Columbus Energy Resources Share Discussion Threads

[12bn] 09/7/2020 07:33

arry, over the years I had you filtered most of the time, so I never read or answered you 'gems of wisdom' as you describe your rants. //////////12bn8 Jul '20 - 15:36 - 4722 of 4723 Edit
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' bit like the impact of your posting over the years 12bn!'........ one small point arry,the share price was 7.25p bid when I started this thread it is 1.8p now.........maybe my posts have had no impact but the share price has certainly dropped in inverse relation to your blood pressure it seems. :) LOL

[ulvers] 09/7/2020 07:08

I've voted to support the merger.

GLA

[arrynillson] 08/7/2020 21:01

12bn - over your years of trolling this I've responded to most of your posts whether the share price was going up or down - discrediting your tosh hasn't been too taxing and has kept me amused especially when you attempted to ramp dog stocks like MRS( which was suspended not long after you suggested they'd shortly be paying dividends ROFLMAO!) and TOOP where you tried to emulate Custer at The Little Big Horn - probably losing more than 90%!

You never explained why you conduct yourself in such a deplorable manner so it has been difficult for me to counsel you as I genuinely believe you need help but as long as you keep posting I'll try to pass on my gems of wisdom in the hope that one might lead to an epiphany moment for you 12bn!

[carpadium] 08/7/2020 15:45

Useful post. I've the definite opinion that the pace of S2 drill activity will be very much down to Koot's pressure on the BPC board. Current plans for the driller to shoulder costs in exchange for percentage obviously entail minimum pressure on expenditure. It's still set for Q3, WTI at an acceptable project level so no budgetary reason for delay. Success at S2 would mitigate a less than wholly successful outcome for P1, should that be the case. Success at both would be spectacular!

[12bn] 08/7/2020 15:36

' bit like the impact of your posting over the years 12bn!'........ one small point arry,the share price was 7.25p bid when I started this thread it is 1.8p now.........maybe my posts have had no impact but the share price has certainly dropped in inverse relation to your blood pressure it seems. :) LOL

[jcgswims] 08/7/2020 11:06

From Nimp01 on the BPC LSE board

Reply From BPC Today 10:41
Apologies if this post appears twice, it didn't appear to submit first time round..I sent the email below to BPC last week and have had a reply which I will post in a follow up post. I voted yes to all resolutions yesterday (I figured if I trusted the BOD when we only had P1 then why should I not trust them now).

Email:
Hi I received the communications containing the resolutions for your AGM today. As a BPC shareholder, I (and other shareholders) have concerns re funding if the merger was to go ahead.

Unfortunately if those concerns aren't addressed it is extremely likely that you will find shareholders (of both companies) will vote no to the merger or simply sell before the AGM - I'm actually close to doing this myself.

Our concerns are around the funding of CERPS assets/interests after the takeover. Will they be funded via share dilution, borrowing or by another means that you are unable to disclose at this stage?

Thought must've been given to this so if you could at least provide clarification whether or not further dilution will be required then this would go a long way to allowing shareholders of both companies to perform their due diligence and make an informed decision, rather than just taking a leap of faith.

Reply in next post

Dear Mr Robbie,

Thank you for your email and for your continued support of Bahamas Petroleum.

As we are currently subject to Takeover Panel rules, we are heavily restricted in what we communicate to shareholders outside of the Rule 2.7 press release, issued on 11 June 2020. This can be found here The materials for the Company’s AGM, issued on 30 June 2020, can be found here I would encourage you to read these documents carefully and in full.

However, in response to your question, we can draw your attention to the following points that are made in more detail in these documents:

As regards the funding of Perseverance #1, the Company has, since 2019, been implementing a broad finance strategy to ensure that the funds for the well are available as and when they are required. This has included an open offer and institutional placing undertaken in November 2019 which raised $11.4m in aggregate, entering into a conditional convertible loan facility with a consortium of Australian investors for up to £10.25m, and entering into an unconditional convertible loan facility with a Bahamian family office investor for up to £16m (of which £4.7m has been drawn to date). In addition to these specific financing arrangements, the Company retains the ability to undertake an institutional investor placing with its corporate brokers and continues to hold discussions with potential industry partners in relation to a potential farmout. A more detailed review of the Company’s funding strategy can be found in our market announcement of 26 May 2020 in which we disclose the execution of our binding rig provision contract with Stena and the consequent reduction in our well cost estimates and the overall impact of these events on our funding plans – refer to this link for details:
Importantly, access to these finance options provides for the funding necessary to execute the well at the end of 2020 / start of 2021, and provides a “benchmark” against which future funding opportunities will be assessed in terms of cost and dilution. To the extent that funding options considered more advantageous become available to the Company, these can be pursued as an alternative to or in parallel with the above, so as to ensure the well is funded on the best terms (least cost/dilution) possible.

Implicit in the above, and as stated in all of the Company public announcements to-date regarding funding options and farmout discussions, is the fact that the financing of the well will result in some level of dilution, at either the asset level (industry partnership/farmout) or corporate level (facility/equity finance).

It has always been the case that some dilution will be required to progress the project and the focus of management is to ensure that this effect is minimised so as to ensure the Company shareholders retain the maximum level of interest in the project possible. It is in support of this ongoing effort and focus that the Board is requesting the extension and refreshing of share issuance capacities at the coming AGM which were originally granted by the shareholders at the last AGM in September 2019.

Finally, we would like to emphasize that (as detailed in our announcement of the proposed Merger on 11 June 2020 and our AGM notice of 30 June 2020, links to both of which are included above) the Company remains committed to and focused on the execution of Perseverance #1 in 4Q2020 / 1Q2021 as its absolute priority.

