Member Info for PageofCups

Funded until June 2021. From the half yearly report 30th June 2020.

Based on the expectation that either the Farm-Out will close by 15 October 2020 or ARA will advance the interim costs of US$1.97 million under the funding arrangement and not call for repayment of the US$5 million already advanced against the Farm-Out, and certain other mitigating actions can be taken, the Directors concluded that the Group would have sufficient resources to continue as a going concern and meet its obligations as and when they fall due for a period of not less than 12 months from the date of approval of the condensed consolidated financial statements and consequently the condensed consolidated financial statements have been prepared on a going concern basis.

Can buy at 0.55p this pm. Cheap.

A preferred development concept for a field size of approximately 0.7 billion barrels would involve an initial 16 wells, with Electric Submersible Pumps (ESPs), connected to subsea wellheads, grouped in pods of 4 wells, then flowing through a closed-circuit subsea flowline up individual risers to the FPSO. Thereafter additional wells would be drilled over the field life in similar configuration to maintain a production plateau and optimise FPSO throughput.
In a successful development scenario of approximately 0.7 billion barrels (i.e., of the P50 resource level at Perseverance #1 only), and assuming a real US$40 oil price, the project remains robustly economic with an NPV10 exceeding US$2.5 billion. In such a scenario, even at these relatively modest oil prices, an aggregate revenue stream of over US$5 billion would flow to the Government of The Bahamas in royalty income and other payments over the life of the project.
In the event of a successful development being established at the B North Perseverance #1 location, it is expected that the most likely resource volumes identified for the remainder of the 70 - 80km long B Structure would be largely derisked. In such a scenario it could thus be anticipated that one or more additional FPSO developments would be required to effectively drain the expanded resource base - for example one located at the northern end of the structure, and the other at the southern end. With a similar wells and subsea architecture configuration, a commensurate increase in incremental economic worth to the project (and revenues to the Government of The Bahamas) could be anticipated.

MM's are trying to shake out holders. 0.45p went through , however 0.55p to sell. They got ripped.

A lot of guessing. Past is not a guide to the future. All we know is a lot of work is going to be done starting next year. $20m+

Buys are showing as sells. 0.57 trades are buys 0.55 trades are sells.

If the Zubairs are intent on choking the life out of Aminex, then can someone explain why the Zubairs did not call in the loan secured against Aminex's Ntorya asset. Why didn't the Zubairs just take over Aminex's 75% ?

There will be no injunction. This is unaffordable and would be lost. It's not something a QC can recommend to a client. The Judicial Review against the government in respect of environmental legislation passed in September 2020 cannot be applied retrospectively to previously granted projects and environmental authorisations. The legislation is not backward looking. The accusation is that there has been a change in drill ship from the previous granted EA , however this is not true as the drill ship for the drilling was not known. The type of rig and class and specification was required at the time of the granting of the EA with details to be provided and confirmed once a rig had been contracted on the basis of the specification in the EA. Therefore, the EA allows for the details of the rig to be provided at a later date once the rig is known, so long as it complies with the EA, which the Stena Icemax does. A judge would say there is no case for judicial review and one would not be brought, as it is clear there is no case.

The Bahamas are exposed to oil drilling off the North West coast of Cuba. Cuba have a thriving tourist industry with wonderful beaches and wildlife. Everyone's pretty cool with it. and know the risks and benefits. The Bahamas are exposed to oil activities whether they like it or not. Has been going on for decades. BPC's well will make no difference.

Last of it going going.

This is cheap. Nothing left under 0.6p Stock has been taken. Finish blue.

https://thenassauguardian.com/survey-grand-bahamians-favor-shift-away-from-tourism-focus/

I doubt Aminex or anyone would spend money on bringing a well back into production if previous gas revenues has still not been paid. Any work on KN1 will be on the proviso of the outstanding production revenue owed, being paid. imho.

The obvious route to fund the restart of production at KN1 is the payment of past production owed($7.6m) which is recognised by TPDC. Hopefully will get a resolution on this as part of the work programme. TPDC recognise they can't expect Aminex to restart KN1 production, if they are still owed gas money. Aminex need confidence that TPDC are going to pay for future production.

Sorry Seawolf, Will post under Aminex heading. Although Wentworth are in the mix of a RTO.

Yep, Aminex are waiting for approval to re-enter KN1. Also resolution of past production revenues. 3D is separate but forms part of the work programme, however not pre-requisite to begin production at KN1.

Hi crusty, they have 2p reserves at Killiwani. It's not much but if they get approval to remediate the well then who knows what finance they can arrange now Zubairs have 50% of Ntorya.

If Aminex need to raise some cash, then a straightforward RBL against 2p gas reserves won't be a problem. However, they have already stated they have enough operational cash until May/June 2021. I'm sure there will be lots happening by then.

Great vision from the BoD at BPC with todays strategy update for T&T and Suriname. Moving into significant value enhancing period in the next few weeks. All bases covered and huge catalysts primed for growth. Well done Simon Potter, Eytan and the dream team. Let's get this done.

Reserve-based lending facilities: The Company has indicated publicly that it is seeking to undertake a portfolio wide Competent Persons' Review (CPR), with a goal of 1 mmbbl of certified 2P reserves (net) by the end of 2020, and 10 mmbbl of certified 2P reserves (net) by the end of 2021. Certified 2P reserves are a readily monetisable asset, and the Company has commenced discussion with several providers of financing facilities that advance funding against the assessed value of 2P reserves ("reserve-based lending facilities", or "RBLs". Based on the level of targeted 2P reserves and typical RBL lending arrangements (including those currently under evaluation), access to in the order of $20m of capital is considered by the Company to be a realistic goal.