The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Merry Christmas & good luck everyone... it’s been a long time coming!
Perseverance #1 – B North
Considered to have the lowest risk along the Fold B structure with anticipated effective top seal, preferred migration pathway and charge attributes.
Stacked plays from Upper Jurassic mega bank and reef systems throughout the Lower Cretaceous.
Establishment of the hydrocarbons at the Perseverance #1 location de-risks the entire B structure.
P50 prospective resources of 0.7 billion bbls with an upside of 1.4 billion bbls.
Total B Structure: most likely recoverable resource > 2 billion bbls.
>$100 million spent to date.
;-)
Today or tomorrow more likely
Roll on February ... ££££
Tiburn,
Interesting post - thanks.
I have included Investec's estimates for BPC below (based on oil at $55).
2021 2022
Revenue (US$m) 31.9 65.3
EBITDA (US$m) 16.0 40.4
Net Income (US$m) 8.2 27.0
Gusher
From the above article...
"This is good news because most of the untapped oil reserves in the world are located offshore, and despite pessimistic demand forecast, many believe the world will continue needing dozens of millions of barrels of oil in the decades to come. Many, if not most, of these dozens of millions of barrels will be coming from offshore fields".
It’s amazing how many people struggle with this concept.
Usually they don’t hold any shares though...
Further details on the legal agreements to explain the above...
Johnson: I did everything I could to try and get us out of oil drilling agreement
While addressing oil drilling in the House of Assembly today, Minister of Immigration Elsworth Johnson said he “did every contortion” to legally get out of the oil drilling agreement.
Johnson’s comments come as Bahamas Petroleum Company (BPC) continue preparations to drill an exploratory well in Bahamian waters before the end of this month.
“We have all this oil drilling going on now,” said Johnson, who is the former minister of state for legal affairs.
“I could tell you the prime minister says he doesn’t support it. I was at the AG’s office and I did every contortion I possibly could legally… but somebody draft that tight.
“After we did all of the legal contortions to stay within the bounds of the law, I said, ‘Let’s get some other QCs, no pun intended, to look at this agreement. It was draft tight.”
Johnson’s comments on the matter comes days after Prime Minister Dr. Hubert Minnis declared that he is “totally against” oil drilling in Bahamian waters.
“Unfortunately, we were saddled with an agreement that we met there,” he said.
“When we discussed it with the legal department, we were advised that the commitment and everything was signed and basically we could not get out of it. But if we could’ve gotten out of it, believe me, I am totally against drilling for oil in our waters.”
After receiving an environmental authorization from the Minnis administration back in February, BPC pushed ahead with its controversial plans for the exploratory drilling.
The drillship Stena IceMAX is docked just off of The Berry Islands and set to begin its drilling for the Perseverance #1 oil well just west of Andros.
However, environmental groups Waterkeeper Bahamas Ltd. and Coalition to Protect Clifton Bay (Save the Bays) filed an injunction in the Supreme Court last week seeking a judicial review of the government’s decision to authorize the drilling.
While the Supreme Court has not yet heard the matter, drilling is scheduled to start 90 miles west of Andros.
“As the Stenna Ice Max gears up, drilling will take place offshore Andros Island, Attorney General Carl Bethel said authorities can’t at all do anything to stop the drilling as not a single local law or regulation has been breached”
htTps://www.caribbeanlifenews.com/petro-drilling-protest/?fbclid=IwAR2twGbr0HwCffYthL6AcgiFHUebxDjoS79iLAGAJfs1KYc7omTo5x636m8
Very nice!
Just when you thought this year couldn't get any worse Harry... :-)
hTtps://www.youtube.com/watch?v=ZWDerEJagmc&feature=youtu.be
Atlas has had his posts deleted today.
The company must be watching the boards closely...
AG: No choice but to allow oil drilling
hTtps://thenassauguardian.com/ag-no-choice-but-to-allow-oil-drilling/
The Minnis administration is legally bound to allow Bahamas Petroleum Company (BPC) to conduct its exploratory oil drilling in Bahamian waters this month because BPC has had no legal breach of its licensing agreements and its delayed exercise was as a result of decisions of The Bahamas government and through no fault of its own, Attorney General Carl Bethel said yesterday.
Bethel also said the licensing agreements with BPC are not in the public domain because they are not public documents.
“The (environment) minister had initially had the view that they (BPC) were timed out and were in breach and he so informed them,” Bethel said.
“We asked [a consultant in the Office of the Attorney General] to look into the legalities when they protested that the minister was incorrect, and he looked at all the documentation and it was clear that they had been ordered to cease and desist by two governments, Ingraham and Christie governments, pending implementation of environmental regulations.
“They had been prevented from adhering to the timelines by the dictates of the government. So, when that advice came, I did my duty and I informed Cabinet the position that they had breached their obligations was incorrect and that any breach was as a result of the mandate and orders and direction of government, successive governments.
“And so, we had to instruct the minister of environment to withdraw the position that he had held and to accept the fact that they were perfectly entitled and that they were not in breach.
“If you took out the time that they had been refused permission to proceed by successive governments, they were not in breach. That is the reality.”
Bethel was called for comment after Prime Minister Dr. Hubert Minnis said on Friday that he is totally against drilling for oil in Bahamian waters, but the government was advised by its legal department there is a commitment to BPC and “basically we could not get out of it”.
The attorney general said it took years for the Bahamas government to conclude its environmental regulations and BPC had been “frustrated” by government dictates.
The controversial issue has been placed back into the spotlight as BPC intends to conduct its exploratory drilling near Cay Sal Bank within days. The drillship, Stena IceMAX, is making its way to The Bahamas for the exercise.
Last Tuesday, the environmental groups Waterkeeper Bahamas Ltd. and Coalition to Protect Clifton Bay (Save the Bays) filed legal action intended to stop the company from proceeding.
They submit that the decisions to approve the authorization for drilling were procedurally unfair, irrational, an abuse of power and therefore unlawful.
They also say there was no public consultation, or inadequate consultation, as required under law.
A key pleading they make for why the action was not brought sooner is that they h
The excitmemt as we approach 3p will be hard to handle.... :-)
Leo is probably there as he has seen the (huge) opportunity and had the balls to force a merger.
If I was potter I would want out after P1 whatever the result.
It’s been a long hard slog, but the drilling represents “job done”.
Can you read Pro...
Another invite to the 87p party is in the post.
Imminent