The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Another MOU, Chinese market exposure with 2019 production target.
Has to start rising?
Not impressed by the Dinosaur board addition.
His BP network is long gone!
Nice to see some blue today.
I managed to get 2/3rds of my cash out that I had given up hope on. Was it skill, no, I had a tax bill to pay and it was my most profitable share. cashed out to pay the tax man, bit ironic!! the rest of my shares are sh*te.
regret the day I decided shares were a good option!!
BPC expressed confidence on Friday that it would be able to attract a farm-in partner since the licenses have been extended with discussions already ongoing with “a number of potential farm-in partners.”
Simon Potter, CEO of BPC, said: “Our focus at Bahamas Petroleum remains clear and unwavering: to drill an initial exploration well on our highly prospective acreage in The Bahamas.”
“We have a world-class drill-ready asset, with multi-billion-barrel potential as certified by third parties. The Bahamian regulatory regime is fully enacted, and we have a clear license term through to the end of 2020 […]. Now, with today’s placing, we have secured the funds needed as we continue to seek a farm-out agreement, and thereafter move forward to drilling of the initial exploration well and realizing the offshore potential in The Bahamas.”
As for the development of the southern licenses, BPC presented a conceptual forward work plan in June 2017, with an exploration well planned in 2018 – which didn’t happen – and in case of a discovery, an appraisal well would follow in late 2019, and if all goes well, a production would start in 2023 via an FPSO.
It is also worth noting that the search for a partner was not the first one BPC conducted for these licenses. The company suffered a setback last year after an unnamed oil major pulled out from exclusive talks over a potential a farm-in.
London-listed oil company Bahamas Petroleum Company (BPC) is confident it will soon find a farm-in partner for its offshore acreage in the Bahamas, where it has an obligation to drill an exploration well.
The company on Friday said it had raised $2.54 million via a share placement. The funds raised, together with the existing cash, will be used as Bahamas Petroleum’s working capital over at least 12 months, as it seeks to secure a farm-in partner to finance an exploratory well on the company’s 100 percent-owned Bain, Cooper, Donaldson, and Eneas licenses.
The government of The Bahamas awarded the company an extension until December 31, 2020, for the second exploration period on the licenses back in late February.
During the extension period, BPC has an obligation to drill an exploration well in the acreage which the company says has “a multi-billion-barrel potential.”
Let's get to 5p first and see how long it takes us to get there.
Then a signed supply contract might just get us back to double figures.
GLA
What are you expecting! Nothing has changed, we are preparing to drill. People will time their entry right up to the drill hitting the seabed. Then it's a waiting game for results. The post drill wait is the killer as it can take weeks to analyse and release the information.
GLA,
So why is the share price down?
Norwegian oil and gas company Equinor has concluded the drilling of wildcat well 7132/2-1, targeting the Gjøkåsen Shallow prospect in the Barents Sea offshore Norway. The well was dry.
And that's in their own back yard, with the best technology available!