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High oil saturations is what I would expect in a commercial well. I'm still scratching my head. If these reservoirs are 30,40,50m thick and have high oil saturation, then I can't for the life of me understand why this is not commercial. If they had said 'oil shows' or 'residual oil', as per previous wells, then that would explain non commerciality, but they clearly have values on the logs that show reservoirs being of high oil saturation values. If the reservoir is metres thick and saturated with oil, then they should have done a mini DST and at least gathered cores to demonstrate commerciality. If the saturation means oil is oozing out, then why not commercial. Very strange, imho.

"Hydrocarbons were encountered at various horizons, indicated by elevated gas chromatography readings detected continually during drilling, generally increasing with depth and through the deeper Aptian reservoir column in particular. Oil was identified from high oil saturation values from logs in a number of reservoir sections thus verifying the existence of a working Lower Cretaceous petroleum system and reservoir quality sequences in the Aptian".

Having had time to look at the RNS, I am perplexed by the saturation of the reservoirs, and yet non commercial oil. Either the reservoirs are saturated, or they or not, ie: oil has collected and stayed within the reservoir due to a valid seal, which the RNS states that their is a proven working hydrocarbon system in Fold B with traps and seals, or the oil migrated through, leaving residual oil, and non saturated reservoir (not the case if saturated). It would appear indications of hydrocarbons were stronger as the well was drilled deeper, but unfortunately time and money ran out. BPC has demonstrated the geology is drillable through the anhydrite, which was a concern for any major oil company. So it would appear there is more to this well result than currently known. It looks positive that oil has migrated and that the structure has saturated reservoirs. It would appear going deeper will unlock the commerciality. This is where a major will enter the project with vastly more resources and financial clout. BPC have done the hard work for them and the punt was a strike on the first well which has ore or less happened in all but name. This is now tee'd up, possibly for a consortia if they are all in agreement or in my view for BHP which I believe are looking for new projects in new basins at the lower cost entry. I'm sure the data that is yet to be fully revealed and analysed will give confidence to a drilling campaign of 2-3 wells, and I'm sure BPC will now partner with a major now that it has relevant valuable new data in this first drill, ie oil. I would have liked more detail in the RNS about gas shows, oil shows, depths they were encountered, and logging of the reservoirs and oil pay in the horizons and the type of oil encountered, but I gather more will be forthcoming once all the data has been analysed. I believe there will be a shareholders conference call about the well result. I remain positive about future developments and a farmout. BPC have proved a working hydrocarbon system that will yield commercial volumes in the right location of a new drill, if not Perseverance was the right place, just deeper down. Aimho.

Yes, probably trying to get to the base of the petroleum system if possible but it's very deep. Proving up a subsalt system like Cantarell. It's hard to drill so might run out of rig days or drill bits.

When you're on the oil you don't stop drilling.

I think they've banked a find and are trying to get as much out of the drill as they possibly can. How long it takes and what they are prepared to go to all comes down to the number of rig days left. aimho.

The biggest oil is all around the vicinity of the Bahamas. With the technology and science used, don't be surprised if they've hit the sweet spot.

There are many ways to monetise any oil discovery. Firstly though, the immediate response will be an increase in sp to reflect the new value ascribed to any oil discovery. As has already been said by BPC, a 770MMb find will have a NPV10 of $2.5B, at an oil price of $40. If BPC's market cap does not increase, then it immediately becomes a takeover target for the major oil companies, which would mean a bidding war, potentially.

Exposure to one of the biggest wells in the industry.

Over a decade ago, BPC management secured and analyzed detailed G&G information to identify huge structures within Bahamian waters having similar play characteristics to giant oilfields offshore Southern Mexico. At the time, industry’s attraction to the US Gulf of Mexico combined with the turmoil in commodity markets had almost erased The Bahamas from the industry’s collective memory. After twelve years of extensive analysis, new seismic, government authorization delays and the ultimately successful search for funding, BPC is finally about to spud its first exploration well. This well targets a 0.77-1.4 bnbbl prospective resource structure with 5-11 bnbbl
prospective resources having been estimated across BPC’s licences.

Value build-up
With ~US$17.5 mm in cash plus a US$20 mm convertible, BPC’s shares trade below the value of the firm based on the Trinidad and Suriname assets alone. Drilling success in Trinidad and in Suriname would take our value for the firm based on these two countries’ assets alone to ~5.0-5.5p per share. A success at Perseverance in The Bahamas adds >17.00p per share (~6x the current share price) even assuming that BPC retains only 25% of the value of the discovery – retention of a higher stake increases this value pro rata.

Exposure to one of the biggest wells in the industry.

Over a decade ago, BPC management secured and analyzed detailed G&G information to identify huge structures within Bahamian waters having similar play characteristics to giant oilfields offshore Southern Mexico. At the time, industry’s attraction to the US Gulf of Mexico combined with the turmoil in commodity markets had almost erased The Bahamas from the industry’s collective memory. After twelve years of extensive analysis, new seismic, government authorization delays and the ultimately successful search for funding, BPC is finally about to spud its first exploration well. This well targets a 0.77-1.4 bnbbl prospective resource structure with 5-11 bnbbl
prospective resources having been estimated across BPC’s licences.

Value build-up
With ~US$17.5 mm in cash plus a US$20 mm convertible, BPC’s shares trade below the value of the firm based on the Trinidad and Suriname assets alone. Drilling success in Trinidad and in Suriname would take our value for the firm based on these two countries’ assets alone to ~5.0-5.5p per share. A success at Perseverance in The Bahamas adds >17.00p per share (~6x the current share price) even assuming that BPC retains only 25% of the value of the discovery – retention of a higher stake increases this value pro rata.

I do believe The Bahamas Government recently enacted the safety exclusion zone around the IceMax for the reason that it is in communication with hydrocarbons, and is currently evaluating, testing, hence the heightened risk during these operations.

If you are saying the IceMax is breaking industry safety regulations, then you need to report it. However, it is highly unlikely to be the case, imho.

pappalazz, it's been like that for more tha two weeks with the HOS Black Foot doing the supply runs. Usually in port for 10 hours then back out. No point having two supply vessels, with one just hanging around the rig doing nothing, when one supply vessel can do the quick shuttle and be back in 24 hours..

Perseverance supercharging the company was all I needed to hear.

Potter is on the IceMax that's why he can't present.

He's a bit busy at the moment.

Heli going back out to IceMax, Probably BPC and Government bods onboard.

Still heaps of work to do. I would say they are mini DST the Base Aptian at 4800m and will work upwards isolating and mini DST if time will allow but not necessary if the Base Aptian contains oil and flows, it will prove up the shallower horizons for fluid type and origin as samples will be the same. So lot's of tripping pipe and then drill deeper within upper Jurassic to 5600m. There will be higher pressure here, so will want all the other testing out the way at 4800m, before going deeper. Think they will use full 60 days for this monster.

Bespoke, The heli is chartered for crew, staff, personnel rotation. B&V have at least one on board maybe two. Also they may use it to take fluid/gas samples, cores back to University of Miami for independent analysis.. they will be double triple checking everything. Samples will probably also go to Aberdeen. Maybe oil execs are visiting the IceMax and witnessing mini DST or logging results while drilling for proof of any results, for potential farmouts/sale, etc All of these flights are bound by strict Covid protocols. Negative test and quarantine rules, so takes a lot of forward planning.

The heli is flying out to Icemax from Miami.

They are basically going for volume by drilling deeper and proving up the structure.