George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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Good to see you back PoC.
Time to drill and put two fingers up to the majors... especially BP.
Thanks for the responses. Nice to understand more of the background.
Why only now? Previous exploration licences in the 80's had expired due to oil being at $10 and oil majors not continuing with further exploration because it was not economical. Bahamas were largely forgotten about and no new licences issued until BPC showed up after tracking down all the previous well logs (5 wells) and cores which had been lost. Alan Burns, founder of BPC had an idea the basin held large oil deposits and asked the Bahamas Government if they could look for structures using modern seismic. The southern licences were granted as the most attractive from reprocessed legacy 2D seismic. That's when they found these huge mega structures and folds defined on the 3D. BPC had cornered the most prospective acreage and the Bahamas Government were not going to issue any more licences. In fact, BPC are the only ones that have exclusive access. They have further licence applications pending that are on trend with current structures. If anyone wants to find oil in the Bahamas, then they can only deal with BPC. But they aren't going to do deals on the cheap. Not with what they know.
page 9 of the BPC presentation talks of there being oil shows in the 5 historic wells. Having oil shows does not mean having oil otherwise they would have stated they had found oil, if that had been the case there is no reason why they would not have been producing it if it was in commercial qualities. I'm not a geologist however my interpretation of having only oil shows is most likely an indication that the oil has passed through the formations but is not there now - probably due to there being no seal above the reservoir. The positive aspect of these oil shows is that it proves a hydrocarbon system - as also stated on page 9.
Let’s hope it’s not for an obvious reason, not enough oil to make it pay. I want a pay day after so many years.
There are many reasons but the advancement in drilling technology in recent times is a huge one. The hurricane season doesn’t help either although this is not a show stopper by any means, just means there’s lower hanging fruit elsewhere.
Over the last 70 years many exploration drills have been made in the Bahamas waters, as identified in many BPC presentations.
Does anyone have any insights into why, when it seems that even though every previous drill showed oil, that nobody has ever thought to tap into all those oil reserves before?
A genuine question (am invested here) just been wondering why only now.