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in4cedros, I think Billion Barrel Finder would be an apt name or Persistence. But IceMax is reassuring. Another fact I can't quite fathom is Stena committing to an unconditional rig contract, even though BPC have yet to secure full funding, all be it they have a facilities available. Makes me think Stena are more than happy to take part in the drill, or have seen a backer in the wings.

How does BPC afford the most expensive drillship in the World is the question I am musing. It has either negotiated a fabulous day rate which Stena lose money on, or someone else is subsidising the rig, potentially Stena through their 10% option at $10m, which means they will be partnering BPC, or someone else will be, imho

Icemax had an IT software upgrade while in Gibraltar, as did Drillmax and Forth. Las Palmas is always used as a port base for prepping before moving to a drill site. GoM drilling doesn't start until May 2021. Enough time for a couple of wells in the Bahamas.

DXB1, the water depth at P1 is about 500m. Pretty shallow compared to Icemax capability, but as you say maybe the Bahamas Government are also at play and want belt and braces, but the cost for the best drillship in the World with the highest day rate going to BPC is interesting on it's own, imho,

The possibility the day rate has never been disclosed is because BPC could never afford it so maybe a partner is already helping out behind the scenes with their stipulation on rig and provider and hence a juicy 10% option for Stena to get the rig on site. But just my musings. I guess all will be revealed.

dubed, Thank you, very kind, I should say that it may be the case that the sight of the rig and not any old rig, the Icemax commands the highest day rates in the world at $299,999 a day, and is the most advanced harsh environment deepwater rig available, which throws up some interesting questions as to why it is being used in the benign shallow warm waters of the Bahamas and makes one wonder why this rig and who is subsidising it, but the sight of the Icemax could well tempt a supermajor to come onboard. The intent and message the Icemax sends out means this will be a Rolls Royce drill for a little minnow, and a likely world class discovery. imho.

dubed, yes the window seems to be end of September beginning of October for news, however with the Icemax in play and moving to Las Palmas, it is evident the port call will be for checking equipment, systems, and drill pipe for it's next drilling operation, which means decisions have been made between Stena and BPC, which could result in news sooner. I would think once the Icemax has been prepared, the drillship will be named by Stena. ETA at Las Palmas is 18th September, so a couple of weeks work brings us to 2nd October. News from 5th October at a guess, but could be sooner if financing news has been sorted, although I think by the time Stena announce the rig name their mind will be made up as to what they are doing with their 10% option and so funding news could be included as part of the rig RNS. BPC will want to know sooner rather than later on Stenas 10%, as it affects their improved funding talks if Stena are on board, but they have until 1st December to notify BPC. The important date is 1st November for Stena to have delivered it's commencement notice of a rig. Theoretically the Icemax can be at Las Palmas until November, although it costs money to be berthed at a port, more than at anchor in Gibraltar, which begs the question why has the Icemax moved now, unless they need 6 weeks to prepare the drillship, all imho.

The market still doesn't believe a rig will drill hence, coupled with Trafalgar offloading it's shares which are almost done, it will be in for a shock when the Icemax is confirmed, with a re-rating, imo.

BPC have the option of one big update with greater time in between, or more regular updates with parcels of news. So much is going on, it can be that to give a coherent and defining update they need to get all the bits of the jigsaw together, hence the wait on news, but it is coming.

Icemax on contract to BPC for 40-180 days depending on results. P1 discovery means likely follow on well. BPC have two well heads and conductor casing in storage.

Yes, it's had a complete IT software infrastructure upgrade which has just been completed and now onto Las Palmas ETA 18th September for load up.

Do majors really want a bidding war for Bahamas oil post dicscovery?? Imagine a minnow discovering oil in Guyana and how that would have played out with majors scrambling to get in bidding against one another. Far better to have an option for $500m for 50% exercisable in the event oil is found plus 50% backcosts to BPC. It's the no risk option. With Stena providing the rigs, a drill programme can be fast tracked. It's quite possible Stena may want a further option for a bigger 50% on any success, knowing they can offer fully funded drilling to BPC for a number of wells at their own cost. A full appraisal and production project with FPSO is well within their remit.

BHP are my favourites. Aussie boys together.

I think a major and Stena will team up. Possibly just Stena and BPC at first with an option for the major to participate on drill success at Perseverance for an agreed % and price, obviously 100's of millions $$'s for first dibs, post Perseverance discovery. This would be smart and allow BPC to realise 100% of the asset and the major not be exposed to any risk and happy to take a smaller % knowing the oil is there, imo.

Stenas' $10m option to enter into an investment with BPC must be prior to 1st December. They can't do it while drilling.

It will just be used as a voting tool. Vote for the current government if you want gas/electricity around Ruvuma. They won't sign anything before the election as it gives away a reason to vote for them. imho.

Baseline for the Stena option is key. $10m for 10 %. Farmout majors who want 50-70% need to put $50-$70m on the table minimum, aswell sas provide a suitable rig just like Stena are doing. For a farmout to get over the line, majors are going to have to do much more. such as pay backcosts, So another 50-$70m, on top of the asset value or provide free carry on two wells. Note Stena are not paying backcosts, just a $10m investment that values the assets.

All the other equipment such as 2 no. wellheads and conductor casing etc are paid for and sitting in a warehouse ready to go. Why have they got two wellheads. I guess one as a spare but, more likely so they can drill a follow up well when Perseverance is finished, all imho.

The answer to all this is in the rig contract. Stena have committed to making a rig available and technically ready. This involves considerable upfront expense to them in preparing, ie crew, materials, parts, Covid-19 safety, consumables, testing equipment, inspections etc, so it costs money before the drillship can depart ready to drill. BPC say the mobilistation along with 45 days drilling will cost $8m. BPC have this in the bank. Stena have an option for 10% interest in the drill at $10m, which they can provide by offsetting their drill costs directly, or by paying BPC cash. The 10% interest can be in the form of
equity or the asset. This is all risk free to BPC in so far as penalty clauses. It's an unconditional rig contract that guarantees a rig without conditions.

Please note there is no penalty clause for BPC in the rig contract with Stena, should BPC not be able to fund the drill. Speaks volumes in Stenas' confidence in BPC and getting paid for the drill, all imho, dyor.