Bahamas Petrol Share Chat (BPC)

Ditto

The difficult part here is trying to decipher the potential cryptic in relation to if or not BPC found enough evidence to tempt a major in to bed for a P2.
The RNS suggests they did but others are very wary of years of carefully worded RNS's prior to another share issue.
I understand that but it comes down to your own research, who you choose to believe, and if you think the SP can recover to either hit your current average or surpass it.
Personally I am of the same train of thought as Tiburn, Egg, Star, and Petro with regard to the working petroleum system and the reluctance of BPC to just walk away. Why not just move on if there's no oil there?
Although that is my personal view I still read and sometimes agree with points raised by those with an opposing view. It's good to have balance and I don't agree with blatant ramping with no rational.
I do have a few on filter but that's not because I disagree with everything they say it's because of the way they say it, and especially if it's repetitive, just got boring. Even more so when they aren't even invested!
Anyhow I decided I may as well bring my average down as I believe we will see 2p again by end of 2021. Purchased 975,000 earlier and much happier now with an average 1.6 rather that 2.7 as before. Was it a smart move or was it just the gambler in me trying to recover some losses? I'd like to think it was an educated gamble based more on what we don't know at this point. Hopefully the next few RNS's will remedy that. Good luck with your investments whatever you choose to do. It's time to take the dog out before I go and deliver the vaccine at one of the mass vaccination sites.

Sonagol farmed in to Melbana's acreage in northern Cuba. It is hard to know how large they are but maybe something similar?

My view is mid tier is better. We need someone with a sense of urgency to develop the project, not a company so large, with so many projects, that they won't really care if this takes another 5, 10 or 20 years.

BWDIK

Depends how you define a ‘Major’ or ‘Super Major’....?

Of course, could be a mid-tier but we do know the initial interest was from the aforementioned types and that discussions have been ongoing with those parties, throughout the drill.

Take your pick as to who it could be!

I suspect a mid tier producer. Houston is full of them, worth anywhere between $500m to $5bn. Won't be anyone like BP and won't be Chinese (I think the Americans would be able to stop that). More than the precise terms, they need someone who can and is willing to advance the project. IMO.

Would anyone hazard a guess as to what company is looking at the data, I'm assuming it's an American or Chinese oil major?

Zag, I’m not overly concerned how you ‘think it is’ - my focus is on how the Company think it is! ‘

From the RNS;

The drilling of Perseverance #1 FULFILLED ITS CORE TECHNICAL OBJECTIVES and a post-well review is underway. In parallel, BPC is considering the most appropriate way forward for monetisation of its assets in The Bahamas, in particular, the renewal of an active FARM-OUT PROCESS”

What you think it is, as an anonymous poster, is rather irrelevant in that context ;)

Atb

That’s a fair comment Jono - don’t get me wrong no investor likes to see dilution in any way shape or form however we all know it’s a necessary evil in order for companies to either survive or grow.

So whilst I can understand the sentiment of your earlier post in regard to another poster being honest in their view - most real investors have accepted the position of where we are and now look forwards to what the company are going to do that will increase shareholder value.

My view is there is more about the P1 drill than meets the eye which I have interpreted from that infamous RNS...

No point crying over spilt milk now as it’s done which is aimed at a minority - which, appear to have gone quiet thank the Lord!

Good luck with your strategy and I hope it works out for us all!

Good post Egg,

As far as your question about invested or not .

For clarity I was invested on numerous occasions over many years but currently not invested.
But that's not to say I won't invest and want to make it clear I have no intention to deliberately try and force the sp down although I know lth's may think that.
If I want to invest I'll only do so when things relating to finance and P#1 become clearer and thats the rns I'll be looking out for.
Not bothered if the sp doubles to say 1p, quite happy to pay more rather than gamble just now when things aren't quite as clear as I would like, which is my opinion and only that.
But I will continue to question and look for answers from other posters like yourself even if some don't like being questioned, and of course do my own research as well.

Good luck.

Zag is right - the ultimate target was and is always to gain a commercial oil strike.

However, BPC have never said this would be achieved in one drill, hook up an FPSO and away they go. Its an exploration campaign, not a single battle.

Its why they had 3 drill sites marked on the B Structure, Perseverance 1, 2 and 3.

Its why P#2 is constantly referred to.

Its why they bought two well heads.

They plan to be at point in this campaign, not sell control to a Major - they just need the cash to prosecute and there in may lie the issue - Majors would want overall control, Potters is not prepared to give it - some accommodation needs to be reached.

