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The support of Bizzells at 8p for the rest of the loan provided they raise £5m from the open offer and placing says a lot.

I doubt institutions will touch the placing without having the consolidation. Probably is a prerequisite of them taking up the slack from the open offer. I would have thought the name change was also a requirement aswell as Potter shifted. Bizzell coming on board to ensure the funding is done properly. They would have checked at what price was acceptable with institutions for the placing and took the decision to offer it out to shareholders first so they can't be accused of mates rates. aimho.

ShouldveSold, you may be confusing resource with reserve. Resource and reserves are two different things. Reserves are found oil as in discovered. resource is potential oil, as in undiscovered.

Formal contract execution for Off -1 block in Uruguay expected 2Q 2021; independent technical work undertaken by Uruguayan national oil company ANCAP indicates a P50 estimated ultimate recovery volume (EUR) of 1.34 billion barrels at the Lenteja prospect.

My take is the Uruguay licence has now been mentioned as a farmout candidate, confirmed as over a 1Bn resource, and, combined with the Bahamas, makes a deal for the two attractive to anyone with the cash to exploit it fully. With Simon Potter no longer the CEO, we may see some things done differently, but it's clear the immediate short term need is cash to pay for Perseverance and carry out the drill programme in T&T and Suriname, hence the open offer and restructuring to provide a new base, which at the current Mcap will leave upside should the open offer and placing be successful and Saffron 2 drilled, kick starting increases in oil production. The question is will this see 35p if things go well. To get there this would need to be a £350m Mcap with 1B shares post consolidation and that will require a major to come onboard.

Should be awarding 3D seismic contract with a start date confirmed, probably rolled into another 1 year extension of licence.

Offshore gas will be for export. Onshore gas will be for domestic use.

Some may find this interesting reading from which they can research the various deep water oil fields of the Jurassic in the Eastern Gulf of Mexico. Shell have great experience.
https://www.beg.utexas.edu/node/5791

Live oil and gas has been found in previous wells. Live oil has been found in Perseverance. The perseverance well has confirmed that the thermal maturity of the oil to migrate and fill the reservoirs which were encountered in the Albian and Aptian with higher oil saturations as the well was drilled deeper. The thermal maturity has confirmed that there is a working petroleum system sourced from the deeper Jurassic. The location of Perseverance on a crestal high of Fold B meant the volumes were not commercial. A down dip well towards the south of Fold B will be the optimal location to discover commercial volumes in the Albian and Aptian reservoirs. The deeper Jurassic source is present under the entire Fold B structure and can be drilled in either location, however reaching shallower targets first will be the preferred location.

ShouldveSold - are you another one on here that lives in an alternative reality? To see the naivety of those who do not understand what they are reading and so come to conclusions that do not match reality, only shows themselves up as intellectually challenged. Embarrassing at best, however at worst, frightening for what else they get wrong in life.

Stealth buys going in as sells, so it might look negative but the pinch point will come and an uptick over 0.8p likely.

Majors are spending billion in the Eastern Gulf of Mexico to get at the Jurassic sub salt in deep water. Can do it for a fraction of the cost in The Bahamas basin. The basin is hot enough to generate vast amounts of oil. That's all a major needs to know. If they are willing to spend billions to get at it, then you can be sure they will see The Bahamas as a more cost effective option. It's all about the data. You need to be a petroleum engineer and geologist to understand the implications.

It's called monetising the investment in the asset. The question GarryGraham could not understand was why wouldn't a major just buy out BPC at 1p or less rather than do a farm-in. If a major does a farm-in they will have to pay a percentage of the back costs of $150m, aswell as the percentage of further drilling. So lets on a 50/50 JV they would be expected to pay half the back costs $75m and half the future drill costs. Usually in a farm-in the first well is done on a free carry basis. Any major would be looking at 100-$150m expenditure minimum.

GarryGraham. If a major was to buy BPC they wouldn't be paying what the current sp is or anything like 1p. The valuation of the company is not what the market says it is. The market is undervaluing BPC. If a major was buying BPC for The Bahamas assets, presuming they wanted to drill as they believe oil is present, which Perseverance has confirmed, then the minimum a major would have to pay without even ascribing value to the oil in the ground, is the investment made by BPC to get to the stage of confirming oil. This is $150m. You then need to factor in the oil that is likely in the licence areas and also the T&T assets the Suriname assets and then the Uruguay licence. Clearly, the valuation any major would be obliged to pay is well north of the current £27m Mcap. Sunk costs in The Bahamas are £108m for a start. This doesn't come for free.

Spiritefan, this is my thinking aswell. BPC pretty relaxed about the court case. Money in the bank for security for when/if there is no case to answer and clarity on future governmental requirements as to how they approved oil drilling. This relaxed attitude by BPC allowing the extra time for Fred to get the money in the bank would make sense if BPC have a partner in their pocket who are also relaxed about any judicial review on future procedures when it comes to oil drilling. Once it's been clarified, there can be no more arguments and the environmentalists will have no more opportunity to bring further court cases.

Fred Smith now seems to want oil drilling and how best this can be done in accordance with any new regulations. The main regulations that govern oil drilling is the Petroleum Act 2016 which incorporates best practice and worldwide standards. You can't get any better. The only thing Fred will find out in any court case is how water tight and legally binding BPC's licences are and how The Government are legally obliged to renew licences and allow the lawful right for BPC to explore for oil.

bid

Does look like this is on it's way. Not seeing much selling and the id strengthened today. Looking good to build on the gains which looks like propelling the sp further north. I guess 1p will be the psychological breakthrough that will get the volume going.

I think full field development completes in 2024. The early field development of three wells and early production must still be part of the plan.

The only way is up. Just clearing the various price points so it can make its way to 1p in time for the operational activity. MM's will want volumes to start at a higher base around 1p.

Davidbrent - Hmmm... so drilling Perseverance 1 and finding a Jurassic play the same as in the Eastern Gulf of Mexico opening up a new basin and meeting licence obligations which allows BPC the right to a third 3 year exploration period, with another well to be drilled and the monetising of the licences with a farm-in partner, is not delivering. Some strange logic there. Lets see what the farm-in brings. imo, dyor.