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Cos they didn't have a contract for a rig signed.

The family didn't make their money flipping burgers. They are not here to flip BPC shares for a paltry £2m profit. They will sell some when drilling starts for a £10m profit when SP is 11p and volume available to protect the rest of their investment..

The keyword in Bahamas Private Family Office Investor is... INVESTOR. Remember the stockmarket transfers wealth from the impatient to the patient. The Bahamas invester has only been on board a couple of months and is loading up for the drill.

Day rate BPC negotiated for a drill rig was about $215k a day.

Yes, Exxon have hired it from July 2020 to January 2021 for two wells in Brazil, with up to 17 wells depending on results. Exxon were going to hire Noble Sam croft as the fifth drill ship in Guyana. It was due in Guyana third quarter 2020. but they have now cancelled. So definitely a drill ship in the region looking for action. I guess if Exxon were hiring it then Apache were not going to use it's option to extend.

West Saturn has been hired by Exxon for drilling in Brazil. July - January 2021. Two wells. Day rate $250k.

Exxon have cancelled Noble Sam Croft for drilling in Guyana. The drillship is on contract to Apache in Suriname until end of June. Apache have an option to extend. It was going to Guyana for Exxon. It could become available for BPC.

Hi Yonny. I do agree. It's important BPC meets it's obligations of the licences, and while an extension will be granted by the BG, one needs to be seen to be doing all one can to get the drill bit spinning. October is the ideal time to get this done.

Agree Yonny. How close are BPC to signing a deal, Re Farmout or rig? What does your crystal ball say.

It would make a change from the majors asking too much of BPC. A good proposal to put to them by BPC and see what they say. Don't you think??

Maybe Exxon would like to trade some Guyana production for a farmout with BPC to get what they want???

Hi Yonny,
I believe Exxon had pre-selected West Saturn for drilling in Brazil. I think Brazil drilling has been put back until next year. It's pretty expensive deep drilling in Brazil and Exxon have scaled back. I don't think Exxon will use West Saturn for Guyana drilling as they tend to use Noble and Stena drillships, hence why West Saturn is still sitting idle. Seadrill will want it earning money and Exxon will probably release it to BPC which I think is the opportunity that COVID 19 and the fall in oil price has brought about. Hopefully a new day rate will be agreed. An October drill would be perfect on the timing. I guess Exxon are involved as they pre-selected the West Saturn for their own use and will be briefed on when and what BPC are up to. I hope they join the party after their Guyana success.

West Saturn does not have any drilling jobs on hand. All the hard work has been done, just a bit more needed to mitigate risks. BPC good to go, one would hope.

We will be looking for some news from BPC on the back up plan for October and confirmation of drilling the well. Rig pre-selection and confirmed new day rate will be the proof, with updates on prep for operating in a COVID environment, which lets face it will be with us from now on as the new normal. Plan of action will have to be worked through should not be insurmountable, with the only factor beyond BPC's control being how service providers are able to provide services for the drill. With the amount of notice still available to allow providers to prepare, then time should be used wisely, hence an early decision on the drill needs to be taken. BPC need to keep the substantial Bahamian Investor happy and onside, as they will want to see some action like we all do and, get that share price moving. Very important for BPC to keep the pressure on Exxon aswell, by giving a clear message to the market on the decision to drill. Sooner the better. imv.

Dow futures up 600pts

Dow will open up 700 pts

Everyone has taken flight to the US dollar, so they would find it more difficult to sell the oil if the sold in another currency.

Oil price will start to go up.

Trump will threaten to seize all Saudi assets in the US of over $1Trn if they don't cut production, and also force a break up of Aramco for breaking anti competition rules andhalt the use of the US dollar by all Saudis anywhere in the World. Of course this threat will mean MBS will not risk an oil war, imo.

The other alternative with day rates falling is a 2 well programme, with the full funds used.