Member Info for bynari

All Stena Drillships require reactivation after a long time at anchor waiting for work, all explained below in film. Stena Icemax was anchored off Gibraltar since April
https://tinyurl.com/y3kl5u5k

The current position of STENA ICEMAX is at West Africa (coordinates 29.07282 N / 14.32163 W) reported 3 mins ago by AIS. The vessel is en route to the port of Las Palmas, sailing at a speed of 8.0 knots and expected to arrive there on Sep 18, 09:00
https://tinyurl.com/yxuknl55

On arrival in Las Palmas will undertake a reactivation & rig acceptance process before sailing to the Perseverance 1 well located off the Cuban coast in Bahamas territorial waters a distance of 3319 nautical miles. The Stena Icemax has a maximum speed of 12 knots sailing So take an average speed of 7 knots will take approx 17 days to complete all depending on the weather. However, have sailed this way myself the sea is usually calm not always but on average the nearer the equator you sail.
https://tinyurl.com/y5jsgeyl

Drillship on her way
https://tinyurl.com/y2nk4pp5

Thanks, CoMan for your post on the 27th Aug below.

CoMan
RE: drill ship 27 Aug 2020 16:44
I've just recently bought BPC. I'm involved in the drilling industry so familiar with the type of rig and operations involved. As far as I know the rig is the IceMax and will most likely sail from Gibraltar to Las Palmas mid September to undertake a reactivation/rig acceptance process prior to sailing to the Bahamas.

Sept 7th 2020
Swedish billionaire businessman, the CEO and majority owner of Stena said quote:
"Freight volumes have improved significantly during the second quarter compared to the first quarter."
Drilling operations suffered from lower earnings due to fewer operating days, but "several new drilling contracts have been
signed during the second and third quarter 2020" the company said it had signed new charters for its drillships Stena Forth
(95,000 dwt, built 2009) and the 54,000-dwt Stena IceMAX (built 2012), starting 2021 last between 40 and 180 days. Rates were not disclosed. The tanker fleet enjoyed stronger rates to "significantly increase" Ebitda, and the LNG carriers also saw rates rise. https://tinyurl.com/y32xymc8

Drilling contract for Stena Forth
Wednesday, September 2 2020
Stena Drilling has signed a contract with Tullow Oil Suriname for the Stena Forth to drill 1 well in Block-47, offshore Suriname. Block-47 forms part of the Suriname-Guyana Basin, located 260 km north of the coast of Suriname.
Stena Forth will mobilise to Suriname in late December 2020/early January 2021 with a planned commencement in January/February 2011. https://tinyurl.com/y346esm3

Dr. Parbodh Gogna appointment Health, Safety based in Nassau, Bahamas.

13th August 2020

The Company is pleased to announce the appointment of Dr. Parbodh Gogna to the role of Health, Safety, Environment & Security (HSE&S) and Government Relations Director, commencing from 26 August 2020. Dr. Gogna is currently the Chief Medical Officer for the Australian Department of Home Affairs and Surgeon General for the Australian Border Force. In this role, he has been central to evaluating, developing and implementing procedures for operating during the pandemic, as well as managing liaison across all levels of Government. Prior to this role, Dr Gogna has had an extensive leadership career in both private and national health services roles, with over 30 years of active medical practice, as well as serving as a captain in the Australian Special Air Service Regiment. BPC considers securing the services of a person with Dr. Gogna's experience and skill set to be especially important at this time, given that the Company is now engaged in active production operations in remote locations as well as ramping up for offshore drilling activities, when effective Government interaction and HSE planning and execution is more important than ever in the context of Covid-19's global impact.
Dr. Gogna will join the Company's executive leadership group and will be based in Nassau.

Perseverance #1 operational readiness and force majeure extension

BPC has received proposals for suitable well control insurance policies for the upcoming Perseverance #1 well, and has instructed its insurance broker, AON, to begin the process of placing and binding that policy. The Company expects this process to complete within the next eight weeks - a further announcement will be made at that time.

