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Hi I don’t see how a prospective partner could Commission or embark on drilling logistics without agreeing terms with Bpc as that would weaken their hand and Bpc do not have the cash or wherewithal to do it themselves. I guess it is possible but in my view unlikely. The govt have agreed to drilling so they should just get on with it. Political expectations have been set and public expectations should eventually shift to the sovereign wealth fund rather than drill or no drill. Trek ps I hope you are right and we get a leak!
Trek, but that’s the point. As per the February ‘Media Speculation’ RNS they haven’t yet agreed “commercial” terms for a farm out. We have always been told by the Company to read exactly what is stated in an RNS. They don’t have a commercial farm-out agreement and therefore they don’t have to say anything. Anything else they can hide behind an NDA.
They could have quite easily agreed the technical aspects of any drill and the oil major could have “commissioned” the service provider and/or drilling materials vendor. This fits with what the Attorney General stated, which the ‘Media Speculation’ e-mail was trying to put the breaks on.
They are now just waiting for the weather and drilling vessel availability window to coincide, which will be Q1 2020.
I think if the have a farm in they have to tell shareholders. There is a duty to advise us as it’s so significant. Imagine selling now to later find out there was a deal all along. Whilst they may choose to keep the drill site up their sleeve until the last minute even then there are public and shipping notices that need to be submitted so get off the golf course and earn your grand a day or whatever it is! Trekstration!
Hi Jim,Completely agree. Given the area concerned and the manner in which certain organisations will want to obstruct a test drill I can see why they will announce as close as possible to the time of the test drill. It's incredibly frustrating but understandable.Sigh......I'll continue to hold and continue to lose my hair!
Unfortunately for us any announcement will be as close as possible to actual drilling, I can easy see how it could be as late as December or even January.
What’s for certain though is that the partner(s) who are going to carry BPC will need to be pressing the button on ordering drilling materials pretty soon if the desire is to drill in H2 2020, it’s around a 6m minimum lead time on this.
I strongly believe an agreement or understanding is in place but the officialities and legalities of a binding commercial agreement are being withheld to ensure a low profile and detract from any unwanted and unessessary attention which may thwart the process.
But the gravy train does actually run out- come what may, they have a timeline set and agreed with Govt to drill this within two years, we are 6 months in.
"The confirmation from the Government of The Bahamas that the current term of our four southern licences extends to 31 December 2020 provides the Company with a certainty of tenure over the Company's licences, replacing any perceived "above ground" issues with complete clarity in fact and law. This position has been arrived at following extensive government consultation and whilst this has taken the Company a while to establish, there is now a very clear two-year window to advance plans for and to drill an exploratory well providing certainty to potential partners as we move forward in our farm-out discussions."
I’m guessing that by Winterbotham Trust Company championing the addition of the World Oil System Fund to the BISX then they must believe there is sufficient interest and acceptance from the populous who can put money through BISX, in oil and gas activities.
Also, I wonder if the World Oil System Fund would ever take a position in BPC? Probably not at the moment as there is no business, no end product or return on investment but should they announce a drill partner the case for investment may change?
Jim - there have been times when there have been triggers of action seemingly on account of the ridiculous low share transaction being reported. I am sure there is a method utilised somewhere, however, certainly not on that NEX trade.
As for psychiatric help - I think if we have to wait a great deal longer there may be a few requiring such assistance.
As with everyone, we all crave good news, or any news for that matter. However, this single share trade rubbish that gets spouted on boards, or any other mystic number that people attach meaning to, is absolutely nonsense.
People who attach anything more to it other than the fact it is a single share that has been logged as traded, need to seek psychiatric help.
It takes approximately 2 - 3 weeks to cross the Atlantic under sail (sail not engine!). BPC’s mystery partner(s) has/have the drillling rig booked to start early January 2020. If the Rainbow Warrior (a wind powered sailing ship) remains moored around the Straits of Gibraltar I’m going to guess the BPC bombshell RNS will drop close to 20 December 2019, with drill results returned by mid April 2020.
It's like telling a mechanic how to fix a car or a DJ what record to play, you may be right but they won't admit it. They like to be the authority on their subject. Don't be too disheartened on their reaction.