Member Info for jimtheknow

The BG have spent a long time and exerted a lot of effort putting in place regulations and framework for an O&G industry. Key members of the current BG have stated the requirement to explore the potential of an offshore O&G industry. All 2D & 3D seismic data points to below ground structures that are on a world scale. We have structures c. 70km in length, this is exceptional. We know from other nearby fields the region has produced hydrocarbon. Some nearby fields (geologically speaking) are known to contain billions of barrels. Our assets are not in ‘deep’ water (concede deeper than UKCS) or HPHT wells e.g. Macondo. We can be well serviced by US & GoM operations. We have the worlds largest oil consumer on our doorstep. The Bahamas has a population of c. 400k people. Norway has a population of c. 5.2m people. The sovereign wealth fund of Norway, established in 1990, now has assets of over US$1 trillion and is a powerhouse of the global economy, not only investing in its people with healthcare & pension schemes rated amongst the best in the world, if not the best, but also investing in new alternative forms of energy technology. We don’t know whether that 70km structure contains gas, condensate, oil, water or dust???? The only way we know is to stick a drill bit in it. If hydrocarbon is present you could have a sovereign wealth fund that would rival that of what Norway does for its citizens. It could give grants and attract the best minds for new forms of renewalsble energy, who wouldn’t want to work and study in The Bahamas? What a life! For the government not to explore this option, to not find out if it’s oil or water, is like looking at every sick and poor citizen in the face and saying ‘sorry, I let you down’.

How long does it take to get approval for an extension on your house? Obviously no one here knows how this is going to work out, if we did the SP would be either zero or something more realistic for a junior explorer with such potential. However, on the balance of things I’d say this is one of them situations where no news could be taken as good news for the time being. The reason for that being... if the BG were flatly against this they could just dismiss it outright and move on. The longer his goes on the potentially better the outcome I’m going to guess. Also, do your own reading about the Oban HoA and how the BG have been slammed from all corners in the handling of that, tonthe point new HoA are being sought. They’d be fools to make the same mistake again. When all the questions come raining in from all corners of the press and public if the EA is granted, they need to demonstrate they have done their due diligence on this one. DYOR

I completely disagree in the speculated order of events. I’d say the EA is a must either before or at the time of any farm-out. Why would an oil major spend a lot of money on a deal only to find out the government don’t want to proceed? My caveat to that would be if any farm-out deal had a break clause written into it on condition of EA

Anadarko

The huge difference between the RKH, FOGL, Premier, etc. story is the Faulklands government & people openly embraced the prospect of a vibrant O&G industry. People were aware of the incredible benefits such an industry could bring, absolute country changing, this obviously is not the case for us and with the incumbent government going through a small ratings crisis managing the messsge is critical. If you think about how difficult it is to develop the Failklands basin compared to what it would in the Bahamas, with the US & GoM a literal stones throw away, you could see unimaginable economic growth in half a generation. Also, the truth is the increased risk to the Bahamas from an O&G event in its jursticion is a negligible increase as risks already exist from other maritime borders. The current government need to make the difficult, possibly unpopular decisions, for its future and invest this wealth wisely.

https://thenassauguardian.com/2018/06/25/bnt-sticks-to-position-that-it-wont-support-oban-project/

There’s an incredible amount of suspense and pressure building around this share now, it’s a right pressure cooker. 1 month to go before 3m deal is up. It gets you thinking... if we don’t get any news from BG within the next 4 weeks and the oil major extends that must be seen as very good news mustn’t it? It must mean people who know what they are looking at think there’s definitely something worth sticking a drill bit into. For me, absolutely everything that is going on here hangs on the BG and with all the regulatory frame work, effort, drips of news and apparent sentiment you think this must go ahead. DYOR

It was a good try by someone though. Most truthful and not overly bulllish.

I agree large parts of it looked genuine and if I’m honest I’d say I tend to generally agree with its short term forecast (6p). However, some of the wording appeared a bit amateurish and some of the ‘graphical’ and header text didn’t feel 100% genuine. Seemed to me like a genuine Shore document that had been tweaked. Also, it’s not possible to find anything about this on Shores website.

Does anyone think that Shore Capital pdf document that was flying around a couple of weeks ago was actually real? Seemed a little suspicious to me.

Agree in that there have been some absolute idiots on here not knowing what they are talking about and trying to ramp but i don’t think it’s had any effect on the SP. It’s total nonsense and demonstrates a complete lack of understanding of the company and it’s fundamentals to say this should retrace back. What would be the basis for that?