Liaison between BPC's drilling team and Stena Drilling is already underway, with the teams working to prepare bridging documentation to manage the interface between the two companies' management systems. This work will continue over the coming weeks along with protocols to assure continuous operations and updating of the logistics plan for uninterrupted essential supplies and equipment to the drillship.

The Company has received formal notification from the Government of The Bahamas that on an interim basis, a 3.5 months force majeure extension to the second exploration period of the Company's southern licences in The Bahamas has been granted, such that the current term of those licences will now extend to at least mid-April 2021, and by which time BPC must have commenced well activities.

https://tinyurl.com/y2artayy

CARIBBEAN OIL & GAS VIRTUAL SUMMIT

Eytan Uliel Commercial Director, Bahamas Petroleum speaking

Tuesday 15th - Thursday 17th Sept 2020

https://tinyurl.com/y67wc27e

4th Sept 2020
Stena IceMAX contract May 2021 Mexico waters
Stena confirmed the one-well deal for ultra-deepwater drillship Stena Forth with ... drillship Stena IceMAX has been awarded a one-well plus three-well options contract, commencing in May 2021. Bassoe has been advised that work will be in Mexican waters with the operator still to be announced.
https://tinyurl.com/yxd4se5g

8th Sept 2020
ExxonMobil said on Tuesday it had made its 18th oil discovery offshore Guyana, which adds to its previous estimate of more than 8 billion barrels of discovered recoverable resources in the area.

In less than five years, Exxon and its partners in the Stabroek Block – Hess Corporation and a unit of China National Offshore Oil Corporation (CNOOC) –made more than a dozen quality discoveries on the block, making Guyana the newest oil-producing nation in December 2019.

Earlier this year, Exxon revised upward its estimate of recoverable resources offshore Guyana by 2 billion barrels of oil equivalent to 8 billion oil-equivalent barrels, as it announced its 16th oil discovery on the Stabroek Block.

The recoverable resource base of 8 billion oil-equivalent barrels includes the fifteen previous discoveries that ExxonMobil and its partners had made offshore Guyana until the end of 2019. The new discovery, at the Uaru well, is just 10 miles northeast of the Liza oilfield, which is already producing oil.

Guyana officially joined the ranks of oil-producing nations at the end of December 2019, after Exxon and its partners began oil production offshore the South American country.

The latest discovery announced on Tuesday, Redtail-1, is located 1.5 miles northwest of the Yellowtail discovery, underpinning future development.

https://tinyurl.com/y3vrk48j

Starchild good to see you upsetting a few moaning egotistic BPC trolls who think they own this board...joke!
just filter the s*** out...

Extract from Rig Contract :

BPC has granted several investment options to Stena Drilling Limited

Consequent on entry into the rig contract, BPC has granted several investment options to Stena Drilling Limited (the "Optionholder"), such that, prior to 1 December 2020, the Optionholder has the right (but not the obligation, and there can be no assurance that the Optionholder will exercise the right, all or in part) to (i) subscribe for up to $10 million of new equity in BPC on the same terms and conditions as would apply in any BPC capital raising, or (ii) farm-in to the BPC southern licences on the basis of $10 million for a 10% non-operated working interest. If the Optionholder were to seek to take up either of these investment options, the consideration could be satisfied either in cash or by way of offset against amounts payable by BPC under the Rig Contact.

In addition to the above noted facilities, given current market conditions and the revised drilling timing the Company is now actively seeking to revisit all potential funding sources for Perseverance #1, with a view to optimising the availability and cost of its funding. This includes continuing to pursue a farm-in, and farm-in discussions remain on foot with a number of parties. As noted above, consequent on signature of the Rig Contract, Stena Drilling has also been granted certain options to invest in BPC or the project.

