14% drop in value today . Why would they enact a compulsory share buyout when the last 3 % is evaporating in value without interfering with it . BCP has no expertise in petroleum .The idea of their formulae to make tax free money is going to come unravelling very soon .Under the management of Otto and Nido of old, I used to get annoyed at the regular shutting down of the Galoc field for maintenance . This resulted in 5% loss of production due to down time.Look at the charts with each report and the field has had a 99.9% production time . This in my opinion shows that no serious maintenance has been done since they have taken over the operation . Unless there is some serious maintenance done soon and with it lost time in production this could be a recipe for a breakdown or even another major accident .I am not an expert and this is only my view from my own research .I reckon they are already in a situation where they are having to re evaluate the interest rate they are charging themselves DOWNWARD as the production is dropping and they are not covering the costs of the operation and the interest payments.5.5 cents in hind sight could prove to be too higher price to have paid for this adventure into trying to get tax free profits .Phil Byrne must be feeling so smug with his lot out of this .So sad for everyone else.I could be completely wrong in my assessment so do your own research.For those still holding shares , BCP may end up worse off than you.
NDO Price at posting:
3.0¢ Sentiment: Sell Disclosure: Not Held
