Share Name Share Symbol Market Type Share ISIN Share Description
Bahamas Petroleum Company Plc LSE:BPC London Ordinary Share IM00B3NTV894 ORD 0.002P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 2.025 4,055,952 08:44:19
Bid Price Offer Price High Price Low Price Open Price
1.95 2.10 2.075 2.025 2.025
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -1.03 -0.06 32
Last Trade Time Trade Type Trade Size Trade Price Currency
14:07:13 O 14,796 2.0275 GBX

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Date Time Title Posts
18/10/201911:46BPC Ltd34,940
11/10/201909:00The price of success...-
10/10/201910:40BPC - - Oil Heading for $9 - $10 per Barrel According to BNP Paribas9
03/10/201916:56Potters time is nearly up1,794
02/10/201913:02NEW BPC (abuse free)8,312

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Bahamas Petroleum Daily Update: Bahamas Petroleum Company Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker BPC. The last closing price for Bahamas Petroleum was 2.03p.
Bahamas Petroleum Company Plc has a 4 week average price of 1.20p and a 12 week average price of 1.20p.
The 1 year high share price is 3.98p while the 1 year low share price is currently 1.08p.
There are currently 1,572,719,096 shares in issue and the average daily traded volume is 5,119,147 shares. The market capitalisation of Bahamas Petroleum Company Plc is £31,847,561.69.
specialistslegion: Mugs - tomorrow can be a terrible day for BPC share price.
specialistslegion: Ok - Now that my Messiah has instructed me, in reply to the questions from Universal about "Will BPC go under?" I have been supplied by the following wisdom by my Messiah. There is no doubt that following the events of last week BPC is now in a more difficult position. In my view there was an attempt to raise funds but it was not successful even as we moved towards 1p. The problem is not purely that the market does not believe that BPC is worth the risk, it is unfortunately due to the fact that the attempt to book-build was leaked but that is mainly due to the quality of the issuer in my view. In big houses like Morgan Stanley or Goldman Sachs when we do a pre-deal inquiry of demand for a book building exercise the relationship is so strong and the quality of investors that we approach so high that that there is effectively a binding agreement that this is an "over the wall" discussion. I assume some of you know what I mean but let me know if you need an explanation. Obviously a lesser broker such as those who work with BPC donot have these strong relationships and a lower quality of clients and without making any accusations it is even possible that a client would have leaked it (either to TW or otherwise) to get the price down so the placing is at a cheaper level or even trade on it (no evidence here though). The leak was however a disaster. The market was aware that a placing was coming and therefore shorts would have been active in-order to profit significantly by closing their positions at the placing and any sensible investor who wanted to go LONG would have waited to buy in the placing - so the leak had the effect of resulting in huge negative flows(SELLS)and hence the decline that we have seen. BPC now had no choice but to pull the deal! I do not believe it is factually correct by TW to say that they failed to raise at 1.4p, then 1.2p then 1p as it was not because the fundamentals of the company were so bad that they could not raise. It was due to the fact that the leak meant the share price kept coming down due to sellers and hence the goal posts kept on moving to effectively in my view (and I agree with BPC management) to levels below the minimum fundamental value of the company. This is a bit like deflationary cycle in the economy. No one buys in a deflationary cycle as asset prices are expected to come down and hence less economic activity means lower GDP and less demand and more deflationary pressure and more price declines and so on. (For that reason all central banks resorted to quantitative easing in 2008-9 - in order to increase the money supply resulting in excess capital for same assets to push asset prices up and stop a deflationary cycle in the economy - they succeeded!). However lets stay on message. So what now for BPC? Continued in the next post.
globalspecialist: Massive collapse in BPC share price in 15 minutes in my view as the market realised that not one is ready to fund them at 1p either. It is a disaster. Run for cover everyone. Bankruptcy beckons in my view.
