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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Bahamas Petroleum Company Plc | BPC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.325 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.325 | 0.325 |
| Top Posts |
|---|
Posted at 18/5/2021 09:04 by 12bn Here is pros article/////EarthjusNASSAU, BAHAMAS — A US-based non-profit specializing in environmental law, Earthjustice, has asserted that the Bahamian government has full legal authority to deny the Bahamas Petroleum Company’s (BPC) request to review its licenses. The organization, in a letter addressed to Prime Minister Dr Hubert Minnis and Environment Minister Romauld Ferreira, contended that the Bahamian government “has broad discretion under the law to deny BPC’s request for renewal of its licenses and that BPC has no right of renewal”. Earthjustice said it came to that conclusion after having reviewed relevant provisions in the Petroleum Act and its accompanying regulations, along with the license agreement. BPC undertook a controversial exploratory well exercise in its search for commercial quantities of oil in The Bahamas. In February, its initial well came up dry; however, it has since announced its intention to continue exploration in Bahamian waters and drill another exploratory well amid an ongoing court battle with environmentalists. BPC’s incoming chief executive, Eytan Uliel, recently stated during a podcast responding to investors’ queries that it was “our right to extend” the company’s four oil exploration licenses beyond their end-June 2021 expiration. He confirmed that BPC, which is soon to be renamed as Challenger Energy Group, has submitted the necessary documentation to the government to start the renewal process. Earthjustice said based on the available authorities, “we conclude that the government of The Bahamas has broad discretion under the law to deny BPC’s request for renewal of its licenses and that BPC has no right of renewal”. “In addition, such denial is not only within the lawful authority of The Bahamas, but it is also consistent with the government of The Bahamas’ public opposition to offshore drilling activities as well as its nationally determined commitments under the Paris Agreement,” it said. According to the non-profit, BPC’s latest renewal request, unlike the previous, is discretionary. “There are multiple reasons for the minister to exercise this broad discretion to deny BPC’s renewal request,” Earthjustice noted. “First, in order to be eligible for a renewal, both the 2007 Licence Agreement and Petroleum Act require BPC’s compliance with ‘the act, the regulations and terms and conditions in [the license]’. Judging by statements by both BPC and the government of The Bahamas, it seems that there has been a failure to pay rents under the existing license agreement. “In addition, the post-well technical analysis remains to be submitted and BPC indicates that various other amounts remain in dispute. BPC cannot renew its license without meeting these threshold obligations.” The non-profit also argued that the company’s efforts to seek a funding and operating partner for the next stage of its activity in The Bahamas demonstrate that it does not have the assets or operational capacity to utilize the licenses. |
Posted at 15/5/2021 08:12 by 12bn angryarry post 55850,I have already said many times that it is the financials/share issuing that is most important are you SENILE,doesn't your memory work? You should nit pick on something else like BPCs non-existant Soldado field LOL. Here read this post AGAIN./////12bn - 10 May 2021 - 08:11:41 - 55395 of 55410 BPC Ltd - BPCIt is thus proposed that all existing ordinary shares will be subject to a 1 for 10 consolidation. New Ordinary Shares issued pursuant to the Share Consolidation will have exactly the same rights as those currently accruing to existing ordinary shares under the Company's Articles, including those relating to voting and entitlement to dividends. General share issuance authority At the EGM, Shareholders will be asked to increase the Company's authorised share capital post share consolidation, and thereafter to approve a temporary authority for the Company to issue up to 750,000,000 new ordinary shares (on a post-share consolidation basis). If this authority was ultimately to be used in its entirety (and assuming the consolidation of the Company's share base is approved, the Open Offer is fully taken up or any Ordinary Shares not taken up are successfully placed, and the various other actions described in this document are completed) this would represent a total potential dilution of approximately 50 per cent. on a fully diluted basis, without the need for seeking further shareholder approval, and with such capacity to be in place until the end of 2022.////// This is more important than Saffron2 imo (as Saffron2 is just a red herring to fill BPCs coffers imo). The equivalent of 7500m new shares at todays prices will swamp present holders and lead to massive dilution and a falling share price |
