Bahamas Petroleum Share Discussion Threads

[martyn9] 12/1/2021 16:09

Grandwood, having read the article i would say oil has another 20yrs plus to go.imo

[linton78] 12/1/2021 15:39

No worries.

[the3for2] 12/1/2021 14:53

Thanks Linton...

[dynamohum] 12/1/2021 14:52

Some viagra for the faithful . . .

NOW
January 12, 2021


Mitchell: PLP govt. would release BPC oil agreement “without question”
LocalJanuary 12, 2021January 12, 2021 at 3:53 am Sloan Smith
NASSAU, BAHAMAS — A Progressive Liberal Party (PLP) government would release the Bahamas Petroleum Company’s (BPC) agreement with the government for oil drilling in The Bahamas, according to PLP Chairman Fred Mitchell.

In a recent interview, Mitchell urged the government to be “straight̶1; with the Bahamian people regarding their position on oil drilling.

He accused the Free National Movement of using the issue as propaganda for the next General Election.

Mitchell insisted that oil drilling is done successfully in a number of countries, and pointed to miles away from BPC’s exploratory oil well near Andros, where Cuba is extracting oil out of the sea,

“It can be done responsibly,” he said.

“Any government looking at five billion to $20 billion of revenue would be foolish and unwise not to consider that as a possibility.”

Mitchell said a PLP government would release the agreement “without question”, insisting that the party has nothing to hide.

“The Progressive Liberal Party granted the license. We don’t step away from that. What we say is that all lawful activity in the country we support.

“I’m not sure why people are saying this as if it’s some big moral issue, it isn’t. The fact is despite the environmental concerns both things can coexist.”


He continued, “Given the revenue that they say may potentially be there, a government would be foolish no to consider it and that’s all that happened here.”

BPC was initially awarded five licenses by the PLP Christie administration more than a decade ago in 2006.

PLP Leader Philip Brave Davis has acknowledged his law firm represented BPC for a brief period, but said he severed ties due to what he perceived might be a conflict of interest before the 2007 General Election.

In April of this year, the government extended the validity of BPC’s licenses to December; then in August it renewed BPC’s licenses to April 2021, and in November it re-extended that validity to June 2021.

The government has continually said that it is unable to get out of the “airtight̶1; deal.

However, should commercial quantities of oil be found in The Bahamas, the government would seek to renegotiate its royalties with the company.

Deputy Prime Minister and Minister of Public Works Desmond Bannister said renegotiating the royalties would be in the best interest of the Bahamian people, noting that even though the government’s hands are tied legally, “every government can be persuasive.”

A Supreme Court Justice has granted leave to seek judicial review of the government’s approvals for the oil drilling deal.

The exploratory oil drilling initiative — which began on December 20 — is expected to be completed within 45 to 60 days of commencement and does not involve extracting any oil if found.

[ride daice] 12/1/2021 14:41

I have never been a smoker but somehow I am strangely drawn towards the purchase of some Cuban cigars.

[jaspoland] 12/1/2021 14:29

From a chart POV 2p offered alot of support so not surprised to see it bounce. Also the number of buys is encouraging. Onwards and upwards

[alasparavolar] 12/1/2021 14:25

For a minute I thought it might be Ugly buying back in. LOL

[offerman] 12/1/2021 14:15

Hi EggReally nice to see volumes picking up and will continue to do further was more likely share price rises in tandem just need to keep those pesky huge after close sells at bay . I do think we are turning the corner. O/TI'm bearing up thanks , been positive as possible last couple of weeks although today is a bit of a low emotional one as would have been dads birthday today . But taking my boy over to see mum today to celebrate his day and yesterday I made a cake for dad that was his favourite ,a nice Victoria sponge .Hope you and family are keeping well mate .

[martyn9] 12/1/2021 14:04

Bring it on linton :)

[eggchaser] 12/1/2021 14:03

Enough said....CarsCoffeeRE: 10m @ 2.05Today 13:47Yes NoviceNoviceinvRE: 10m @ 2.05Today 13:44Cars- did you genuinely just buy £200k (roughly) worth?