Another aspect that I keep going back to is this:

"Hydrocarbons were encountered at various horizons, indicated by elevated gas chromatography readings detected continually during drilling, generally increasing with depth and through the deeper Aptian reservoir column in particular. Oil was identified from high oil saturation values from logs in a number of reservoir sections thus verifying the existence of a working Lower Cretaceous petroleum system and reservoir quality sequences in the Aptian."

So this may not be break even 200m barrels commercial, but presumably may have some reserves that may be associated based on the" high oil saturation values" - 100m barrels?
They could not call that on Feb 8th and needed analysis to confirm.

Its a somewhat different picture if this may be the case -
" BPC found 100m barrels, we know where the majority of the oil could be with far greater accuracy now, P#2 drill position has been adjusted based on this detailed analysis."

Once they complete the analysis then the data room becomes very interesting - Majors stated interest already utterly outweighs negative opinions on this BB - if the negative camp think they know better than multi Billion cap industry players, then what can you do?
That activity is encouraging but of course not a proven deal yet - but does the fact Gneiss are on board to manage the interest not even give them pause for thought ?
If not, why not?

Petro$
Don't confuse your constant desperation of ramping the stock with my comments of saying how it is.

Looks like there was just 1 x 8m trade

Not sure why two prints have shown up today? One was shown as deletion cancelling the other out

“If I were potter I’d be keeping as much back as possible re P1 results so as to play down anything they may have found or any farm in news?“

It’s what many suspect and given the very upbeat nature of the P1 RNS, with the cessation of drilling prior to reaching TD - and then a rapid ‘unsolicited approach’.

As stated (and reiterated) - the Core Technical Objective was achieved!

That’s enough info for now and likely a very canny strategic move in the current environment, accepting corporate responsibilities of price sensitive info and the ‘grey’ area that exists between ‘knowing’ and ‘officially validating’ through third parties ;)

The P1 RNS was upbeat for a reason, imo.

In the meantime, looking forward to the ex CERP news and asset development going forward.

Atb

More 8mill volume trades from yesterday.... I wonder why it’s taken until today to publish them...
Over 16m today along with the 8mill yesterday.. hmmm

This is of no relevance::::FACT

This is of no relevance::::::FACT

Blue ink to come FACT

Ollie - we hope so but don’t count your chickens just yet... I’ll believe it when I see the RNS confirming after the 30d ays are up...!

If I were potter I’d be keeping as much back as possible re P1 results so as to play down anything they may have found or any farm in news?

I’d say today’s RNS perhaps underlines this episode one way or another.. it’s back to bet red or bet black again!

Zag, you sound desperate!

Atb

This is irrelevant now as this was about #P1 and the processes surrounding it, if BPC moves ahead and its a massive if these tree huggers aren't going anywhere.

An important step forward as one obstacle looks to have been removed.

Jono absolutely no offence taken by me - but please don’t feed the animals anymore!! Hopefully LSE will take care of matters where that is concerned- looks like they have begun that process!

In regard to today’s news interesting conundrum for all parties and you can bet we won’t know for sure until the 30 days close out...

Will our Fred relax on the BPC news that the well is not commercial and not pursue or do they continue after raising 200k to ensure the area is never explored in the future?
Is the bond enough to stifle the fight in the blood sucking parasite?

BPC on the other hand have much to crack on with on the basis that either way they have a seat at the table and IF successful should the other side raise the capital will have a chunk of legal fees covered where do the company press ahead with suing Fred for liable in regards to the porkies he has been quoted to be saying to the local press?

The final part of this rubics cube is why would BPC defend their activities in the Bahamas so vehemently?

As Petrodollar said earlier - the well had served it purpose and had found both seals and a working hydrocarbon system - a very important clue that appears to go unnoticed by the trolls ...

Jono apologies - I can’t recall - are you invested here one way or another?

Keith, the ‘Unsolicited Approach’ already received by BPC even before any further assesment of P1 results, only underpins the importance of having established the Working petroleum system.

The ex CERP documentation suggested any Farm in would be post P1 and now having established the above, negotiations are finally on for that.

The ‘unsolicited approach’ was from the OFFICIAL company RNS and not any ‘gossip’ on a BB.

I’m very bullish on my BPC investment going forward, regardless of any transient price moves.

Atb

Of course they would say that as nothing commercial was found.

an unsolicited approach
it does seem to be a little like
alice in wonderland,i mean
it could be for anything