Member Info for joatmon

I see the buys out number sells three to one at present - but the sp is low, could it be that the upper zones appear to be non commercial/residual oil or wet?
The upper zones would not be the main target zones anyway.

Confirmation of actual formation tops are important for picking casing setting points.

At the moment buyers of BPC shares outnumber sellers two to one.

If it is a largish commercial discovery, then a farm-in by a larger operator with deeper pockets would take care of future funding.

Yes if they get oil to surface during a DST. They may get oil over the shakers during drilling, but this does not provide definitive information.

Wireline formation test tools are notorious for getting stuck and needing to be fished from the open hole. I hope they don't run this tool but they do run casing, cement the casing, perforate the casing, and then run conventional cased hole DST's.

I agree we need to try to make this a basher/ troll free zone - and disenfranchise the fake news posters.

The reserves estimate will be a rough one based on the number of pay zones and their thickness and data from the logs on porosity and permeability etc. For proper reserves certification the data from at least two wells some distance apart in the reservoir are needed. It is usual to have increases in the reserves as the production wells are drilled proving up the extents of the reservoir/s. So from this well an estimate only.

The timing and loads of the supply vessels is determined by the requirements for the well and instructions from the drillship. In general they need the materials at the location before they are required to expedite the drilling and the casing running and cementing etc.

It means the well will be completed and probably tested and the results known whatever else happens (assuming the well reaches TD).
If the well logs and tests indicate commercially attractive oil or gas accumulations there would decisions to make for the operator (BPC at present), and the Bahamas government on a field development plan - but this could be years away after all the legal questions are resolved. I do not believe a commercially attractive oil or gas accumulation would not be exploited by any government given its financial implications for the country.

I now have 46 posters on Filters - I see only properly reasoned or factual posts now.
It is my decision not to give air time to the stock bashers and not engage with them in any way, after all they are basically fake news.

Has anyone any idea when the next news will probably be here?

The trading has been very thin in fact for several days now - so there is no serious selling or buying unless it is off book.

SharkMoomin:
Both statements are essentially true: - All exploration licenses usually include details of the production sharing and the term (30 years) in the event that exploration leads to later field development.
If there is a commercial discovery PBC must then submit a field development plan (FDP) for approval by the relevant Bahamian authority. BPC as the licensee for the area/s concerned is the only company able to submit the FDP unless another company acquires the asset from BPC. There would be various approvals for the FDP including an Environmental plan.
The Perseverance 1 well is a one off with an FDP and subsequent production attached in the event of success.

The recent daily volume for BPC is low and so imo talk of a large ongoing divestment of 376m shares is simply not true.

Londonwhale:
There will only be production wells and development program in the future, if this exploration well is a success by indicating a significant commercial discovery. And if it is a success funding should not be a problem. If this exploration well is a duster no funding for production wells and development will be required anyway.

PetroleumInvest: If you are totally dissatified with this share then sell up and move on.

Wotitsworth:
I would not assume everything is on schedule.
In my oilfield experience (consulting for 23 oil and gas operators both onshore and offshore over several decades on many rigs and in many countries, in the field and in the office), there are always delays for this and that. Although they most certainly have some contingency built into the plan equipment does fail and delays are common and delays are not a sign of incompetence especially on an exploration well.

Of course drilling usually gets slower as the bit gets deeper especially in an exploration well when downhole conditions can be unforseen or unexpected.

Probably carrying some of the next casing and/or cement and mud.