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I think if a major oil company had been drilling Perseverance 1, they would had continued drilling down to the Jurassic and tested the subsalt play. Unfortunately BPC/CEG couldn't do that as they didn't have the funds. Makes you think though.

No one knows.

Drilling found oil, but not in commercial volumes. a second well is being planned to drill at another location. A partner will come onboard to drill the well now that oil has been proven to exist. The target will now be the deeper Jurassic play as per the East Gulf of Mexico, where commercial oil has been discovered. The benefit is, The Bahamas is shallow water rather than deep water, which makes well drilling less costly.

The reason the licence situation is not mentioned is due to the fact CEG are in a reconciliation process with The Bahamas Government over agreeing the amount that needs to be paid. It's a process which will only be completed once the amounts have been reconciled. Only then will The Bahamas Government grant an extension to the licences. The Bahamas Government aren't able to ban oil drilling. They can only refuse an extension of the oil licences. But, to do that there needs to be a very good reason, ie, CEG have not met their obligations, or have not safely operated the licences, (paying the licence fee is part of it's obligations, however once reconciled, then obligations will have been met.) There can be no refusal for political/environmental reasons as the law clearly passed by Parliament allows for oil drilling as per the Petroleum Regulations Act 2016, and CEG have demonstrated oil drilling can be done perfectly safely and without any environmental impacts. So unless the Bahamas Government want to be sued for past costs , if they banned oil drilling or refused licence extensions, then I'm sure The Government will abide by the law.

Perforation of the lower cruise this week. No one knows how the well will flow due to the lower cruse never being flow tested unrestricted.. Let's all hope the well bore pressurises and fills with high quality light oil. We can then see what the Saffron field is capable of.

Everyone knows the licences expired at the end of June. CEG are currently going through the renewal process with The Bahamas Government and are still reconciling the monies owed to The Bahamas Government.

Someone had better explain to these Captain Hindsights the difference between investment and gambling. If anyone thought buying BPC shares or CEG shares was an investment, then I can see where they are going wrong. My god

Guys, if you have lost money then you have conned yourself. No one else. Oil exploration is a risky game. Do not invest if you cannot take losses.

Mine is an objective view based on assets and future cash generation in T&T. It's a case that with CEG having a new asset or newly discovered asset, options open up. A fledgling oil company is not going to have a cash pile to develop the asset and is always going to need some form of access to capital . It's not unique to CEG. Plenty of other fledgling oil company's have managed to grow through discovering oil. Apart from legacy issues with The Bahamas, which can still be monetised, the position CEG is moving to with the discovery of the Saffron field, leads to a recovery of the company through increased production and cashflow. I'm not even sure the Arena funding will used, if the Saffron 2 well flows are above expectations and economies of scale are improved. The Bizzell facility may be in play if so, or other funding, however the Arena funding is important. If the road ahead is clear with the obstacles dealt with the investment proposition can turn quite quickly. It's all about how much production and cash can be generated. The oil price at $70 improves things.

Personally, I have heard all these sentiments before. I have seen long term holders in company's that have hit rock bottom sell their shares only for the company to make a recovery and at least recoup losses or go on to make gains. Usually high risk shares. That is the nature of pure oil exploration company's, high risk, large rewards, but total wipe out. CEG have reshaped to be a producer with likely increases in production and cash generation, with exploration upside still possible. It's an unknown quantity ion where it will be in 12 months. Can it outperform from this low base? No one knows, but one should be able to see that it's not impossible.

Obviously self massaging their ego

I do believe anyone commenting on past events with a told you so attitude are in fact Captain Hindsight aka Keir Starmer trait.

Depends on funding, permitting and rig availability. This has always been the case. Today's news just confirms on successful well test at Saffron 2, the funding is available end of July to drill 3 more wells, back to back. The crucial thing is drilling the wells and getting production up that can generate cash that doesn't then mean the need for funding.

8 months? Jeez, so you knew the outcome of Perseverance 1 before they drilled it!! How did you do that?! If that is not a Captain Hindsight comment then I don't know what is. Clearly there are a lot of Keir Starmers out there.

Quite a few Captain Hindsights on here. I am sure they're Keir Starmer.

Lets take your example of buying land and asking your friend to loan you money to build a house knowing the previous land owner says you still owe him £150k. Presumably the previous land owner did not have planning permission and you got a good deal on the land. Now you have planning permission to build a house so the land is far more valuable say twice as much. Your friend can lend you the money knowing the land can be sold for twice what you paid. So in the case that the original land owner sued you for £150k, you have an asset that would cover the money owed and still have enough to pay your friend back.

You need to factor in the increase in production and revenue which will be used to fund the business.

If the weather window is closing and there is no reason not to allow the 3D seismic to start, then the logical conclusion is approval will happen. I cannot think of any reason why seismic would not be approved especially as it's already part of the work programme approved by TPDC.

Weather is a factor.

The joint venture has agreed to a work programme and budget to acquire a 400km2 full fold (454km2 surface footprint) 3D survey in the second and third quarter of 2021 to align with the next available operational weather window in Tanzania.

You said that if the dry season was a relevant requirement to acquire 3D seismic and it wasn't acquired this dry season, then there was enough time to acquire it in the next dry season and still spud in Q3. You are now saying they expect to NOT have seismic by Q1 or Q2 next year even if they had started acquiring it in Q2, because things take longer and they have chosen a Q3 drill date to allow wiggle room for delays. Yet you seem to think that they able to acquire seismic in the dry season next year and still be able to drill in Q3. That's just not logical. It's not an interpretation by myself, your posts are not logical. Lets remind ourselves of exactly what Aminex has said and what the timing actually is for the 3D seismic.

Ruvuma Operations Update.

The tendering for the acquisition of 454 km2 3D seismic has been completed and the Operator awaits approval from the Tanzanian authorities for the issue of the seismic acquisition contract. It is expected that acquisition will now commence later in the third quarter of 2021. The Chikumbi-1 exploration and appraisal well is now expected to commence drilling early in the third quarter of 2022.