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Info will be flying off that rig in the event of of a gusher or a duster of that you can be sure. Imagine how much money will be made by individuals with the knowledge they have struck black gold a few hours before the wider market. Or how much might be saved.
"Now I know that my source was correct.
39p at 770 million
89p at 1.4 billion"
Ok but are we not missing the elephant in the room that is, after this initial well there is no money to do anything else and the only way to drill further wells is either a buy out, a farm in or a huge round of fundraising, all of which will massively reduce the potential returns of current BPC shares as they will be diluted or in many options just bought out for a price? Not to mention if there is oil found but in insufficient quantities or quality's ?
Better still, if you invest £1 in the lotto you could win £20 million - by Sunday!
Or perhaps not ....
See RNS .....
That's reassuring, at least no nasty surprises from the BOD then.
Is it possible there is another placing on the cards? Not trying to ramp or de-ramp just genuinely asking the question.
"With the overall possibility of 28 billion barrels and 20% representing $10 a barrel. Do the maths, yes it is $280 billion dollars to BPC over the next 30 years" how on earth do you work that out? BPC would have to completely sell out to a major in order to re-drill and extract? They certainly wouldn't be getting $10 a barrel would they - the farm in partner (I.e the one putting up ALL the required cash) would be getting that and only after substantial layout of funds?
I get that, I've been here before with other oilers (RKH, FKL/BOR) and look where they all are now even after finding huge reserves. I think investors underestimate how long this road is, finding oil is just the beginning of it too.
Cars, or other Oil company's will buy up licenses or bud for the renegotiated BPC licenses ? I'm sure the Bahamas gov will then want to sell them to the highest bidder?
I have just asked a similar question on another thread but yeah, that's a shocker if true, find oil : no funds to extract it so either more fundraising (dilution) or a farm in (dilution) can anyone else clarify the current position if this is an exploration well? Basically will mean BPC will be doing the wildcatting and anyone else who can buy in or buy the licenses will be making the money off of BPC's exploration? Or not?
They *drill perseverance
So, just so I'm clear : they still perseverance #1 as a purely exploratory well if hydrocarbons found they cap and seal yeah? In which case the merry go round starts again and we then need to re-fund another bunch of wells for extraction all be it with the added bonus that we know there is oil there? That sounds like exactly the time a farm in will happen but at what cost? We'd be a company with confirmed reserves but no capital to extract it? Or am I reading that wrong, please put me right.
Nobody understands the UT ... sigh*
I also find it strange that what looked like a positive RNS has gone down poorly, I'll make no bones about my distrust of this BOD and I wouldn't be surprised if there isn't some other news that's known and this is the reason for price movements. I expect 10-15% rise on today's RNS not an 8% drop but as always - we will see....
Voiture it says "on track to spud before the end of 2020" playing devils advocate that doesn't read as a certainty. I'm "on track" to become a millionaire ....
Expected a little more action than this ??
Absolutely no chance. The news of a duster or of potential oil or water discovery will leak well in advance of any RNS the market will tell you everything you need to know well before an RNS will, going on experience.
Seems to be going into auction a lot today? Means someone is trying to sell or buy outside of the usual trading price range (5% I believe?) ??
The fact that we are still seeing large hurricane strength storm systems develop so late into the year might actually delay things but I hope not.