied on fresh share issuance and thus promoted the share price .. for 12 years.

[zxie] 12/4/2021 07:26

Loading more if prices lower

[zxie] 12/4/2021 07:25

1p + this week more news following

[bigsi2] 12/4/2021 07:25

Anyone using an AIM cash poor CEO for an indication/information on actual outcomes is clearly in need of help See below potters 12 year record of "information" Remember past performance CAN BE an indication of future returns or lack of.... This is PROPER RESEARCH!!!!!Learn2012"Our focus is now firmly on developing this fresh political mandate into progress with potential farm-in partners and thus drilling preparations over the next 12-18 months2013We are in discussions with a number of potential partners to join us in the planned exploration drilling programme and see the increased clarity from the Government as a supportive move in this process."2014"The Board and executive management have full confidence in the technical case as it continues to develop, in the timely execution of a farmout and, in order to further align interests with shareholders2015"All of these factors give confidence that during 2015 we will be able to secure the funding needed to pursue the enormous opportunity before us, in a manner that is value-enhancing for our shareholders2016Partnership discussions have been progressing well, and with the recent licence renewals, regulatory changes, and cash savings measures implemented, we have the time and tenure needed to pursue these to a successful conclusion2017-- The Company is confident of being able to conclude a farm-out and has several parties presently engaged in late-stage commercial negotiations2018It is thus incumbent on us at the Company to use the current window of opportunity, and during 2018, move forward to finalising an agreement sufficient to enable the commencement of the first exploration well on our licences.2019- Appointed Macquarie Capital Markets Canada Ltd as an advisor to assist the Company with various corporate initiatives with the goal of securing funding for the initial exploration well;MAY2020the Company is now actively seeking to revisit all potential funding sources for Perseverance #1, with a view to optimising the availability and cost of its funding. This includes continuing to pursue a farm-in, and farm-in discussions remain on foot with a number of partiesDEC20-- As with Perseverance #1 in The Bahamas over the past 2 years, the Company has developed a funding strategy for operations in Trinidad and Tobago and Suriname, which it will seek to implement in coming months and thereafter through 2021 so as to ensure funding for planned operations is available as and when required, on the best possible terms, with a view to achieving the best outcomes for shareholdersMarch21the Company has had discussions with industry counterparties in relation to a potential farm-out of its licences in The Bahamas, and is working to formalise an entirely new farm-out process. Consequently, the Company intends to renew the four southern licences in The Bahamas into a third, three year "drill or drop" exploration period

[zxie] 12/4/2021 07:19

Saffron full-field 4,000+ bopd Up to US$60m

[deltalo] 11/4/2021 23:53

Just a reminder of what's actually going on with the company, and this years drilling projects and the companies valuation from a share price that's underpinned by its current production from just Trinidad alone. Here's the Proactive London interview with are CEO Simon Potter, and who knows more about the company than me or anyone else. Not 12bn, bigsis or anyone else except the CEO who can actually tell you what's the facts directly, and the future plans for the company going forward.Here's the interview for the benefit of any newbies. Atb............https://youtu.be/NmJ2-gkVHaE

[martyn9] 11/4/2021 21:03

Hi Linton, always good to read your posts and put the uneducated pond life to rest.Realisation will prevail with this company I feel this year.

