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Novice2006, I can't say other than they are still on the scene. Awarding Shell the LNG power project opens up the market for them where LNG is concerned. It might sweeten the risks for Shell on drilling a well..

The Bahamas Government are fully behind offshore drilling. It would be no surprise if they have not discussed with Shell the drilling of a well with BPC before signing the MOU for the LNG power project. LNG is something Shell are keen on and the synergies of the power project and supplying LNG to the cruise ship industry makes The Bahamas very attractive for them. Not to mention the geographical location being next door to the US and supplying the rest of the Caribbean and South America with LNG. Drilling a well would not be too much to ask in return for their LNG project..

Some very negative thinking, shared in a collective way, that serves only to reinforce an emotion of defeat with the added sentiment that someone else is to blame. Giving up is easy, but for myself, I believe that a well will be drilled and shareholders will be very thankful to the BOD for their perseverance and not giving up.

My dear boy, I have been in since FGML, so kind of know a few things.

Need to start thinking like a winner...or you will lose.

It means Shell are investing millions $'s in the Bahamas on a gas project. No reason for them not to invest in an oil project. It shows they are happy to do business with the Bahamas Gov. and are there for the long term.

http://www.tribune242.com/news/2018/nov/02/bpl-shell-north-america-sign-mou-lng-project/

It is the sector and oil explorers in general that have been struggling. It is not something unique to BPC. This has now changed. Those explorers with big acreage and sizeable assets are creating fantastic interest and it is majors that are now looking to partner and JV rather than the other way round.

It is very wrong to think or say that BPC is in any trouble. The situation is consistent with an explorer in negotiations to conclude a partnership with majors. It takes time, but don't be fooled.

The statement by the company in the last RNS sounds pretty confident to me.

"The Board remains entirely focussed on seeing an initial exploration well completed. With the support of our advisers at Macquarie, the sustained recovery in the global oil price providing further confidence to industry operators and investors alike, and the recent bolstering of the Company cash position, we are working hard to secure the investment needed to move this exciting project forward.

"We would like to thank all our investors and staff for their continued support and perseverance and look forward to reporting on further developments to you in the near term."

Most trades are on NEX

Buys are showing as sells. Today Buys = 547,083 : Today Sells = 389,426.

Mobile phones are wonderful things.

In all honesty, right now, I would expect the last place to find the CEO, commercial director and legal key staff, is sitting in the Nassau office answering the telephone and doing the photocopying. They will be having important discussions in Houston and travelling to meetings, arranging finance in London and elsewhere, and meeting Macquarie who are pulling together a deal. It's a busy busy time.

Macquarie were invited in after BPC had attracted a major who wanted exclusivity and on the basis to negotiate on behalf of BPC and advise BPC on any potential deal with the major. BPC are now using Macquarie in a competitive environment with all the other majors and independents including the non exclusive major to advance a farmout/JV. Macquarie are running the show.

Now is the most busy period in the life of BPC. Negotiating with multiple parties, Macquarie actively promoting the business as an attractive investment opportunity, drill ready project with massive upside. On the news front - quiet yes, but a lot happening, and of course nothing can be said due to the nature of the situation. Once news breaks, then we will get regular news flow. We wait in anticipation, but at the same time will be surprised when news comes. Hindsight will show the evidence was always there though.

I agree with that. However there is no real mystery. When it came to extending the exclusivity the major elected not to extend and felt they needn't pay for another month. As a result the exclusivity ended. The major is either still mulling what to do and thought there was no point in paying for exclusivity particularly as another party wouldn't be able to decide to farmin for a few weeks, which gives them time to mull. It probably also means they happy to compete in any offer if another partner made an offer, or they may suggest a consortium to spread the risk if it helps. If they are still interested, then Simon Potter saying they gave no reason not to extend the exclusivity would mean they didn't say no. Obviously if they just walked then Simon could of said he couldn't say due to confidentiality, but I guess he was just being honest that the major didn't give a reason and wasn't trying to hide anything. The major is probably waiting and watching and seeing what happens, if not still talking. I know they are still on the scene, so they must be around for a reason. We will find out soon enough.

It's a confidentiality agreement and exclusivity agreement that doesn't allow BPC to say who the major was or why the ceased paying exclusivity. If BPC divulged anything then they would be sued. There are rules that need to be followed. The proposition today is deeper water drilling to get to the traps, and superior technology and equipment.

They were limited to where they could drill in the 40's and 50's due to water depth, drilling technology. The Doubloon Saxon well came closest, but didn't drill a valid trap. All the wells drilled since the 1940's have found oil but not in commercial quantities. It's a different proposition now.

Drilling stopped in the Bahamas in the 1980's due to oil being $10 a barrel and the then terms of the licence which was due for renewal required a commitment for a minimum spend of $250m. As a result the licence was not renewed.