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UT,

Go back to the company presentations in 2009 regarding Lee County and how many wells they spruiked.

Why did the K Group pitch in $4.62M at 10.5c?

Why are the K Group no longer on the register?

You think BCC management have delivered? Go ask the K Group.

I've never said Escopeta were "across the line". I'm confident they have the $70M and they will beat BCC to the Cook Inlet. It's my opinion. I could be wrong, but for ramping pirates to post as if BCC are a guaranteed successful investment at current prices is ludicrous.

Yes, the upside is to about 15c in 2011 if they have large success and to about 26c if they drill a successful offshore well that flows 1200+ BOE per day consistently and sustained.

However, if things go pear-shaped with AIDEA, look out below. Circa 2.5c IMO.

Lots of hurdles to jump yet.

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"Go back to the company presentations in 2009 regarding Lee County and how many wells they spruiked."

 

Okay then show me - where it is stated that they WILL drill 10 wells in 2010.

 

"Why did the K Group pitch in $4.62M at 10.5c?"

 

For the exact reason stated in the capital raising at the time.

 

"Why are the K Group no longer on the register?"

 

That is a question for the K Group and I cannot answer for them. Are you so sure they are not on the register still? Sure they are not listed as the K Group in the last top 20 list. They were identified as substantial holders even prior to the cap raising but I am not aware of the entities they were using on the share register.

 

"You think BCC management have delivered? Go ask the K Group."

 

In essence they have done what they said they would do that is drill LC and they have done it 3 times in total and we are starting to see some success.

 

"However, if things go pear-shaped with AIDEA, look out below. Circa 2.5c IMO."

 

Why not .01c lol - there is zero reason why we should be at 2.5c just because things will possibly go pear shaped with AIDEA. The deal with AIDEA is far from dead despite your opinions and there is far more to BCC than offshore drilling in Alaska in 2011 all of which will be kicked off in the next month or two.

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Did I say they said they WILL drill ten wells in 2010? Read my post properly before making an outlandish comment like that.

 

This is what I wrote:

"Go back to the company presentations in 2009 regarding Lee County and how many wells they spruiked."

 

Where is the word "WILL"?

 

Unfortunately for you UT and other emotional pirates, your investment in BCC is under water big time and still looking for positives is all about justification for your dilemma. You are stuck in the stock and cannot bring yourself to sell.

 

2.5c (circa $13M) would be an appropriate market cap for BCC in my opinion if they cannot drill offshore Cook Inlet due to a lack of funding. Why? because a capital raising would be required and the negativity of a failed AIDEA plan and the cap raising would see the stock smashed from here IMO.

 

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A HORRIBLE FAIRY TALE

 

Once upon a time there was this goose swimming around a financial pond.

This pond had scum on the surface of the murky water that may have come from bankers or financial advisors that had suffered bankruptcy or some other terrible financial disease.

Who knows? It certainly didn't look too healthy, that's for sure.

 

But on the bottom of the pond was sludge. Thick, deep sludge that may have contained heavy metals, uranium or dead white plumed warblers, or other highly endangered things that the tree huggers often warn us about.

All-in-all it wasn't a healthy place for a goose to swim around with it's mouth always open.

 

The other birds often warned the goose to swim with its mouth shut but it never listened.

It knew better than them, even though it had been thrown out of a similar pool after many warnings for having its mouth open all the time.

Well of course the inevitable happened and sadly the goose suffered from all these nasties until it just couldn't keep swimming.

It ended up in the sludge along with the yellow backed potoroos and the red fringed orang-utangs etc. etc.

 

The other birds were sorry to see it gone but shook their heads at each other knowingly.

 

Moral: If you are a goose it is best to keep your mouth shut as much of the time as you possibly can.

 

(Melua Quote: "I've been in the market since the late 70s good buddy. Seen it all")

Not quite Melua. I think you were still at school during the Nickel Boom of 1969.

You would have loved it.

Poseidon from 14c to $280. WCM from 10c to $10.50 etc.

 

Did you like the story Pelican, Universal Trader,Starman, Coastgirl?

 

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"Did I say they said they WILL drill ten wells in 2010? Read my post properly before making an outlandish comment like that."

 

No outlandish comments from me there mate - they are all directly coming from you. Guess you couldn't find any statement that said they even intended in some way shape or form to drill ten wells in 2010. So either cut the crap or provide the link to the statement where you believe they spruiked they were going to drill 10 wells in 2010.

 

"Unfortunately for you UT and other emotional pirates, your investment in BCC is under water big time and still looking for positives is all about justification for your dilemma. You are stuck in the stock and cannot bring yourself to sell."

 

No emotion here but I guess anyone that doesn't agree with you must be emotional. At least we don't continually harp on an investment we believe to be total crap since you have next to nothing positive to ever say. As I said before move on - but you can't can you as you are the one emotionally attached to BCC.

 

"2.5c (circa $13M) would be an appropriate market cap for BCC in my opinion if they cannot drill offshore Cook Inlet due to a lack of funding. Why? because a capital raising would be required and the negativity of a failed AIDEA plan and the cap raising would see the stock smashed from here IMO."

 

Again you ignore the likelihood of bridging finance being used, the fact that they are currently collecting ST money to drill the first onshore well in Feb - in all likelihood we can scrape enough together to start drilling onshore Alaska without a CR (sure it will be tight).

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Interesting tale xmangos, but at this point it is unclear who is the goose/s. We should know by June if there is single goose with a bill ful of sludge or a flock of geese all stuck in it.

 

"This pond had scum on the surface of the murky water that may have come from bankers or financial advisors that had suffered bankruptcy or some other terrible financial disease."

 

Is there something holders should be aware of there, or is this just a generic tale?

 

Still holding because I think the impending Kenai Loop spud will support the SP if KOV fails to get off the ground. Other opinions on this?

 

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Personally I don't see the KOV deal failing so soon as even if AIDEA decide to not invest BCC will just continue working on other ways to get KOV up and running so it is likely to just delay offshore plans rather than an outright failure. Then as you say Kenai Loop will likely be spudded around Feb so there is likely to be some positive speculation with respect to this.
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UT, would love to think there could be another funding option but if AIDEA knocks it back surely this would hang like a black cloud over KOV?

 

As far as other drilling options go I do recall seeing in an article a mention of a major (perhaps Conoco?) leasing out a JUR in CI, but that it was on hold whilst permitting was sorted for their main project on the north slope.

 

Then there is Shell who will probably need a back up for their drill barge, and I question whether the Spartan with its maximum water depth of 150 feet will be up to this task.

 

Finally we have the Spartan and the chance to lease it at Davis' touted bargain rates.

 

I see a few issues both for and against AIDEA backing KOV to the hilt. On one hand the shortage of gas would make a speedy decision to invest possible to enable drilling this season. On the other Escopeta's plans could be a major deterrant to public involvement, so if AIDEA see no need for 2 rigs to be available then the decision to invest could be delayed until it becomes clear whether Davis can keep his promises this time.

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