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Looks like the MM's have a whole stream of derampers out in force today. Maybe they are getting nervy about breaking through 10p. Should have used the list when I offered it.

Buyers have been reluctant to invest in MATD because they see SL as a frontier wildcat and hope to jump in at a lower price when it fails. You can't argue with that, certainly a risk free strategy. The down side to this is if SL scores there will be absolutely no chance of buying in under 50P. To buy in now gets you a free crack at SL with double your money before the spud of WH and an even higher price before spudding block xx. The upside is most definitely 20 fold with a 5 to 1 chance in your favour.

For your information - Synopec have the wonderous claim to fame of being the second fastest drillers in the world. In effect, if they run to best work time, this should put us ahead of schedule. In my estimation we could be at TD (70 million barrel play) in about a week. Jarv55 is right, the Drill Stem Test would have been set up at a very early stage but would not have been fully installed until drilling was complete. It will take about another 4/5 days to evaluate the pressure, porosity and water content. These are the three main factors defining whether the well is comercially successful of not. If the results are favourable, we may get an RNS to that effect. DST is normally used as a multitudinal series of tests evaluating the strata penetrated and all aspects of commercial positivety or not, in quick time and establish a clear unambiguous result. So they should know quite soon after reaching TD.

IMO SL was chosen for it's stratigraphic attributes in very much the same way as WH, and to me there is really not much diference between the two with both defined by 2D and 3D seizmic. The only real difference is WH has a larger potential pay zone and is in a proven petrolem system and SL is not. Admittedly significant yes, but the core product is the seismic interpretation and the chance of success IMO is very much the same. Having said that, the market will look at WH as the prime target regardless, and will value this in a completely different way. In addition, WH and Gazelle prospect will in effect run alongside each other at some point with the fourth in block xx completing before the end of November. The last three wells for this year will all be drilled and completed between September and November, a busy three months. So, regardless of SL result, IMO we will be looking at least double the present price before the WH spud. Of course as each well comes on line, the odds for each individual well success increases, culminating with a last and final well for the year at 75%. I don't see the point of mentioning too much about Fox and Red Dear because I fully expect miltiple successes long before they spud. But will say, what a fantastic back up if all else fails.

Minister for energy visits the Governor of Texas.

Bahamian Government announces oil refinery and storage facility with a $5 billion dollar commitment.

Shell announces new headquarters to be established in the Bahamas.

Exclusivity Agreement announced with Supermajor.

Extension into forth month totalling $1 million paid to BPC and reinforces commitment to finalising a deal.

Potter extends contract into 2019.

Crude Trader - as I have said before, If the deal is done BPC would be in a debt position owing Potter $1m cash. Removing the cash payment to Potter removed that debt position.

AGM 13th Sep - On the 16th March 2018 Simon Potter extended his contract as CEO for one year only. Resolution 2 seeks approval for not only an extension to his directorship but shows a clear announcement that he is open to further position appointments. From this I can only assume he is disclosing 6 months early that he is already planning to stay on for an additional year. You can read this as you wish but I see it as a clear indication that both Potter and Edward Shalcross are planning/establishing their position/future with the company at an early stage in order to pre-empt a forthcoming change.

If they know the deal isn't on they would have to tell us now, not in September. This deal is definitely on.

Kapkina - you have answered your own question without realising it. The market runs on sentiment just as much as it does practicalities and fundamentals. Take a look at MATD, a perfect example with broker ratings of 35p with 100% carry on six wells all to be drilled within the next year and sitting at 8p. You know yourself if the market runs out of shares and people still want to buy, the prise will continue to rise no matter what the fundamentals are. This share motivates many, and will continue to motivate many when the deal is done.

Sorry Keith, I know this might still be early morning for some and I know you may have only just got out of bed but when you pay someone £1.1 million to sell your goods, you expect them to get the best price possible, 20% just does not cut it. I would be looking at a minimum of 35%.

This is as plain as daylight, just cannot be clearer. Barnaby, you very nearly got there but then somehow turned a positive view into a negative. The deal cannot take place if the company is left in a position of debt to the CEO. At which point will need yet another placing to cover those costs, which in turn would destroy the impact a mega deal would bring and cripple the share price. If ever you need assurance this deal is going through, this is it.