Overall, given that drilling operations will not commence until at least 15 December 2020, the Company now has in excess of 6 months to refine, implement and complete its optimal funding strategy in a measured way. In doing so the Company's previously articulated funding principles will remain unchanged:

Stena Rig Contract & Funding Options
https://tinyurl.com/yce2vmfw

BPC funding explained by management in detail 17th August 2020
https://tinyurl.com/y2uxl7os

StarChild few great posts this morning and I know he/she been doing it for years, no worries! we are just wider of bigga picture

StarChild

Well done, for your posts today are always well researched & a good read for the majority of investors on here...
so thank you...

willibobs33 - "It's getting harder to sift through to the posts of valuable info"

you are asking for the impossible there - filter button above really useful, pointless posts put in the bin where they belong

I repeat for anyone who missed it!

Oil Explorer Hails Govt In Granting Licence 'Certainty - begin early part of the December 15 - February 1 timeframe.

August 2020
Mr Potter said, "One of the pieces of that announcement was declaring to the market that the Bahamas Government had written to us with the formal notification that, on an interim basis, the government had granted us a three-and-a-half-month extension to force majeure that takes the licence through to mid-April 2021."

"However, the interim extension to mid-April 2021, as now confirmed, is sufficient to provide certainty for the purposes of the drilling of Perseverance One, which is scheduled to commence in the window of 15 December 2020, to 1 February 2021."

With a confirmed contract for the oil rig in place with Stena Drilling, Mr Potter said BPC believed drilling in waters south-west of Andros, close to the maritime border with Cuba, would begin in the early part of the December 15-February 1 timeframe.

This, he suggested, would place completion of BPC's first exploratory well towards end-January or mid-February 2021, thus ensuring "the licence obligation will be fulfilled well in time for April" and the revised deadline. Based on a 45-60 day completion cycle, he added that Perseverance One would be finished by early April at latest assuming a February 1 start, still inside its obligations.

Describing The Bahamas' well as being "at the heart" of BPC's strategy, Mr Potter said: "It's a core asset of the company, and it remains our ambition to bring that to fruition. It [the licence extension] does give us that kind of assurance that we will get our obligations done well within the timeframe granted to us by our licence.

#"We are absolutely single-minded in our desire to deliver the well in The Bahamas and evaluate the significant potential resource that sits there in the southern ocean adjacent to the Cuban border. People should be assured we're trying to make it happen and make it happen as soon as possible rather than leave it to the last moment by having the rig contract making the rig available early."

Your knowledge & recent experience so very welcome on BPC chat board today, thanks for sharing...

Oil Explorer Hails Govt In Granting Licence 'Certainty

August 2020

Mr Potter said, "One of the pieces of that announcement was declaring to the market that the Bahamas Government had written to us with the formal notification that, on an interim basis, the government had granted us a three-and-a-half-month extension to force majeure that takes the licence through to mid-April 2021."

"However, the interim extension to mid-April 2021, as now confirmed, is sufficient to provide certainty for the purposes of the drilling of Perseverance One, which is scheduled to commence in the window of 15 December 2020, to 1 February 2021."

With a confirmed contract for the oil rig in place with Stena Drilling, Mr Potter said BPC believed drilling in waters south-west of Andros, close to the maritime border with Cuba, would begin in the early part of the December 15-February 1 timeframe.

This, he suggested, would place completion of BPC's first exploratory well towards end-January or mid-February 2021, thus ensuring "the licence obligation will be fulfilled well in time for April" and the revised deadline. Based on a 45-60 day completion cycle, he added that Perseverance One would be finished by early April at latest assuming a February 1 start, still inside its obligations.

Describing The Bahamas' well as being "at the heart" of BPC's strategy, Mr Potter said: "It's a core asset of the company, and it remains our ambition to bring that to fruition. It [the licence extension] does give us that kind of assurance that we will get our obligations done well within the timeframe granted to us by our licence.

#"We are absolutely single-minded in our desire to deliver the well in The Bahamas and evaluate the significant potential resource that sits there in the southern ocean adjacent to the Cuban border. People should be assured we're trying to make it happen and make it happen as soon as possible rather than leave it to the last moment by having the rig contract making the rig available early."

BPC Perseverance 1 area described in detail
https://tinyurl.com/y469qa8h

all for 1.98p
https://tinyurl.com/y6duwbrp

Keith1...you are absolutely correct, Starchild is a true gent, a rare find indeed on any board...