Member Info for jimtheknow

I’m not being particularly serious in this post but how about this one for those who like to think subterfuge is always in play on AIM.... It would have been really easy for the company to come out and say exactly where it was at, whether that be good or bad, they could have just told it exactly how it was with no confusion. They are also well aware of what an ambiguous statement would do to the sp. So, they’ve put an RNS out which they know will crash sp but is written in such a way they can legally defend it should it be required when the deal goes through. Who benefits; BPC board? No, they still get the same end prize. PI’s? A few maybe. Those who were probably rich enough anyway to take a risk or those who held nerve. People of the Bahamas? Probably not as they probably aren’t aware or don’t have money to put in. Large (inside) investors and Friends & Family? Too obvious and FCA would be on to it. The major oil company? Hmmmmm???? If some type of deal was done based on a cash and share offer, based on the sp of BPC on ‘x’ date. As it stands their 70% better off. Or, it might help keep a possible deal on the table that was otherwise deemed too expensive. Who actually does benefit from that last RNS, certainly not us.

IK, not a problem. I am in no doubts we are back out to the market to find another oil company because this is what it says in the RNS. I believe it’s more likely than not that we need to find another company and my view is that is required to share costs and risks with the major who has decided not to take on this project exclusively. Therefore, should we not find another oil company then our future would indeed be questionable. I do take onboard what people have said in that maybe BPC & MQ thought they might be able to get better terms elsewhere. However, although possible I feel this is unlikely. It is possible our major couldn’t come to an agreement on a commercial transaction and has declined altogether but this is the least likely to me as I believe the market would have needed to be told unambiguously this was the case and it clearly wasn’t, hence the thousands of posts from people with a thousand opinions, that is not being unambiguous. The likelihood of us drilling on our own after raising some capital is at the very very bottom of my list. Although vehicles to finance a pure drill are possible, we could never have contingency funds to cover ourselves for the cost of an accident and this would surely lead the BG to not grant EA. I’m sure every sane person understands this. So, for me, it’s a third party we’re after and if we find that additional company(ies) I expected our original (exclusive) oil major to take the lions share of the license. This surely can’t have come to a stop because of the geology, the data room has been open for years and no one would pay $1m if the tell tale signs of a play weren’t there. Malcy even says this is the interview. Every petroleum reservoir geologist must be itching to put a drill in our structures to know the answer. It can’t have come to a stop because the oil major didn’t like the idea of drilling in Bahamas, they’ll have had to get the $1m sanctioned so those discussions will have already been had at a reasonably high level, if not the very top, they went into it with their eyes wide open here. They wouldn’t have stumped up $750k and more importantly, then an additional $250k if drilling in the Bahamas was not acceptable. These geologists are have brilliant minds and if they saw nothing they’d have instructed negations to end after initial 3m. For me the additional month is an important indicator in these proceedings. Without that option being taken it would paint a different picture to me. Taking only 1 and not the full 3 is also an important indicator. It gives BPC & MQ 2 more months where they are allowed to talk to others. It’s also possible the major said we’d prefer a partner so go find me one and if they don’t theyll go it alone. Again, unlikely for me but always possible. For me, our future is with finding a partner and because of the list of

Parp, I only try and bring some balance to the board in the context of what is known. What I would also say about the interview, the gentleman conducting also didn’t appear to have brushed up on his facts and was a bit misleading in the approach to his questioning, which played very nicely into Malcy’s view of the world. The interviewer didn’t seem to know or understand that the application of the EA is the first step in offshore field activities as required by Petroleum Regulations. This is stated in the RNS which relates to the application for EA. I have no doubts BPC themselves are playing the system here as well with the lodging/timing of the EA application given their own obligations and timeframes. However, as long as the rules of the system are being followed then that is their prerogative as incumbent license holders. I wish everyone a good weekend and hope we get the news we are hoping for, preferably sooner than later.

Somm, I read almost all people’s opinions on here and the ones I do read I tend to respect and can see their side of the story but you seem to have an agenda and even take a degree of pleasure in trying to trash this share, which doesn’t show a great deal of IQ. Malcy has his opinion like everyone else and he, like everyone else, has no idea of what is going on more than the rest of us. In his interview there he opens and qualifies what he is about to say by stating, “if you want to be bearish...” and then the opinion he gives is of that nature. If he’d have felt so inclined he could have said he wanted to be ‘bullish’ about things and put a positive slant on things. This board has very much been a split on reading things in a ‘bearish’ or ‘bullish’ way depending on people’s experience, knowledge, grasp of the written word and level of exposure they feel comfortable with. These attirubures are different for everyone. Malcy is known for his commentary on Oil & Gas companies and this is what he is largely known for, along with his slightly strange pairing of this and commenting on sporting events. I personally have found this a little strange in the context of his ‘day job’. What I struggle with Malcy is what are his real hard industry credentials that allow him to be an authority? Although I would certainly not call myself an Authority on Oil & Gas, I have decades of industry experience behind me, have spent time working at all levels in the Oil & Gas business, have been in senior management positions for multi billion dollar offshore oil field developments, spent time on platforms and generally have more than a reasonable exposure to how the industry works. Therefore, my view based on the information available at this moment in time is ‘bullish’’. That may change if and when new information becomes available but as it stands I’m still confident for all the reasons I’ve listed previously, and probably more.

