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BPC Bahamas Petroleum Company Plc

0.325
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bahamas Petroleum Company Plc LSE:BPC London Ordinary Share IM00B3NTV894 ORD 0.002P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.325 0.32 0.34 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Bahamas Petroleum Share Discussion Threads

Showing 65501 to 65518 of 65800 messages
Chat Pages: 2632  2631  2630  2629  2628  2627  2626  2625  2624  2623  2622  2621  Older
DateSubjectAuthorDiscuss
18/5/2021
09:30
The drilling of Saffron2 appraisal well begin's on Sunday:-)
deltalo
18/5/2021
09:18
12bs it's good that we know Saffron 2 will be a success then.No risk as we're using the same well pad as Columbus did over a year ago, you'll soon see in a month's time anyway when it's been drilled, so wait for the results
deltalo
18/5/2021
09:12
340.5m Fee Shares......... I wonder where these will end up? LOL. So 21st May could see a lot of FEE SHARES hitting the market........ominous.///////The remaining 191,114,234 Fee Shares (the "Second Tranche Fee Shares") will be admitted to trading on 21 May 2021 upon, and conditional on, the closing of the Open Offer and Placing.
12bn
18/5/2021
09:09
If currently anticipated funding is not available and no suitable funding from other sources is able to be secured to enable the Company to undertake the work program and meet the obligations detailed in this document, the Company would need to scale back the intended work program (which is largely discretionary in nature at the upper end of the funding requirement), and/or reschedule that work program, and/or cut overhead and operating costs to match the Company's actual capital availability, and/or further revise payment terms, amounts and schedules in relation to residual amounts to be paid to close-out Perseverance #1.

Finally, the Company notes that it has negotiated an agreed cash rebate of advisory and fundraising fees paid by the Company previously, amounting to approximately GBP500,000 (thus increasing the amount of cash available to the Company) and has settled a number of current corporate creditors through the issuance of, in aggregate, 340.5 million new Existing Ordinary Shares on a pre-Share Consolidation basis (which will become 34.05 million New Ordinary Shares on a post Share Consolidation basis) (the "Fee Shares"). Application has been made for 149,385,766 of the Fee Shares (the "First Tranche Fee Shares") to be admitted to trading on the AIM market of the London Stock Exchange and it is expected that admission will take place, and trading in the First Tranche Fee Shares will commence on or around 27 April 2021 at 08:00 a.m. The remaining 191,114,234 Fee Shares (the "Second Tranche Fee Shares") will be admitted to trading on 21 May 2021 upon, and conditional on, the closing of the Open Offer and Placing.

12bn
18/5/2021
09:05
there can be no assurance that the Company would be successful in securing any such alternative funding//////// ominous.
12bn
18/5/2021
09:05
In circumstances where current funding assumptions (as summarised above) do not materialize or do not materialize in the timeframe expected (for example if the GBP2 million currently expected under the Conditional Convertible Note facility is not received, or if expected surplus income from production, and/or the proceeds of the Open Offer (assuming full take of the Open Offer and/or a successful Placing of any Open Offer Shares not taken up) are not available, or the Company is unable to negotiate expected reductions in cash required for settlements as described above, absent securing capital from alternative sources, the Company would not have sufficient financial resource available to undertake all of the work and meet the obligations projected in the $22.5 million, and would be required to manage cash resources accordingly.

In circumstances where the Saffron #2 well is not a success, the Company will be required to secure capital from alternative sources or the Company would be required to effect greater reductions to overheads, negotiate greater reductions in cash required for settlements as described above and/or not proceed with or defer discretionary expenditure on all or some of the work as summarised above.

Equally, in the event of success with the Saffron #2 well in Trinidad, and/or success with the WNZ well and EWT in Suriname, the Company will need additional funding to pursue development of those projects and for general working capital purposes, presently estimated to be $15 - $20 million in additional funding required through the balance of 2021.

In any of the above-noted circumstances where the Company would look to secure funding by way of alternative sources to meet any funding shortfall / incremental funding needs, there can be no assurance that the Company would be successful in securing any such alternative funding.

12bn
18/5/2021
08:49
When does the 10:1 consolidation come into effect?
12bn
18/5/2021
08:46
Oh dear the MMs are only paying 0.35p for shares now,maybe they have a big sell order on their books.
12bn
18/5/2021
08:36
Billion dog still all day barking mad mad
mr woodland
18/5/2021
08:04
Here is pros article/////Earthjustice: Denying BPC not only within lawful authority of The Bahamas but also consistent with govt’s public opposition to oil drilling
NASSAU, 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.

12bn
18/5/2021
06:50
BPC wouldn't exist without your endless charity
bigsi2
18/5/2021
06:49
It's a full house - bingo the other no so successful trader is back... peddling doooooom !!!!Pmsl and you think the government won't renew?? Good luck with that Pro and foxtrot Oscar back to the stone you crawled from under....Coward and a liar...
eggchaser
18/5/2021
06:49
Keep playing at "investing"
bigsi2
18/5/2021
06:48
Your on filter -I no longer read your posts - as they in essence never change.The only thing that has changed is the SP- 90% drop ....exactly as you know I warned you it would post PV1
bigsi2
18/5/2021
06:47
Nope-I'm telling you that if you were smart/or at least smart enough to listen to those that have continually and clearly shown to be better at this than you- you would have listened, sold up months back prior to this INEVITABLE fundraise and THEN if you think the prospect is so fantastic (despite ongoing funding needs compared to relatively feeble prospects) and bought in much lower.
bigsi2
18/5/2021
06:10
CHALLENGED: Govt has “legal authority” to deny BPC license renewal

May 17, 2021May 17, 2021

pro_s2009
18/5/2021
06:10
CHALLENGED: Govt has “legal authority” to deny BPC license renewal

May 17, 2021May 17, 2021

pro_s2009
17/5/2021
18:42
Oh look and like magic here is the boyfriend - to the rescue of his physically challenged special friend...
eggchaser
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