re: Ann: MMR: PEP 11 and New Seaclem - 1 Dril... G'day all,
I believe that all is not lost. Go have a look at the Balance sheet post CR. BPH now has an interest in PEP11 of 27+%. Does have some money in the bank. Also another drill coming up in PEP11. Advent Energy which BPH invested the CR in holds 85% of PEP 11 plus a couple of other leases.
The first well in PEP11 was required to enable Advent to get the 85% in it. It was not expected to be the be all and end all of PEP 11 but just the start of the drilling program.
Hope I have got most of the details above correct, if not, I am sure that others will pick me up for it.
IMO BPH is not a dead duck by any means. I can understand the confusion with the CR and re-naming but IMO DB has tried to get BPH in a very comfortable position with PEP11 by being gaining the interest in Advent Energy.
Today is a bad day if you want it to be. Me, I will just accumulate more BPH shares at this lower price to average down from the dilution etc on the CR.
I still hold the faith.
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