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I would agree Patoir. Note the $10m figure in todays placing RNS. Same as Stenas $10m. Coincidence? Gives $20m.

A signing ceremony during the election campaign while touring the district would make sense, with great fan fare, so voters can reward the president with their vote.

Thoughts on placing. Investec have some clients that want in and on better terms than the Bahamas Family Office. Oversubscribed at 2p however probably will be nearer 2.5p if they raise more than 7.8m due to demand. Investec will back it at a fraction under the placing price and forward on to their clients. ie 2.4p for 2.5p placing. Profit the difference. These won't be flipped for profit due to the investment case now presented by BPC. Mention of the farmout in the placing and how the money will be used for expanded drilling if a partner comes onboard. Maybe they've had a nod and wink and institutions are being kept sweet for future needs.

Ah sorry blackgold. I agree. Also to note, not only have the government extended the licence, but under legislation all parties recognise (inc, government) that further extensions can be granted. Can't see the licences collapsing . They're legally solid, hence obligations of the government to now grant the farmout, which they have to do.

It's the exploration licence that is important which has been granted. Under the terms of the Mtwara licence, this allows for the farmout to complete and exploration activities to commence and includes the negotiation of the Gas terms for the Ruvuma PSA . This all falls under the Mtwara licence which has been extended to April 2021.

Yeah, but it's not the licences Aminex are waiting for. That's already been extended. It's the farmout approval, should be a formality, as all conditions have been met.

I think he cares more about winning the election right now. Probably will just tell the energy minister to sign it

It could be the energy minister wouldn't bother to tell the president. He will just sign it off as his responsibility and it will be lost in the noise of the election. The president will be elated if he gets re-elected and so wouldn't care if the energy minister had signed without his knowledge. If the president doesn't get re-elected, then it wouldn't matter to the energy minister that he signed without telling the president.

ARA and the Zubairs are firmly in Aminexs' corner. The message to the Tanz government is pretty clear.

Think there has been a lot of panic selling this morning. Understandable, but on reflection, the Tanz government have to come clean and I'm sure they want a gas project for their industry and voters/people. No excuses now.

Pretty sure they will get it all signed off now, imho.

I think this unusual circumstance creates a great buying opportunity, high risk yes, but wasn't it always. Added benefit is the Tanz government now know the political consequences of not fulfilling it's manifesto pledges at a time of elections, aswell as the legal and monetary costs of compensation awards. Hardly a model for a country that claims to want investment and is open for business.

I think The Tanz government will get their arse moving. Otherwise there will be a lawsuit for not honouring the farmout . They would be liable for compensation of loss of earnings etc, not to mention the millions already paid.

Hi Yonny. How's the IceMAX gone down with BHP? What's the iced tea leaves telling you..?

Bahamas is on BHP's door step with Trinidad & Tobago and GoM operations.

Our petroleum exploration program had positive results in FY2020.
We are pursuing high-quality plays in our four priority basins and a US$450 million exploration program is planned for FY2021 as we progress testing of our future growth opportunities and evaluate potential new basins for future entries.

Interims next week will give management the chance to make further confident statements.

It's clear the nomination of the Icemax by Stena will open all sorts of doors. Farmouts, Jv's, funding, however BPC want to do it. imho.

Stena knows what's down there, hence the rig.

Not just any old rig. but the IceMAX. Stenas pride of fleet and the best drill ship in the World. I think they want to be part of a new discovery Guyana style.

The nomination from Stena of the exact rig and provision of guidance as to the date on which the rig will be on location, and thus greater certainty around when the Perseverance #1 well can spud, is a significant milestone for BPC, and will now enable a number of critical work items to be progressed within clearly defined timetable.