Posted at 14/5/2021 08:21 by 12bn 12bn - 12 May 2021 - 14:51:29 - 55558 of 55742 BPC Ltd - BPCGood post Martyn9 but I am skeptical that much of the drill program will ever happen with costs at $3m a pop. The BoD have RNSd their wish list of actions to tempt holders into buying into the rights issue but we don't know what their finances really are. All the BoD says is that there are outstanding debts on the Perseverance1 drill and it tells us what cash they had at a point in time in March but we don't know what cash they actually have now. My guess is they are very low on cash and will probably know that $3m a well is a silly amount for wells that lose production fast and end up at an average of 3 bopd. Saffron2 COULD be different from the other 135 producing wells (and probably will be,at least initially) but will they gamble on that? My guess is they will wait and see just what happens to Saffron2 in say 6 months time and then decide if they will try another well drill but I could be wrong. 12bn - 12 May 2021 - 14:39:38 - 55557 of 55742 BPC Ltd - BPC 12bn10 May '21 - 13:53 - 55440 of 55443 Edit 0 1 1 Goudron 45-50 active wells. Inniss-Trinity 15 active (BPC gets only half).South Erin 50-60 wells. SWP wells are just exploratory. The point is BPC has a lot of wells but only 450-500 bopd from them all! The reason is the wells individually produce very little and so you can see why I am skeptical about how 1 more well will make much difference in the long run.////// The BPC website has the production for Trinidad at 400-450 bopd, so even worse than I thought. 400 divide by 135 wells is only 3 bopd on average,so I wouldn't hold out for Saffron2 changing things much. 7500m new shares at todays share price will impact the sp, as will death spiral finance if/when the rights fails imo. |
Posted at 12/5/2021 14:39 by 12bn 12bn10 May '21 - 13:53 - 55440 of 55443 Edit0 1 1 Goudron 45-50 active wells. Inniss-Trinity 15 active (BPC gets only half).South Erin 50-60 wells. SWP wells are just exploratory. The point is BPC has a lot of wells but only 450-500 bopd from them all! The reason is the wells individually produce very little and so you can see why I am skeptical about how 1 more well will make much difference in the long run.////// The BPC website has the production for Trinidad at 400-450 bopd, so even worse than I thought. 400 divide by 135 wells is only 3 bopd on average,so I wouldn't hold out for Saffron2 changing things much. 7500m new shares at todays share price will impact the sp, as will death spiral finance if/when the rights fails imo. |
Posted at 10/5/2021 13:14 by 12bn 12bn - 10 May 2021 - 08:11:41 - 55395 of 55410 BPC Ltd - BPCIt is thus proposed that all existing ordinary shares will be subject to a 1 for 10 consolidation. New Ordinary Shares issued pursuant to the Share Consolidation will have exactly the same rights as those currently accruing to existing ordinary shares under the Company's Articles, including those relating to voting and entitlement to dividends. General share issuance authority At the EGM, Shareholders will be asked to increase the Company's authorised share capital post share consolidation, and thereafter to approve a temporary authority for the Company to issue up to 750,000,000 new ordinary shares (on a post-share consolidation basis). If this authority was ultimately to be used in its entirety (and assuming the consolidation of the Company's share base is approved, the Open Offer is fully taken up or any Ordinary Shares not taken up are successfully placed, and the various other actions described in this document are completed) this would represent a total potential dilution of approximately 50 per cent. on a fully diluted basis, without the need for seeking further shareholder approval, and with such capacity to be in place until the end of 2022.////// This is more important than Saffron2 imo (as Saffron2 is just a red herring to fill BPCs coffers imo). The equivalent of 7500m new shares at todays prices will swamp present holders and lead to massive dilution and a falling share price |
Posted at 10/5/2021 13:10 by 12bn Poor arry,going round and round in circles as he muddies the water. The point with BPC is its Trinidad wells don't produce much oil after the initial pressure is released. Anyone can check this out by going onto the BPC web-site and taking note of the large number of wells in Trinidad that BPC has. Unfortunately BPC does not always make it clear that the wells in any given field are producers and what they are producing. I have added up the number of wells,it is easy to do for yourselves and the total is 75-81 wells outside the SWP which has a further 53 wells. Now we know that these wells produce a total of 450-500 bopd so around 6 bopd per well if all of the SWP wells aren't producers. This is the reality of Trinidad wells and although Saffron2 COULD be different what I suspect is it won't be different. I suspect it will start with decent production which will get an RNS and then the company will go quiet about it as production falls and falls to around the average for Trinidad. |
Posted at 10/5/2021 11:54 by 12bn 12bn - 08 May 2021 - 10:11:46 - 55350 of 55390 BPC Ltd - BPCSo we can add up the number of producing wells in Trinidad,45-50,15,10 |
Posted at 10/5/2021 06:57 by 12bn 12bn - 08 May 2021 - 10:11:46 - 55350 of 55390 BPC Ltd - BPCSo we can add up the number of producing wells in Trinidad,45-50,15,10 |
Posted at 07/5/2021 15:06 by 12bn 12bn - 07 May 2021 - 08:04:16 - 55237 of 55322 BPC Ltd - BPCdeltalo6 May '21 - 14:58 - 55195 of 55228 0 5 0 Very exciting times here for the company and us shareholders, it all starts in a few weeks time when the company changes name and changes direction to ramp up oil production by drilling the appraisal well and a further 5-9 wells by the end of this year and a further 20 wells next year. Only value will be added now and so why would you not want to be in this. We're only valued by current production from Saffron1 so all other assets are not reflected by the current share price Absolute steal here and imho a great opportunity to seriously make some big buck's. Buy and hold. moor sir6 May '21 - 15:22 - 55196 of 55228 (Filtered) 0 2 0 12bn6 May '21 - 15:26 - 55197 of 55228 Edit 0 1 1 There are many mistakes in that post deltalo,they show that you do not know what you are talking about.//////We're only valued by current production from Saffron1//////NO,saf 12bn7 May '21 - 06:29 - 55230 of 55235 Edit 0 0 0 Poor deltalo,he knows nothing at all about Trinidad wells/oil fields but the fool pretends that he does. Do you know who DL is or NR or where the term SWP comes from or anything at all about BPC? |
