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Star - Now that! Is a post! Congratulations mon ami!
First class! - wish I was that good!
GL
IK
XX
Dear oil majors and super majors,
The oil/gas wealth in the North Sea which is shared a number of mega oil companies such as yourselves has an area of 575.000Km2. Bahama's EEZ has a potentially oil rich area of 218,292 Km2. One company, BPC, has the exploration rights (actual and pending) to 10% of the Bahamas' waters. The Bahamas EEZ owned by a population of 400,000 is 40% the size of the whole north sea. BPC therefore has amazing potential. Take the opportunity for a farm-in with BPC NOW before your competitors do, for the following reasons:
1. According to a Forbes article on 28/07/18 by Robert Rapier, the top 5 PROVEN reserves by you the super majors are:
Exxon Mobil Corporation - 2.940 bbs, ConocoPhillips - 1.974 bbs, Chevron Corporation 1.916 bbs, EOG Resources, 1.808 bbs, BP p.l.c. 1.669 billion barrels. Congratulations for having so many oil assets. Now that you have drastically cut back on exploration capex what are you going to do when your reserves start depleting? Prospect for more which can take 4 years and oil has surged to over $100 (which some analysts predict) but you have nothing to sell?
2. BPC has potential total perspectivity using the STOIIP model of 28.6bboe (current licensed blocks), with possibly 25% recoverable. This equates to over 7bboe. (refer to an excellent 4/2/20 presentation on BPC website). Therefore, BPC has potentially the equivalent of c70% of your combined total proven reserves.
3. Despite the current price of oil and Covid-19 uncertainty, one of you, ExxonMobil had the nous last week (May 2020) to do a farm-in deal with Petronas Suriname purely on prospects in Suriname waters, based on finds nearby in Guyana. (https://caribbeanbusinessreport.com/news/petronas-suriname-sells-50-interest-in-block-52-to-exxon/ )
4. It is highly likely one or more of you have attempted to do a BPC farm-in already but on punitive terms. BPC is not desperate for a farm-in anymore. Cashflow is not an issue to drill its first and maybe second well, as it has several funding options in place. One potential is a dream 'relationship made in heaven' with Stena Drilling part of the cash rich Stena sphere conglomerate. It is therefore almost a mathematical certainty spud(s) will go ahead between 12/20 - 2/21.
5. Upon formal confirmation of the date the exploratory drill(s) will take place, expert analysts working for Shore Capital predicted in February 2020 BPC's share price would double to 8p. Whether this price will happen or not is irrelevant, however based on point 4, another 'almost' mathematical certainty is the price will substantially increase.
6. Now, If oil is found, any farm-in deal will costs you substantially more. Not just because of the potential value of the find in one or two wells, but the increased odds of finding even more oil in BPC's licensed exploration blocks in Bahamas' waters. Refer to point 3 again, re ExxonMobil and Suriname/Guyana.
I suggest you act NOW before SP soars.
Starc