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It's good to get the weak holders to sell. MM's weeding them out so they can push on without any rises being sold into, which is what has happened over last few sessions. Buyers are picking up the weak shares.

Flushing out weak holders, 322k just bagged by MM.

MM's just working the price for orders. Probably another large buy order in and MM's shaking for sells.

Looks like a 1.7m buy at 3.2p at 13:22pm. Printed as a sell due to the trade being reported late after close when the bid/offer was 3.2/3.4p

BHP. It's an Aussie thing. Potter, Burns, Maquarie.

There is another who may steal it from them both.

Shell and/or BHP.

5 wells have already been drilled and BPC own all the logs and rock samples and data. Try drilling 5 wells again and work out the cost and get back to me. The 3D is the most advanced and cost $50m on it's own. It all ties back neatly to the well logs and legacy 2D data. Nobody else can get this data.

Those percentages are on the proviso of a free carry to BPC on the cost of the first well. BPC have four licences. Whether they farmout all of them, or just one is all part of the negotiating. Obviously the major would want all four.

Benchmark is 70/30 in favour of the major. Anything over 30% to BPC would be excellent. The major may push for 80% but this is competitive bidding, so Macquarie could solicit a good deal greater than 35%.

When oil companies do farmins they reimburse the company a share of the costs for survey work already carried out. BPC will get reimbursed a share of the costs to date. To date they have spent over $100m on survey work to get the project to a drill ready stage. BPC will receive payment as a back cost.

Cash balance about $4m. Reimbursed back costs due of $100m spent to date to get to drill ready stage.

Wrong move buddy. multiple parties involved. just waiting for the other parties to sign as they already have one.

I should add that Mr Potter will not be signing any exclusivity. This is now a race to the finish line with the winner being the offer that gives the greatest shareholder value.

rather than do a deal, the major thought they could wait for BPC to lose the licences and they could then step in and pick them up for next to nothing. They weren't banking on the BG extending BPC's licence period by another 18 months to drill. So now they've got to go back to BPC along with all the other interested parties.

The super major took a chance hoping they could step in after June 2019 and say to BG we'll drill a well. It didn't work. They have to do a deal with BPC, but are not in exclusivity and have lost all the money they paid. They now have to compete with rival majors.

Too many have been lined up for this for too long.And more are still joining the party. The next step is all about entering the non binding terms of agreement that will lead to an offer. The offers will have to be good now the Licences are safely in BPC's hands.

Expect competitive bidding on back of License extension and safe tenure of production rights and further appraisal exploration.

Majors see huge oil at low drill costs and low break even. Chance of success 30-35% on first drill.Very high by industry standards. Four way closures with 3D amplitude conformance to depth and structure. Structures over 75km long with 1km vertical thickness. Migration pathway with huge fetch area filling structures to spill. Cheap drill to find multi billions.Carbonate reservoirs with excellent vuggy porosity.

Housekeeping done for significant partner.