Bahamas Petroleum Share Discussion Threads

[thatsmart1] 26/5/2020 19:03

From Malcy Bahamas Petroleum BPC has signed a rig deal with Stena (the previous one with Seadrill was never signed) at highly advantageous rates that mean that drilling can commence on 15th December and run through until February. Not only is this a big saving but in the process of these negotiations other, quite substantial cost savings have been identified. As a result the spending guidance has fallen from $25-30m to $21-25. Finally there is the small matter of funding which will need to be addressed before December, but the company now has an identified time-frame in which to decide which options would be best for it. Even the possibility that Stena might take an option to participate in this or future wells might be considered. So, BPC shareholders have a Christmas incentive for drilling and hopefully it is this Christmas….only joking and whilst this is a bit later than hoped for now there seems to be a pretty strong timetable.

[pillow] 26/5/2020 17:48

Agree usual smoke and mirrors trick.Far too many shares in existence, no official confirmation of license extension.Desperation to try and raise price for more fundraising dilution.

[bigsi2] 26/5/2020 17:33

Up to their old tricks ....Companies own broker issuing positive notes againIn a positive note from @ShoreCapital #BPC was described as making excellent progress towards spudding of its maiden Perseverance-1 well, and being highly encouraged by the strong visibility of today's update #oilandgas #research #contractno change in MO- Potter needs to up his game with some fresh ideas

[bigsi2] 26/5/2020 17:30

On the @VOXmarkets, Simon Potter, Chief Executive Officer of Bahamas Petroleum Company #BPC @BPCplc discusses their new drill rig contract and how it significantly reduces their original cost estimateAlmost laughable really -"Cheaper well" costs currently higher at $30m than the OCT 2019 open offer estimate of $20-$25These chaps don't give shareholder intelligence much credit do they :)

[pro_s2009] 26/5/2020 14:00

Yep........ the more stocks are successful and go up, the more money there is for all :)

[alistair4444] 26/5/2020 12:34

Bahamas Petroleum Company PLC's (LON:BPC) Eytan Uliel speaks to Proactive London's Andrew Scott after inking a rig contract for its Perseverance-1 exploration well which is slated to start potentially as early as the fourth quarter. https://tinyurl.com/y7n4b4ql

[bigsi2] 26/5/2020 12:29

Tut tut ...Can they be trusted -"18th October 2019 RNSthe Company currently estimates a cost to meet its drilling objectives in the range of US$20 million - US$25 million26th MAY 2020At the same time, potential operational contingencies relating to real-time drilling results (as previously identified) are essentially unchanged, such that on a like-for-like basis, the total cost of Perseverance #1 is now estimated to be up to $30 million in total , representing an approximate reduction of 15% to the previous well cost estimate (of up to $35 million).

[johny cash] 26/5/2020 12:23

https://www.proactiveinvestors.co.uk/companies/news/920388/bahamas-petroleum-signs-rig-contract-for-hotly-anticipated-perseverance-1-exploration-well-920388.html

[martyn9] 26/5/2020 12:13

The cream on top of the cake would be a JV signed within the next few months.

[globalspecialist] 26/5/2020 12:06

A surprise farm-in which is more Hope than expectations will see the stock up 400% in one day to around 6-7p in my view. It would be a wonderful news in the current environment and one that deserves a significant number of Champers to be opened at the Messiah’s estate 😀

[martyn9] 26/5/2020 11:20

Pro, like anything it's all a calculated risk it's everyones own perception as to what degree.Let's hope positive on all fronts.

[pro_s2009] 26/5/2020 11:11

Martyn9, its all timescale related. The when and if. PANR, could be drilling later this year, already discovered a load of oil.....drilling for more. Once that farm out goes through the upside for PANR could be 20 times, 50 times..........it has massive potential. All do, PRD, BPC, PANR..........just different timescales as to when the action will take place.

[pro_s2009] 26/5/2020 11:09

BPC is currently 36M market cap. PRD is currently less than 7M market cap. In terms of rerating size on success, I would say PRD has bigger upside, as its current market cap is so small, and its not a one drill company (its now a leader in CO2 EOR with the Trinidad project and has Ireland licenses as well which are progressing). If PRD are successful and find gas and farm out 50% of their Morocco area.........25p or over would be easily seen post farm out. Hence upside, I would not say BPC has bigger upside. Perfect for me is PRD spud in late June or July, result late July or August - success - then I move that punt money into BPC.

[martyn9] 26/5/2020 11:05

Pro-s, far more mileage with bpc than the likes of pantheon !!! imo.

