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I think what BPC have done will turn out to be a masterstroke, with a perfect combination of acquiring producing assets with exploration/development upside at a knockdown price just as there is a recovering oil price. Huge acreage recently added in Uruguay with another 1Bn prospective resources and a success at P#1 just as oil prices reach $50-60 due to the global economy returning to normal, while OPEC+ production cuts are locked in for 2 years. An oil price back to $90 end of 2021 and BPC has the chance to be a power house.

I think if Mr Koots and the rest of the BoD of Columbus were that good, they wouldn't be selling out. Conversely, if they are that good, and with all the assets and fields and opportunity to make a success at Columbus that they have been working on these last few years, then one has to ask, just what is it that they have seen that makes them want to merge with BPC that they couldn't have done themselves if they are that good.

An oil trader would be willing to pay for the cost for a 500m, yes 500m, pipeline and jetty for tankers to load up with 40API oil, which can then be sold onto the international market and not in-country, therefore without any government tax, which the SWP contract allows.

It must be an exciting time for the team. Look what's been achieved in the last 3 months sine the disappointment of drilling postponement. Unconditional rig signed with heavyweight Stena for one of their top three to spec drillships and 10% option for $10m on the table. Uruguay licence, with estimated 1Bn barrels Game changing deal to become producer / explorer with revenue on stream with plenty of upside, opening the path for larger investment. Just shows you what is achievable in a short time frame when you have two willing parties who can agree. Our BoD can put together and close out favourable deals as part of a bigger strategy plan to unlock the Bahamas. Note to farmout partners:- a deal exists.
Looking forward to more surprises (good ones, of course).

Going for a drill out of the major structures to prove oil in the billions would explain several wells and then a sell of the Bahamas licences to a super major and the cash used as a dividend aswell as reinvestment in the new assets, ie Uruguay, Columbus assets and any other acquisition. Stena doing one well seems a bit tame now.

More importantly without dilution.

Tiburn, yes agree. The Simon and Eytan presentation emphasises that the merger opens up funding for several wells in the Bahamas.

Touchstone have a credit facility for $20m loaned by Caribbeans biggest lender Republic Bank, Trinidad, and have proved 1P reserves of 11.84MMb and 2P reserves of 22MMb with NPV $83m. The recent Saffron discovery has 11.5MM barrel recovery in the lower Cruz alone, with an NPV $90.3m. Suriname also has additional 24MMb STOOIP. Can't see any reason why BPC can't get a credit facility for $30m and do a two well campaign in the Bahamas, with Stena exercising their option for $10m. BPC have over $10m cash in the bank, although probably be nearer $9m by the drill. In all probability BPC can have access to $50m of funding. imho, dyor.

In my view, the new entity means no further dilution.

Columbus BoD have said they have done their due diligence on funding/financing for P#1 and are happy. Oviously we will find out soon enough once it's all been signed and sealed. Another pleasant surprise for BPC shareholders to look forward to, imho.

Bonum, Listen or your tongue will make you deaf.

As Eytan says in the interview for the rig announcement with Stena, "there's more than one way to skin this funding cat".
A great line that shows confidence.

Mr Potter has positioned the company for options to deliver funding that creates maximum shareholder value. It's quite obvious the merger with CERP allows BPC the option to fund P#1 through a credit facility loaned against CERP's oil fields, paid back via production, hence no further dilution. This additional path to funding P#1, while reducing risk in acquiring producing assets, is something that should reassure shareholders. It's the least we can now expect, imho.

Yonny, Here is a link to an interesting BHP presentation and their rational as to how they see the upside from oil projects like BPC's. I am surprised that for such a major company, worldwide, BHP only have 3.2Bn boe resources. Note resources and not proved or probable. BPC have at least half of BHP's resources targeted in one drill at Perseverance. I am sure, therefore, BPC are attractive to BHP. The alignment of BHP's strategy for new oil to BPC's oil exploration asset base is a perfect fit.

https://www.bhp.com/-/media/documents/media/reports-and-presentations/2019/191111_petroleumbriefing.pdf?la=en

Good evening or good morning as Mr P would say.
I think BHP would be a wonderful fit. They divested their shale assets for $10Bn to BP and of course operate offshore T&T which makes them a candidate for an expansion in the region. Mostly gas at the moment so oil, I'm sure, wouldn't go amiss to re-balance their portfolio particularly after getting out of shale, a smart move, with the current low oil price. A nice package has been put together by BPC for any super major. Opportunities for deals in this current climate, as has been demonstrated by BPC, need to be executed, and for BHP, the footprint now offered by BPC in the Caribbean and Latin America is considerable, which a small proportion of that $10Bn could be put to good use, with upside for any super major. It moves the dial and even more now that BPC is not just about the Bahamas can can be seen as a full E&P company with some yet to be known institutional investors. The Aussie connection goes down well I'm sure, also. But the same goes for the other T&T operators, like BP, Repsol, Shell. How much introspection they are currently in is debatable, but Mr P's recent bargain basement deals gives food for thought, and will no doubt make an impact on their forward thinking in the region, and so maybe there are some big fish looking at the juicy dinner prepared for by our chef and we are just waiting for a feeding frenzy. Exxon have shown what's waiting, imo.

Hello Harryoffdock, The rig was to be chosen by Seadrill nearer the time of the drill, which was part of the deal and gave Seadrill flexibility as to what rig they chose to use for BPC, rather than committing to a named rig, and in return, without a named rig, BPC got a low day rate of $215k, instead of something like $250k. It needed to be a rig with MPD, hence a 6th gen drill ship, so one of the West ships of Seadrills choosing. It was the West Saturn which Seadrill wanted to use for BPC, before it went to Exxon. Exxon had pre-selected it back in November for two wells in Brazil, in 2H of 2020, but had yet to agree a day rate with Seadrill, so technically it was still available before June 2020 and therefore fitted in nicely with April-May. Then CV-19 hit and the drill was cancelled. Exxon however were cutting up rough and talking about allowing the West Saturn to be used if they farmed in with BPC and they were trying to use the rig as leverage, which put Seadrill in a tricky position as they were obligated to allow BPC to use a rig. Exxon were using it as leverage for a farmin even though they hadn't agreed a day rate with Seadrill, but Potter was like hey, you know what, we will delay until October and drill after the hurricane season. Then CV-19 hit and it was like, okay we have to put the drill back after the hurricane season and revisit discussions with other contractors as there will now be a surefit of rigs at lower day rates. So they did a deal with Stena (much better) at a lower rig rate who offered an unconditional contract in return for a JV interest. Exxon lost out again and ended up agreeing a day rate of $250k for the West Saturn to drill 2 wells in Brazil, but didn't get the big Bahamas drill they wanted. They might be back though now Stena is on scene. At least this time we have 3 drill ships available, so no funny business from a super major. Keep a look out for the 7am surprise. The next one will be mega.

Guys and girls, Everyone needs to relax. The drill will go ahead and will find 2Bn barrels of oil, it's there, no doubts. A farmin partner will not miss out, trust me. BPC's assets/portfolio just got that bit juicier. They are good at keeping secrets so just buy as many as you can. Not long for the big reveal. We know there is one coming. At least you should by now. Will be a surprise to some but a vindication to others.

The shares will go up. Harry will wave his magic wand.

Desperate for shares. Going up!

Brynjon, Well the sp won't be 3p or less. Who would vote for that?? Not CERP holders. If they are receiving BPC shares north of 5p they will say yes please! Instis and funds will make sure we get there. Not much buying needed really.