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LayLadyLay is just a fool who hasn't got a clue
Better late than never here comes the torrent from LSE’s most manipulative of manipulators LLL.
Still with days to go these bashers will run out of oil.... as the IceMax steams on toward the drill site, still for those interested in facts I believe the amount of posts said poster has published can be believed if nothing else....
Toodlepip LLL x
Absolutely, just as long as there was no further dilution (doubtful), the year was 2010/11. The world wasn’t obsessed with the pipe dream that is EV 2030. Sam Moody is CEO. There was a fully developed extraction network on the seabed, with all the other wells drilled, the water was shallower, and the environmentalists weren’t taking the Government to court and baiting the boards spillage plan, under these conditions £4.5 would look cheap, given Rock Hopper with Sea Lion came in at 290mln barrels and if I recall not at p50. However we have a few challenges clipping our wings, but let’s hope shall we, 5p presently would be great, 8p from where we are at freaking amazing. There are a few, term I think is rampers, who are quite optimistic. That said, with my exposure here, at £3 I get to retire on the news, buy a small private plane, a 40ft sailing boat (new), a nice pad in France - assuming we still are allowed in next month, and another in Cornwall, buy my son and two nieces a new car each. Perhaps I should get a Euro millions lottery ticket this week, hedge the bet a bit!
£3 would be over £12 billion mc. BP is under £50 billion. Good luck. I'll be long gone at 50p
5p spud x10 on good find
£3?! Do you really think that is possible.
That would be the stuff of dreams.....
Assuming you are right and a major does buy in...what sort of price would you expect per share and does this mean we the share holders get a payout?
Leo is probably there as he has seen the (huge) opportunity and had the balls to force a merger.
If I was potter I would want out after P1 whatever the result.
It’s been a long hard slog, but the drilling represents “job done”.
I am hoping that £3 might be botton end of it all that would mean just about £15bn for a site that may hold £20 barrels. I have always held opinion this will be sold on hence the "watch this space" from EU. But all depends on initial find and negotiating skills of SP and EU. By this time next year this company will not be around in the same guise it is at the moment. Major will either buy the field plus is prospects or buy the shares for a share / Cash purchase probably leaving ex CERP assets to Leo and that is one of reasons Leo is on board as i cannot think of another.
You need to take a break, have a KitKat.
ATB
"The Government of The Bahamas is to be commended for the thorough, comprehensive process of review and scrutiny they put BPC through over nearly a decade around the Environmental Authorisation process for the drilling of the well"
Probably the longest Govt EA appraisal in O&G history, what possible contentions could remain that are not already specifically addressed with an impact mitigation plan fully developed - including meteor strike of the spud site.
The defense rests, M'lud.
If you are holding until £3 I am with you
I always figured it was pre costs and was not happy for bahamas
It's BPC'S share price next week.
Lol
The Tribune.
#After careful and extensive research into the oil industry and the safety measures available to ensure that there would be minimal possibility of an oil spill during the drilling of a sole exploratory well by your firm in Bahamian waters, I and my assorted nonprofit organisations, Common Cause and The National Republican Arena (ARENA) have decided to publicly support your efforts.
#I note that several so-called environmental groupings and fringe off shoots, have called upon the central government to cancel what would appear to be valid Heads of Agreement by force majeure (an unexpected or intervening natural phenomenon).
#The arrivals of Hurricane Dorian and now COVID-19 have been cited as such aspects of force majeure.
#We do not agree with this bogus posture for several reasons.
#Firstly, the onetime exploratory drilling is restricted to one well which, if samples are procured will immediately be capped.
#Secondly, the area where the drilling is slated to be done is not a recognised marine protected or sensitive preserve.
#Some 90-odd miles away from Andros, thousands of oil tankers and other huge vessels traverse that area every day of the year, without any major reported incidences of oil spillage or substantial leakages. The Cay Sal area is ‘protected’ but a balance must be found.
#Thirdly, and most importantly, The Bahamas is in a severe financial crunch. We (ordinary Bahamians) need all of the financial resources which we may have to be utilised for national development and reconstruction.
#While I am able to understand the bulk of the concerns of opponents, the question that begs an answer is: Where were these so-called opponents all of the past several years when the negotiations were going on and while the stocks were being publicly sold on various stock exchanges? It is not as if The Bahamas Petroleum Company was acting in a vacuum.
