Thanks for the compliment NTM, but I'm afraid some of this afternoon's weakness was down to me selling around two thirds of my holding. Two reasons for that, first being that the sp has had two attempts at breaking above 1.05 and failed on both occasions. As a result some of the key chart indicators are now showing weakness: http://www.iii.co.uk/investment/detail?code=cotn:LSE:BPC&display=javachart
The other reason was that I had another fish to fry and needed some cash for that.
Your strategy is a good one though and this could yet go vertical on news of a deal so I will be sitting on the balance of my holding for that, and also watching for some signs of serious insider buying which would push the sp up past the recent resistance.
Took this afternoons weaknesss as an opportunity to buy a small amount of these and would addd some more on further weakness, if any, OR if it moves up to the extent of likely leaving 1p behind.
I've done very little research here but if this is good enough for ToT then it's good enough for me.
Also action seems likely here, one way or other, in the next few months, hopefully positive, of course
(And I hold between 5 and 10 of such O&G explorers at any one time and work on the laws of averages: a couple of big wins more than compensates for losses that will be incurred in persuing such a strategy)
FB Group caters for everyone who wants to be in it sf, most members are uk and also members of one or more of the 3 main ii boards.
They are not links posted in fb, they are direct sharing of GOCB legislation documents from their fb page and any other articles, papers, news as well as everyone's views, there is no 'controlling' by fb or anyone or members wud leave.
u and some others may not be on fb and that is your choice, but most of the world is and no one prevents u.
We cud make the same argument for there being less discussion here because of LSE or ADVFN discussion groups. It simply isn't so. Discussion is reduced when there is nothing happening to discuss or boards get clogged with trolling, spam and unrelated, off topic dross.
If a farm out deal is concluded we will see more posts here and on all boards than has occurred since the 18.75p share placing
International relations aside and the ability to post links from the Tribune (which you can do here anyway), your setting up of the private, controled group effectively killed off the discussion forum here!
There would have been many 'potential' investors no doubt, who visited this forum and noted the lack of activity, whilst your alternative group was catering to the interests of the few non UK interested parties.
Not a well thought out move imo Uncas, with the greatest respect and especially considering your informed contributions here in the past.
To those who don't know the facebook BPC Shareholders Group was created 2 years ago and is a 'private group' only so that every gold seller or religious nutjob can't join like they can in a public group. They have tried. iii have private groups, this board cud have one like Rockhopper did if someone wanted to but it wudn't be universal to all like facebook.
Did u know that non UK residents couldn't join this ii board? That is also why the fb group was started, so Bahamians, USA and oily guys in middle east cud see and post stuff. There are 458 members from all over the world.
No one who is a shareholder or interested in being one has ever been declined and members can post anything related tp BPC and oil industry, as much criticism about the company or it's Board members performance as they want to. To restrict this would be self defeating for an investment group.
The benefit of a facebook group is that GOCB and everyone else in the world is on fb so when legislation was being dealt with we cud share directly, not having to post a link.
The benefits continue, A good example is one today when a Bahamian member currently living in USA posted the latest article from the Bahamas Tribune about the Independent Audit and comments from our CEO about it.
So there it is, just for info, I'm not into internet fighting that just clogs boards with dross
"I think that you will find that this board was being used to abuse folk of differing views.
Hence the "flight" of some of the more informed and willing contributers because that abu se reached an unacceptable level."
Well, with the greatest respect, that's why we have an 'IGNORE' function. Anybody contributing to these forums accepts that a degree of 'trolling / abuse' occurs.
Setting up a private, highly controled forum isn't necessary the best solution imo and more likely plays into the hands of said tro lls....tro lls being abu sive as opposed to those just looking to provide a contrary viewpoint.
What's effectively happened is that the tro lls have won to the detriment of the wider investment community.
Not the best move Uncas, with the greatest of respect & for the reasons given - whilst the group remains active, there'll always be the suspicion that a degree of manipulation (however effective) is occuring.
On a seperate note, good to see the price more bouyant & perhaps we are seeing the awakening of the 'sleeping giant'.
It would be interesting to hear what lallee's dog (rip) was prophecising?
Hello and Happy New Year Daxies.
Yes, I'm a BPC FB member. It is a reasonably informative board and worth a visit. Quite a realistic bunch of desolate members all clinging on to the hope of getting a profit out of this shambles.
Uncas is the sole admin so you can't have a dig at his boyfriend Simon or he removes the posts!
You get to hear about Uncas's telephone calls to Ben Proffitt who I've heard is our Financial Director (that must be an oxymoron) who basically appears to tell uncas what we want to hear-
ie "were trying hard, all is not lost, blah blah. tough times in the oil business blah blah" which gets passed on to the 454 members. I'd guess Fatal Charm is hiding in amongst us having a chortle shouting Shill Shill Shill.
As far as as selling shares to fund my drinking, the way this is going i'll be selling a kidney to fund my utility bills....
I have to vote you up for that laallee!
But you have to admit this board was great fun and informative, before things turned ugly.
Have you requested membership of the facebook group ?
I ask this as most folk will have by now have moved on, and realised that no one benefits from a war of worlds or trading insults.
PS I am pleased to note that you have stopped selling down every Friday to fund your trips to the Pub!
Stay well and a prosperous new year to you and yours.
There are early signs that the global exploration sector may soon return to profit, according to Andrew Latham, Wood Mackenzies vice president of global exploration research.
Based on the volumes that we can already measure, resource discovery costs are close to $2 per barrel of oil equivalent [in 2017], Latham said in an organization statement.
If these volumes have average development values of around $2 per barrel of oil equivalent, then the years discoveries will indeed be worth more than they cost to find, he added.
Despite the potential increase in profitability, there will not be a surge in global exploration activity in 2018, Woodmac revealed.