bigsi2: In scoop after scoop this week starting HERE and ending HERE I detailed how Bahamas Petroleum (BPC) was trying to raise $25 million, first at 1.4p, then at 1.2p and finally at 1p. Those who signed up at 1p were told it would be announced Wednesday then today. In fact it has been pulled as the company could not, even at 1p, get close to $25 million. But today Bahamas has quite simply LIED.It states: Bahamas Petroleum, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, notes the latest movements in the Company's share price and continued speculation pertaining to an imminent potential fundraising transaction by way of an equity placing to institutional investors. The Company wishes to confirm that it has no immediate intentions of undertaking an equity placing to institutional investors....In this context, in recent days the Company has met with a number of potential institutional investors as it considers its funding strategy. However, the Board considers that the current share price of the Company materially undervalues the project, and thus raising equity by way of a private placing to institutional investors at or below the current share price would not compare favourably with other options presently being considered by the Company, and would thus not represent the best value proposition for the Company's shareholders.EndsRemember the shares were 1p when Bahamas started a pre placing ramp in August.The statement is a lie. Yes Bahamas may have met with some institutional investors but retail brokers, such as Cornhill and Novum were also asked to tap up their clients. So this was not a small sounding out exercise as Bahamas suggests but a full on attempt to raise cash from anywhere at all. The idea hat this was just an institutional raise is a fantasy, Bahamas is trying to make us thing it is a serious player, but it is a LIE.Moreover, the FACT is that this issue was not pulled because the price (1p in the end) was unacceptable as the RNS states. I have this morning spoken to a number of folks who now tell me that they were assured stock by the company's agents at 1p. The placing was pulled because the company got nowhere near $25 million even after slashing the asking price from 1.4p to 1p.The release today is thoroughly misleading and a company that deceives investors in this way is uninvestable.
bigsi2: So it's good they didn't proceed ...but arguably they tried and failed due to low share price and lack of institutional interest - so much for naming their price and placing at a premium "in recent days the Company has met with a number of potential institutional investors as it considers its funding strategy. However, the Board considers that the current share price of the Company materially undervalues the project, and thus raising equity by way of a private placing to institutional investors at or below the current share price
bigsi2: sure what all the fuss is about ..That opinion contains nothing that has not been expressed on this board.there are still uncertainties for BPC but it seems funding will be secured albeit at unknown costs- but with the current share price those uncertainties it could be said are close to being priced in.Even if there is a temporary short term drop in share price the resulting 6-9 months in run up to drill should be very positive for the company and its share price- despite any uncertainties over political and environmental questions.
armatrading: REPORT from an attendee at the AGM: BPC AGM 17th September 2019 This Report is in three parts: a) Headlines b) General Points c) Answers to Questions that I was asked to raise by users on the Facebook page. Headlines Ø All Resolutions were passed. About 340 million shares were voted and my perception was that somewhere in the region of 95 – 97% were in favour of the Ordinary and Special Resolutions. Ø Today, Shore Capital published their report by Research Analyst, Craig Howie. Mr Howie told me that this had been prepared on a very cautious double-discount basis that confirmed a risked share price of 6p (similar to 2018). He pointed out to me that the risked NAV assumed a conservative probability of success at 10% and that if the assumption were of a 30% chance of success, the risked NAV would move to almost 20p per share. As most shareholders will know, the technical audit by Moyes and Co gave a geological chance of success of 25% – 35% so that one can see that the analyst is indeed being ultra-cautious. Finally, Mr Howie’s conclusion was that, once unrisked, the c/share rose to 83.2. General Points made by Simon Potter (mainly) but also by Eytan Uliel (Commercial Director) and Ben Proffitt (FD / Co Sec) 1. Both the company and individual members are active in providing real support for the victims of the hurricane. share price gave details which included support for an Orphanage as well as providing relief supplies of water, food, bedding and plywood for roofing. 