Below are the facts we know, the rest is conjecture. 1) An oil major has ended the exclusive nature of negotiations with us. This means the nature of negotions are no longer exclusive. It is therefore implicit some form of contact/negotions must be continuing. 2) BPC & MQ have recommenced talks with third parties. 3) We have world scale structures. 4) We have respected independent industry consultants backing up our geological credentials and potential estimates of oil in place. These estimates are in the billions of barrels region. 4) Respected individual industry professionals e.g. Paul Crevello, supporting geological outlook. 5) Price of Oil has recovered and stabilised. 6) Price of Oil expected to increase. 7) Significantly improved offshore technology. 8) Politically stable jurisdiction. 9) Recent (2016) Petroleum Regulations put in place. 10) Close proximity to worlds largest oil consuming nation. 11) Close proximity to Gulf of Mexico Oil & Gas services. 12) A CEO who has very recently relinquished his entitlement to $200k company pension and other benefits, leaving a (still very decent) reduced wage with huge share entitlement only accessible on completing a deal. 13) Fields are geologically adjacenct to producing fields. 14) The industry appetite for new reserves, in new frontiers has returned. 15) It is extremely common for oil companies to enter Joint Venture deals for exploration and production purposes. 16) Our licenses are up for renewal in 2019 so this can’t go on forever, like it has. 17) We are fully funded to continue well financing options through to completion. 18) The Bahamas government are in need and in search of another revenue stream after its financial sector has been blacklisted by the EU. 19) The countries credit rating, has in recent times, been downgraded with the IMF and others recommending fiscal measures. 20) There is existing significant onshore oil storage and shipment capabilities, largest in Caribbean. 21) The government signed a Memorandum of Understanding with a company to build a $5.5bn oil refinery. 22) Shell have signed a MoU for an LNG facility and also a power station. 23) Shell have moved their regional headquarters to Bahamas. Statoil (Equinor) also have a large presence in country.

Why do you assume they don’t like anything? There’s nothing in the public domain that states that. There is more credible information available that suggests they do like things they are just seeking to share costs and risks. Everyone is entitled to their opinion and should invest accordingly but it would not be correct to say the major doesn’t like anything because there is nothing that substantiates that. Nothing.

I haven’t really been checking up on the board last few days but I notice a few things. The board seems a little less busy and reasonably coherent with a certain filter applied, so that’s good. However, it would appear the doom-mongers are out in force and trying to seize the opportunity with a slight fall in sp, trying to instil and build fear on the back of that, there doesn’t appear to be any balance. In all the negative comments I’ve read I don’t see anything in their posts that substantiates a bad outlook, certainly not yet. What have we got going for us that the ney sayers can’t dispute: 1) An oil major has ended the exclusive nature of negotiations with us. 2) BPC & MQ have recommenced talks with third parties. 3) We have world scale structures. 4) We have respected independent industry consultants backing up our geological credentials and potential estimates of oil in place. These estimates are in the billions of barrels region. 4) Respected individual industry professionals e.g. Paul Crevello, supporting geological outlook. 5) Price of Oil has recovered and stabilised. 6) Price of Oil expected to increase. 7) Significantly improved offshore technology. 8) Politically stable jurisdiction. 9) Recent (2016) Petroleum Regulations put in place. 10) Close proximity to worlds largest oil consuming nation. 11) Close proximity to Gulf of Mexico Oil & Gas services. 12) A CEO who has very recently relinquished his entitlement to $200k company pension and other benefits, leaving a (still very decent) reduced wage with huge share entitlement only accessible on completing a deal. 13) Fields are geologically adjacenct to producing fields. 14) The industry appetite for new reserves, in new frontiers has returned. 15) It is extremely common for oil companies to enter Joint Venture deals for exploration and production purposes. 16) Our licenses are up for renewal in 2019 so this can’t go on forever, like it has. 17) We are fully funded to continue well financing options through to completion. 18) The Bahamas government are in need and in search of another revenue stream after its financial sector has been blacklisted by the EU. 19) The countries credit rating, has in recent times, been downgraded with the IMF and others recommending fiscal measures. 20) There is existing significant onshore oil storage and shipment capabilities, largest in Caribbean. 21) The government signed a Memorandum of Understanding with a company to build a $5.5bn oil refinery. 22) Shell have signed a MoU for an LNG facility and also a power station. 23) Shell have moved their regional headquarters to Bahamas. Statoil (Equinor) also have a large presence in country. The above are all FACTS. DYOR and you will soon find this out. Good luck from my hols here in Majorca :-)

Hope everyone has a good week this week, as for me I’m off on a little weeks break, a nice relaxing trip to Majorca for myself and the wife. Personally, I’m not expecting any news from the company this week, although I will be keeping my eyes peeled when I can. Even if the company would like to put information out to clarify things I think we are still in very sensitive times sorting out some type of future relationship with partner(s) so on the balance of getting any unwanted publicity I think it will be a tight ship for a few weeks until another partner is found. However, I’d be delighted if a positive RNS was released in the morning, I can’t see it though. Above all else I do think these are exciting times as quite literally anything could come out of the blue. Time will tell. Good luck all and remember, DYOR.

