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Perseverance #1 well targeting recoverable P50 oil resources 0.77 billion barrels, with an upside of 1.44 billion barrels. Reduced cost estimate creates scope for expanded formation evaluation work in the success case, without increasing previous estimated total capital requirement.
· Optimal funding strategy and timing, including farm-out process, being reassessed accordingly.
Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said:
"In March 2020, we were within weeks of commencing the drilling of our Perseverance #1 well when we were compelled to defer our planned drilling programme due to the impacts of the Covid-19 pandemic. Immediately we undertook a range of activities necessary to reschedule activity toward the end of 2020 and into the first quarter of 2021, consistent with our licence obligations (as extended for the declared force majeure event), by which time we expect the worst of the broad suite of impacts of the pandemic to be behind us. To this end we are pleased to announce that we have today entered into a rig contract with Stena Drilling, which provides a firm series of parameters on rig rate, provision of MPD, mobilisation and demobilisation costs, and defines a revised drilling window of 15 December 2020 to 1 February 2021.
Drill Rig Contract Signed, Drill Cost Estimate Significantly Reduced, and update on timing and progress towards Commencement of Exploration Drilling. Unconditional agreement with Stena Drilling for the provision of a state of the art, sixth generation drilling rig, including integrated supply of a Managed Pressure Drilling (MPD) unit.
· Firm window for commencement of drilling between 15 December 2020 and 1 February 2021, consistent with licence obligations as extended by the Covid-19 force majeure event.
· Reduced estimated total cost of Perseverance #1, down by approximately 15%, based on the contracted rig rate and rates for other contracted services and equipment, reflecting changes to the global operating environment.
https://m.youtube.com/watch?v=B9vx91NkfjM
Looking forward to getting back to Green Park.. :-)
P_I
Doesn’t Langan’s have a heliport?
I’ll have a word with Michael Caine who owns it!
X
FTSE open looking good and strengthening at 6000 support, US pushing through easing of lockdown regardless, markets continuing on 'general's uptrend and accepting transient moves..... and further OPEC oil production cuts expected from the talks in June.
We can certainly argue over 8p, 10p, 15p etc.....but with financing in place and somewhat more confidence attached to the oil price, the price level of BPC shares at this juncture, can be put into a more realistic perspective with regards to reasonable price multiples going forward.
Atb all
Loz, I think your 8p is achievable but it’ll need some serious hype to do it before a pleasing drill result.
Good luck.
Hehe..
Noted!
Loz,
Not at all.
Stop being so sensitive!!
Referring to me Lallee?
I think price I mentioned is realistic imo.
PI, you’re welcome.
We’ve had them all over the years buddy. The sensitive ones make me laugh, so enthusiastic,,,,
Oh Laallee.
£5.00.
Your posts have made me smile this week, thank you.
I know your post was tongue in cheek but can you imagine the party of BB members if we were snaffled by one of the big boys at £5.00
We would need to change venue to somewhere more helicopter friendly.
PetroleumInvest - congrats on your 21/05 13:19 post because in it you answered a query which I have raised a couple of times previously on this board i.e. how the offshore business is practically dealing with Covid. Thanks very much for that and please do continue to post as your eye-witness opinion is good to us non-oilies here. I say non-oilies meaning those of us who do not actually work in the industry, although, after years of investing/gambling in oil stocks - as you clearly have - many of us here probably feel we should be given honorary or non-exec board positions.
Ignore any rude posters: I don't get the chance to post often either and always try to be polite when I do, but even I got it in the neck from a sensitive soul who took offence to a word I had used and got LSE to take down my post! Good luck on your current project.
IBlondon - if it goes up to a quid - I will buy a hoss just in order to BBQ it*
However it may be a waste after all the beef with horseradish sauce that will be on offer. Looking forward to sarnies washed down with Amarone and Rum.
* For the sensitive among us - I am joking about buying a hoss. ;@)
If it goes to £1 I’ll barbecue my hoss
Good to see the price consolidation over the last couple of days, before the next leg up!
I think Petroleuminvestor did state the price on rig mobilisation etc - is 10-15p really so unreasonable by then and targeting a potential world class asset?
Atb & have a good weekend all
Petroleum Investor, you seem to be determined to have an argument. Why?
Please look at my post, I am not disputing anyone's prophecies, we can all dream but I choose to manage my expectations.
As you mention previous highs and you refer to the situation in 2010 just bear in mind that the oil price was significantly higher (average of $90 per barrel) and BPC have been diluted and continue to be somewhat drastically. It is a different ball game from the hysteria of 2010. Indeed in 2011 BPC hit 22p and oil was trading over $110 per barrel but BPC had about 25% of the current shares in circulation.
Are you getting my point yet?
Anyway, there is nothing I would enjoy more than a manic run on BPC, oil at $150 per barrel and an sp at 25p on spud, 87p on run up to results and £3 on results then a buy out from a major at £5 all before Christmas this year.
Does that float ya boat buddy.
Now have a good weekend.....
Why wouldn't it go to the past highs if they start drilling..? Look at Desire petroleum in 2010...before they even stuck oil they were over 100p
PetroleumInvest.
What's with the attitude.
I did not say it would not reach 8p, I said I would be pleasantly surprised. There's one thing I do know having held these through Macondo, 3 Governments, 2 recessions and a pandemic I am a patient investor.
Thanks for the advice though and the Warren Buffett quote.....
That's because you a) don't accept the volatility of the oil and gas industry b) didn't see that it was 0.6p years ago and then went to 6p only on the news of a rig mob c) are annoyed because you invested lots at a high price and are impatient.
It will go back up. Remember...as Warren Buffet said, the stock market is the transfer of wealth between the impatient to the patient...
I'll be pleasantly surprised if we see 8p again.
Cheers Petrol
Hope it does and at some of the ridiculous highs it used to be. Life changing that happens.
Petroleuminvest,
I'll eat hay with a horse is a phrase said in Cumbria when an proposed outcome is considered unlikely.
What do you mean Laallee?
'10-15p' by Sept/Oct
Be Jeezus.....I'll eat hay wiv an hoss....