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Star sorry only read your post after posting mine.
Great research mate and our “Nomad” Jobeth has a great track record which is why we get such superb RNSs.
I think we’re on the same wavelength!
X
Some positives:
1. The BG Peroleum Act 2016 gives the Minister responsible, a lot of leeway. It can be read in full here https://eh.gov.bs/wp-content/uploads/2016/10/Petroleum-Act-2016.pdf for example, as I read it, (a) if BG becomes party to an agreement (clause 10.3) with BPC, the 25 block max exploration limit is waived and to a degree certain clauses imply the competitive bidding for blocks can be waived. (b) Futher Ministerial leeway exists in the NATIONAL INTEREST as stated in the Act cross referenced to the Regulations. Read them here http://extwprlegs1.fao.org/docs/pdf/bha169592.pdf
2. It could be argued, BG is already an 'equity' partner with BPC. Refer to https://www.bpcplc.com/our-operations/licences/ last FAQ point 14............................'The specific terms of the licence are confidential, but in the event of extraction of oil, the Act determines that the Company is to pay royalties at the rate detailed in the Act but increased to between 15% and 25% based upon the level of production. This effectively means the Government is an ‘equity’ holder in the licence.....'
3. It is very helpful, BPC's In-house Counsel JoBeth Coleby-Davis, is a BG State senator. I've checked her out. She appears to be a very bright girl with an excellent political and legal brain.
What does all the above potentially mean? BG could ....(a) increase BPC's exploration blocks, perhaps throughout the BG EEZ, (b) participate in funding (directly or indirectly). ......Especially during the perfect storm of COVID-19 and POO. The funds to drill two or three wells are tiny in the overall picture. The former is a tragedy affecting the Bahamian people's lives and economy. It will be great to give Bahamas folks some hope by investing in BPC to eventually strike oil in an extended exploration area. In my opinion, these events will substantially increase BPC's value, even before oil is found.
(Ps: I don't have a BPC fetish. The last few weeks I have had a lot of time on my hands, and to ease boredom and stay sane, BPC research has become a hobby )