Bahamas Petroleum Share Discussion Threads

[richard26] 14/6/2019 14:32

IF the straits of Hormuz are blocked BPC will rocket....

[whoppy] 14/6/2019 13:49

It's also an arctic spec drill ship which means it's self contained. All waste is kept on board, which is good for the environment, especially where the Bahamas are concerned. All speculation from the LSE board, which makes you think it could be possible.

[lithological heterogeneities] 14/6/2019 13:35

hope you are correct whoppy.

[martyn9] 14/6/2019 12:54

Whoppy, that could cover a broad band of exploration companies as we know, but fair comment one of those could possibly be BPC.

[whoppy] 14/6/2019 11:58

It's a drill ship that's been booked to drill a well somewhere, by a confidential operator, begining of January 2020. It's a deep water drill ship, probably the most advanced. Currently being used by the Chinese off the coast of Ireland. BPC have been checking on rig availability and will need to book one a long time in advance to ensure they get a rig that's right for the drill and that they can nail down costs on, etc.

[mr copl] 14/6/2019 11:56

put Copl on your watchlist.Something could be brewing soon?

[lithological heterogeneities] 14/6/2019 11:51

What's this to do with BPC?I see no mention of the Bahamas ?

[whoppy] 14/6/2019 10:58

Mention on the LSE bb of this drill ship being booked for Jan 2020 for 3 months. Client is confidetial and Stena can't say who it is. Bit soon for BPC I would have thought, but then again we don't know how advanced things are. It fits in with our drill duration of 90-120 days.

[richard26] 13/6/2019 21:48

I can wait....

[todpodger] 13/6/2019 17:56

I might be a bit late then.

[richard26] 13/6/2019 17:46

87p...actually

[todpodger] 13/6/2019 17:24

Flipping heck whoppy you been here a long time all Mickey taking apart think you do deserve that 500k but it won't have been easy.have to give you ten out of ten for perseverance and commitment.do hope this does come good for you and me alike. I do like to wind people up that's what most of my posts are but truth is bpc will never get a better chance than now lets hope they succeed wish you good luck good health a and will buy you a pint when we have a £1 party in the Bahamas.wind ups stop as from now.

[whoppy] 13/6/2019 16:26

I was an original Falkland Gold and Minerals holder that did the reverse takeover into BPC and became a BPC holder with 100,000 shares. Been waiting a while for this to come good and bought loads sub 1p. Best oil and gas assets I've ever seen. Lot's of obstacles and bad luck along the way, but it's always been a life changer. Clear path to realising potential now.

[johny cash] 13/6/2019 15:57

I like your enthusiasm. How long you been holding these now Whopper.I bought before Potter joined. Sold half at 2011 top. So I'm holding rest till the end, even if its zero or £6.

[whoppy] 13/6/2019 11:44

Will need to get that rig booked for next year so best to do it well in advance.

[whoppy] 13/6/2019 11:38

Linton, looks like it's all being tee'd up nicely. Everything coming together, imo. Slowly but surely the boxes have been ticked and progress is moving forward. The winning line is looming.

[linton78] 13/6/2019 11:34

Lets hope one or two offers land on the table soon. If the advisors went to the market two months ago, presumably we wont hear news for a month or two yet?

[whoppy] 13/6/2019 11:26

Thanks for the updates and FB posts. Sounds like BPC are going about this the right way and aiming for maximum value from a farmout and are going to be inventive with a deal. In the end, exploring all options could be a big surprise as to what actually turns out to be the best deal for shareholders. Sounds like they are identifying a rig and are working backwards from that to come up with the best options and a deal that either an oil service provider can cost and go with as a partner (Schlumberger) or an independent or major can slot in with. Demonstrating a low well cost could be the kicker for a deal.

[todpodger] 13/6/2019 10:01

So Linton basically nothing new since febuary22nd rns.

[westmoreland lad] 13/6/2019 09:36

stewart4990 -- I'll vouch for you. Sadly the last time we were together was
at Trotting 12 's funeral.

GL here.

[linton78] 13/6/2019 09:12

From the BPC FB page -

I spoke with Ben Proffitt today on the phone. It was a good conversation and worthwhile but there’s nothing really drastically new to tell for those who are following things closely and are up to date with the RNS’s and what is stated in the March Investor presentation, etc.

I will shorten things down and put in my own words. The key points I picked up from today’s discussion were:

Macquarie have only been working on canvassing the wider industry for farm in partners for 2 months now. This is because they weren’t able to approach potential suitors with the license end dates imminent and without sufficient funds in the bank to demonstrate they could continue to be a going concern into the foreseeable future. These concerns are firmly put to bed.

As has been speculated on some of the public boards a Request for Proposals (RFP) type process is underway. This structured approach is being managed by Macquarie. Ben would not be drawn on when this process would close and move to the next stage but in Bens own words he “hoped a deal would be concluded in this calendar year”. I must stress he did not suggest this means a deal will be concluded, in any year, ever.

If and when a deal is concluded the Bahamas Government may choose to make a joint announcement with BPC, however, this will not in anyway slow the release of such news. If a deal is done BPC will comply fully with the requirements of AIM.
Macquarie are perusing all options, farm in and others. Although this is not new news Ben mentioned they had approached Oil Service providers i.e. drilling companies, one reason given for this was to look at ways to work solutions that may not involve an existing oil company. Such a solution may involve the Oil Service provider taking an equity stake in the asset, possibly in response to shouldering costs. For me I always assumed all options must be being explored but as we don’t hear a great deal from the company it’s the first time I’ve heard first hand the company state direct contact with Drillers has happened.

Lead times and availability of equipment (drilling vessels, casing, well heads, etc) were discussed and although nothing was stated that would that could categorically say these issues are not going to be a concern, Ben did state the market for all this is buoyant and there should be no issues.

They have looked at what drilling vessels are available on the market for this well type, for the time they need to drill, which would be in 2020.
We touched on the multiple parties at the table and this is still the case, it’s not necessarily one big fish they are trying to land. It’s old companies and new ones they are in discussions with.

When the company state they are in ‘discussions’ with companies this captures the fact ‘negotiations’ are taking place, along with any technical aspects. Sounds trivial but I wanted to hear it from the horses mouth that ‘discussions’ have a purpose and are focussed on achieving an outcome and it’s not just people chewing the fat and tyre kicking.

Touched on the EA process. The EIA is submitted and accepted as we know, the EMP will need minor changes when the final drilling vessel is known. Nothing too onerous to do and nothing that the Bahamas Government should take long to rubber stamp.
All in all, not a great deal new to report but it’s nice to hear quite a few things you either expect to be happening, or that have been speculated to be happening, confirmed direct from the company.

And when asked are BPC definitely any further down the road or are they treading water the reply was progress has definitely been made.
People can put their own spin on all this, positive or negative, I’m just feeding back for those interested.

[todpodger] 13/6/2019 08:29

and will still be counting.

[todpodger] 13/6/2019 08:28

and will still be counting.