Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Tiburn. I now see your point in a clearer fashion as you're talking post spud and after a successful Persv-1 drill. It could very well happen as you state. Bgov are not under strict EU laws that stop them interfering or undertaking such investments. However I think the Gov could use its leverage to persuade the big oil companies to do a deal with BPC asap (if they need persuasion). Furthermore, the USA (Florida State) is putting pressure on BGov to stop BPC drilling near Florida for environmental reasons. This gives some negotiating leverage, 'Dear Florida State Gov: 'use your State and Federal influence to persuade a big oil company to do a great deal with BPC to help the Bahamas, and in return we could gently persuade BPC not to drill near Florida.'
The above are just a few ramblings on my part.
Starchild
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Starchild
I get that blowing Bahamas public tax revenue on wildcat drills when they are in such dire straights is not possible, but what about following P#1 success?
A Major should farm in following oil found, at least secure rights of first refusal whilst its evaluated, but maybe there is a deal with BG on approach already agreed following drill success?
Following proving up, its then a solid investment, rather than a punt by BG, in partnership with their long time trusted partner BPC to fast track their oil development - all in the PR.
Apart from oil, what other revenue stream can they possibly expect to increase in next 5 years? the current desperate times call for unusual actions and innovation - if this comes off, the Politicians who backed it will be heroes for life, as Bahamas could become the Qatar of the Caribbean - this isn't a nice to have bit of extra revenue but a transformational economic benefit to Bahamas.
Lol I thought the same about your post Harry funnily enough. Same old drivel trying to scare people into buying int bpc. As usual, take the dogs for a walk and sell up. You aren’t invested here.
Tiburn, very good analysis. Some on this BB suspect the BGov have assisted behind the scenes in guaranteeing the CLN without the BoD even knowing. (although no outstanding shares or debt are in play today). I think it would be politically dangerous for the gov to publicly state they will risk tax payers money. Especially as there are a minority of Bahamians who don't want the search for oil due to environmental reasons/risk of oil spillage. And another group that think BPC got too good a deal ...see 2012 article https://thenassauguardian.com/2012/04/26/we-must-nationalize-our-black-gold/
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The only thing PI had to hope for years was a Major farming in.
For months in 2018 the only aspect to discuss was why the Major walked after 3 months paid access to the data room, even after a further months extension:
RNS July 26th 2018:
"the "Counterparty") that entered into a confidentiality and exclusivity agreement with the Company, effective 1 May 2018 (the "Agreement"), has given notice of its election to extend the Agreement for a further month through to 1 September 2018. "
There were no RNS for months of any material advancement at all.
Then Bahamas Govt seemed to then prod BPC into action - drill or lose licence by Dec 2020
"The notification received from the Government also stipulates that the Government and BPC must in the coming months agree a forward work programme for 2019 and 2020 "
For their part, the Govt processed the EA, with that in place all is possible.
So for BPC to keep the licence they couldn't wait for a farm in or rely on it, the only option being a self funded drill through various means including MF, CLN and raising.
It could be argued that BPC could have self funded a drill years ago in this manner and spent far to long holding out for a Major. It seemed that self funding was impossible - but for Bahamas Govt to appear to force the issue could indicate this was a mutual decision in partnership with BPC to gain a Major by providing a timeline, but only an agreed plan of action once self funding was a viable option and no bluff.
"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"
BG may become more closely aligned with BPC going forward, have their own oil development state owned company with a % stake , gain direct oil field experience on BPC assets in Bahamas and other licence areas.
A sovereign Govt can borrow enough to pay for further drilling much more than BPC - it would make sense for them to do so and fastrack their country' new oil industry potential.