[stockhunters] 26/5/2020 11:02

PRD is ok think BPC is better PRD also delayed difference is BPC drill is much larger, PRD risen 200% from lows BPC only 50% BPC has alot more to go

[pro_s2009] 26/5/2020 10:50

Trouble is since that drop......lots more shares issued........and now more delays to the drill. Like for me, why have my money tied up here ? My punt money is now in PRD (Predator) awaiting spud when lockdown lifted on their big Morocco gas drill. That will be drilled and finished well before the end of summer. No point, imo, being in BPC now, join the parts late summer/autumn in the run up to Q1 2021 drill.

[stockhunters] 26/5/2020 10:47

well looking at the vertical drop and now the rise in oil and the ftse i think it will happen very soon

[linton78] 26/5/2020 10:24

BPC Hires Stena Drillship for Bahamas Drilling hTtps://www.oedigital.com/news/478778-bpc-hires-stena-drillship-for-bahamas-drilling Bahamas Petroleum Company (BPC) has signed an offshore drilling rig contract with Stena Drilling. BPC will use the drilling rig to drill its Perseverance #1 prospect offshore The Bahamas. As previously reported, Bahamas has postponed the Perseverance #1 drilling operation from H1 2020 to Q4 2020 due to the COVID/19 pandemic, and to avoid drilling during the peak of the Bahamian hurricane season, which traditionally ends in November. The rig contract with Stena replaces the previous contract for a drilling rig that the company anticipated entering into with Seadrill. Bahamas Petroleum Company said on Tuesday, that based on the terms of the drilling contract, the company has significantly reduced cost estimate, by about 15%, for its first exploration well in The Bahamas. Under the contract, Stena Drilling will provide a sixth-generation drilling rig, which may be any of the Stena IceMax, Stena Forth, or Stena DrillMax, including integrated supply of a Managed Pressure Drilling (MPD) unit. The firm window for the start of drilling between December 15, 2020, and February 1, 2021, consistent with license obligations as extended by the Covid-19 force majeure event. The Perseverance #1 well targeting recoverable P50 oil resources 0.77 billion barrels, with an upside of 1.44 billion barrels. Bahamas Petroleum Postpones Drilling for October "Reduced cost estimate creates scope for expanded formation evaluation work in the success case, without increasing previous estimated total capital requirement," the company said. Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said: "In March 2020, we were within weeks of commencing the drilling of our Perseverance #1 well when we were compelled to defer our planned drilling program due to the impacts of the Covid-19 pandemic. Immediately we undertook a range of activities necessary to reschedule activity toward the end of 2020 and into the first quarter of 2021, consistent with our license obligations (as extended for the declared force majeure event), by which time we expect the worst of the broad suite of impacts of the pandemic to be behind us. "To this end we are pleased to announce that we have today entered into a rig contract with Stena Drilling, which provides a firm series of parameters on rig rate, provision of MPD, mobilization and demobilization costs, and defines a revised drilling window of 15 December 2020 to 1 February 2021." "This decision - to lock in a rig now, at an already favorable rig rate, rather than try and second guess what markets and availability will look like later in the year - speaks to our intent to ensure Perseverance #1 is drilled at the soonest opportunity, and provides the necessary certainty needed for operational planning. Acting decisively in this way is consistent with our single-minded focus on technical delivery." "Importantly, the commercial parameters in the rig contract have allowed us to not only revise down significantly the anticipated well cost, but also clears the way to revisit our funding strategy with adequate time to ensure we have the funds available as and when we need them, on the best possible terms. I look forward to updating shareholders in the coming months as we continue making progress towards recommencing operations."

[pro_s2009] 26/5/2020 10:18

Certainly will get to 3p to 4p but the question is when. Dont see it happening before late Autumn.

[stockhunters] 26/5/2020 10:14

i think taking into account the drop it has a long way to go upwards heavily discounted due to macro picture but oil is rising significantly from lows 3-4p is my target

[pro_s2009] 26/5/2020 10:03

Yep. Long summer to go. I dont expect drilling this year, most likely will run to the wire again trying to get a farm in, so say Feb 2021 spud. I will look to buy in maybe Sept or Oct 2020.

[thatsmart1] 26/5/2020 09:53

I take you are still out Pro!

[pro_s2009] 26/5/2020 09:42

The upside is constrained now due to more shares in issue than before. The company has also put a price on the head of the license now........... by giving Stenna an option to farm in for 10% of the license for 10m US$. Therefore pre-drill they value it as 100m US$. If someone were to farm in for 50% then BPC would want 50m US$......obviously these are terms BPC want, not what anyone is offering........... so one can assume if a farm in offer comes maybe the offering would be pay for the drill, for 50% or 60% of the license imo

[johny cash] 26/5/2020 09:37

I'm sure they will get extention. This delay was out of their control. Same as dw Horizon and moratorium.

[globalspecialist] 26/5/2020 09:25

Excellent news. Hopefully they will drill at least but if we are going into Feb. We need to hear confirmation of the license extension first for this to explode upwards. 8p a possibility on drilling 👏👏👏👏