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Big box ticked.

Confirmed 15-19th December. Stena ICEMAX.

Stena Forth is a second drill ship that was anchored off of Gibraltar. Icemax went ahead of Forth and both ships will be in the port of Las Palmas for repairs before their mobilisation to their drilling contract end of the year.

Stena Forth is on the move to Las Palmas and will arrive on the 28th September. Both Icemax and Forth will be at the port for repair work carried out by Astican.

Should arrive at Las Palmas end of September.

Stena Forth will also be going to Las Palmas Port for maintenance before drilling for Tullow offshore Suriname. Expected date for mobilisation is late December/ early January 2021. Drilling expected to start in January/February 2021. Contracted for one well.

From BHP Annual report .
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.

I think Interim results will be Thursday going by previous dates.

Yonny. I'll keep my fingers and toes crossed aswell. Can't get my head around ICEMAX being used. Harsh environment rig commanding highest day rate yet saving 15% on drill cost??. Times must be hard for them..or they're looking after themselves with that drillship on any JV with BPC. Getting exciting.

Ah but you didn't, as I know who bought.

It was definitely a buy at 0.65p.

Helicopters in GoM are Covid secure and passengers sealed separate from pilot. A Covid test and quarantine period is required before flying out to the rig. Rig workers still need to rotate shifts. For safety reasons and work regulations, can't have them working 24/7 for the whole duration of the drill. They need time off.

CoMan, thanks for the reply. Stena will not be able to confirm the drillship is ready in enough time if they have to do all that work. They only have until the 1st November at the very very latest to confirm the commencement notice that the rig is ready for drilling. If they don't, then a penalty of $7.5m will be paid to BPC. All sounds a bit too close for comfort, imho.

CoMan, was the drillship not in operation earlier this year? The rig has only been out of operation since April and in that time I'm sure systems were kept activated. The drillship hasn't been cold stacked which would indicate the need for a reactivation. I can understand some service maintenance and equipment checking, but reactivating is a completely different thing.

Would be peculiar to offer Stena an option of 10% if it wasn't wanted or asked for, imo

Linton78, the confidence in the ability to fund other aquisitions must be coming from somewhere. It would make sense from a farmout. Opens up more possibilities.

Spiritefan, excellent time to buy at 2p.
dubed, thank you for that alternative view. I watched the trades and saw a lot that were reported as sells but were in fact buys, but we know how the reporting of trades can be confusing when there is a large spread. The pattern yesterday suggested the seller had finished, with buying pressure pushing the price up with pullbacks being bought into. I see the pressure is returning this afternoon.

I am invested for what I hope will be a company to rival oil majors and independents in 2-3 years, however I believe the Bahamas assets will be sold for $1-5B depending on oil resource. Basically $1 per discovered barrel. The increased portfolio ie, Uruguay, is a strategy that allows a repeat project, ensuring the company is not bought out completely. imo. The CERP assets are a backup for the company to carry on in case there is no oil in the Bahamas. A well thought out strategy covering all possibilities. I note other acquisitions are being looked at, which in my view suggests money coming from somewhere that can fund this, which could mean farmout money.

I must say I was surprised by the heavy buying yesterday. A lot of 1m + buys with 2 x 3m late buys on Tuesday for £130k. These are not speculative trades and I'm sure we have not seen any similar sized sells today that would suggest profit taking.. So what does this mean? I surmise that the large buys were as a result of third party knowledge that will create value. If so, then talking amongst third parties has been going on that has revealed positive developments. BPC run a tight ship so barring them, these third parties are potentially privy to the type of news relating to deals and tongues have wagged to a select few. aimho.

Repsol is an interesting suggestion. BPC have a data sharing agreement with Cupet. Indeed Cupet has shared oil samples and seismic with BPC to compare with Bahamas oil samples found in the Doubloon Saxon well. The origin and source of the Cuban oil matched the Bahamas, so it has definitely migrated over to the Bahamas basin. This is very exciting.