2. The adverse impact of Dorian on the tourist industry may be beneficial to BPC although there was one element of negativity in that because the Ministry responsible for the Environmental Impact Assessment is the same as one involving Housing, that Department may be distracted by the impact of the hurricane and handling that crisis. It might get less priority than at other times BUT, the company still intends to sign for the Seadrill rig even if the EIA had not yet been confirmed. In fact, about 90% of the work with Government on the EIA had been done but share price had considered that it would be insensitive and not timely to be announcing anything during the current crisis. 3. SP’s core message was that the strategy of the company was to proceed as fast as possible to drilling in 1H 2020 and to continue irrespective of the lack of a farm-in partner. The reality is now out there that BPC, consequent upon the resolutions today, is capable of going it alone and can weigh up the commercial advantages for the company and its shareholders when and if any potential farm-in partner wants to become involved. It was evident from what was said that the company is not short of suitors accessing the dataroom. 4. share price emphasised how the cost of drilling had fallen from a previous reasonable estimate of $120 million down to about $25 million and this figure had been reached by the most careful analysis of the various moving parts essential to proceed. Drilling time would be about 40 – 60 days and at a modest depth compared to the type of depth that a major might have drilled of over 21,000 feet. He confirmed that a major would accept a successful outcome based on BPC’s approach to drilling depth. 5. share price explained that the importance of the involvement of Halliburton and BakerHughes GE should not be underestimated. Such companies had done their own due diligence before agreeing to become involved along with Seadrill. Such companies do not become involved in anything which may tarnish their own public image and reputation 6. share price suggested that those interested could look at the experience of Echo in Guyana where there was a 15% stake involving 250 million barrels. This should be compared with the present position where BPC has 100% with potential into billions. 7. Current thinking was that there was a preference for a farm-in if it did not cause delays and delivered a fair advantage for the company and shareholders. share price indicated that in all his long career, BPC’s was the largest discovery and he had every confidence in oil being discovered, supported by the 3D seismic evidence and the Moyes analysis. However, he said that if a deal involved a farm-in partner, it gave the added comfort that such a major wanted to become involved. 8. In passing, he also mentioned that going it alone meant that he personally could be at risk of imprisonment if something went wrong but he indicated that everything was being done to ensure no spillage. Additionally, BPC pays an annual fee to subscribe to clean-up involving an emergency task-force. 9. Something that may be new to many shareholders was an explanation from share price that a problem for the majors was dealing with a new country (New Country Entry). It was not just Bahamas specific but part of a mindset involving any new country and the uncertainties which it could present. However, the fact that BPC is now so far advanced in its planning for 1H 2020 with Government support, has coloured the conversation with the majors in a favourable way - not least, because (to use his terminology) they now realise that the train is leaving the station. 10. On 11th October 2019, the company must sort out with Seadrill the plan for 1H 2020. Nothing is payable to Seadrill until the vessel commences its journey to the drill-site. 11. No specifics were given about what type of funding may be raised by the company. Basically, all options are open and are being worked on and assessed. The Board is confident that it will raise the money it needs. 12. On a successful drill, BPC has a 30 year production licence but that is only for one small part of the overall acreage and the company will have to determine what to do regarding extending those licences to other areas for further drilling. 13. In a point emphasised previously, it is possible to drill during the Hurricane Season commencing in July 2020. The risk is a commercial one. If one of the unpredictable hurricanes is a threat, then on a budget of $25 million, pausing operations with all that entails, would add a cost of perhaps $5 million to the budget and therefore is best avoided. 14. There is no imminent listing likely on the Bahamas Stock Exchange. This has been investigated but according to the regulators in the Bahamas, it exposed unsophisticated investors to the risk of what might even be regarded as gambling regarding an oil discovery and perhaps foreign exchange. 