I don’t think this has anything to do with us really, not directly anyway in a way that would influence any decisions as to our future. The service will support all shipping in the region, whether that be from tourism, commercial, industry, etc. However, any O&G offshore activities will see an increase in support vessels that will benefit from this type of service so this will mitigate any potential effects from that and provide a little boost for the local economy in downstream products.

Yes, I’m very positive on the prospect of the EA, if nothing else because I see no other credible outcome. We are seeing and hearing a lot more now from the government with respect to raising the profile and awareness of having an O&G economy. This is obviously still a hot potato for them politically and they appear to be carefully drip feeding and managing the message. This will naturally need time. However, we now appear to have a government that is serious about trying to improve the overall economic status of the country and they appear to have serious people in charge who have the knowledge and strengths to make decisions previously dodged for the sake of votes. They know it wouid be irresponsible of them not to explore this potentially country changing opportunity. It may not happen quickly but I feel the right answer will prevail. Granting of the EA will be the catalyst for everything. The major oil company knows and that is why they have put themselves at the front of this queue. With an EA in place other companies will also be interested. It’s a game changer.

Having spent a bit of time pouring over this weeks year end RNS and trying to read between the lines about what is said and not said. Am I right to say at no point do BPC use the term Supermajor and they only use the term Major when speaking about the greater Oil & Gas industry in the context of appetite for exploration, etc? If so then this reads to me like all potential suitors are on the table, including any Supermajors. I know this sounds trivial but it feels like an important clarification. At the end of the day an RNS must be (legally) worded correctly and not be misleading, etc. To me, ‘major’ is the catch all term for all oil companies. Any thoughts?

Outrageous

Is that million, a thousand million, a million million, or billion, or billion billion? Not many people know the difference between a thousand, a thousand thousand, a thousand million, a million, a million million, a billion, or a billion billion. Most AIM are just million, or is that a thousand million, or possibly a billion?????? Anyway, we’re 28 BILLION, which is much more than most AIM which are just million.

0

Ironic, this is the last time I’m going to reply to any of your posts as you are either one, or both, of the following: 1) A wind-up merchant. 2) Thick. I hope it’s number 1) because if it’s 2) I fear for your well being and future prosperity. At what point did I say the EA didn’t mean anything to BPC? I said for other oil plays around the world, in jurisdictions where oil exploration is ongoing, I don’t think the EA wouldn’t make that much difference to SP. However, for Bahamian exploration it means a lot, if not everything. A successful EA application signals the government are open to business, it’s the last real hurdle to overcome. If we already had the EA in place I believe we would have more suitors lined up, the Major we have engaged with recognises this hence the Exclusivity agreement, they took a gamble on it. Although it is always possible we will not get EA it is almost incomprehensible it won’t be granted. If we forget our O&G industry for a second, a rejection of the EA wouid send a very bad signal to all businesses thinking about investing in Bahamas. It wouid say the BG would willingly allow significant money to be spent and then they could pull the plug. This would be crippling for a nation requiring outside investment. They must be seen as credible people to be doing business with. We obviously need a partner to drill but I’m not that worried if we don’t get this one, as long as we get the EA. As for your constant rambling on ‘millions’ ‘billions’.... some of us are industry professionals, we have various degrees of understanding about; geology, well completion, sub sea, top sides, engineering terms and nomenclature. Please stop repeating things and looking a fool.

I’m a dreamer as well, I hold a very very significant number of these shares so some of the SP’s knocked around on here tonight would make me a very wealthy man - there’s no crying going on. However, some of the usual protagonists (day traders) on here should act responsibly, but I supppse that doesn’t make them money does it. So, what are we worth???? As boring and obvious as it is, we are only worth what people are willing to pay on a risk reward basis. At the time of writing we are high risk, hence our early penny’s status, which I believe is unfairly low but this is being held back mainly on government uncertainty. On other oil ventures I’d say EA influence on SP would be minimal, given the Bahamas has no offshore oil business at the moment a positive result on the EA is a significant de-risk, it demonstrates the place is open for business. I believe that would release SP to c. 10p. The EA would obviously de-risk any JV with a major and with them onboard another re-rate could be seen to early/mid 20’s. After that it all depends on JV deal, if BPC isn’t swallowed up that is. Raising funds to share drill will put brakes on SP and then it’s a complete roll of dice from there on in. I expect the EA answer towards the end of our 3 month NDA agreement and I think it will be a positive answer. So here’s to holding and waiting.

Some utter horse **** on here tonight, more than usual ha ha ha....