[linton78] 12/1/2021 14:01

Martyn - the snooker match in Yorkshire is looking on the cards right now!!

[martyn9] 12/1/2021 13:56

Paying 2.15 on the offer above the ask of 2.10, somethings brewing and it's not my cuppa tea!!

[12bn] 12/1/2021 13:50

fortune cookie12 Jan '21 - 13:24 - 3215 of 3219
0 0 0
10m buy?
Martyn912 Jan '21 - 13:28 - 3216 of 3219
0 0 0
Yes casket it's looking that way and a 10mil buy just gone through.
Linton7812 Jan '21 - 13:33 - 3217 of 3219
0 2 0
Oil strike coming up... !
EggChaser12 Jan '21 - 13:34 - 3218 of 3219
0 0 0
FC - I did say I was topping up today lol//////// Oh dear,the rampers have it wrong again,the 10m trade was probably a sell worked through over several days and finally today cleared. With a big fund raising there is always likely to be big sells showing up as the shares are dumped into the market.

[offerman] 12/1/2021 13:37

:-)))Hi eggAny chance you could buy a few mill for me too .

[eggchaser] 12/1/2021 13:34

FC - I did say I was topping up today lol

[linton78] 12/1/2021 13:33

Oil strike coming up... !

[martyn9] 12/1/2021 13:28

Yes casket it's looking that way and a 10mil buy just gone through.

[casket1] 12/1/2021 13:21

Sorry, last Thurs & Fri (and today) more buys than sells

More sells than buys on Mon only

[specialistlegionsupercharged] 12/1/2021 13:21

Seems P1 is a duster given that excercised the option. My poor idiots - seems you have hit WATER. hahahahhahahhahhahah
hahahahhahahhahaha

[pro_s2009] 12/1/2021 13:00

Absolutely not. I always highlight the downside risk as well as the upside potential.

Feel free to go back and read the actual thread.

[jcgswims] 12/1/2021 12:44

Bahamas Petroleum
BPC announce Funding strategy: Reconciliation & exercise of put option this morning. This has raised a further £3.75m at 2p per share bring bringing total funding since August 2019 to $52 million, with current undrawn potential funding sources in-place for up to a further $20 million.

The company state that if remaining potential funding sources are available and drawn in full, this would represent successful completion of BPC’s current funding strategy, initiated in August 2019, securing a total of $72 million. This represents adequate funding to meet not just the costs of drilling the Perseverance #1 well (at 100% ownership, operatorship and control), but also the costs of an extensive 2021 work program on a suite of production, appraisal and development assets in three other complementary jurisdictions, as well as all geological and geophysical (G&G) costs across the business through to mid-2022.

As a reminder, Perseverance#1 is targeting resources of between 0.77bn and 1.44bn barrels of oil and the 2021 work programme is targeting exit production of c.2,500 bopd (2020 exit rate of 500 bopd).

Simon Potter, CEO of BPC, said:

“In August 2019, BPC embarked on a bold strategy to self-fund the drilling of Perseverance #1 in The Bahamas, as well as to seek to complement that high-impact exploration activity with production and thus cash generative assets. We knew it would require capital to facilitate such a growth strategy, and, accordingly, we laid out a clear plan as to how we would secure that capital incrementally over time.

Now, with drilling in The Bahamas well underway, and with a broad program of value-adding work about to kick off in Trinidad and Tobago and Suriname, we continue to draw on the various elements of the funding package we worked hard to put in place over the past 18 months. Today’s option exercise, to raise a further £3.75m, is consistent with that strategy.

Given the range of components to our funding, we are today providing shareholders with a clear reconciliation of our delivery against the funding strategy we articulated in August 2019. This represents, in our view, a transparent and accurate measure by which the Board and management should be held accountable.

We believe that the delivery of our funding package, and thus the portfolio-wide work program it supports, represents a considerable achievement when considered in the context of depressed equity markets (particularly in the energy sector), oil price weakness, and the material cost, timing and operational challenges caused by both Covid-19 and the last-minute – but ultimately unsuccessful – legal challenge to BPC’s drilling operations in The Bahamas.”