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RE: Tiburn
Lol it was a compliment. I can't argue with your last post :)
I want to believe in the fairytale ending. I mean I bet we all need a fairytale to get back in profit lol.
I'm still unconvinced that will happen. Am I gonna sell at a loss and walk away from BPC? No, because I do believe in the Saffron asset & have held Columbus shares since the LGO days. And I do believe its that asset that will take the company to a midcap.
When BPC release an RNS stating the Farm In with the Major or Super Major and JV,.you can all pelt me with "I told you so tomatoes". Lol
Shouldve
not sure if thats a compliment or not:)
"Once you eliminate the impossible, whatever remains, no matter how improbable, must be the truth.”
The impossible is chance of a farm in in this context - there is every chance now, so you can remove that as an option, so whats left if you accept this?
RE: Tiburn
Your procedural breakdown is really clear and well laid out.
:)
All the conjecture about this drill result comes down to one thing.
Is the result powerful enough to cause a Major to :
1 - Farm in/out on terms acceptable to BPC
2 - Fund P#2 + campaign in some form
If it doesn't achieve one of these outcomes then the drill was a failure overall no matter how much spin is applied - if it does achieve one of these outcomes it was a success.
The commercial issue is then irrelevant for P#1, as the Major who commits to the deal buys in for the potential established - that should be a main focus of BB discussion, not lack of commercial scale from this first drill of a frontier exploration campaign.
Thats why Gneiss involvement is so encouraging, the unsolicited approaches in week after drill result. Note zero comms on this since of any sort, how many Majors, what form talks take, what data BPC may issue as they do their analysis etc - its a closed news period until BG briefed - and not just on the drill result but the nature of Major interest and next steps.
BG is so critical to success, as if the Govt backs the farm in process on the strength of this briefing and data shown, offers some tax break inducements for example to a Major to encourage a deal, then the overall process may be enabled easier.
- Full drill analysis must be nearing completion
- BPC then brief BG on this, but more importantly, what they think this may mean to Majors
- Gain BG consent to issue briefing pack to interested parties
- Hopefully BG part of the discussions that ensue as a full partner - especially their Enviro consultants so that the best safety/insurance exploration approach was a key metric in any deal discussions up front - this to the gallery.
- Short list bids/offers or consortia
- Agree deal, finalise terms and expedite Farm in/out.
Any Major discussions since drill result would be limited presumably as would data issued to them pre BG briefing - any comms would be through Gneiss intermediary so that BPC can get organised, fully map the data and know what they have - know its full value - and their optimum negotiating position based on it pre any talks.
When Major ended the exclusivity in Aug 2018:
"BPC has received notice from the major international oil company that entered into an exclusivity agreement with the Company, effective 1 May 2018 that it will not further extend the exclusive nature of negotiations beyond 31 August 2018. Bahamas Petroleum in conjunction with its adviser Macquarie Bank, has therefore recommenced broader, asset-based discussions with third parties"
exclusive nature of negotiations
Meaning they continued to talk, but then also to other Majors.
Farm in discussions are not at a standing start, positions are broadly known and what it would take to move forward.