Bahamas Petroleum Share Discussion Threads

[martyn9] 25/8/2019 10:16

This time next year rodders!! :))

[zen12] 24/8/2019 16:10

Very good article..best bits:'And be in no doubt, what Bahamas is sitting on is potentially huge.It believes the geology is very similar to two separate world-class oilfields in the form of Ku-Zaap-Maloob, Mexico’s most prolific discovery, and Genel’s Taq Taq operation in Kurdistan.The tricky part continues to be testing this hypothesis on what lies beneath the Caribbean Sea.But Bahamas in its latest announcement took a significant step forward in this regard.It has 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 have been hired with Halliburton providing well services on a Seadrill drilling rig, and Baker Hughes renting Bahamas other equipment.Convertible loanSo, it has an agreement on the table for a US$12.4mln convertible loan â€" though it should be noted this is around half of what’s required to fund an exploration well.That said, it also mulling an alternative financing proposal.Impressive is the fact Bahamas has managed to “revise downâ€? its well costs from as much as US$50mln to the US$25-30mln range.Good work. But to the seasoned observer, the latest moves look like a carefully choreographed way of demonstrating to potential partners that Bahamas can and will, if pushed, drill the well itself.In short, it’s a warning not to squeeze too hard during negotiations.Team deserves some good luckYou suspect, however, that boss Potter and his team would prefer to bring a deep-pocketed partner on board rather than having to foot a US$30mln exploration bill.And let’s face it, they deserve some luck, particularly after taking salary haircuts to get the project this far.Time will tell whether Bahamas can emulate the success of Eco Atlantic 1,800 miles to the south.Patient investors who have backed multiple fundraisers will hope so, as will followers of the story, who have seen it unfold and at times unravel.

[shafaq] 24/8/2019 15:08

Imo feels like the majors will be scrambling to get in now with 50% cheaper drilling costs at $25m compared to $60-$80m 12 months ago.Halliburton and Baker Hughes already lined up for tecs and services, now all we need is majors with response.Likes of exxon, tullow,total, byron, salpern, talos , Murphy, Schlumberger the list is endless and most of these operate in gomWhich is in close proximity.All it will take is just one of them to come calling and put in an offer or derisory offer of half of the cost of 1 well $12.5m (steal) for 25% to 50% and you will see them scrambling for jv.Most had hoped for bpc to lose license but this latest news has put a spanner in their work and may now come to a bidding war with most probably whoever wants to take on exxon, as think they will be going in with bid I hope very soon as think it's now as bpc have other alternative funding options which they may take for 100% interest and feel they now have the upper hand for once in over 10 years.Exciting period about to begin.

[stewart4990] 24/8/2019 13:39

They could do a rights issue

[robertjbeck] 24/8/2019 12:45

One way for BPC to raise the remaining funds for drilling would be a convertible note via crowdfunding. This would enable current retail shareholders to participate and minimise any dilution.

[westmoreland lad] 24/8/2019 11:18

From Proactive this am..


A year after an unnamed oil major pulled the plug on farm-out talks, is Bahamas Petroleum PLC (LON:BPC) finally back on track?

Looking at the share price, up 43% this week, you’d think the answer to the foregoing question was a resounding ‘yes’.

But that jump to 2.15p is a comparatively modest recovery from a low base given the stock was changing hands closer to 7p a little over 12 months ago.

Yes, the group is partway solving its funding conundrum and it should be applauded for assembling a stellar technical team ahead of work on its exploration licence areas next year.

A long way to go
However, there is a long way to go before it can actually test the multi-billion barrel oil potential of its offshore acreage, which sits on the maritime border with Cuba.

And crucially, it has yet to find a partner willing to shoulder some of the significant costs associated with a deepwater exploration campaign.

What should hearten investors is this: small-cap wildcatters have been able to find ‘big brothers’ for similar projects.

Eco Atlantic is a prime example, though its assets are offshore Guyana, rather than Bermuda. It had Tullow and French giant Total carrying the load on the Jethro-1 well, which uncorked a 180-foot oil column.

United Oil & Gas, meanwhile, has brought in Tullow to help unlock the potential of its Walton Morant Licence – this time in the seas off Jamaica.

The Eco deal, in particular, reveals that a comparative minnow is capable of deriving value from a significant asset.

And be in no doubt, what Bahamas is sitting on is potentially huge.

