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PAGE OF CUPS : Today 10.32 am "My take is the Uruguay licence has now been mentioned as a farmout candidate, confirmed as over a 1Bn resource, and, combined with the Bahamas, makes a deal for the two attractive to anyone with the cash to exploit it fully. With Simon Potter no longer the CEO, we may see some things done differently, but it's clear the immediate short term need is cash to pay for Perseverance and carry out the drill programme in T&T and Suriname, hence the open offer and restructuring to provide a new base, which at the current Mcap will leave upside should the open offer and placing be successful and Saffron 2 drilled, kick starting increases in oil production. The question is will this see 35p if things go well. To get there this would need to be a £350m Mcap with 1B shares post consolidation and that will require a major to come onboard".
PURE COMEDY GOLD. You should form a double act with Willec. You can call it " The Delushionals ".
FORGET ABOUT THE BAHAMAS and move on J@S@S F@C@I@G C@R@S@
There is a reason as to why no one wanted Uruguay and in hindsight the same will be said about the Bahamas.
Drill, find dust
PoC
Indeed like the Bahamas, the potential for oil to be found there is evident in the seismic.
ShouldveSold, you may be confusing resource with reserve. Resource and reserves are two different things. Reserves are found oil as in discovered. resource is potential oil, as in undiscovered.
Formal contract execution for Off -1 block in Uruguay expected 2Q 2021; independent technical work undertaken by Uruguayan national oil company ANCAP indicates a P50 estimated ultimate recovery volume (EUR) of 1.34 billion barrels at the Lenteja prospect.
POC
Its my understanding that Uruguay does not have a confirmed 1bn resource.
No oil has ever been found in Uruguay. All their oil is imported.
No company bid for the licence because it has been deemed to not contain oil offshore.
My take is the Uruguay licence has now been mentioned as a farmout candidate, confirmed as over a 1Bn resource, and, combined with the Bahamas, makes a deal for the two attractive to anyone with the cash to exploit it fully. With Simon Potter no longer the CEO, we may see some things done differently, but it's clear the immediate short term need is cash to pay for Perseverance and carry out the drill programme in T&T and Suriname, hence the open offer and restructuring to provide a new base, which at the current Mcap will leave upside should the open offer and placing be successful and Saffron 2 drilled, kick starting increases in oil production. The question is will this see 35p if things go well. To get there this would need to be a £350m Mcap with 1B shares post consolidation and that will require a major to come onboard.
I bought Bahamas Petroleum shares to 'invest' in the Bahamas resources. 150 million donation to the BoD. The good thing is we won't have Starchild ramping every day. Who knows, we may find our pirates gold and the 'new' company may actually increase the SP but not with my money as there are plenty of companies that don't act like a charity and paying the CEO a million squirrels as a salary. No more donations from me.
FFS forget about P1 - spud SWP in May 2021
Willec, how do they intend to pay for this?
It's not fully funded and the pot has been stolen so they don't even have that to pis@ jnto.
And don't believe what crap Star Will write later.
.... and also moved on
'surprising high proportion of buys' - because the sensible traders have read the full RNS and can see the potential for the rest of this year into next for the company, instead of the trolls on here still crying over P1, get over it the company has more on.
surprising high proportion of buys
What future !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
What about all the drills due from Mid May onwards starting with Saffron 2
Down and almost out.