Kapkina - firstly your 80% - 20% is an assumed end result of a done deal. We have just taken out a £1.1m placing to utilise the experience of a worldwide international company to oversee and negotiate a deal for BPC. IMO 20% is hilarious to say the least. Secondly, Over the last three months we have all witnessed the enthusiasm this company brings to the market. The share price has in fact four folded in short time and still we have no oil. If this deal is positively concluded, trading will be suspended and the price will be rerated, certainly not at 6p.

IMO - I do not think the deal will be based on one well. Whoever this company is they will be determined and committed to a successful programme of 4 to 6 wells. The only reason one well is mentioned is because one well is the commitment made by BPC to the Bahamian Government. I cannot see a sizeable international company, the likes that would give away $1m just to hold off other competition venturing into a one well project with a 30% chance of success. They will be looking at a bare minimum return of 30%. A deal announcement of this size could rocket the share price to 35p or more.

Buccaneer1961 - Wolf Petroleum looks like it's going bust, escaped from the grave just recently with a $200,000 investment to keep them going. A great opportunity for MATD to double their acreage at a very cheap price.

Amtech - I purposely ignored your previous question about the refinery because I truly thought no one could be that stupid and you had just made a silly mistake, but this one takes the biscuit and convinces me that you really have just exited the Love Island. Maybe I should ask you a question in order to answer your question - If you had just paid $750,000 to a company to look at its data, why would you then pay another additional $250,000 if the data was no good?

I'm quite disappointed that many of todays posters have lost the plot with regards to the significance of todays RNS. A few days ago I said that a 4th month would be a tipping point that not only shows a commitment by the partner but more importantly signifies confidence in the data. This first 3 months is more than sufficient time to evaluate the data and more to the point evaluate whether a profit exists. That decision is now passed, their further submission of £250,000 confirms that that all data is correct and fundamentally sound. There is nothing else within this RNS to counter these facts or to create a negative view. Extremely disappointed with Oilbell's recent post.

I think you should read what I posted Spike. I certainly didn't say BPC will take 6 -8 weeks, I fact I stated the three month period would cover their part of the negotiations. It's always best to understand what is being read.<br />

I think you should reed what I posted Spike. I certainly didn't say BPC will take 6 -8 weeks, In fact I stated the three month period would cover their part of the negotiations. It's always best to understand what is being read.

The standard time it takes for partnership negotiations to be finalised is roughly 6 to 8 weeks. The first three months offered to our exclusive partner should be enough time to cover all data scrutiny and negotiations in terms of the carve out (as Trump would say) of the percentage distribution going forward. This part of the negotiation would have been covered by the 3rd of August.

It is inevitable that our exclusive partner would require assurances from not only BPC but also the Bahamian Government as to its position regarding for instance a change of Government. There is no doubt, the present Bahamian Government is totally committed to oil exploration and have shown that commitment with their £5billion oil refinery investment. That does not mean to say a new government would take the same view (the last one did not). This in my view is an important milestone to overcome. In addition, a £500 million investment could possible generate further tax concessions, all to be negotiated. The time it takes the Bahamian government to get things done has always been a bone of contention and these assurances and agreements do and will take time. So, the second three month period was offered to the exclusive partner to overcome this potential negotiation and commitment period delay. The 3rd of August represents the end of the company to company period and jumps into the next $275,000 bracket, in doing so confirms that all party's are now totally committed. In other words, not guaranteed but certainly in the final stages. IMHO DYOR

3rd of August is the tipping point.

Final results end of September should be very interesting. With an average of four RNS per month since the beginning of the year, the next few months should also add to that interest. All looking good to me, not long to wait.

One of the biggest drawbacks with imposed litigation is the duration of process that allows the opportunity for your product to be superseded. NIPT, fortunately has a 99.8% accuracy, which gives limited scope for improvement and virtually no chance of a competitor bringing a new product to market. A very reassuring advantage.

We are now into the ninth week and whoever the farm in partner is (Shell - imo), have already invested $750,000. Shows unprecedented commitment. All looking good gentlemen.