My problem was I followed the tips of others. Fail rule number 1 of AIM. All is not lost, I have consolidated quite a lot, holding RKH/BPC and AST split in equal amounts and got rid of the shiite. All have a satisfactory potential to pay off my mortgage so I'm sitting happier than I was 5 years ago
I did a similar thing with my daughters but got in at 12.2p for the elder and 9.025 for the younger. They were wedding presents in 2006 and 2010 so today's rise is welcome.Still a long way to go to profit though.
Thanks Wiz and Unc, Well its lost quite a bit already! That was true Wiz (not now though) and the sp May drop back again, but you have to buy in at some point and Im happy to be down a bit short term so long as I am invested when the RNS we all want drops at 7am.
I hope you are right Uncas but another drop in the SP does not do much for confidence.
I will hold what I have,about 800k, but will not buy any more as there are other Oilies such as Hurricane and SDX who are better placed to produce good results before BPC.
Nothing wrong with that view Wiz - here's my contra - it will b one or the other;
If the deal isn't dun with this major it will be because they can't agree financial terms. I believe the data is good enough and GOCB wud approve the partner and give permission to drill.
If this PP walks another will try to cut a deal. The Company will have enough $ from this to see them through more negotiations until Licence renewal June 2019
All IMO & wtfdik
Well its lost quite a bit already! If this farm in doesn't happen the BPC is a goner. The SP shoots up on a glimmer of hope then drifts down again. Seen it time and again.
I hope it works out for us all,but I don't hold out much hope. 6 months for this unknown party to run the rule over the assets, and if they run then we run too. BPC won't recover from a knockback.
...a long time ago and was able to make up my losses trading IQE. I would like to come back but knowing roughly the cost of drilling a well in this area I cannot help but think that BPC will need to come back to shareholders for a large chunk of money if they are not to be totally overshadowed by a farm in partner that can fund the cost. Will keep an eye on the share now and maybe trade if the occasions arise.
When the chap took the mike off Surie, the UK entry, I thought he was going to announce -
"Ladies and gentlemen, the contest has been cancelled, because, let's face it, the show is terrible!
"We believe that the need to wait for drilling on Bahamas Petroleum Companys assets has resulted in their
undervaluation by the market, and, of the stocks in our Medium Term Explorers screen, it has the most potential
upside. We therefore initiate coverage of BPC with a Buy recommendation and a 12 month price target of 16.4p."
I have not managed, nor tried, to get onto Uncas's FB group. I am pleased to see that his continued enthusiasm for this company may now pay multiple dividends for him and his many followers. It may also pay multiples for you, me and all those who haven't followed Uncas and who for years raised their genuine concerns regarding regulations, referendums, the church and the uselessness of the previous government and were not given the time of day by the blue sky thinkers who tended to dismiss any concerns with jam tomorrow rhetoric, rather than accepting people had a point. It now looks like there there is a chance there may well be jam tomorrow for us all but there have been thousands of tomorrows before we got a whiff of the jam. Of course, I am pleased that I never sold a single share, have stayed with the company through the thick of it and even recently added a fistful of dollars more.
Happy to pay for the first round - you can pay for the rest.
Hope you are well.
Hi laalee - Eurovision
having won money for the past 10 years, looks like I have blown it this year.
I am on Israel Estonia and France to win and Moldova to be in the top ten, but, according to the betting, it looks like Moldova have no chance for top ten and nobody likes Estonia. I know Israel are second favourites but Cyprus have come from nowhere with an awful song and look like the winners. And Ireland as third favourites!!! What on earth is going on. I know the Song Contest is a gay celebration, but that gay????
At least BPC now looks like I made a good bet there.
Have you managed to sneak on to Uncas's FB group yet?
527 members! 1 admin!
It could do with a bit of balance,,,,if we get a deal and another Shareholders Presentation we will have a drink, it's your round.
whatever please u spiritfinder but u won't find anyone from Bahamas, USA, Middle East on here coz they can't register with iii.
facebook is worldwide, look up any company on it and u will see it has a shareholders Group.
BPC Shareholders Group has 512 members and nothing is controlled except repeated personal abuse attacks are not allowed which is the same on here if the attacker is reported and admin uphold the complaint.
