It has been some time since there has been a really big exploration drill for an AIM listed company, but that is exactly what should be coming soon for Bahamas Petroleum (BPC).
Two pulled placings, awful userous death spiral financing, ramping a plenty and a crazy valuation – everything tells you that Bahamas Petroleum (BPC) was a stonking short. And now it has announced a delay to drilling of the Perseverance #1 well in the Bahamas citing the Coronavirus as its excuse. What total bollocks.
On January 6 Bahamas Petroleum (BPC) announced that it was raising £2 million at 2p from a Bahamas based fund. On January 30th it issued a ramptastic roadmap to drilling RNS and the shares rocketed. What more did oily spiv Jerry Keen and his colleagues at broker Shore Cap need to whir into action.
And so the saga continues. Bahamas Petroleum (BPC) having failed to get institutional backing for a placing at 1p to raise $20-25 million is now heading back to its existing shareholders with a £7 million open offer at 2p. You’d be mad to take it and here is why.
In scoop after scoop this week starting HERE and ending HERE I detailed how Bahamas Petroleum (BPC) was trying to raise $25 million, first at 1.4p, then at 1.2p and finally at 1p. Those who signed up at 1p were told it would be announced Wednesday then today. In fact it has been pulled as the company could not, even at 1p, get close to $25 million. But today Bahamas has quite simply LIED.
On Monday I revealed HERE that Bahamas Petroleum (BPC) was trying to raise $25 million and had already had to cut the price from 1.4p to 1.2p. Bahamas tried to deny there was a placing afoot via RNS but I published an email in response calling that out as a GREAT BIG FUCKING LIE HERE. Oh dear, it seems that things have gone from bad to worse.
Earlier today I revealed that Bahamas Petroleum (BPC) was trying to raise $25 million. It could not do it at 1.4p so is now trying at 1.2p and that it has had to rope in bucket shop brokers such as Novum and Cornhill shows that it is struggling. The company has responded but, thanks to Winnileaks, it has dissembled as I demonstrate with an email that has fallen into my hands as you can see below.
I now have it double sourced that Bahamas Petroleum (BPC) is struggling to get away a placing to raise $25 million. At 1.875p the market cap is £29 million.
The share price of Bahamas Petroleum (BPC) almost doubled following an announcement of progress on its ambitions to drill an exploration well next year, but is such a big rise really justified? Today there is a further ramptastic "technical update", world class prospect, yadda, yadda, yadda.
I have not minced my words with regards to today’s shocking pump and dump by Bahamas Petroleum (BPC) as you can see here. But the City’s No 1 oil analyst, Zac Phillips of SP Angel worries that Bahamas may not be out of the woods yet although its assets look good. The great man wrote to his clients today to say:
A month ago shares in cash strapped Bahamas Petroleum (BPC) traded at 1.2p which was probably generous. for this company has struggled for years to secure the farm in partner it needs to drill its acreage in the Caribbean. But then things started to happen.