As regards your question on the funding of additional investment in the assets of Columbus, as detailed in our announcement of 11 June 2020, the timing and pace of any exploration, appraisal and development activities across the Columbus portfolio are largely discretionary; meaning that BPC can decide when, how and to what extent it deploys capital. This may be coincident with increased oil prices (and hence increased production revenue) which will benefit the Columbus portfolio further. Furthermore, the Company believes revenue from existing Trinidad operations can be further enhanced by applying technical expertise and experience to increase production rates as well as rapidly progressing exploration targets to production / income generation in the near/medium term.

The key point here is that an investment program in these Columbus assets is not expected to materially increase the funding burden on the Company, or compromise the funding of Perseverance #1, due to the flexibility of timing and range of available options. Indeed, it is expected that the merger with Columbus may in fact enhance the overall funding capacity of the Company, through the creation of a portfolio company with a diversified asset and risk base, which may prove to be more attractive to a broader group of long-term institutional investors.

Finally, I would like to draw your attention to the fact that we have recently updated our website to include a Shareholder FAQ page, and a narrated presentation which seeks to answer many of these questions. We encourage you to review these. If you believe there are any gaps, or would like to submit any further questions for addition to the page, please do get in touch.

For reference, the FAQ page found here: The narrated presentation can be found here:

Best,

Bahamas Petroleum Company plc

[dodge_city] 08/7/2020 10:34

BPC share price falling.

[arrynillson] 08/7/2020 09:02

12bn - ' why isn't the share price dropping faster?' - perhaps investors look at the bigger picture - BOD supported merger with Bahamas on already specified terms- Schroders and Lind will be as significant as a pimple on an elephant's backside - bit like the impact of your posting over the years 12bn!

[eggchaser] 07/7/2020 15:19

Yeh the one that showed up after my message - remember I don't have your crystal balls so i mystic 12bn lol

[12bn] 07/7/2020 15:16

That 600k trade looks just like Lind Eggy,they have done several of them recently. There was a 500k earlier and a 1m yesterday,Lind or Schroders is my guess.

[eggchaser] 07/7/2020 12:16

Looking at the trades I'm not sure it's either Schroders or Lind. I could be wrong.

[12bn] 07/7/2020 11:50

Laptop157 Jul '20 - 08:38 - 10973 of 10973
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Why the drop here guys?////////// DYOR but if you want some help then here is your answer. Firstly Cerp has an institutional investor who is selling up,Schroders,they have around 80m shares left. Cerp also has a 'cash for shares' deal with Lind,they have recently entered into a death spiral with new shares issued every month.The question is 'not why is the share price dropping but why isn't the share price dropping faster?'

[laptop15] 07/7/2020 08:38

Why the drop here guys?

[tomford8] 06/7/2020 14:56

Mon 6th July 2020

Malcolm Graham-Wood - 'Malcy'

discusses his opinion on new CERP/BPC deal between 29 mins -33 mins re into podcast

[burtond1] 06/7/2020 13:35

Today, Viaro Energy has reached agreement with #RRE to acquire the entire share capital.Here, @DDS_DocHoliday catches up with @mgrahamwood to discuss this and other potential deals...#LBE #SLE #SQZ #CERP #BPC #SOU #JOG #IOG #SAVE #ADME #PRD #PPC #HURhttps://total-market-solutions.com/2020/07/06/malcy-talks-oil-gas-xxi/

[offerman] 04/7/2020 15:30

Hi CarpThank you very much for your kind message. Also thank you for posting the information from LSE. We just need one more piece of good fortune with a successful drill on Pers1 to really get the ball rolling. That will then create a lot of interest and allow much better ammunition moving forward in terms of fiscal agreements. I would like the responsibility to be shared by way of a farm in freeing up yet more cash to focus on SWP hopefully Goudron and Surinam too ,then after that Uruguay. We have such good prospects in Trinidad I wonder if they will be able to fast track deep drills ( if success at Pers1) into the Herrera sands which could be absolutely massive in SWP .

[eggchaser] 04/7/2020 09:45

I'm sure the below does not just apply to shale producers

[eggchaser] 03/7/2020 14:59

Lol you are actually quite funny - I'll bet you are quite a hoot on an evening out!

[12bn] 03/7/2020 11:36

eggy,don't forget what your mum told you 'breath in,breath out,breath in,breath out'.

[eggchaser] 03/7/2020 09:58

RE: Motion 4Tue 12:08They are not issuing 10Bn shares to raise £200,000. Good Lordy..LolAs Mr Linton says, this is a ceiling for the maximum allotted shares the company will have available to issue if it chooses to in the future at a market price. The par value of all BPC shares is 0.002p, (please look at your share certificate) the increased share capital increased to £200,000 which when divided by 0.002p gives a 10Bn share structure. Lets say P#1 is a success and the company want to raise money to drill develop and produce oil in the Bahamas all for themselves for the next 30 years, and they want to raise money. They will have a share structure that will enable them to be able to raise at whatever the share price is after a discovery knowing they have enough authorised share capital. So they can go it alone if they wanted to after a discovery at Perseverance. It's all about having optionality. Of course those people who are not optimistic about BPC will say this is just confetti dilution that devalues the share price However, just remember these shares don't have to be issued. aimho, dyor.

[eggchaser] 03/7/2020 09:58

Lol 12bn so you now say the company will issue up to 10bn shares despite the post I updated you with!12bn you are getting worse! Whilst there might be dilution ahead you again failed to balance what the cash could be used for if the merger goes ahead! SWP, Suriname, Uruguay and so on! You want me to repost it?