Posted at 06/5/2021 07:17 by whoppy 6 May 2021Bahamas Petroleum Company plc ("BPC" or the "Company") Saffron-2 - Rig Mobilisation and Operational Readiness Update BPC, the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development and onshore and offshore exploration assets across the region, is pleased to provide the following update on the upcoming drilling of the Saffron #2 well in Trinidad and Tobago. Highlights · Rig mobilisation to the field will commence on 9th May 2021, targeting commencement of Saffron-2 drilling on or around 23 May 2021 · All equipment (including various re-usable items from Perseverance-1) have been mobilised to Trinidad, along with necessary contractor personnel · Design of the Saffron-2 well includes a production completion, allowing for immediate oil production and sales on a successful well, with anticipated rates of 200 - 300 bopd, which it is estimated would provide more than US$1.8 million per annum of cashflow to the Company. Based on these pre-drill estimates, Saffron-2 would have a payback of 12-18 months and an ROI of in in excess of 200 per cent. · Following a successful Saffron-2 well, a further five to nine production wells are currently planned to be drilled in H2 2021 as part of an overall field development of up to 30 wells · These further five to nine wells are projected to deliver average daily production of up to 1,000 - 1,500 bopd, which it is estimated would provide US$8 million - $12 million of annual cashflows going forward (based on a US$60 / bbl oil price) Saffron #2 - Operational Readiness A number of workstreams have already been completed to enable drilling of the Saffron-2 well to progress. This includes: · Ministry approval to drill · Completion of a detailed well plan · Civil works completed to establish the well pad · Purchase of all long-lead / major equipment items · Contracts entered into for all required well services and supplies, including with Schlumberger for cementing, wireline logging and drilling mud, with Weatherford for the liner hanger system, and with NOV for the drilling fluid handling system · Installation of the well conductor · Detailed HSE planning, including Covid-19 mitigation and response protocols The Company can confirm that mobilisation of the drilling rig to the field is scheduled to commence on 9 May 2021, with rig-up activities to be completed on or around 17 May 2021. The rig - Well Service Rig #4 - is being supplier by Well Services Petroleum Company Ltd ("WSPC"), one of the oldest and largest onshore drilling companies in Trinidad. The rig was selected and contracted based on the experience of WSPC, and in particular their superior ability to handle drilling fluids. BPC has paid the initial mobilisation fee to WSPC, with no further fees payable until and unless the Saffron-2 well is spud. Spud is expected to occur on or around 23 May 2021, subject to successful completion of the current open offer and placing process, and subject to passage of the various resolutions that have been proposed at the Extraordinary General Meeting to be held on 17 May 2021 . Saffron # 2 - Well Potential The intention is to place the Saffron-2 appraisal well onto immediate production, with ready proximity to oil sales infrastructure, and expected production is in the range of 200 - 300 bopd. Based on a US$60/bbl oil price, this would generate cashflows to BPC of US$1.8 million - US$2.6 million per annum, with a full well payback of 12-18 months and a ROI of in excess of 200 per cent. Saffron - Full-field Potential Contingent on Saffron-2 well success, an initial program of field development has been planned (the "Initial Program") which could see a further five to nine production wells drilled during H2 2021 (subject to permitting, rig availability and capital availability of $7 million to $12 million with the rest anticipated to be available from operational cashflow), with field development drilling continuing thereafter, through 2022 and 2023. The Initial Program is projected to achieve an average daily production of 1,000 - 1,500 bopd by the end of 2021 which, based on a US$60/bbl oil price would generate annual cashflows to BPC of US$8 million - US$12 million. Thereafter, field development drilling would continue through 2022 and 2023. The current estimated overall field development would comprise up to 30 wells in total, with a peak production projection of approximately 4,000 bopd. The current full Saffron field development scenario would generate annual incremental cash flows for the Company in excess of US$25 million. Eytan Uliel, CEO Designate of BPC, commented: "I am pleased to advise that rig mobilisation has been confirmed for the drilling of the Saffron-2 well, all major contractors and suppliers are in place, and we are operationally ready such that drilling activity can commence around 23 May 2021." "A successful Saffron-2 well will be a profitable well in and of itself, but more importantly will further our understanding of the Saffron field and enable us to plan for additional field evaluation and appraisal work, as well as to assess the optimal full-field development plan. In a success case, this well can be quickly brought into production, potentially adding 200-300 bopd of oil sales and $1.8 million or more of annual cashflow. A full-field Saffron development could see peak production of 4,000 bopd and around $25 million of annual cashflow - a material project by any measure, and one we are thus eager to get after." |
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