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https://www.bpcplc.com/wp-content/uploads/2017/07/bpc_canada_roadshow_final_pc_19aug.pdf
Pre Potter days. We had Burns and Crevello back in 2010.
Thanks, Laallee. I googled some of the info you gave, and it came up with the Aug 2010 Investor Presentation on the BPC site, if anyone wants to reference the info. It's called 'BPC Canada Roadshow final pc 19aug" if anyone wants to read it all.
Royalty rates:
I have a vague recollection of reading revised terms not a million miles adrift from those. I had 25% at 250k+ in mind.
I had a quick scan back but could not find it, so it could have been a 'BPC dream' I am happy to take your rates as they stand at the moment laallee,
Speaking of BPC Dreams, I have had one or two of those to date.
The best scenario was taking it to full production with quarterly dividends, swapping Cava for vintage DP in the 'to be installed on oil strike' wine cellar.
Imagine multi billion barrels, high flow rate, 25% royalties. $5 - $10 per barrel net margin. 50% made available for dividends...if I smoked I would have a 2ft Cuban hand rolled monster. If I had a cat it would be white and fluffy. Most importantly I would have an en-suite added to the master dog kennel wing. I might get out of there with BPC oil but history tells me it will only be a matter of time before I find my way back. Be prepared as they say in the scouts.
The Bahamas Compelling Fiscal Terms
8
Royalty Rates, Leases terms:
Production Level Royalty Rate
Oil Production, up to 75,000 bopd 12.5%
Oil Production, up to 75,000 to 150,000 bopd 15.0%
Oil Production, up to 150,000 to 250,000 bopd 17.5%
Oil Production, up to 250,000 to 350,000 bopd 20.0%
Oil Production, in excess of 350,000 bopd 25.0%
Gas Production 12.5%
Rentals: $0.92 per acre per annum charged for the area of a
lease, but these are deductible from Royalty payments.
Income taxes: Nil in The Bahamas.
Taken from BPC presentation. 2010
As far as I understood it, the Bahamian government Sovereign Wealth Fund would take up to 25% net profits.
When, and if, oil is discovered and flows in commercial quantities, The Bahamas could reap substantial benefits. Once BPC recovers its development costs and operating expenses, revenue from petroleum sales in the international markets (of unpredictable size, since dictated by world crude prices) will be split 50-50 between BPC and government, allowing accumulation of cash for a Sovereign Investment Fund, the same path that Norway has followed to become a prosperous nation since North Sea oil was discovered in the late 1960s.
Very positive article indeed!
Blue day today hopefully - good buying & full Ask just paid.
Regardless of very short term price variances, good stability demonstrated at these levels, funded & ready to start moving towards actual drilling.
The hard move upwards will be soon I anticipate and with tangable newsflow expected on Rig etc.
Atb
Also mentions the ‘West Auriga’ rig.
(NB have been a member here for three years and never post, but read regularly and send thanks to all the regulars who post sensible stuff!)
Cheers Charlie... thats the first tribune report I’ve read that puts the prospect of oil drilling in a positive light....
Also referring to us lot as ‘intrepid investors’ rather than greedy foreigners is a welcome read...
http://www.tribune242.com/news/2019/nov/14/business-bites-unlike-other-half-baked-oil-project/