Member Info for Kevin55

11years ago this company had about 700 million shares at 24p with no income just licenses in the Bahamas.
It currently making 3 million per year if they can get to about 1590 bpd by the end of the year I am curious to know what would the company share value be.

Realistically speaking after the share consolidation if S2 can be a successful drill does anyone think this share would hit 24p?
Bpc have target of 2500 bpd be the end of the year no idea if they will make that target but if they can get at least 1500 at 70 per barrel it would be a good achievement.

Your shares will not be affected by the name change.
You will just see them as Challenger Energy Group or range resources

What are the chances of a successful find of saffron 2
10 percent?
1 in 10 chance
Anyone know

May S2 gone from February to Q1 now May
1000 to 1500 bopd by end of 2021 what happened to the 2500 by end of 2021?
Seriously this company is really starting to annoy me now

Supreme Court Justice Petra Hanna-Weekes handed down the ruling during a virtual hearing this morning. The applicants were granted leave for judicial review proceedings in January

Bahamas Petroleum Company (BPC), which was added to proceedings in January and carried out the exploratory oil drilling, sought $200,000 security for costs. BPC is also seeking to have all further proceedings stayed, pending the applicants give security for costs to BPC.

Eyewitnesses news behamas twitter

JUDGE AWARDS BPC SECURITY FOR COSTS: The environmental groups involved in judicial review proceedings of exploratory oil drilling in The Bahamas, will be required to pay $200,000 security for costs to proceed.

In early 2020 Saffron #1 successfully discovered producible oil at both the Middle and Lower Cruse reservoir levels. Prior to drilling, the estimated recoverable volumes from this new accumulation was 11 mmbbl, representing a material upside for appraisal and development.
The upcoming drilling of Saffron #2 will focus on the Lower Cruse sands and will lead directly to production and sales upon completion.
The successful appraisal and future development is estimated to have the potential to produce up to 4,000 bopd.

https://www.bpcplc.com/operations/trinidad/

They actually said they were going to spud Saffron 2 in February. The last RNS was change from February to Q1
Even though they have now said Q1 (March) and not February is does not mean it will be imminent until we get a clear RNS on what date they are going to spud.
They may change the date again to Q2 no one knows until we get proper confirmation of a date when they will drill S2.
Although reading the last RNS and we are at the end of February it seems more than likely it will be in March but they said this about February.
I am sure we shall all know in the next RNS

Are we saying that the targeted production of 2500 by year end includes S2? I

In the August RNS it mentions selective new wells I am hoping it does not include S2 as they cannot guarantee success.
How ever to achieve 2500 it an extra 160 bopd per month since august they went from 400/450 to 500
I just wish would write a clear RNS

Below is part of the August 2020 RNS

Production: currently, the Company's producing assets in Trinidad and Tobago have average production of between 400 to 450 barrels of oil per day ("bopd"). The Company is targeting achieving a stable production level of approximately 500 bopd per day (net) by end 2020, building to 2,500 bopd (net) by the end of 2021, both of which targets the Company considers can be achieved through a combination of maintaining and then increasing production through (i) increased data integrity, (ii) automation, (iii) overall increased field activity - returning to the levels last seen in 2018, (iv) selective new wells, (v) enhanced oil recovery (EOR) programmes, and (vi) other growth initiatives including production from appraisal of the existing Saffron discovery and extended well tests ("EWT") in Suriname.

I am curious why BPC never gave us an update of how many bopd they are currently producing.
If their target is 2500 bopd by the end of the year surely they must have increased the 500 bopd by now.
Is it because they have not been able to increase the bopd in the last two months?
Have the bopd decreased?

Also they have repeatedly said S2 will spud in February but no date on when it will spud
Has it been delayed or are we going to get confirmation of a spud date sometime soon?
When they do finally announce the spud date they should also give an update on how much bopd they are producing it would be of interest to their share holders.

Gneiss Energy Seem to be behind everything BPC have done in the last year from the merger to its financial situation

https://gneiss.energy/search/bahamas+petroleum/
The only farm out I can find from the was in 2019

Gneiss Energy is pleased to note that Cluff Natural Resources (CNR) has completed the farm-out of its Southern North Sea Licence P2437 to Shell.

As previously advised, the Company has continued to assess options for a farm-out or similar transaction as part of its overall risk mitigation and funding strategy, and maintained an active dialogue with a number of interested parties, including a number of oil and gas majors and supermajors, right up to the point of spudding the Perseverance #1 well. Since announcing the well results, the Company has received a number of unsolicited approaches from industry counterparties. Gneiss Energy has been formally engaged to assist in managing a formal process to solicit broader industry interest in a farm-in alongside this early, positive interest.

Perelka
Thank you for the link
The net asset value was 9p if we half that it be 4.5 it’s not so bad but lets half that again to 2.25
At the current price of .7 it a very good buy in price if this was to recover back to 2.5
BPC are producing 500 barrels of oil per day with an estimated 2,500 bopd by the end of 2021

Saffron 2 will be spudded any time soon

So to say this will not go back up to 3p is totally crazy there are multiple projects going on with BPC it not just about P1

I guess we are all looking at Saffron 2 now haha

all licences were allowed to expire in 1988 so as to avoid incurring a significant work obligation for 1989 of $250m, and due to the then prevailing low oil prices (<$20/bbl).

Has anyone got a link to today’s presentation?

Minnis, while addressing the Bahamas Business Outlook, said that government intends to “accelerate” the implementation of a sovereign wealth fund.

Accelerate is an interesting choice of word

A former finance minister is warning that The Bahamas' $400m foreign currency deficit could be the start of "a quite worrisome trend", and added: "We're running out of options."

http://www.tribune242.com/news/2021/jan/18/400m-shortfall-were-running-out-options/

BPC have a 45 to 65 day drill program they will not release any results until the drill has been completed.
Their plan is to drill approximately 5000 metres this is only day 26 of the drill what would be the point of releasing results if they are only half way through the drill program. Even if they have found anything they would have to complete the drill before full results can be released to determine the amount of oil found at their drilling target of 5000 metres that if they have found anything.

I did say before 20 days was way to early which it was. We just have to wait and see after the full drill completion and testing has been done after 45 days.

In August 2019, BPC had approximately 1.7 billion shares in issue. At present, BPC has approximately 4.7 billion shares in issue

How would she know they have tested it?
Who is she?