We expect most companies will maintain a highly cautious approach to exploration for a while yet, Latham said. Industry investment and well counts will remain stubbornly low in 2018.
Woodmac expects fewer explorers to focus on fewer plays in 2018 and anticipates conventional exploration and appraisal investment to be seven percent below the 2017 spend of $40 billion.
The most-favored plays will be deepwater spots promising high resource density, rapid commercialization and breakeven prices below $50 per barrel, Woodmac stated. The organization highlighted that most of the best of these are located around the Atlantic margins.
I think that you will find that this board was being used to abuse folk of differing views.
Hence the "flight" of some of the more informed and willing contributers because that abuse reached an unacceptable level.
Many of the guys who left had a great deal to offer.
IIn conclusion, I think that the private forum on facebook, to which I presume you refer, is open to anyone who wishes to join.... Just be polite and respect the views of others.
I don't agree with the idea of 'private groups' either. Although I'm sure the BPC one was set up with the best of intentions, there can be an implication with any such group of complicity in manipulation of a stock.
Information should be freely shared and 'private' discussions, to the exclusion of a wider relevant audience aren't really of benifit to those who are invested or may have an interest in being so.
We have these publicly accesed forums such as the interactive investor one for a reason, as well as the 'ignore' function to used when needed.
I hope we get a renewed level of discussion here as oposed to exclusive sharing of views / info, via a private forum.
I am not generally a fan of private boards, having been involved with a few in the past. It's better to have everything out in the open imho as quiet boards do little to generate the wider interest which is necessary for good share price growth, and private boards seem to deprive the public ones from much needed traffic.
As you imply the oil price environment is now much more supportive of exploration activity than it has been for some time, and the company does have some exceptionally attractive assets and a board who have a strong vested interest in getting a farm out away thanks to the shares in lieu of salary scheme. It will come imho, but for the time being 1p is looking like a tough nut to crack. Still the chart is looking very positive and if that barrier is overcome I would imagine that we will then be looking at tuppence in pretty short order.
Fingers crossed for the storm, it's a bit blowy here in the NW.
There is a BPC Shareholders group run by Uncas, another poster on here, but no ramping going on there.
I believe certain users on Twitter are getting excited and one or two people on LSE have got carried away in the past.
There has been some general media attention around oil over the last few days and I hope that the newer buyers will hang around. Buying pressure has been good recently and to be fair buyers could have been in and out with a 50% plus profit over the last month, despite the spread on occasions. Good luck to them, but I just hope that this will be genuine and the start of a good first quarter for the share price, time will tell.
If you nudge Uncas I'm sure that he will tell you all about the facebook group, if you use it. Some decent people on it and not too negative, information shared is generally relevant with some good feedback from the company via Uncas's regular telephone catch ups.
I think we need far higher volume for any price rise to be associated with any farm in news, but I would love to be wrong!...
I was just about to respond to you earlier when my neighbour knocked my door to inform me that our joint boundary fence was in danger of coming down, so we have spent a couple of hours making it safe for tonight's storm.
I don't think we are poles apart on this but must admit I wasn't aware of any ramp fest on social media. Had a quick check of Facebook and found a shareholder group page but it seems the last post on that was in 2015, so I am assuming you are referring to Twitter, which has never interested me. Are we talking about notorious pump and dump merchants or just holders getting excited by the price action? I had assumed that some of today's larger trades might have had some deeper insight re: the farm out negotiations.
I like your positive tone Tot, but you may be a bit premature.
There will invariably be a spike on any news of a farm in with the subsequent retrace until the drill is upon us, there always is on AIM!..
I suspect that we are a little way off any announcements yet, but some of the social media pushers are working on this share at the moment so it may have a bit further to go before a retrace. Hope I'm wrong and that this is the start of a well deserved rerating. On data room and potential we should be at approx. 2p but lets see where the next few weeks takes us.
Chart now looks mega bullish and probably indicative of news leaking imho. 4-5p would be nice for me as I am a recent entrant, but price will depend on the terms of the deal .
Free carry on an exploration well should achieve that easily. If there's an option for same on an appraisal well it'll be higher, but it won't go there straight away. I would expect a decent spike on news then a slow retrace until we get into the run up to spud, where the world and his wife will want to be on board.
Thanks JBT / Oldtrout - I can't imagine the Directors forgoing a large proportion of their salaries for stock, if that stock was to effectively be worthless through inactivity.
They'll know exactly how any 'discussions' are proceeding and the specific hurdles to effect a deal as well as the other complexities involved in any such negotiation process - that's the logic anyway.
Oil prices are bouying up now and macro sector landscape towards renewed exploration activites, seems to be more favourable than was previously the case.
The deal has to happen by the end of March imho as the licenses expire in April unless the authorities grant an extension. I am sure they would be much more inclined to grant an extension if a major oiler entered the frame.
The Directors participation in the September placing is the thing to focus on, together with the various statements about farm out negotiations. It should come sooner rather than later imo.
Hello Spiritfinder, I believe that it was always supposed to be the 87p party, but I'd be over the moon with a 30 or 40p party now. There has been dilution since the original suggestion of 87p, some of it caused by our boards new remuneration strategy! The cynic in me does sometimes wonder if the share price is being held down so that they can load up, especially after comments in the last RNS. One of the positives of course is that at least they should be motivated. I just hope that Simon is pragmatic enough to take a deal even if it is not on his original expectations. I'd like to think that it will be done within 6 months, but that may be wishful thinking...
I believe that the selling price is misquoted on III, wouldn't be the first time.
On several other sites it is at 0.80 with the buy at 0.85.
We all know that III can be unreliable.
Why do you say that Wizard, it's held the rise and there were massively more buys than sells today. What is interesting is why it hasn't improved today, it should have based on demand for shares alone.
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