The gov'ts statement on the allowing of oil exploration was very significant and I was one of those less prudent folk who believed a reasonable SP of around 8p on the announcement with continued momentum from then on. I'm not exactly sure what more we as investors were expecting in such a small period of time since then. At least oil is a hot topic in the press at the moment, whether that be positive or negative remains to be confirmed. If you never expected the SP to rise along with the pumpers then I would be surprised. This share under 6p is an absolute bargain. Someone said patience is a virtue, I couldn't agree more ! Roll on Zubey, I remain optimistic , I doubt you do however, the pumpers will go mad on a discovery there as well..
Again, I make the case that some noisy people in the Beautiful Bahamas are comparing like with unlike. Let’s list some nations being branded about by the people talking about for paying royalties for production: Nigeria, Norway etc. and other established oil producing nations they are crying about: 1. national Infrastructure is already in place, Proved&Used for E&P companies: transport(heliports/seaports/pipelines/roads), O&G technology/expertise. Specialised finance and consultancy companies etc. etc. 2. Oil&Gas finds have been FACTUALLY proved to be there in commercially viable sizes for more than 30+years for ALL nations they are mentioning and people have already been making O&G profits for decades. Bahamas has none of the above and, at the time of signing (2005), the deal Bahamas got (without talking any risk or cost) was (and is) giving the Bahamas State millions of dollars every year by licensing its offshore anchorages to the likes of BPC, Statoil and the US company whose name escapes me. They took all the risk. Even the 'good guys' Staoil signed the same deals for E&P rights to Licenses in Bahamas. Did they say to Bahama's "Hey guys, we can't sign this deal because it is MASSIVELY unfair on the nation of the Bahamas if/when we find them thar black gold" ??!! No!! Because it isn't. It’s never been done before in Bahamas. Its untried and it’s unsupported. Why have Shell, Exxon, Chevron and all the big guys agreed to the higher royalty percentages in the O&G developed nations for production rates? Because the O&G has already been proved to be there and production works! Because they have already invested billions along with the national governments on the O&G industry. Because the infrastructure is already there. Because their chicken has hatched after years of hard work and risk - and now they can cook it all they like!! Bahamas hasn’t even hatched the egg yet! Unfortunately, it’s the same the world over - people/nations want to hop skip and jump before they can walk, do not want to put in the hard graft and personal risk in the deal. Ofcourse some of those politicians are corrupt and deserve to loose their heads. But this fiasco is always made worse by peoples/groups talking about what they don't know. In my short time in the share game, it’s about patience and a steady hand. I still believe this will help me be as 'poor but happy' as the mighty Jamann, and despite all the b*llsh*t coming out of this circus, I will wait till I can afford a fishing rod, let alone a fishingboat before I sell up these red hot tickets and enjoy my hard earned profits if/when they come. all IMHO of course. GL ALL
People in the Bahamas hardly notice exchange control except when they want to buy BPC shares. But i think the currency could continue if Government wanted it but in my view the B $ does nothing for the Bahamas except cost the people money ....
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