Bahamas Petroleum Share Discussion Threads

[mattd1] 25/10/2019 09:28

Thanks all for the information. Seems like a gamble, but less of a gamble than I saw yesterday ... potential incredible multi-bagger.

Funding for the test well underwritten and should be fine. If they actually make a find ... what are the prospects of that first time?

Get rig in place in Q1, drill 60-90 days ... find nothing. Move somewhere else ... Might take all of next year and another funding round (I would predict two more at least).

But if the oil is there in the quantities they are saying ... then £20m funding would be peanuts if they can get it ...

[martyn9] 25/10/2019 09:07

lol, although some on here could benefit from a call similar to talking to the samaritans.

[linton78] 25/10/2019 08:56

No one has called me. Probably a very good reason for that. Lol

[martyn9] 25/10/2019 08:38

iam-ber,names picked out of the hat at random to contact,just a general feedback for bpc.

[armatrading] 24/10/2019 16:55

The headlines:

"The key findings were as follows:
• Stock Tank Oil Initially In Place ("STOIIP") assessed for the prospect structures as 8.4 billion barrels, with an upside of up to 28 billion barrels;
• Applying a recovery factor in the range of 20% - 40% to the Moyes STOIIP volumetrics would result in an unrisked Estimated Ultimate Recoverable ("EUR") in the range of 1.6 billion to 3.3 billion barrels (mean), and up to 11 billion barrels (upside); and,
• Moyes & Co. independently calculated the probability of success ("PoS") factors for each of the stacked reservoirs assessed, the majority of which were calculated in the 25 - 35% range.
Based on several field developmental studies BPC believes that the minimum field size for an economic development of this nature is less than 200 million barrels (versus the resource estimates measured in billions of barrels, as noted in the independent Moyes & Co review), and that the project therefore offers robust commerciality even in a series of credible downside scenarios."

[armatrading] 24/10/2019 16:53

From latest RNS:
"the Company invested considerable additional efforts into a range of technical work focused on the Southern Licences. This work further established the presence and robustness of the petroleum systems, and assessed and sought to mitigate individually source rock interval and maturity, trap formation, oil migration, reservoir and seal risks. This work included analysis of fluid inclusion and oils collected from the region, determining multiple pulses of oil migration from differing source rock intervals, all determined to be in the oil window; an analysis of seal facies and distribution linked to vertical seismic anomalies to determine trap / seal integrity across the prospective structures; seismic inversion to aid determination of reservoir-seal pairs; and, a detailed seismic interpretation to test fault independent closure thus mitigating trap risk. Much of this work has been tested and validated through the farm-in process with a wide range of industry majors and large independents.
As a result of this and earlier work BPC determined that the Southern Licences contained considerable oil potential, and in 2017 the Company engaged Moyes & Co, an international petroleum industry consultancy, as external technical experts to conduct an independent audit of BPC's own assessment of the total petroleum system and prospect portfolio utilising the full range of the Company's exhaustive database. The key findings were as follows:
• Stock Tank Oil Initially In Place ("STOIIP") assessed for the prospect structures as 8.4 billion barrels, with an upside of up to 28 billion barrels;
• Applying a recovery factor in the range of 20% - 40% to the Moyes STOIIP volumetrics would result in an unrisked Estimated Ultimate Recoverable ("EUR") in the range of 1.6 billion to 3.3 billion barrels (mean), and up to 11 billion barrels (upside); and,
• Moyes & Co. independently calculated the probability of success ("PoS") factors for each of the stacked reservoirs assessed, the majority of which were calculated in the 25 - 35% range.
Based on several field developmental studies BPC believes that the minimum field size for an economic development of this nature is less than 200 million barrels (versus the resource estimates measured in billions of barrels, as noted in the independent Moyes & Co review), and that the project therefore offers robust commerciality even in a series of credible downside scenarios.
Combining all of the technical work and interpretation, the Company was able to build on earlier well design efforts to develop a range of potential well locations and well plan options, based upon in-depth reviews of wells previously drilled in The Bahamas. A particular issue affecting historical exploration well drilling performance was the slow rate of penetration ("ROP") of the drill bit. Studies were initiated taking account of recent technology and drilling philosophy developments, whilst also adopting and implementing global standards and best practices. The results of these studies suggested that significant improvements could be made to ROP, thus substantially reducing the predicted time it would take to drill any chosen well. Based on these studies, BPC estimated that an exploration well to a depth of up to 6,500 meters (21,500 feet) would take between 40 and 60 days to drill and assess. Further, well cost updates have incorporated the substantial reduction in global rig rates and availability, to arrive at the current well cost estimates "

[jbt2007] 24/10/2019 16:45

mattd1, it's all on the bpc website. Competent persons report etc. Also the last RNS in connection with the OO was very comprehensive and will give you almost the whole back history as well as the potential moving forward. Hope this helps.

