Bahamas Petroleum Share Discussion Threads

[yellowdog] 28/12/2020 13:00

The potential problem here is:-

If the environmental campaign gains support then the drilling may not be able to be stopped but the actual development could be.

If they find oil that's only the start they then have to obtain consent and finance to develop it. That's not easy in the new 'green' world.

Look at PVR - lots of oil discovered 15 years ago, not much capex needed, yet oil still 2 years away and no certainty it will happen.

[eggchaser] 28/12/2020 12:44

Crackers ain't it... so they have a hearing just to be told it's dismissed... as per the BPC announcement both parties will have written submissions as to why the JR has been dismissed on the 29th - old Fred knows how to milk a cash cow... I'm sure the defeat won't impact his New Years afternoon spread....Blood sucking parasite springs to mind

[davidzz] 28/12/2020 12:44

an update is herehttps://d1ssu070pg2v9i.cloudfront.net/pex/bahamas/2020/12/28122807/Court-Outcome-Update-28-12-20.pdf

[davidzz] 28/12/2020 12:37

From the tribune....Today, Supreme Court Justice Petra Hanna-Adderley denied the application for leave to bring the application out of time with the respect to the February and April decisions only.#In response, Fred Smith, QC, the attorney representing the applicants insisted that this could not be done without an actual hearing, pointing to Supreme Court Rule 53 (3).#This rule states that a judge may determine application without a hearing, unless a hearing is requested in the notice of application and need not sit in open court and in any case, the registry shall serve a copy of the judge's order on the applicant - provided that in no case shall leave be refused without giving the applicant a hearing.

[davidzz] 28/12/2020 12:32

does anyone really believe that bpc would make such a statement without foundation!

[eggchaser] 28/12/2020 11:26

I'm sure the activists can publicly say what they like on the topic however BPC say the drill carries on and I quote - The ruling of the Court means that progress of drilling of the Perseverance #1 well in The Bahamas can continue unimpeded.And that ladies and gentlemen is that...

[grandwood] 28/12/2020 10:47

Local news station has picked up the link I posted above:

[eggchaser] 28/12/2020 09:18

Honestly it's worse than I feared - both bashers struggling with simple facts - so here is one from BPC for you both to digest and I quote - The ruling of the Court means that progress of drilling of the Perseverance #1 well in The Bahamas can continue unimpeded.You keep trying to twist and manipulate facts (not very well) plus using press speculation to fuel your fire lol - however facts are both parties will be made aware why the JR has been denied and as per, both parties will be given those reasons in writing on the 29th and is what the hearing will be based upon and to draw an end to this charade.... what is hard about that for you to grasp?So indulge the entire BPC thread - upon the 29th, when the legal challenge is dismissed, will you both Foxtrot Oscar Off, back to the pond from whence you came? Fair deal??

[linton78] 28/12/2020 07:03

You’ve lost it Pro... Lol.

[pro_s2009] 28/12/2020 06:53

Case will continue Tuesday

[linton78] 28/12/2020 06:34

Great source pro..... FFS.

Tell us about CHAR instead which will probably be equally as successful as your 88E tip last year.

I noticed you posted over 30 times on LSE yesterday, you need to get a life mate!

Meanwhile the drill gets closer to the target zones in fold B, which is all we care about rather than the ramblings of a non shareholder.

[pro_s2009] 28/12/2020 06:00

Case will continue Tuesday

[pro_s2009] 28/12/2020 06:00

Case will continue Tuesday

[specialistlegionsupercharged] 28/12/2020 00:26

tomford8.............Why would anyone be short of BPC ?

Its a stock price driven mostly by irrational fools and newbies getting ramped into buying it - too dangerous to short - too risky to be long - but a great observation opportunity of the human psyche.


In this market you are long on good stocks, with good opportunities.

Like TXP, PANR, JSE, RDSB, DGOC...etc...the list goes on and on with good stocks that have made me money in 2020. Even BPC has made me money multiple times in 2020 with its short lived spikes up.

Too much money to be made in good stocks, why be short of a little AIM explorer like BPC ?

[specialistlegionsupercharged] 28/12/2020 00:25

lithological heterogeneities

Two parts (of many parts) the judge said she would deny, however it was pointed out under Supreme Court law that she cannot deny without a hearing. She is taking this under consideration.

So she looks like she will deny two parts only........ a decision on which other parts to hear will be made on Tuesday.

Its clear in this article below. The judge on Tuesday will make clear what will be heard........eg.........of all the parts, including the two parts she has said she is likely to deny.






..........Today, Supreme Court Justice Petra Hanna-Weekes denied the application for leave to bring the application out of time with the respect to the February and April decisions only.

Attorney Fred Smith, QC, who represents the applicants argued that while the judge had the jurisdiction to approve the application on paper, she did not have the jurisdiction to deny those applications on paper without a hearing.

To this, the judge said she would take the submissions under consideration.

The application concerning the February and April approvals, which were denied, make up only a part of the overall application for judicial review of numerous other approvals concerning BPC.

The judge is expected to provide an update on what will be heard.

The matter will resume next week Tuesday..............

[eggchaser] 27/12/2020 22:03

Well the Rainbow Worrier is still in Las Palmas... hugging the quayside...??

[linton78] 27/12/2020 22:00

Grandwood - let’s hope Bpc are right and the tree huggers are well... left hugging trees.