Articles are shared direct, even GOCB legislation is bcoz they r on fb, not links like on these broker boards
Re u'r request for valuation from way back here's what I've found so far when MarCap was £110m. Some changes since then as we know but 4 Southern Licences which are the main asset is unchanged.
I'm still looking for Norhernberks 87p valuation calcs
From: MERRILL LYNCH INTL
25 Nov 10 at 17:25:14
Following meetings yesterday with Alan Burns, CEO of BAHAMAS PETROLEUM, here is my view of the salient points:
BAHAMAS PETROLEUM (BPC LN) is a pure Exploration co. in The Bahamas with 24bln boe of prospective resource, & v impressive Mgmt incl. track record.
V cheap call option in v prospective frontier acreage, a potential 7x+ bagger
** Co. has 5 licences, 4 offshore SW & 1 offshore NW of the main islands.
** Only 5 wells drilled in Bahamas during 1947-1986 BUT those wells indicated active petroleum systems - should not surpise given proximity to GoM.
** BPC has most comprehensive data set & licences in Bahamas + 1st mover adv.
** Based on 2D seismic acquired July 2010, plus historical data from Tenneco, BPC's internal prospective resource est. range 3.6 - 24.3 bln boe with a **mid-point & most likley co. estimate of c.9.0 bln boe.
** Fund raising recently successfully completed and co. are net cash US$6mln.
** No further need for equity injection and will instead seek farm-outs:
** Structure likely involve farming down 75% of single blocks in return for payment of % of back costs plus carry on seismic and well commitments.
** STATOIL farm-in mid-2009 on 3 blocks jointly bidding for validates strategy.
** 12 co.s expressed interest in BPC's acreage, 3 could be suitable partners.
**2D seismic being acquired currently completing in early 1Q11.
**Oil & Gas and Drilling legislation review in The Bahamas post-Macondo and Norway, via relationship with STATOIL, is assisting with the process.
** Expect conclusion on new legislation mid-2011 but another farm out still possible in the interim. Also in meantime, Russian explorer Zarubezhneft is expected to drill nearby in Cuba in 2011.
** CEO Alan Burns' track record is hugely impressive having sold co.s/assets to:
** WOODSIDE, TNK-BP, SIBIR, and TULLOW OIL, over a 32-year long Oil & Gas career
**hugely speculative but 24bln boe of prospective resource at US$0.05/bbl would equate to US$1.2bln, or c.£760mln, which is c.7x the current market cap of around £110mln.
BPC is a v cheap call option and a potential 7x bagger.
Bank of America Merrill Lynch
Merrill Lynch Pierce Fenner and Smith Limited
"If u not in the fb Shareholders Group and wud like to b our 500th member click on link and ask to join"
Still recruiting for the highly controled, private group Uncas?
There's no rhyme or reason for a seperate group, other than to facillitate a more 'controled' discussion, no doubt more aligned to the interests of those moderating the chat.
Although your input here is generally appreciated, despite the claims of 'manipulating to trade' by some, I don't believe setting your little group has benefitted the wider (and more open) discussion here.
PMV was calc'd by another, not me but i'll look 4 it and post if I find it. If u not in the fb Shareholders Group and wud like to b our 500th member click on link and ask to join
Is this being held at around 3p by the MM's? Two trading sessions with more demand than sales, especially Friday and yet closing down slightly on both days.
I'm surprised that this hasn't edged up to 4p plus now that the ramifications of last weeks news has had time to be digested. This is a goer, so load up while you can and this is a shameless ramp by the way!...
The deal with this major MAY NOT come off BUT only because of not agreeing financial terms IMO.
The target and potential are good to great, we all know that right?
If this major walks because BPC won't sell it cheap another will step up, may already b waiting with a counter offer as often happens. I think about this latest rns as being given info as close to inside as anyone wud ever get being told a farm out is prob now coming so we have 3 months to buy shares at a very low price.
4me this investment had 2 risks ATM, cash running out end of year and licences not being renewed nxt year.
Cash risk now gone and commence well operations b4 June 2019 now looking far more likely.
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