[deltalo] 11/4/2021 20:08

Full story, As part of this process, and further to the Company's announcement on 8 February 2021:-- BPC has reached agreement with the provider of its conditional fixed conversion price convertible note facility (the "Facility") to establish revised terms for the Facility and extend this Facility to ensure it remains available through the course of 2021 drilling operations in Trinidad and Tobago and Suriname, as follows:o the conversion price of all notes issued under the Facility ("Notes") has been amended from 2.5p to 0.8p;o the maturity date for all Notes will be a single maturity date of 31 December 2023, regardless of the date of issue of the relevant Notes;o the coupon on the Notes remains 12 per cent., to accrue from the date of receipt of any subscription funds by the Company;o coupon will be payable periodically throughout the term of the Notes, on each of 30 June 2021, 31 December 2021, 30 June 2022, 31 December 2022, 30 June 2023, and 31 December 2023 (each an "Interest Payment Date");o on any Interest Payment Date, BPC can elect (at its sole discretion) to capitalise up to 50 per cent. of the coupon accrued on the Notes at the relevant Interest Payment Date, with any amount not capitalised to be paid in cash. Alternatively, BPC can elect to pay 100 per cent. of the coupon accrued on the Notes at the relevant Interest Payment Date in the form of BPC ordinary shares, to be issued at a price equivalent to 90 per cent of the volume weighted average price of BPC's shares in the 10 trading days prior to the relevant Interest Payment Date. This variation reflects BPC management's expectation that the Company, which is targeting material growth in production and cashflow through the course of 2021 and beyond, will have the ability to cash settle coupon (all or in part) throughout the term of the Notes, which will then allow the Company to use available surplus cashflow from production for this purpose, thereby reducing the overall potential dilutive impact of the Notes;o the provider has agreed to make an immediate additional GBP2 million subscription for Notes on an unconditional basis, thus increasing to GBP5 million the total amount of Notes subscribed for to-date, with settlement for the additional subscription (and coupon accrual commencement) on 28 February 2021;o the last date for subscription for further amounts of Notes, up to the total undrawn Facility availability of GBP10 million, is extended to 16 April 2021, and this date will be extended further to 30 June 2021 if a minimum of GBP8.5 million of Notes in aggregate have been subscribed for by 16 April 2021. The ability to draw-down on these remaining funds remains subject to satisfaction of certain conditions precedent, which the Company and the provider are engaging on collaboratively;o BPC retains the right, at is sole election, to scale back the remaining availability of the Notes by up to GBP7.5 million and BPC will now also have the additional ability at any time during the term of the Notes, at its sole discretion, to issue a notice to redeem the Notes early, by way of cash payment of the subscription price, all accrued coupon to the time of redemption, an early redemption premium of 5 per cent, and the issue of options to acquire the equivalent of 30% of the number of shares the redeemed Notes would otherwise have converted into, with such options to have an exercise price of 0.8p per share and an expiry date of 31 December 2023 . If the Company does elect to redeem the Notes in this way, the provider will first have a 10-day period in which it may elect to convert the Notes the subject of an early redemption notice; ando the fee payable to the provider on subscriptions for Notes is 6 per cent.All other terms and conditions of the Facility remain unchanged, as previously advised.-- In relation to the package of funding arrangements put in place between the Company and 1798 Volantis Fund Ltd ("the Investor") on 13 December 2020 ("the Funding Agreements"), the Company confirms that:o a full and final reconciliation payment of approximately GBP370,000 in respect of the initial GBP7.5 million tranche has been made by BPC to the Investor, representing approximately 5 per cent. of the funds received by the Company under this initial tranche. This payment has been entirely offset by an agreed rebate of advisory and fundraising fees paid by the Company, such that the net cash cost to the Company in respect of the full and final reconciliation for this tranche of funding has been nil;o t he GBP3.75 million Call Option under the Funding Agreement has now fully lapsed; ando th e GBP3.75 million Put Option under the Funding Agreement, which was exercised by the Company on 12 January 2021, remains subject to a similar final reconciliation process on 16 April 2021, with the reconciliation amount (if any) able to be satisfied in cash or shares (or any combination thereof) at both parties' discretion, after which any obligations under the Put Option will be fully satisfied and the Funding Agreements will terminate.-- Lastly, the Company has settled a number of corporate creditors through the issuance of, in aggregate, 135 million new BPC shares ("New BPC Shares"). Application has been made for the New BPC Shares to be admitted to trading on the AIM market of the London Stock Exchange and it is expected that admission will take place, and trading in New BPC Shares will commence, at 8:00am on 22 February 2021 ("Admission").