It believes the geology is very similar to two separate world-class oilfields in the form of Ku-Zaap-Maloob, Mexico’s most prolific discovery, and Genel’s Taq Taq operation in Kurdistan.

The tricky part continues to be testing this hypothesis on what lies beneath the Caribbean Sea.

But Bahamas in its latest announcement took a significant step forward in this regard.

It has 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 have been hired with Halliburton providing well services on a Seadrill drilling rig, and Baker Hughes renting Bahamas other equipment.

Chief executive Simon Potter said there had also been “considerable progress on financial arrangements to fund the drilling, whether that be via a farm-in on acceptable terms, or by other means”.

Convertible loan
So, it has an agreement on the table for a US$12.4mln convertible loan – though it should be noted this is around half of what’s required to fund an exploration well.

That said, it also mulling an alternative financing proposal.

Impressive is the fact Bahamas has managed to “revise down” its well costs from as much as US$50mln to the US$25-30mln range.

Good work. But to the seasoned observer, the latest moves look like a carefully choreographed way of demonstrating to potential partners that Bahamas can and will, if pushed, drill the well itself.

In short, it’s a warning not to squeeze too hard during negotiations.

Team deserves some good luck
You suspect, however, that boss Potter and his team would prefer to bring a deep-pocketed partner on board rather than having to foot a US$30mln exploration bill.

And let’s face it, they deserve some luck, particularly after taking salary haircuts to get the project this far.

Time will tell whether Bahamas can emulate the success of Eco Atlantic 1,800 miles to the south.

Patient investors who have backed multiple fundraisers will hope so, as will followers of the story, who have seen it unfold and at times unravel.

[jrr1] 24/8/2019 10:09

hxxp://www.tribune242.com/news/2019/aug/23/oil-exploration-plans-absolutely-disturbing/?news

[stewart4990] 23/8/2019 19:45

Must have been a sell at that price if not they would have paid a premium to the offer

[rayrac] 23/8/2019 19:29

Was it a sell? Between 10am and 11am?

[linton78] 23/8/2019 19:10

That’s a big sell but it’s just a savy PI managing risk. The story hasn’t played out here yet.

Lots of people have 1p averages and are holding in large volumes.

[stewart4990] 23/8/2019 18:47

Well someone sold 8.75M so perhaps bought at 1.25p or less and just wanted out.

[zen12] 23/8/2019 18:24

Can't be forward selling before AGM! If we get one of the interested parties or a bidding war, then these forward sellers would be stuffed...that would be insane wouldn't it?

[stewart4990] 23/8/2019 18:05

This was my earlier post 5M more than my estimate but principle the same, any views on my other comments.

There must be a huge sell in the system and probably show shortly perhaps 3.5M and or with the potential shares to be issued following the latest RNS can either of these individuals forward sell or is that stopped.

[linton78] 23/8/2019 17:39

Spot on there Bones.

[bones] 23/8/2019 17:32

Yes, as we expected, the reason for Cantors asking 2.1p for so long. On that sell alone, they’ve made around £4,500 but they had to find a lot of willing buyers and they came running!

bones. 23 Aug '19 - 11:15 - 30636 of 30700 Edit

There will surely be a huge sell printed later (at 2p probably) given the millions unloaded by Cantors at 2.1p. Cantors has let it go to 2.2p now, so I imagine not long for the other MM’s to start bidding?

[dipla] 23/8/2019 17:23

8.5 million sell in at 2.05

[linton78] 23/8/2019 16:57

I hope your right Westie... have a good weekend also.

[westmoreland lad] 23/8/2019 16:47

We're on the road to riches here imo..

Have a good week end all

[linton78] 23/8/2019 16:38

Whoppy - That was a good week... :-)

[whoppy] 23/8/2019 16:37

That was a good day. On trend for 3p mext week.

[computercoders] 23/8/2019 16:22

Looks like those sells being bought straight back up

[martyn9] 23/8/2019 16:16

News will certainly come out of the blue as the last runs,good holiday all.

[glennrcharles] 23/8/2019 16:16

So if all goes to plan. If....are we hoping for 7p ish before drilling the well. Then zero or a multiple depending on whether they find anything?

[zen12] 23/8/2019 16:12

Remember also AGM before this on 17th and possible Farm in news but it will be speculation first!