Member Info for JP2000

Smith will continue if he gets a free ride on costs, just depends on BG and the next judge

Mysteriously gets the Kent CV19 variant

Drilling will be completed between 30th Jan-15th Feb depending on how deep they go

Tribune Staff Reporter

#rrolle@tribunemedia.net

#A JUDGE has granted environmentalists leave to conduct a judicial review concerning Bahamas Petroleum Company's exploratory drilling on Tuesday morning.

#However, Supreme Court Justice Petra Hanna-Weekes did not grant the applicants’ request for a stay, meaning BPC's drilling can continue.

#Environmental activists want to quash Environment Minister Romauld Ferreira’s decision granting environmental approvals to BPC in February. BPC began drilling its exploratory oil on December 20.

#More to come.

Supreme Court Justice Petra Hanna-Weekes says the applicants seeking judicial review of the government’s approvals of BPC’s exploratory oil drilling exercise in Bahamian waters have “an arguable case”. Her ruling on the judicial review application continues.

Supreme Court Justice Petra Hanna-Weekes has refused an application to stay the BPC exploratory oil drilling exercise (1/3).

In her ruling today, she said while the court has the discretion to order a stay, it is tantamount to an injunction and such an order should be to stay the “decision-making process and its implementation” (2/3).

She said the decision-making process has been completed; the decisions have been implemented, and the joint exercise as a result of those decisions has proceeded.

The judge said: “There is no decision-making process to stay (3/3).

Its good news ecos have lost

https://twitter.com/ewnewsbahamas/status/1346493747710857223?ref_src=twsrc%5Etfw%7Ctwcamp%5Eembeddedtimeline%7Ctwterm%5Eprofile%3Aewnewsbahamas%7Ctwcon%5Etimelinechrome&ref_url=https%3A%2F%2Fewnews.com%2F

There's an investor event on the 29th Jan which normally means news on 30th or a few days later.

Legal, P1, financing or Trinidad?

The court case is both an opportunity and a threat.

Biggest issue is the stock overhang, taps off the price rises then taps on forces price on and I can’t see how this ends.

Cc:

“ target depth of 4,822 metres, but with a capability to be able to reach 5,600 metres, affording the ability to evaluate multiple reservoir horizons throughout the entire stratigraphic column below the Tertiary cover. The ultimate decision on well depth will depend on real-time drilling results and geological information.”

My reading is the money raised so far covers to 4882m so any additional funds could be used to reach 5600m. So there is an argument if the drill is going well then they keep going because they would need the whole structure to help facilitate a farm out.

The guy may be a vexatious wnker but there is no suggestion of criminality

iamrich: I suspect the timing is a decapitation strategy to hit BPC when it's most vulnerable. The second part of the strategy is to avoid direct action against BPC but BPC have a court hearing on the 6th to apply to be a related party in the main action i.e. that BPC will suffer losses if an injunction against drilling is granted. The hearing may be irrelevant if the judge throws out the case on Mon or Tue but it may become crucial if she is minded to grant a judicial review because a related party could request a bond/deposit to cover their losses if required to stop drilling or if the JR is eventually thrown out which seems very likely. The plaintiffs don't have a pot to p in so a JR would be a Pyrrhic victory for them if they can't stamp up a bond.

For the record I don't think Smith & co have any tangible case, it's all about fishing for delays to bankrupt BPC. The Bahamas is a small place, the judge comes from the same chambers as the government's legal team in this case so I don't think she'll buy a eco nationalist agenda or pander to emotions. I see two scenarios, the case is thrown out early next week, Smith kranks it up and goes to appeal if available. The second is a limited JR, with BPC as a related party and no injunction against drilling, whilst a JR wouldn't do much for the share price it buys BPC time perhaps to complete the drill.

So who are real plaintiffs?

What Proselene is saying was born out by the Doubloon drill , oil was present but porosity was an issue.

So what makes P1 different?

API and sulphur content could also be issues though offshore Guyana shows quite big differences in relative proximity i.e. Tullow/Total found lots of oil but too thick and too much sulphur whereas other nearby wells have been successful.

BPC have 3D seismics and are targeting 1000m of aggregated oil pay. Nobody can discount porosity/API/Sulphur which could make P1 uncommercial, but, management think they’ve got an ocean of oil and it’s worth rolling the dice on the other factors.

Spot on BJ

Proselenes: constructive contributions or jog on elsewhere please

Weird voting going on, enviro hypocrites trying to switch on their 84000 American voters whilst complaining about brits, meanwhile an additional 1000 yes votes added so yes is now way out front. As one of the comments says there’s hardly overwhelming support for no within the Bahamas.

The drill keeps on turning, perhaps 10cm/minute. And, Bahamians continue to kill each other.

The reason is due to Financing at 2p allowing hedge funds a free ride, it might have been smarter to have a rights issue instead. Then we have another potential find raising by 6th Jan.

Secondly the court case (IMO laughable) has introduced additional risk which I wasn't expecting.

Keep voting

http://www.tribune242.com/polls/2020/dec/are-you-favour-bpcs-exploratory-oil-drilling/results/

A fair response, thanks.