[bigsi2] 11/4/2021 16:19

In addition to drawing on its convertible loans it is also paying 12% APR on sums raised to date plus arrangement fees

[bigsi2] 11/4/2021 16:17

BPC has already raised funds below 2-3p and they have clearly stated and arranged to be able to do so again.FEB16th-- BPC has reached agreement with the provider of its conditional fixed conversion price convertible note facility (the "Facility") to establish revised terms for the Facility and extend this Facility to ensure it remains available through the course of 2021 drilling operations in Trinidad and Tobago and Suriname, as follows:o the conversion price of all notes issued under the Facility ("Notes") has been amended from 2.5p to 0.8p;o the maturity date for all Notes will be a single maturity date of 31 December 2023, regardless of the date of issue of the relevant Notes;o the coupon on the Notes remains 12 per cent., to accrue from the date of receipt of any subscription funds by the Company;o the provider has agreed to make an immediate additional GBP2 million subscription for Notes on an unconditional basis, thus increasing to GBP5 million the total amount of Notes subscribed for to-date, with settlement for the additional subscription (and coupon accrual commencement) on 28 February 2021

[buffskins] 11/4/2021 15:21

great post deltalo12bn what's got into you - I thought you were a decent chap come on - show some respect and give us a break

[12bn] 10/4/2021 08:05

What we do know is BPC will need more cash and it is safe to assume that a BIG DISCOUNTED fund raising is near. Newbies should realise this and understand that it is the need for cash that will sink the share price at some point sooner or later. This is not an 88e gamble on a well it is a BPC gamble on WHEN A BIG DISCOUNTED FUND RAISING WILL ARRIVE.

[12bn] 10/4/2021 08:00

This is a good post.//////////BigSi29 Apr '21 - 20:52 - 53814 of 53819
0 3 0
It’s a clever business model relying on naivety and ignorance...
These companies can not remain a going concern without you lot ..
They have not and will not ever be profitable and can ONLY EXIST with shareholders donating cash via fresh share issuance on a regular basis..

That’s why they have to pay to make an appearance on Vox and Proactive et al... to keep you twerps buying.

[12bn] 10/4/2021 07:59

Suriname project 500+ bopd US$2.5m Up to US$3m ///////// Again nobody knows if Suriname will produce anything,it is the BoDs wish list regurgitated.

[12bn] 10/4/2021 07:56

deltalo9 Apr '21 - 15:45 - 53798 of 53817
0 3 0
Don't worry, share price can do what it wants today, soon as the drilling starts at Saffron 2 next week and Suriname then all will pile in.//////// Undue optimism again,Saffron 2 is only expected to add 200-300 bopd,that will not change anything and that is best case scenario,anything could happen. Cerp drilled wells,did work-overs did CO2 injection spent over £20m and still only ended up with 450-500 bopd.

[12bn] 10/4/2021 07:52

From 24th March RNS.....Those Perseverance #1 costs remaining to be paid (noting that some items are being disputed or negotiated by the Company), along with the Company's anticipated but discretionary 2021 work programs in Trinidad and Tobago and Suriname (as announced by the Company on 18 March 2021), renewal of the Company's Bahamas licences, and the Company's 2021 overheads, will require a total estimated spend over the balance of 2021 and into 2022 of between $25 million and $40 million.

[12bn] 10/4/2021 07:48

deltalo9 Apr '21 - 15:36 - 53796 of 53815
0 4 0
Don't talk rubbish, you really don't know anything about the company with stupid remarks like that,
The company has 13m cash and available another 14m, the company is just about to start a huge revenue injection with the Saffron and Suriname discoveries, and have very valuable asset,///////// You are talking rubbish deltalo as usual,nobody knows what cash is left the company has told us that already.

[milanista11] 09/4/2021 21:25

BigSi
They think probably
that there's a sucker born every minute.