Bahamas Petroleum Share Discussion Threads

[dynamohum] 25/4/2019 11:34

Sounding ever more desperate the drowning punters , odds now 45/1 to get a deal that won't wipe you out . .

[bigsi2] 25/4/2019 11:33

So the only two positive points BPC fans have taken from this latest report.1. the board must be confident and will secure a partner as they have "skin in the game" and have deferred salary.A. This has been the situation for some years with ZERO real progress and consequently the argument is immediately flawed... especially when considering ....B. share price was until relatively recently being paid the extortionate sum of £1m PA for what would surely have required no more than an hour a weeks work given the lack of real progress-there was no way shareholders were going to let this continue so his decision to reduce and defer salary was NOT BASED ON ASSURED SUCCESS. he is still to my mind overpaid and has already taken a small fortune in salary and share options from you shareholders who have continually stumped up the cash for no return.Point number 2. BPC are now referring to themselves as "group"Well I'm OVERWHELMED with that progress !! Totally meaningless but something for the mugs to latch onto as usual.

[dynamohum] 25/4/2019 11:27

BPC are a group of companies, stop trying to see things that make you feel better, or worse still deceive others .. It's not rocket science. . . .

[whoppy] 25/4/2019 10:58

All sounds good to me. The fact BPC are now talking about themselves as a Group says they are emphasising themselves as an influential entity and are indicating that they are in a position to become a substantial and important company with ownership and Government backing. Instead of just being a junior independent oil explorer that's holding out a begging bowl, any farmout with an individual major or some sort of consortium, may be required to join the Group under the BPC heading. Relationships between BPC and the Government are very good, and any majors are going to need that political conduit, so politically a BPC Group will give a certain amount of control to the Bahamian Government to sit at the table and keep a close eye on activities and be involved in the decision making. This would calm nerves about oil drilling. Quite ambitious, but could be a prerequisite of any oil drilling as laid down by the Government. If stipulated by the Government, then BPC getting majors to join under there own heading of a BPC Group would be a real achievement and the only way to drill. Feels like the Group is there as a form of partnership and control for all parties, rather than a big major coming in and taking over completely. Might explain why it's taking so long.

[dipla] 25/4/2019 10:07

@Gismo.....y now and not in the coming months as it reads

[gismo] 25/4/2019 09:55

Morning Linton - what about this statement

"as it continues to pursue a farm-in or other funding solution for an initial exploration well with the specific forward work programme for 2019 and 2020 to be agreed in the coming months together with any future licence fees due to 2020"

"to be agreed in the coming months"

that puts us around now?

[linton78] 25/4/2019 09:43

Agreed Martyn.

If anything that confirms a clear line of sight & support to drill the exploration well. Success is not guaranteed here but when the CEO and board have significant "skin in the game" and that gives me confidence that the project will ultimately be successful but on what terms we do not know.

One nagging doubt... I would not be surprised if the actual drill occurs in 2021 based upon the wording for the outlook of 2019 and beyond.

[martyn9] 25/4/2019 09:24

Cup half full/empty take your pick.SP hardly tanked and why would it on the rns?? time will tell with this as usual.

[apfindley] 25/4/2019 09:06

To be fair, a lot of the salary is deferred, so it makes it in the directors interests to end up with a good deal oneday. ...but that waterside mansion does take a lot of money to run

[apfindley] 25/4/2019 09:03

It's been 'ongoing' for years now

[dynamohum] 25/4/2019 08:55

The Backslappers need a good day at the races . . . . .
What are the odds of a deal here I wonder . . . 35/1 is my opening price . . . .

[armatrading] 25/4/2019 08:37

Jone06:

Maybe they're planning to 'sub-lease' the blocks to the different companies which they're in discussions with?

Maybe there's a bidding process for what might be deemed the 'best' blocks.

This is just pure speculation by me, as my mind wanders in the absence of concrete news.

[davidzz] 25/4/2019 08:35

the report does sayquotethe Group subsequently resumed discussions with various parties (discussions which remain ongoing and which we expect will benefit from the recent licence extension / clarification of licence term and tenure). unquoteagree that it doesn't say what kind of parties and that they only expect!wonder if they would elaborate on their statement if asked.

[dynamohum] 25/4/2019 08:34

Enough cash for salaries, that's a relief for the board of directors . . . .

Maybe next Thursday eh whopper, or the one after . . . ✊

[jone06] 25/4/2019 08:31

The biggest difference is that the company is referred to as a 'Group' rather than 'the Company '. Maybe they have plans to split the acreage into blocks for some reason

[apfindley] 25/4/2019 08:20

It didn't even sound upbeat like they were currently in any discussions.So it feels like they're in a very dry spot regarding any 3rd party farm in interest.

[globalspecialist] 25/4/2019 08:18

Jism based on hope rather than reality.

[gismo] 25/4/2019 08:16

Morning Stewart, the problem with the RNS it's neither positive or negative. What can they say, even if a farm-in appears next week. They can't really say "we are nearly there". It could come at anytime so just another waiting game. Happy with the amount I'm holding.

[stewart4980] 25/4/2019 08:11

Well I closed the bulk of my trades today based on that RNS, kept the paid up shares in case of some upside but basically did not see any great wording in the RNS, will add if it falls back significantly.


Not much pointing asking for an update to the market now as we have it.

[globalspecialist] 25/4/2019 07:47

Terrible - absolutely nothing - not even one new shred of news going forward. Might as well be results from 2011. Also for the first time they talk about a farm in partner or raising finance to drill in another way???? Have alll majors walked away??????????

Is today the beginnning of the end?

[bloewillblow1] 25/4/2019 07:40

Will fall well below 2p

[apfindley] 25/4/2019 07:31

Yes same old same old.It reads like a prospectus trying to gather interest, but no much is forthcoming. But it does acknowledge why macquiriexarecthere, as a funding backstop, and ever more likely to be used in my opinion

[bigsi2] 25/4/2019 07:15

So .... no change then.final results basically read the same as any from the last 5 years."we look forward to... we hope... we are confident" even with Macquarie on board for a year now they still haven't secured ANY funding.

[stewart4980] 25/4/2019 00:52

ArmatradimhYep