[eggchaser] 27/12/2020 21:59

Honestly it's worse than I feared - both bashers struggling with simple facts - so here is one from BPC for you both to digest and I quote - The ruling of the Court means that progress of drilling of the Perseverance #1 well in The Bahamas can continue unimpeded.You keep trying to twist and manipulate facts (not very well) plus using press speculation to fuel your fire lol - however facts are both parties will be made aware why the JR has been denied and as per, both parties will be given those reasons in writing on the 29th and is what the hearing will be based upon and to draw an end to this charade.... what is hard about that for you to grasp?So indulge the entire BPC thread - upon the 29th, when the legal challenge is dismissed, will you both Foxtrot Oscar Off, back to the pond from whence you came? Fair deal??

[tomford8] 27/12/2020 21:44

24th December 2020

Bahamas Petroleum Company plc

The outcome of Court Proceedings in The Bahamas – Application for leave to apply for Judicial Review - Denied

An Application for leave to apply for a Judicial Review, brought against the Government of The Bahamas in respect of BPC’s Environmental Authorisation, has
been - Denied

A request for a stay order (halt) to BPC’s drilling activities has also been
- Denied

BPC advises that the Supreme Court of The Bahamas has issued a ruling refusing leave in relation to an application for an extension of time to apply for Judicial Review of the decision by the Government of The Bahamas to grant BPC Environmental Authorisation to proceed with the drilling Perseverance#1, and an associated stay of BPC’s activities.

The Application was brought by environmental activists against the Government of The Bahamas. The Court has indicated that written reasons for this ruling will be provided on or around 29th December 2020 and that there will be a further hearing on that date. The precise nature of the further hearing will be notified to the parties and BPC on 26 December 2020.

The ruling of the Court means that progress of drilling of the Perseverance #1 well in The Bahamas can continue unimpeded. As previously advised drilling of the well commenced on 20 December 2020, and is expected to be completed within 45-60 days of commencement, targeting P50 prospective oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels...END

-------------------------------


The legal outcome of court procedure above

The key sentence here in the court's statement is 'associated stay of BPC activities' This relates to the later points that the applicant are arguing.


Typically there does not need to be a hearing where it is clear the documents submitted are out of time. The judge has dismissed the filed documents on their own. But because the applicant has requested a hearing as part of their application, the judge needs to return to court, rather than dismiss the documents at the application stage due to the filings being out of time.

For the Judge to formally deny the application, the application needs to be heard further due to the applicant requesting a hearing in their application of the JR. As such, the judge could not deny the application on the 24th December without a further hearing on the 29th Dec

The Supreme Court of The Bahamas has issued a ruling refusing leave in relation to an application for an extension of time to apply for Judicial Review of the decision by the Government of The Bahamas to grant BPC Environmental Authorisation to proceed with the drilling of Perseverance #1, and an associated stay of BPC’s activities.

PageofCups lse board

[grandwood] 27/12/2020 20:48

So on the face of it the two sides have put completely opposing spins on the same court session which I guess is not surprising!

But BPC said this on christmas eve:

"BPC advises that the Supreme Court of The Bahamas has issued a ruling refusing leave in relation to an application for an extension of time to apply for Judicial Review of the decision by the Government of The Bahamas to grant BPC Environmental Authorisation to proceed with the drilling of Perseverance #1, and an associated stay of BPC’s activities."

Which is, if referring only to the two "out of time" elements, corroborated by the other sources although those other sources go on to say that the applicant has challenged that ruling and the judge is still considering the challenge along with the remaining elements of the case.

Regardless, I guess BPC will have to put out a formal RNS first thing on Tuesday in addition to their tweet from christmas eve.

[grandwood] 27/12/2020 20:41

"Unfortunately BPC has already made false public statements about this matter indicating that the issue has been decided and the application is refused. This is a blatant attempt to influence the media and perhaps the confidence of their shareholders"

[pro_s2009] 27/12/2020 19:43

hallowed, this is what CHAR said of the Namibia well, ahead of drilling.

"Prospect S, independently estimated as a gross mean prospective resource of 459mmbbls and a probability of geologic success of 29% by Netherland Sewell Associated Inc., is one of five dip-closed structural traps, totalling 1,758mmbbls gross mean prospective resources, that have been identified in the Upper Cretaceous turbidite clastic play fairway in the Central Blocks, Namibia. The scale of Prospect S, should the well be successful, would be transformational to the Company in itself.

The Ocean Rig Poseidon has been contracted to drill Prospect S in Q4 2018. Prospect S has been independently audited with a gross mean prospective resource of 459mmbbls and a probability of geologic success of 29%. It is one of five new structural prospects (S, T, U, V and W) identified from the team's extensive evaluation of its 6,100 km2 3D seismic dataset, with these prospects ranging from 283 - 459mmbbls of gross mean prospective resources. The Prospect S well has the potential to de-risk a portfolio in excess of 2 billion barrels of gross mean prospective resources. Chariot is fully funded for its share of the well and a dataroom remains open with the aim of securing a partner to progress additional drilling.

All petroleum play elements have been proven with adjacent wells encountering excellent quality, oil prone source rocks and 41o API oil. Good quality Upper Cretaceous turbidite reservoir rocks have been encountered with a nearby well having reservoir quality porosity and permeability at similar depths to Chariot's targets. "

Sound familiar to what BPC are saying ?????