Bahamas Petroleum Share Discussion Threads

[globalspecialist] 29/4/2019 08:58

Unfortunately we are now at the beginning of the end. The RNS talked about farm in partners and for the first time for other financial solutions implying that all majors have walked away. That was the first time alternatives to a farm in was brought up and I am afraid we are going to hear more about it.

With all majors gone there is only 1 road - that is the slow road to ZERO. I still have my shares but will sell all if we breach 1.5p. A very sad day for all of us LONGS. Chance of a deal now down to 20% from 85% in Feb.

[johny cash] 26/4/2019 16:49

Best post yet Whoppy. You might be closer to truth than you realise ;)

[johny cash] 26/4/2019 16:44

Xom results looking a bit soggy Lint.

[linton78] 26/4/2019 16:29

Indeed Martyn!

As Donald Trump would say "locked and loaded" ... :-)

[martyn9] 26/4/2019 16:24

I wouldn't want to be out over the weekend!! :)) famous last words.GWA

[linton78] 26/4/2019 13:08

Whoppy - I see what you mean about Trump's US offshore plans...

[whoppy] 26/4/2019 11:16

Haha. Oil majors are eager for new acreage around GoM and Florida due to promising discoveries but they can't get their hands on licences as Trump can't get his expansion plans through for selling new offshore oil and gas leases. They are going to the Bahamas instead. It's not too far. There is a bit of a fight on.

[linton78] 26/4/2019 11:04

Whoppy - Lol, excellent.

You will upset the resident doom mongers again with any hint of a positive post! :-)

[linton78] 26/4/2019 10:59

Johny - No idea to be honest, but they flashed up as one of the market movers today that everyone will be taking a look at. Rising oil prices must filter into their results in the next 3-6 months though?

The early timing of BPC's annual results is still playing on my mind....

[johny cash] 26/4/2019 10:52

What kind of results do you think the intrepid trio will bring to the market today Lint?I will be surprised if they are outstanding.

[whoppy] 26/4/2019 10:32

Linton, No one has said no if still talking, so they must be wanting to say yes. The man from DelMonte is on a visit and has been seen in the Bahamas and he's not looking at pineapples or oranges. He always likes to say yes. Look for the white suit and Panama hat. The fruit is ripe for picking as said by Bill and Simon. Bananas in the briefcase and all that.

[linton78] 26/4/2019 10:20

News could land at anytime here and there will be multiple updates over the next year regarding rig hire etc *IF* a committed partner is onboard.

[linton78] 26/4/2019 10:18

Q1 results for Exxon, Total and Chevron later today.

[whoppy] 26/4/2019 10:16

Is next 2-4 weeks the coming year?

[whoppy] 26/4/2019 10:05

BPC to catch the market out now results are out the way?
They are looking forward to announcing developments in the coming year..haha.

[johny cash] 26/4/2019 10:00

Volatility usually indicates a large move on the horizon. Order flow would favour an move north.

[linton78] 26/4/2019 09:58

Yes Glenn... bounced off the 20 day moving average by the looks of it.

[glennrcharles] 26/4/2019 09:51

Interesting action.

[cinoib] 26/4/2019 08:37

Am sure that next week will see some action here or one of my other stocks as am of to Bonnie Scotland again on Monday and my last 3 trips have seen real movement in one or other of my stocks. So will have to take the mobile with me so I can keep an eye on them. Last time made a nice quid on here when it jumped to near 4p. The 2 before that my gold shares fell 25% then rebounded the same and I didn't take the advantage. So will be watching very carefully this time.

[winchester so4] 25/4/2019 21:29

Mark Gregory is back talking his own book like the proverbial creature emerging from neath the stone, obviously the action is where it isn't ...

[armatrading] 25/4/2019 20:50

Sallad3: Let's hope the Bahamas Govt reduce the anticipated fees in lieu of previous delays, which were beyond the control of BPC.

[bigsi2] 25/4/2019 17:26

I wouldn't describe that as a large financial risk- not for BPC anyhow.just place another few hundred million shares to cover any potential costs. perhaps that's why they raised early this year despite 2m on hand DEC18 or perhaps they realise if they don't secure funding this time round its GAME OVER.

[sallad3] 25/4/2019 17:15

As last year I remain concerned with disclosures in Notes 15 and 20 to the accounts. Still a big financial risk lurking in the background.

15 (b) Prepayments
As at 31 December 2018, prepayments include $500,000 (2017: $500,000) in application fees paid to The Government of the Bahamas for five additional exploration licences. During 2015, two of these licence applications were withdrawn,consequently receipt of $200,000 against these applications is expected to be credited against future licence rental payments (see note 20(iii)). The three retained applications remain pending award, in the event that the Group’s applications are unsuccessful, 50% of the remaining $300,000 in application fees is refundable to the Group. No provision has been made in the consolidated financial statements to write down the carrying value of these prepayments.

20 Contingencies and commitments (iii) Annual rental commitments

The Group is required under the exploration licences to remit annual rentals in advance to the Government in respect of the licenced areas.
On 21 February 2019 the Group was notified by the Government of the Bahamas that the term of its four southern licences had been extended to 31 December 2020. During this extension, the Group and the Government must, in the
coming months:
(i) establish a forward process and schedule for 2019 and 2020 for the consideration and finalisation of the Environmental Authorisation previously submitted by the Company in April 2018, in accordance with the relevant Act and Regulations, and
(ii) determine any additional licence fees that may be payable by the Company up to the end of 2020, when reconciled against:
a. Licence fees amount previously paid in good faith by the Company (approximately US$1.05 million) despite the inability to undertake Licence activities,
b. Licence fee levels previously established with the Government (being US$250,000 per Licence per annum) as may be modified in view of changed industry circumstances since Licence fee levels were initially proposed in 2013 under very different then prevailing circumstances,
c. Periods in which Licence activities were unable to be undertaken owing to various disruptions beyond the control or discretion of the Company, and during which Licence fees were correspondingly abated, and
d. Other amounts presently held on account by the Government in relation to various other matters (approximately US$620,000).
In 2018 the Company submitted to the Government a proposed reconciliation in respect of all of the above items, which indicated a balance payment due to the Government of approximately US$200,000 for Licence fees up to the end of 2020.
This amount, along with consideration of various sensitivities, has been taken into account in determining the adequacy of working capital for the next 12 months.