BCC.ax/bcgyf +.003 to A$.033 Buccaneer has fallen off a cliff recently but I don't think things are as bad as the chart indicates.
The ACES revolver is working as intended, allowing BCC to pay bills while waiting for the State to reimburse them under the ACES program. The ACES program is a unique program that allows Buccaneer to get up to 65% back from the state for their drill expenses.
Bluecrest Energy has taken their time to pay for their share of Cosmos but they finally raised the money and should be caught up by the end of November. I am assuming they have raised enough to pay for Cosmos 1 & 2 so Cosmos 2 can be drilled this winter on schedule.
The dispute over KL-4 and the other KL wells is unfortunate but it is squabbling over the royalties that Buccaneer has already paid. It doesn't mean CIRI gets new amounts from Buccaneer unless BCC is ruled to be draining their pool. Hopefully they site the next well away from the boundary lines so CIRI can't claim anything but they probably will anyway. I have high hopes for West Eagle. Sounds like they are getting ready to drill there and we will find out if the prospect is as good as it looks.
Finances certainly have been helped by the extra flexibility of the ACES Revolver and the payment of the Bluecrest receivable but the JV certainly hasn't worked so far. If the JV can't fund West Eagle, BCC will have to go it alone and keep 100% WI.
I have bought a little more BCC.ax during the price weakness. We should get any positive information that's available during the upcoming AGM meeting. Hopefully that will help the share price bounce back into the .04 and .05's.
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If the Commodities Boom is Over, I am just a Gold Bug headed for the Windshield of LIFE
