If the market felt that the delay was negative, that would be reflected in the SP's direction of travel. Maybe it's down to activities to be concluded prior to accounts that will have a material impact on the company.
Good analysis Starchild; the Percy autopsy may go some way to healing the wounds of the LTHs here. We shall see.
I don't think the government can play games any longer or pander to the environmentalists, I can't see any company wanting to get involved with an unhelpful administration when you look at the money and effort BPC expended over the years.
If Percy evidence points to an increased likelihood of commercial oil then Govt must be supportive; otherwise I'd favour the court option.
If we shareholders are being offered shares at a discount then we'd be better served if the SP was higher when the offer is made.
An important step forward as one obstacle looks to have been removed.
I think there are a couple of things in play in the background that might be overlooked. The drill RNS was clearly carefully worded and must have been constructed days before it was released. Did they avoid going full depth because they had found what they were looking for? Confirmation of oil to be drilled and extracted in the medium to long term? Given that Joe Biden cancelled the Gulf keystone pipeline, would a commercial find have been drilled without more delays through environmental activists galvanised by a sympathetic US Administration? It is all conjecture but we could do with a bit of clarity about what exactly the drill data shows. Surely after all the seismic data and years of research, you wouldn't stop short without a very good reason.
Harry, your rantings are simply boring now. Not sure why you are back here but all of your posts are just drivel; and you don't even take the time to correct them.
There is no doubt that we are much lower than we should be, but that's just the natural overreaction of people and their short term fears. But it will recover, we've been here before but the landscape has definitely changed now.
I think Simon Potter does need to produce something very good for the next RNS to regain shareholders' faith in him. Hopefully what he said in the drill RNS was accurate and he's not just glossing over failure. If the data turns out good and a major comes along then BPC will indeed be transformed (as will the region). What did the drill actually discover? And how good is Simon Potter at political manoeuvres?
'it does give honest unbiased opinions'
Really? You sure jono?
A grand? Wooooooo!!
Garry, are you still invested here?
I think there would be nearly 100% of the LTHs on here who would gladly be counting losses of only £1,000.
You need to chill a bit and get over yourself.
It's a step in the right direction; a decent bit of stability after last week and at least we know have a tangible plan going forward. in fairness to the BoD, they have responded and we do now have some clarity. BPC still in play and still with plenty of potential for 2021 and beyond. We can drill Saffron and if we do get a partner for the Bahamas it will provide a lot of revenue. And we are in a stronger negotiating position than before. So, although there are new guys here who are shorting this share, understandably for their own trading purposes, it does seem that were are back on a firmer footing now.
In4cedros,
I agree with you about the company direction; that's what we need to know. I'd love to see a two-pronged approach. Yes, if we can attract partner then drill again in the Bahamas. Meanwhile let's develop the other assets anyhow. If it takes six months to a year to find a partner for the Bahamas, so be it. The business is absolutely viable and there's plenty of potential for the next 2-3 years.
Happy Friday all.
Aye you get that with some shares; loads around on AIM, like Tern and others like it.
Clever wording from Potter. Subtly placing pressure on the Govt; could walk away from the Bahamas and leave all that (potential) commercial oil there and a government wondering: What if? Before the drill the Govt obviously felt BPC needed them absolutely; now that's not the case. Maybe the administration might be more inclined to lend some support to drilling next time.
Nah Pete, £400 isn't worth worrying about. That's an investment you might place on a horse.
So if it's knackered Casshy, why you wasting your time here? Or is that just what you do?
Egg,
The important thing is not when Potter speaks, but what he says. Obviously the board wants the company to prosper, so lets wait for the next RNS. I would expect it to be upbeat, which would be good because all of us LTHs are pretty downbeat this week. But tomorrow is Friday and maybe next Monday morning will start better than this one.
Keep the faith!
I think there may be a lot of politics at play here. If they drill to full depth and hit commercial oil, they have to declare this and it galvanises the activists. So any Major isn't going to come along. As it is, BPC drills a safe well (no environmental impact) but not going any further with it. Maybe the activists desist and the court case fizzles out. An interested Major (who maybe liked the data and the prospect but not the political crap) finds its path now clear to take a long term approach here. The RNS remains an enigma, so why the lack of clarity ? If there is commercial oil in the Bahamas it is worth billions in the medium / long term, so a bit of political manoeuvring would be reasonable. Just a thought.