[mattd1] 24/10/2019 16:41

Had a read of annual report for this one. This is all probably old info to you, and I am hopeful someone can give a steer:

Licenses extension for the Souther prospects conditional to end Dec 2020 on requirement that at least one exploration well commences. That explains the fund raising for the exploration.

I couldn't see anything concerning the likelihood, by independent body, of what they think might be there ... I saw some note somewhere about optimistically 500mmboe - which obviously catches the eye even at double its current market value. And is catching my eye today (I'm not in these but they look like a high risk punt, not one for the pension plan!)

But can anyone point me to information concerning the proven/probable/possible prospect?

Thanks.

[jbt2007] 24/10/2019 16:29

I see you are one of those Simon, give it but can't take it. It's annoying isn't it when people misuse a BB. You really are pathetic.

[bigsi2] 24/10/2019 16:23

You really are a moron lolGo and stalk someone else for a change. or at least post something relevant to the BB rather than obsessing over me.

[mr hangman] 24/10/2019 16:10

There is a filter button

[jbt2007] 24/10/2019 16:08

Yes Simon/Specialist I have met them both on more than one occasion. Again thank you for using the language of TheSpecialist to confirm what I already know. At least you are having the decency of posting as yourself for a change. You are not half as clever as you think you are, why don't you go and play elsewhere there's a good boy.

[armatrading] 24/10/2019 15:50

Sorry, wrong link. It should be:
vox markets dot co dot uk /articles/simon-potter-of-bahamas-petroleum-plus-chris-bailey-and-alan-green-12b33f7/

6m 53seconds in: "and we have a major in the data room at the moment"

[bigsi2] 24/10/2019 15:48

Hasn't it been posted already ?tinyurl.com/y375oh4p

[armatrading] 24/10/2019 15:40

It won't let me post the link
proactiveinvestors dot com /companies/news/905542/bahamas-petroleum-now-entering--significant-operational-phase--905542.htm

2 mins in: "We still have active potential partnerS within the data room."

[armatrading] 24/10/2019 15:39

6.53: "and we have a major in the data room at the moment"
[...]

[bigsi2] 24/10/2019 15:34

There's no additional information contained in the interviews that you can not find in RNS from the last 5 years to present.Those outlets are used to drum up interest from PIs- CEOs don't demean themselves with those interviews without good reason. It's not unsurprising to see them making every effort to fill OO, indeed you would expect it given BPCs difficulties to date in securing funds at reasonable rates. However it would logically indicate that at this time they are aware that OO is some way from being fully taken up.

[armatrading] 24/10/2019 15:24

joejoe81 - I noticed the mention of LOW, but further on in the sentence, Simon mentioned the positive oil finds in the area, and mentioned risk being low, so in that context he would certainly have mean LOW RISK / high CoS.

[stewart4990] 24/10/2019 15:08

BigSi2,

So your thinking is that if it was fully taken up there would be no need to do the interviews, I would have thought these last 2 would have been planned anyway.

I listened to the Proactive and the Vox market and it all sounded very positive to me.

[bigsi2] 24/10/2019 15:03

Correct -However they've been saying there are companies major or otherwise going through data room for literally years. The interviews would strongly suggest they are aware that at this time the OO has not been fully taken up- although one and a half trading sessions left for uptake.

[bigsi2] 24/10/2019 14:58

I've met both him and Simon Potter in person. Have you ??I am entitled to form my opinions as to the impressions they make.Now as your replies demonstrate you don't poses the intelligence or mental agility to converse with me and unless you would give us all a good laugh by enumerating how you deluded yourself into thinking I post with multiple accounts then I suggest you go play nicely somewhere else.

[stewart4990] 24/10/2019 14:38

Listened to the Vox podcast, Simon Potter said there is a major in the data room at the moment.

Listen to it I am sure he said that.

IMHO. DYOR.

[martyn9] 24/10/2019 14:16

The more free publicity the better :))

[linton78] 24/10/2019 13:58

More from the Chief... !