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There won't be any drilling in the 2H of 2020 which is when the hurricanes occur. They can actually drill all year round if they wanted to. If there was a hurricane coming in the middle of drilling they would just pull up the drill pipe and move the rig out of the way of the hurricane, probably back to the GoM, until it had passed and then go back and carry on drilling. The only downside to this is lost time and increase in cost for the number of days to finish a well. Hurricanes for drilling is not a problem.

It would be unwise for anyone to bang on about an oil spill when people don't have a house to live in anymore or a family anymore. Being opportunist is sadly the way of these types. We all know that.

Got nothing to do with BPC I'm afraid. That's Equinor who are a Norwegian company. I'm sure they will respond to it appropriately.

Jim, It's quite the opposite in my opinion. So much going on in the Bahamas, a drill or two won't be noticed. all equipment is coming from the GoM so the logistics are unaffected, aimho, dyor.

Sorry to quash any detractors about drilling and the affects of the hurricane on it, but on speaking to the company, final environmental approval will be given prior to spud. The Government have already given approval to the type of rig BPC are using, ie: 6th gen, hence the Seadrill commitment, however due to the rig not being specifically named, final approval will be just before spud when the rig is known. This will be a formality as the rig will literally be on it's way.

The Hurricane is miles north of Nassau. Nassau is fine. They might of had a bit of flooding, but the hurricane is moving north to Florida now.

I'm afraid that's life. It's not nice, but just have to take it. If any oil can build stronger hurricane proof infrastructure and homes then it should be done. A lot of homes are timber framed wooden boarded houses. Really need reinforced concrete structures to withstand hurricanes. I hope if they do find oil new buildings and homes can be built that will save lives.

This well was Long island 1 drilled in 1970 when they hit oil.
https://www.facebook.com/graham.weatherford/videos/10155078095592338/

Any convertible loan dilution will be for done at 6p or at a 25% premium to the sp at the time of issuance, whichever is the lower, 6p being the lowest.

Once advanced, the Conditional Convertible Loan would be for a term of 3 years, with a coupon of 12% per annum, convertible at a price of either 6p per share or a 25% premium to any hypothetical future equity issuance, whichever is lower.

Nothing wrong with your calcs Jim. I don't mind if BPC go the self funding route. A higher sp gives less dilution while retaining 100% of the asset. this gives greater shareholder value. It does mean that Shell and others are going to have to start understanding that the self funding route benchmarks what they have to offer. Shareholders will get full value from either route to drill. Management have really done good.

BPC have stated that the dilution expected, if they go the equity funding route, will benchmark any farmout deal. So in effect they will be looking for a 50% asset dilution on a farmout for drilling a well. They may accept a bit more asset dilution for a 2-3 well campaign. A farmout could still be done post funding, while they drilling.

Goliath Energy
or
Goliath Oil & Gas

Agreed. It's no biggie that we self fund the drill due to keeping 100% of the asset. The fact the investment comes is a testament to the work and technical robustness of the prospects and their chance of success, imo

Hope so. Apart from the prospects, the drill costs can't be ignored and the fact Seadrill, BakerHughes and Halliburtons are signed up.

Exxon execs impressed with drill costs.

In Houston, so not able to talk.

Time to buy more shares. 2p is a gift.

Farmout more likely than less likely. and on very favourable terms or BPC will just drill it and keep it for themselves. All going to happen quite rapidly due to imposed time frame of 11th October and BPC drilling in 6-8 months time.

http://www.tribune242.com/news/2019/aug/22/oil-explorer-in-2020-first-half-well-drill-goal/?news

Mr Potter was not available for further comment, but one source familiar with developments said the series of agreements BPC had put in place gives it options as to which route it will take to reach the end goal of drilling a first exploratory well. “All doors are open,” they said. “This is potentially nation changing for The Bahamas.”

Phone calls already flying into BPC office.

A major will fund the other 50% of the well now a rig has been booked and the well costs are so cheap. $25m to drill two wells is nothing to a major for a 50/50 farmout.