Bahamas Petroleum Share Discussion Threads

[globalspecialist] 24/2/2020 11:07

Oh Messiah lead these muppets to light 👏👏👏👏

[globalspecialist] 24/2/2020 11:07

Idiots. Broker view. The muppets who write their own book.

[2solaris] 24/2/2020 10:57

Great to see SL has no shares here and is eating his sour grapes. It must be so frustrating to have sold so cheaply but I have to have a chuckle at his expense. He doesn't realise we are all having the last laugh! I see he has been ranting again this morning but have him on perpetual filter as he is a waste of space.
Great day for all holders, not so great for all non holders, hahahahahahah...

[whoppy] 24/2/2020 10:53

No probs Linton. Be nice to get some broker views on a success case for Perseverance#1, based on 100% ownership.

[linton78] 24/2/2020 10:50

Thanks for that Whoppy

[globalspecialist] 24/2/2020 10:45

Oh my great Messiah. These muppets need to learn many lessons. Please teach them
My Lord🙏㈻1;🙏🙏🙏🙏

[globalspecialist] 24/2/2020 10:45

Oh great Messiah. Teach these muppets that in any investment you need to know the positives and the negatives so you can make an informed decision on an exit strategy/timing to add etc 👄👏👏👏8079;👏

[globalspecialist] 24/2/2020 10:44

Teach theWe muppets to respect all opinions 👏👏👏👏8079;👏

[globalspecialist] 24/2/2020 10:43

Teach this idiots to be tolerant of others view 💓👏👏👏8079;👏Ԁ79;

[globalspecialist] 24/2/2020 10:43

Please teach them tolerance my Messiah 👏👏👏👏8079;👏

[globalspecialist] 24/2/2020 10:43

Oh great Messiah. The muppets would have never known a ban like this 😍👏👏👏8079;👏

[globalspecialist] 24/2/2020 10:39

Oh great Messiah. You are our Saviour 👏👏👏👏8079;👏

[globalspecialist] 24/2/2020 10:39

Oh great Messiah you are the bearer of all
Knowledge.

[globalspecialist] 24/2/2020 10:38

Oh great Messiah. Lead the muppets into salvation 🐕👏👏👏8079;👏

[globalspecialist] 24/2/2020 10:36

Oh great Messiah shine light on darkness and help these idiots 👏👏👏👏8079;👏

[smoothtrader] 24/2/2020 10:35

Anyone.. Just sit back relax and see the viagra effect kicking in to this share price No need to hate those who post trash..the share price movement will happen regardless.Enjoy

[globalspecialist] 24/2/2020 10:35

Oh great Messiah. Lead this flock into salvation.

[globalspecialist] 24/2/2020 10:35

True Lord of light - lead this flock out of stupidity. Help these muppets oh great one.

[whoppy] 24/2/2020 10:35

Bahamas Petroleum primed and ready for Perseverance well

Countdown underway for Perseverance well
Major opportunity: testing a 770mln target
Funded regardless of farm-out
Partnering talks continue
Bahamas Petroleum Company PLC -
Quick facts: Bahamas Petroleum Company PLC
Price: 4.865 GBX

LSE:BPC
Market: LSE
Market Cap: £106.15 m

About the company
Bahamas Petroleum PLC (LON:BPC) has five offshore licences covering four million acres and applications for a further five.

According to broker Shore Capital, the explorer is on the “critical path towards drilling”.

In August it entered into a series of agreements as part of a coordinated approach towards drilling an initial exploration well in the first half of next year.

Some big names were hired with Halliburton providing well services on a Seadrill drilling rig, and Baker Hughes providing other equipment.

“BPC [Bahamas Petroleum has set a clear course towards the drilling of a maiden well on its southern licences, which have been substantially de-risked and delineated over several years and continue to provide world class prospectivity,”; said Shore’s analyst Craig Howie in a note published in September.

“Recent technical studies provide additional confidence, we believe, with last year’s exclusivity agreement with an oil major also providing validation. Whilst securing the necessary financing has taken longer than envisaged, we now see renewed momentum, tangible evidence of progress and scope for powerful share price catalysts in the months ahead.”

How it is doing
The company’s hotly anticipated first exploration well is expected to get underway in April.

It said that the well, to be called Perseverance-1, will be drilled in the northern segment of the ‘B Structure’ to target some 770mln barrels of recoverable prospective resources, with the ‘upside case’ estimates potentially pitched twice as high.

The B Structure is seen across some 70-80 kilometres and could host up to multi-billion barrels of crude resources. The company noted that it has set up a temporary field office and other preparatory operations are underway - including well planning, contracting, and equipment procurement.

"BPC is in the final stages of readiness for the commencement of drilling our initial exploration well, Perseverance-1, in The Bahamas, with results from the well expected in Q2 2020,” said Simon Potter, Bahamas Petroleum chief executive.

“The well location will be on the northern segment of the B structure, targeting a P50 recoverable resource of 0.77 billion barrels, but with an upside close to 1.5 billion barrels of recoverable oil.”

Potter added: “Perseverance-1 has the potential to open a world class, new frontier basin offshore Bahamas, less than 200 miles from the world's largest hydrocarbon market/infrastructure.

“In our view this makes Perseverance one of the premier prospects that could be drilled globally this year.”

Funded for Perseverance
BPC on 20 February revealed it had entered into a £8mln convertible loan facility, with the first £2.43mln draw down available immediately.

The facility is with what the company described as “a substantial Bahamian based institutional family-office investor”.

BPC noted that it farm-out options are still being evaluated as part of the company’s overall risk mitigation strategy ahead of hotly anticipated exploration drilling in Bahamian waters. Chief executive Simon Potter told investors that the facility would allow the company to “go it alone” if that was necessary.

“Since mid-2019 we have progressively been implementing a coordinated funding strategy, with a view to ensuring we have access to the funds necessary for drilling, as and when we need them.

“This measured approach means that we have now secured a funding package with considerably less overall dilution to shareholder equity than most commentators expected would be required.

“Moreover, through this process we have consistently put the interests of our shareholders first.”

Potter added: “Today's facility affords us greater overall funding availability, and a high degree of financial flexibility so that we can respond as may be needed to real-time drilling results.

“We will see some immediate cash inflow to help manage the timing of cash-flow needs in advance of drilling (for example for long-lead/critical path items and advance credit payments required by service providers).

“Thereafter, the remaining funds are committed, and available if the Company elects to draw on the facility as we progress through drilling.”

What brokers say
SP Angel analyst Sam Wahab, in a note on 20 February, said: “Whilst a farm-out would be the company’s preferred source of funding for its first well, the facility does provide shareholders comforts that BPC’s long awaited well will be delivered this year in our view.

“If successful, Perseverance-1 would be transformational for the company, and indeed the frontier region in which it operates.”

[globalspecialist] 24/2/2020 10:33

the ban must be enforced without prejudice. 👏👏👏👏

[globalspecialist] 24/2/2020 10:32

Praise be to him.

[globalspecialist] 24/2/2020 10:32

Oh great Messiah - lead these idiots into salvation 👏👏👏👏8079;👏

[globalspecialist] 24/2/2020 10:32

Oh great Messiah / lead these idiots into knowledge 👏👏👏👏8079;👏