Dutch, thanks but Facebook is not for me, cheers.

Scully, we’ve all had enough now of these personal vendettas, it’s gone past boring now. If you’re going to hammer this board with posts then please do it without reference to other users and post only your thoughts on the company, your take on any RNS and any general outlook on the company. Although I’m sure we all know the answer to your stance on those points anyway, I guess we just have to put up with that given it’s an open BB, I guess if we don’t like that then we’re free to leave this BB. The attempts at personal points scoring over each other is neither interesting or helpful. Please. If it continues I’m afraid you’ll have to be filtered.

MPos, I read your post and take on your points but as you’ll understand I don’t see it that way, not yet. You should obviously invest according to how you read the situation. For me it’s very simple now. Our future now rests on whether we find at least one more Joint Venture partner. We may, we may not. I strongly believe the major we have been talking to will be one of the parties in that JV. I also believe this will not drag on like it has over the previous years, given the time left on our license and the estimated duration of any drill, we will not be left hanging like we have in previous years. We will have a make or break statement from the company this side of Christmas I suspect.

Do I really need to go back over that, just read all my posts from last Sunday that originally highlighted this possibility, up to now . Or you can just read the last RNS that was released :-)

Kap, no one can say whether your right, only the board know the answer to that. Based on the information available to me I have come to the conclusion; The Major hasn’t walked away from the negotiating table. BPC & MQ are reaching out to other potential partners to form a Joint Venture of at least 3 companies (BPC, Major, A N Other, + possible others). That this all needs concluding before year end. My investment strategy is therefore heavily aligned to this thought process until information becomes available to suggest otherwise. Now we are out of Exclusive nature of negotiations I feel information could come at anytime with no warning.

Invest accordingly then Monopoly

https://www.ey.com/gl/en/industries/oil---gas/ey-joint-ventures-for-oil-and-gas-megaprojects

Edgar, why did you invest here, what was it about the company that attracted you to risk your hard earned money? Also, did you research and fully understand as much as you could have possibly hoped about the industry in which BPC operates before parting with your money? Although it is sort of correct, ‘consortium’ isn’t generally the word used in large Oil & Gas projects, if you look up ‘Joint Ventures’ (JV) then I suspect you find more and will fill in the gaps in what you need to know. If you are wondering do oil companies partner up for these sort of things, the answer is a resounding yes. It is more common for Joint Ventures to take place than is single entities. When venturing into new frontiers, with big environmental risk, you would definitely be happy with a partner or two. If you want to increase your own understanding of offshore oil exploration you only need look at the way things work on our door step on the UK Continental Shelf (UKCS). The British government have an enormous amount of infortion on this online and you can find virtually everything you would want to know. Try the following website, I’ve added spaces incase the post is scrubbed. www . ogauthority . co . uk You can spend forever on here searching all the documents or using all the interactive maps, etc. If you even just randomly browse the licensing portal you will see copies of old contracts that were awarded by UK government to usually a number of interested parties, it’s not unusual to see 3 oil companies signed up to explore a block. So, in answer to your question, it is absolutely normal to have multiple parties. Totally and utterly normal business. I can’t stress it enough. Hope that helps.

I think an estimate is on BPC site somewhere, don’t know how old and therefore accurate it is. It’s something like £100m +\- 20%

*....explaining drop?

Kev, not 100% sure on the rules of the whys and why nots of issuing a speeding ticket. However, there did appear to be a lot of buzz starting at the time of speculation on who the major was, that the name had leaked. The RNS then sought to inform the market that they were already in receipt of all information and put that one to bed with respect the sp rising. I feel it unlikely but maybe we will get a little something from the company on Monday exposing drop?

Somm, I’d agree with you if there were anything in the RNS that pointed towards suspect geology, but there isn’t a stitch of that. Not even the most microscopic speck of evidence is present for what you are saying. Even though I don’t agree with it, I can understand how people may come to the conclusion we are no longer in discussions with the major, I can understand that. However, there is nothing to date to question the geology. If you are questioning the geology, given that there is no indication of that, then all possibilities are open. You could also say as well something outlandish like the entire negotiating team from the oil major has been kidnapped as there is nothing in the RNS to rule that out either.