Member Info for BlackBat17

Oh yes, and the share price increased by 200% that day.

Let's say one of the parties that BPC is dealing with wants to get serious - what's going to happen?

Before signing on the dotted line they will want an exclusivity agreement, together with time in the data room to review the seismic data etc. just like the last oil major did.

So I think the next RNS will be

'BPC is pleased to announce that is has entered into an exclusivity agreement with an oil major who has agreed to pay $500,000 for the privilege etc.'

Essentially a re-issue of the RNS from 3rd May 2018.

Groundhog Day cometh!

Will be interesting to see if more buying from other side of pond.

Sells: 7,519,858
Buys: 6,600,904

Gap has been narrowing all day and has gone from almost 50% to ~ 10%.

At current momentum we may even end the day over 4p!

From RNS of 22nd Feb
"The forward programme will include the process for Environmental Authorisation, in accordance with the relevant Act and Regulations, based upon an application already submitted by the Company in April 2018. The Government has advised of the engagement of Black & Veatch, a leading petroleum industry consultant, to assist with this process. Black & Veatch previously advised the Government in the process for the Company's Environmental Impact Assessment (EIA), filed in 2012."

Why would the Bahamas government spend money on these guys (who cannot be cheap!) unless something was coming down the tracks?

If a deal was not imminent, they would not be shelling out in this way!

BPC will probably have to go for a 20% free carry.

Last year after accessing the data room they (the company who signed the exclusive agreement) walked away. I've got a pretty good idea who that company was.

They probably thought the licences would not be renewed and they could talk to the government and get 100% control of the project.

Now they can re-open the door (to the data room).
They have a licence to end 2020.
Commitment to drill a well.
Government has hired a leading energy consultancy to work on this.

Never been a better chance for BPC to actually find somebody.
You never know - the person who was looking at the situation may walk back through the door!

Poster whoppy over on ADFN is saying Malcy knows who the oil major is.

After writing the last post I found the following (2011) figures for seismic processing:

https://texags.com/forums/57/topics/1767085/0

"For seismic processing, $800 / sq. mi. for 3D and $400 / mi. for 2D would be ballpark prices."

Stumped now as although we have 11,000 square kilometres, but what percentage of that requires processing?

So Choje may be worked up from a lead to a prospect, but they still have to carry out $350,000 worth of re-processing of existing data.

Any thoughts when either of these could be completed - and are they a necessary prerequisite to a farm in?

Just thought - if they are placing this work with external consultants (assuming they do not employ full time seismic data analysts) then let's say four analysts at $1500 per day = 58 days. Just grasping at straws, I know. Just trying to get some idea of when there will be any farm in news.

No mention of BPC in Malcy's blog today.

Strange - I would have thought 100% in 24 hours would be worth a mention...

So, as I see it, there will first be a period of reprocessing existing data:

"Both the Albian carbonate and Upper Cretaceous sandstone plays are currently being worked up further, both in the Licence and in Global's adjacent Licence PEL0094. Further details will be released when work has been completed."

So when this has been completed GBP will use this to add more credibility to the existence of its prospects, and an oil company (who we hope is waiting in the wings) will then carry out a farm in covering both licence blocks (PEL0029 and PEL0094).

Following the farm in, 3D seismic (funded by the oil major) will be gathered on both blocks and drilling will take place sometime after that.

Presumably they have just only started the reprocessing today (no point starting earlier as there was uncertainty regarding the licence situation), and only after this work will a farm in happen.

Is this a fair assessment of where we are?

If so, has anyone any idea how long this reprocessing will take? Weeks, months?

Also, will the oil major have to wait like everyone else for the 'Data Reprocessing Complete' RNS, or will they have privileged access to it, enabling them to announce a farm in on the same day?

All thoughts welcome

Converts to $50,000, near as.

Just saying.

There has been no denial from BPC of the statement by the attorney general, which was posted here over two hours ago.

I think it would have been shot down by now if it were untrue, so presumably they are working on the 'in final negotiations with an oil major' type RNS.

Well, itlooks like this it is it!

Have topped up and now sitting tight!

BPC have got to issue an RNS soon - looks like their hand has been forced.

At very least they should say 'we are in advanced negotiations with a major oil company' etc.

That would move the SP to around 6 - 7p

An actual announcement of a deal - more like 15 - 20p

Exciting times!!!

Good luck all!!!

Found it:

http://www.globalpetroleum.com.au/operations/namibia and then the 'Geology' tab.

I must be missing something Jim - from this link you provided I cannot find any reference to Osprey:

http://www.globalpetroleum.com.au/#tabs1-geol

I see that BPC have had some good news today - a few weeks after the SP was driven upward for no apparent reason.

Last Fri we had almost 500,000 buys (if you include those listed as sells - all my buys have shown up as sells in the past), another 150,000 bought mid-week and no significant selling.

Then we had the 'trade sideways' signal yesterday (if you believe that sort of thing).

So - if the buys last week were by people in the know, could we be looking at an RNS next week?

Market Makers signalling!

http://www.pennystockdream.com/Market-Maker-Signals

Trade for 400 just gone though.

Someone feels confident to lay out £2000...

Marmited,

Were you a geologist in a former life?