BPT 0.76% $2.61 beach energy limited

high anxiety but no joy

  1. 2,005 Posts.
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    Captain, Hellyeah, Melinvest et al,

    High Anxiety

    The reason I post information (positive and/or negative) to this forum, quite apart from the obvious therapeutic benefits for me, is I think it may be of potential interest to others. I always thought this is what this site is for, to provide constructive comments and insights for others. Otherwise, we might just as well be another mutual admiration society of hand holders.

    Having said that, does anyone really believe our comments (or mine in particular) put downward pressure on the share price yesterday?

    The AWE share price moved down in tandem with BPT yesterday (almost as much in % terms at the lowest point in the day) but I have never posted on AWE forums.

    IMHO, the share prices of both moved because of either manipulation (in the case of BPT potentially by D Bank) and/ or a sell off because of the large downward movement in oil prices and people were taking profits off the table, particularly given the OPEC met overnight. There was no other market moving information out there yesterday for these 2 shares. IMHO, given the run up in oil prices overnight, I would expect AWE and BPT to regain the ground lost yesterday.

    I was surprised it was sold off yesterday, particularly given Basker 6 is going to spud on or about today (I have high hopes for you well 6, so do not disappoint me).

    On the other hand, like so many others, I thought the 10 cent drop in the SP provided a nice opportunity for others to load back up (and no, I did not buy any yesterday. I am still waiting patiently with Hellyeah for the capitulation that is yet to come in the broader market).

    Unless someone has real inside information and posts such information on this forum, the market does not give one iota to our thoughts and comments. If it did, over the last year each of us would have become multi-millionaires owning BPT!

    No Joy

    But the above is not the reason I came out of voluntary retirement, although it is good to provide some input (like a heroin junkie, I was suffering posting withdrawal yesterday watching all your comments during the day from the side lines, so it is good to get one last fix)!

    I received a response back from Beach Management late yesterday, via an investor relations person. No joy on my 3 suggestions for enhancing transparency in reporting. Negative, on all three.

    Given the private nature of my correspondence with her, she would not allow me to post verbatim her responses to my requests (I even asked really, really nicely). Over the next few weeks, I will be crafting a carefully worded and well researched response to her response. I have already e-mailed her to say I would be doing this and that I did not agree with her response. You did not really think I would just give up after the first rejection, did you.

    Once crafted, I will also be forwarding that letter to both the Audit Committee Chairman and the External Auditor.

    While I have the Audit Committee and Grant Thornton's attention, I will also be asking them the following:

    (a) Review the crude oil trading accounting. You may remember I had a problem with the current accounting method (not just disclosure); and

    (b) Payment for exploration and development line in the Cash Flow Statement, I believe it should be broken down into payment for exploration and payment for development, given they are the drivers for the business and they are separate material lines on the balance sheet.

    If that does not get me joy, I may consider going to my first Adelaide AGM. I will be easy to spot, I will be the one with the large wooden spoon.

    Remember, my aim is to enhance transparency of financial reporting by Management and the Board. They do after all, work for us (sometimes we just have to remind them).

    In the end, logic and common sense will triumph against cruel bureaucracy! Either that or my head and a brick wall are going to be very, very good friends for the next few months.

    I received no further feedback on the rest of my comments on the "Adjusted" half year numbers. Nor did I really expect it.

    Cheers and good investing,

    P.S. Captain, if you are trying to reach Kathryn Presser I recommend you do it via e-mail (see Melinvest previous post for her e-mail), unless you really want to hear her "dulcet" tones in which case use the telephone.

    P.P.S. Captain, I have no problem per se with the debt to equity ratio as long as BPT Management has a forward plan to pay down debt (that does not involve selling core assets). I just would like the plan communicated to the market. A small but simple request, to a large and all powerful Management, from a humble but agitated shareholder.
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$2.61 $2.67 $2.59 $26.44M 10.03M

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Last trade - 16.10pm 11/12/2019 (20 minute delay) ?
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