Member Info for JConchy

Improved finances from Petroleum would permit GoB to eliminate exchange controls and really promote investment in the normal economy. Sadly Bahamas has been rated badly in all Ease of doing Business Lists as there remain far too many old style controls creating jobs for civil servants. But there could be good news like For environment which needs support eg waste management. The islands are full of rusting cars because it’s expensive to take them back to the States for recycling. Etc etc Education and Health system will absorb as much money as you can throw at it! It’s so easy to refute the arguments against oil production!

Assuming BPC and the Major can get to a deal , even if it’s subject to a last condition it would be appropriate to sign & announce. No point waiting & waiting as deals can’t wait until all pre-conditions are fulfilled. That way BoG would know everyone was serious.

With both Chairman and CEO updating shareholders only a few days ago silly rumours can’t get traction. Clearly the Exclusivity Agreement was expected to need 3 month’s minimum to bring negotiations to a close so likely timing for a Deal might be end August. Eg 3 months plus a bit - mustn’t forget August is not a good month to get all the old board members to sign off, haha.

Pay no regard to the eco warriors in the papers or online. Most of them are not Bahamians but US residents or citizens! True Bahamians will have a more nuanced opinion and know why the Bahamas needs another source of Revenue. I’m hoping the final farm out will include a 2 well carry at least but come what may I’m looking forward to news of a deal.

Laallee, I’m going to stick it out! But it’s really tough waiting. Funnily enough I have no urge to sell. After all this time I may keep the lot until we get a drill result. And I will be pleased to crack a few ice cold Kaliks with you! Joe

I wonder how many years are required in BPC to be a long term holder. If a farm out gets delayed much longer we will be diluted out of existence. I reckon it will be 2 billion shares in issue by the time we finish.

Armatrading - you need to redo your math . Mkt cap at 50p would be about £1 billion assuming 2billion shares in issue by then (inc shares to directors in lieu) That’s possible but is a long way off and needs a mega find. IMHO

87p or more may be entirely possible IF terms of a farm out are good AND massive oil is found . But even one good discovery may not get the sp to such elevated values , given the dilution that is coming when there’s issue of all these shares in lieu. 50p will make me a happy conch and buy me some Sands light plus a bottle of Bolly when we sign with that Major! These years of delays will have virtually doubled the shares in issue so halving any final value per share for shareholders. That is what all the mistakes have cost .

Rationale thinking suggests any big oil company would need to get a deal approved by its board and likely include all terms and development of any field discovered - particularly indicative capital expenditure. Furthermore they would want confirmation that GoB is completely supportive of the exploration programme and development plan. Top companies do not mess about. The data may get reviewed again but it must have been under review for months if not years already. Very likely farm out coming

Anyone seen the note on BPC “buckle up and prepare for lift off”?

What’s $750,000 when any deal will likely involve $200m or more for several wells and back costs?

Bahamas has gone through a number of booms & busts over the centuries . Right now government has taken on board the decline in off shore financial services and the need to look to Petroleum production .

No offers or rejections were announced at the time by BPC.

Still have fond memories of a Special I got years ago. Bring it on! Shareholders will luv BPC for ever.

The Government have made it pretty clear they want a big guy responsible. That doesn’t mean it has to be who ever we’re Exclusive with at the mo, if talks fail.

https://thenewdaily.com.au/money/finance-news/2018/05/04/macquarie-dodged-royal-commission/

My beef is BPC shares are being issued at these prices. Too many will go as “ shares in lieu “ to the directors as well!

I think appointing a Adviser of this kind is an indication a substantial capital raise is coming. We are not negotiating a Farm Out where we get past costs back but are aiming for joint drill. Not good! Having to issue more shares to pay the Adviser up front suggests the Adviser has no confidence In our transaction. Not good!

I’m not happy either.

I can’t understand why we have issued more shares at a meagre 2.5p to pay advisers fees. My visit to their web site suggest It looks like Macquarie’s expertise is not advising on Farm Outs but rather it’s Capital Markets so I fear we, as shareholders , are in for a huge dilution. Instead of repayment of back costs BPC could have to stump up tens of millions of $$.