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BPC First Well to be Drilled Q1 2020

lse:bpc

#1

So providing all goes to Plan the Well will be drilled and completed b4 nxt hurricane season 2020


#2

Big presentation banging the drum and looking for a farm in or 2. Why did the Major oil company that had exclusivity for a few months,duck out and walk away? That information has never been disclosed,not even the company name,and could possibly be a problem in securing finance.


#3

it was agreed that the Major would not be made public. Finance has been secured


#4

hello, Uncas, only me. Wonder if you are selling or buying. Don’t tell me - I will take a wild guess.
Nobody posts here any more as ii completely messed it all up and people sought refuge in your cuddle sessions on facebook. However, you do have the clout to resurrect this board and we can all have a jolly good laugh at your manic enthusiasm. I have been buying on the dips, based on your completely objective enthusiasm of course, but I have been buying on load of dips and will be completely broke soon as this share dives faster than a peregrine falcon.


#5

sorry wiz, gotta correct that Finance has been secured comment of mine, itis wrong…as u may know Finance is planned to be secured to drill the well if a farm out of the asset cannot be achieved. A share placing book was built last week but BPC pulled out as the offer prices were too low


#6

So there we have it. The price dives below the offer price and it has fail written all over it. No chance of as farm out as the exclusive deal with a major failed.Why would any other major do a deal? They have come to the last chance saloon.
Uncas said 4 days ago they had tried a placing book but pulled it with the prices too low. What makes 2p attractive to investors now? Desperation stakes and investors are running for the exit.
What a shambles.


#7

sp returned to OO price and with Company Management taking up their OO entitlement plus committing to buy 12.5m of any unexercised shares plus the underwriting broker commiting to 50,000,000 shares the OO is looking good to succeed. In which case the well is funded and will be drilled bout April, also farm out post cash raise looking more attractive for a second well


#8

Less than half the shares taken up by existing holders. Now they have to hike the other half around the City. Confidence draining away,and will this company ever drill a well in the Bahamas?


#9

Wizard

How disingenuous of you! You fail to note that the other half they put to the city was oversubscribed by the city who were happy to pay the 2p a share, and the company raised more money than they were seeking as a result. This is a positive as it introduces more institutional investors into the company, and puts the company in the position of being able to fund the drill along with the CLN investment, one of the two outstanding conditions of which was that BPC raised the other half of the money (now done), and the second being the EA, which is needed for drilling anyway, and which the Bahamas Govt. is hardly likely to refuse, based on thier urgent need for capital.