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PI - yes, that's a good point, to know that the exclusive major is now back negotiating would be reassuring. If I remember, there was a theory that the exclusive major was going to wait to see if the licence would expire in June 19 and then walk in and say to the Bahamas Government we'll have those licences. It hasn't turned out that way. To suggest they would have gone to the Bahamas Government and asked them if they could have the licences, presumably because they wanted to drill, can be seen as positive. Whether it' s true or not we don't know, but now they have to deal with BPC. The comments from Simon Potter about creating a competitive environment for the farmout probably means no more exclusivity, and offers are subject to competitive bidding through an RFP process brokered by Macquarie, with a deadline for submission. It's cards on the table time for the majors, especially the exclusive major. Do they bid, or walk away and risk losing out. Do they risk going in low, or are they going to go in somewhere in the middle. Do they really believe there is no oil in the Bahamas and therefore sit on the sidelines watching while all around them make billions of barrels discoveries, such as in Guyana. It's make your mind up time. It's not as if this drilling is going to be hugely costly to a major. It's not as if this has huge potential with pretty good CoS. Every box has been ticked that says it's a go for launch and I'm pretty sure with the process currently underway, Simon Potter will get a deal and probably better than most think. A quick deal that would have seen a small retaining could have been done by now, Aimho.

PI, Sounds about right. However probably only valid if there is only one major interested, meaning BPC wouldn't have much of a choice.I belive this is where Macquarie comes in and the RFP. I think it will now probably be different if there are two or three that are interested and have submitted there bids. This would give BPC options and a basis to negotiate. Do the interested majors spread the risk amongst themselves, which could mean a bigger slice to BPC, as the costs will not be as great, or if one partner just wants the whole lot for themselves, then will they have to offer very good terms to BPC to freeze out the others. Obviously we need to hope there are at least two majors that will be wanting to farmin. Sometimes all it takes is for one to say they are interested and then the others will not want to miss out or give way to a competitor. We saw how last year a major froze out the competition by paying for exclusivity. This is significant and does get underestimated by pundits, mainly due to there having been no commercial terms agreed, however there were factors that were outside of BPC's control that meant the major decided to end the exclusivity in the knowledge that it was unlikely any of the other majors would make an immediate offer until the uncertainty of the licences were resolved, which took longer than anticipated. The exclusive major could not continue paying $250k per month on an open ended basis while the licence tenure was still with the Bahamas Government. That's been resolved, Aimo.

You have to take into account where this project is, which is drill ready, with plenty of running room should oil be found. The traps are huge, middle east scale. Would a major oil company be interested in a drill ready project that has had over $100m invested in high quality 3D work and surveys with real data from five previously drilled wells with logs, cores, rock samples and live oil shows that demonstrate a working petroleum system. Does that warrant cutting Bpc some slack by taking on risk by doing what they are in the business of doing and drill to find what could be the next big oil in an area close to the US markets and oil infrastructure. There aren't many projects worldwide with the scale of Bpc. A lot of work has been done that saves time for any major looking for an asset with the potential that could replace and re-balance any major oil company's reserve base and future growth.

Steady buying last couple of days. Lightwave opening up a line of communication with Google. Doesn't matter how small you are, if you have decent products then you can catch the eye of the big tech companies.

I fear this is one step closer to being delisted and moved to Asset Match. John Bells MO with companies with rich assets that are not producing and a big holder who has an interest such as funding the company and getting in hock with a major holder, like Zubair, is to dismantle the listing and delist, holders sell, move to Asset Match so shares are barely tradeable and then take the company private. Tanzanian government hold onto the production PSA and licence while shareholders get shaken out. Zubairs pick up the asset for a song by hoovering up shares on the cheap. The flexibility JB talks about is not the same as that of shareholders but rather is for the Zubairs. imho.. dyor.

I bet they'll reach breakeven of 6k tonnes a month well before 10 month. 40m thick seams of good quality coal only 2m from the surface. Sounds like Rufus has learnt to under promise and over deliver.

I doubt nothing is getting done.

I think more likely an announcement out of the blue like the exclusivity agreement. If the sp starts gaining on no news, then a speeding ticket would be issued, which wouldn't be the RNS holders would want to see and nor the one BPC would want to issue. I can't see the sp going up on any leaks either, as BPC are watertight.

The only crumb of comfort here is that the RKH sp is not doing very well either, and they have a farmout partner. Hopefully when they get going then maybe BOR will.

Looks like a good order for £0.5m. Not to be sniffed at and more orders likely as this is for Germany and Netherlands only. Not surprised if other European countries are to be announced.

I didn't say when the deadline was for submission of the RFP. Just saying what's happened. It's far better to have a formal process that everyone can adhere to and be clear about, so bids can be compared fairly, within a specified time frame.

1.7m sells v 1m buys. Boredom fleecing the weak...or the weak being fleeced by boredom, whichever way you want to look at it. The bidding process is underway with Macquarie asking for a RFP from interested majors with a deadline for their submission. Makes for a formal laying of the cards on the table in a competitive environment.

Depending on how advanced discussions are, then news could be before the summer holidays, otherwise with key people away, decision makers in the corporate offices may hold things up. There is the question of whether a partner agrees with the drill location BPC proposes. In the past there has been other locations that majors wanted to drill which were sub-optimal and BPC couldn't agree, so farmouts failed. There was a feeling the majors wanted to drill a deliberate dud well so they could come in and take the rest of the licences and then drill the optimal target, thus swindling BPC of their assets.

In the coming year means this year, 2019.

It's only finished when it runs out of cash and can't get funding.

More like boredom. People selling to follow other opportunities. Others will buy on their folding.

The NDA's are mainly enforced as a protection for BPC and it's proprietary data rather than the name of any major who might be discussing a farmout, although the majors prefer to not publicly be revealed for commercial reasons. The majors know who is talking to who, it's the Seven Sisters, but what they can't reveal is the data that BPC has or indeed go on to use that data for themselves instead of BPC. It is obviously very sensitive and valuable.The exclusivity agreement signed last year was not an NDA but a confidentiality agreement to protect the exclusive nature of the negotiations and the name of the major until by mutual agreement.

I'm not really sure what a FD has to do with farmout discussions or the success or not of such discussions, other than to say that the operation of the company is within the remit of the FD and from that the current situation regarding the farmout. One has to ask how it is that the company has been able to readily avail itself of significant funding at crucial times without any question or difficulty. Obviously a FD will know of why that is.

There are no blockers to drilling now. The concerns the majors had have been dealt with. It's now down to negotiations and securing the best deal. There's not much else to be said until the outcome is known. BPC are much further forward than they ever have been.That includes the negotiations under the exclusivity agreement. Time will tell.

I don't really rely on newspapers or the internet. That's all second hand news. I prefer to speak to the company. They are very accommodating if you have any concerns. All I can suggest if you wish to know more then speak to Ben Proffitt. He will gladly answer your queries or concerns. B.Profitt@bpcplc.com.