#Fourthly, to move for a Judicial Review after almost a decade of setting up and financing the anticipated exploratory well drilling operations and having expended millions of dollars/pound sterling by the company (based on a legal and valid Heads of Agreement with a competent Bahamian government), the wrong message would be sent to local and international companies that would want to do business with the government of the day.
#It is incumbent that at all times the word of a PLP or FNM or anything other administration must be trusted and enforceable.
#The contractual commitment of the government de jure could not be accepted or guaranteed… in other words with legal certainty…no more, no less.
Anything other than an injunction and this will rocket. 3.5 first pullback then it's 5p hold your never for a bumpy 5-6.5p then it takes a successful hit and probably 3-6weeks before market makers give us a fair bid price. First ask will 100p plus.
I am holding till 3pounds.
Because it suits my purpose.
If there are commercial quantities of oil discovered.
If these are exploted on the existing terms.
How much money flows to the Bahamas Government?
Assumptions POO $55. Per barrel.
Cost to extract $35 per barrel (assumed on the basis BPC statement that it sees commercial viability even at $40 POO.
@100k bopd production.
360 operational days per year.
Royalty at 12.5%.
36m bop year.
Gives 4.5m bop year to Bahamas government.
Not sure on contract terms if this is pre or post op costs so will consider both.
Post op costs just $90m p.a.
Pre op costs $247.5m p.a.
However expecting company to look at generating cash more quickly?
250k bopd.
360 op days.
Royalty up to 25%.
90m bop year.
Gives Bahamas cut at 22.5m bop year
Post op costs just $450m p.a.
Pre op costs $1,237.5m p.a.
Would the tourists stop going to the Bahamas because oil was produced miles away? I think not.
Would tourists be put off by reduced levels of poverty on the islands? I think not.
Would tourists be put off by better infrastructure or healthcare on the islands? I think not.
50% of people working in or around hospitality linked to tourism. That is a massive burden during a global pandemic or in the wake of a tropical storm.
If it reduced to 40% not through reduced tourism but through additional skilled, semi-skilled and manual jobs in the oil industry that would be a negative?
The answer is only yes if there is a disastrous spill. I think I saw some stats posted on the BB earlier on spill rates globally and the trend reduction.
Not saying there is no risk, just looking for the risk v reward.
If I were a bahamian I would be more interested in te royalty rate being pre or post extraction costs.
(Gold mining is typically pre costs)
http://www.tribune242.com/news/2020/dec/08/its-right-hunt-oil/?opinion
mr louis bacons neighbour in the bahamas :
https://www.google.com/amp/s/www.cbc.ca/amp/1.5720943
250'000'000 a year ÷ 800'000 bahamians gives you over $300 a year per head...per year...in addition to everything else that comes with it.
--
keith totally agree america doesnt want this on her doorstep and it wouldnt surprise me in the slightest if american dollars were behind this latest nonsense...
mr louis bacon
Sounds nice, if only we knew the CEO maybe we could get a group discount !!!
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Wow, Ricardo is a passionate person, you cannot fault him for that. As for his sums and payments and even proximity to the Bahamas ( lived there in the 1980's ) he is a little off the mark. Drill site - 90 miles from the nearest inhabited island in the Bahamas... a great deal nearer to Cuba than the Bahamas. Even if its a 'paltry' $250m per year income, surely its better to take that than rely on the tourist trade for over 50% of your income. Diversification shields your from the vagaries of the tourist trade, I know as I contract to the Bahamas Tourist Authority on occasion. Lets hope the next few weeks will allay the Enviro's concerns and show the Bahamians that there are alternatives to just your natural beauty and thaey can be safely exploited. 8 mile island / rock has some interesting engineering based companies just out of Freeport targeting their severely depleted commercial trades, they look like a ghost town.
Hopefully this all goes well and the very late in the hour application is thrown where it belongs down the courts toilet system. We need more sunny locations to drill, construct & commission future hook ups. I'm in for the long haul and hopefully get a job down there. Fingers crossed:)
I'm just a $5 hunny with a mobile phone............... :()
All the best (or.............. ! :)