15. In answer to a question from the floor, share price said that the Board had duly noted the suggestion/request that shareholders should be given opportunity to acquire more shares favourably. Answers to Questions from Facebook page a. At a London meeting, it was mentioned that the shareholder percentages of Retail to Institutions was something like 85-15. What is happening to reverse that and when and will it have a major impact on the share price? Answer Discussions with institutions will be ongoing right through to drilling and their involvement will impact the share price. The answer was no more precise than that. b. What has been achieved by Macquarie? Answer SP said that the present and ongoing situation with funding had been achieved by “our team” of Ben Proffitt, Eytan Uliel and himself and not by Macquarie. When challenged as to what Macquarie were doing, share price indicated that they were very active with potential farm-in partners. Macquarie had “kissed a lot of frogs.” c. Is the drilling scheduled for 1H 2020 a foregone conclusion? Answer It was impossible for share price to go that far. However, it did not come across that this was other than natural caution at a public meeting rather than any serious fear that the drilling would not be going ahead. d. Is the estimated dilution to fully fund the drill 45% or is this just for initial funding? Answer At the current share price that dilution is more than sufficient for BPC to do the drill. Whatever ultimately happens in achieving drilling, there will be dilution at some point. e. Are there restrictions on the rights of option holders to sell shares immediately after exercise of option rights? Answer In accordance with the information provided in advance of the AGM, there are different trigger points for exercise of options but there is no other restriction on selling the shares subject to the overall restrictions of those with insider knowledge.
gismo: Morning. Excellent post from PageofCups on LSE last night. RE: Some facts the way I see itLast year BPC did have enough cash to conclude a farmout providing the BG announced an extension for the licences before the end of 2018 so they could complete the commercial terms of the farmout. The major who was in exclusivity, was waiting for the extension last year but as it was not forthcoming could not justify extending the exclusivity without the licence extension in place and was not prepared to carry on paying $250k per month, therefore at the end of August the major did not extend the exclusivity but instead told BPC to came back to them when they had got the extension. Simon Potter could not say why the major had ended the exclusivity other than it was nothing to do with the geology or the rocks, which the major likes very much. The fact the licence was extended from the beginning of 2019 to end of 2020 gives an idea at the time of when this was being decided, ie: last year, to be concluded and announced before year end, and was based on a 2 year window at the request of BPC and the major. Unfortunately the BG took longer to approve the extension and this became clear at the end of February when the approval came and they already are 2 months into the 2 year time window requested by BPC and the major. Obviously the BG knows who the major is due to BPC's request to extend the licence and the BG knowing who the major is that was requesting, in order to get a farmout agreed. Unfortunately the AG let slip that he knows who the major is and that BPC have an agreement not realising that BPC may not have yet agreed commercial terms or may have been in the process of needing to raise funds with the placing, in order to have enough funds to get the deal over the line. The placing was promulgated after the licence extension which was a pre-requisite for the placing, when the share price was 1.7p. The share price rose steeply after the AG made his comments and let the cat out of the bag. All he knew was that they had extended the licence because BPC had a major who needed the 2 year window for the drill to happen, and that granting the extension would seal the deal, hence the AG was confident that a well would be drilled. The reference in the latest BPC presentation for a farmout in 6-12 months is in fact referring to the immediate upside potential 6-12 months after a farmout is announced and then a further upside potential of 12-18 months for the drilling and any oil discovery. This is effectively the duration of the extension. This is what is attractive to the new institutional investors and is BPC's unique selling point that they have a drill ready project with a multi billion barrel well and a major ready to go. HENCE THEY WERE ABLE TO RAISE THE CASH.
bigsi2: Firstly -BPC share price was vastly higher 20p approx in 2010 so could raise larger sums for costs much easier and would this be in a position to negotiate termsSecond - the POO was much higher so economics of protect much betteralbeit drill costs reduced for BPCThirdly - id take paid for reports and coverage with a pinch of salt as BPC we're still raising funds at this time
linton78: JakKnife - good to see you back & sorry that you have missed out on this multibagger. Your still on filter but the tick down showed your pain at this BPC share price. Have a great weekend old chap!
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