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No you can't as you would be breaking the NDA by using the data for your own benefit. You can't do that, you would be sue for breach of intellectual property rights. Anyway the exploration licence is for 12 years renewed every 3 years and BPC are still in the second 3 year period that requires the commencement of drilling a well which has already been done by submitting it's EA application for the permission of offshore operations. The licence will be automatically renewed in 2019 for another 3 years as BPC have met the obligations to drill. The Bahamas government are quite happy to allow BPC to not have a partner and still give permission providing they have financing in place to drill on there own, although a partner consortium is the likely route as the project assets and acreage is very large.

Nice try, but it makes no sense to spend millions on a survey and spend time interpreting it and not have any well data (not sure how you would recreate that without drilling) and then go and drill blindly. Apart from reinventing the wheel, you would be increasing your risk and spending millions with only a portion of the data set that BPC has just wouldn't happen. Exploration is all about reducing as much of the risk before drilling and BPC have done that to the nth degree.

Yes, the project is already advanced with 5 wells drilled in the basin and all the technical data, logs, rock cores tied back to the 3D and 2D data giving a live geological model. The TOC oil type, source, porosiy, permeability, seals, and play types are all known from the wells drilled. To do this work again would cost in excess of $500m. BPC own all this data, so the licences cannot be drilled without it.

It doesn't work like that. BPC own the data and take it with them. They don't belong to the licence. any new licence holder would be at square one and have to re-survey the licences. Hence why the majors have to sign NDA's to look at the data.

I'm afraid that there have been a number of NDA's signed throughout the farmout process. BPC have been in continual farmout discussions for over 10 months with majors. They were put on ice in May due to one of those majors wanting to pay for exclusivity. Now that they are no longer paying for exclusivity, discussions have recommenced with all other parties who have NDA's. This includes the major who paid for exclusivity. There are now new independent companies signing NDA'a and joining discussions as part of MacQuaries involvement. In total there are about 6 or 7 possibly more who are in discussions. To have discussions, partners need to sign an NDA. The NDA is to protect the information and data that BPC has so it cannot be disclosed by the parties. The data is extremely valuable and commercial. When BPC sign NDA's it doesn't necessarily tell the market. It is signing them all the time. The NDA is active forever, due to the knowledge gained by the partners, therefore information can never be disclosed, period. BPC signs NDA's all the time so oil companies can enter the data room.As we know the data room has been open for many years. Oil majors ask BPC to go away and do certain work to refine the data and improve the technical aspects and answer questions as part of the major's own due diligence. ponce a major or majors are happy that they have those questions answered and are able to form an opinion then they start discussing commercial terms. a competitive environment is created if there is more than one party discussing commercial terms. Some parties are at different stages depending on when they signed the NDA and entered the data room. The fact after reviewing all the data and having their questions answered one major chose to pay for exclusivity is a positive. No longer paying for that exclusivity is not a reflection on the technical merits of the project. It is just they are no longer paying for exclusivity. That is it, cut and dried.

What I have been told is not insider information. It has already been RNS'd that the company has recommenced negotiations with all parties who have signed NDA's. These are different from the exclusivity agreement and the Oil major who was paying for that exclusivity has reverted back to a NDA along with all the other parties. They are still on the scene and are taking part in the discussions. They are just no longer an exclusive nature, that's all.

It is quite simple. It is the exclusive nature of negotiations that has ended, not a deal that has ended. The exclusive major is still talking to BPC, although not in an exclusive nature, but along with all the other majors and independents and a number of recently new interested parties brought to the table by Macquarie. The market views the solo partner no longer being in exclusive talks as negative, but this is a misunderstanding by the market and investors. I have spoken to the company and they have confirmed that the exclusive major is still in discussions along with other parties. Please call the company if you are in any doubt.

Shouldn't be a problem for Macquarie to sell this and close a deal. Timimg is right. Strong oil price of $80-100, world class asset with multi billion barrel prospects, high chance of drill success 25-35%, oil companies looking for material prospects in new oil acreage to explore and replace reserves, low break even $30-35 a barrel, excellent location. Just now down to offers from those who are serious .

How does anyone know that a deal will not be done? The past is not a guide for the future.

The higher the oil price goes, the likely a deal.

The reason they cannot say why the exclusivity agreement ended is because the exclusivity was confidential and details could only be revealed on the announcement of a farmout, or by mutual consent by way of some other agreement. The company bagged $1m and are now in advanced discussion with other majors and independents for a farmout. With the current oil price over $83 a barrel one has to believe a deal will be concluded, presuming oil companies are in the business of exploration for oil and making money.

Can't get much more vocal than this. Read it carefully a few times.

Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said:

"The first six-months of 2018 have been a busy period for the Company. While the exclusivity agreement entered into with the major oil company was not extended beyond 31 August 2018, the Company is encouraged by their interest and willingness to pay a substantial amount to enter exclusive discussions. The Company views this as validation of the technical merits and strong potential of our high impact project.



"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."

Knowing what everyone now knows along with the company being quite vocal of where BPC is right now, and the developments happening, we have a situation that can turn on a sixpence. Some with instincts would call it an opportunity, as the past is not a guide to the future..

You will see.

The EA is not being held back. It has been submitted and is ready to be promulgated once the financing/partner is in place. The licences will be renewed in June 2019. BPC has already met the obligation to begin drilling activities by the submission of the the EA before the end of April 2018. This allows for the renewal of licences in June 2019.

It's actually stated as near term for developments to be reported. It could be days, or a few weeks.

Neptunes, For the past 5 years the investing environment has not been right for oil companies and offshore frontier drilling, hence why no major has been able to commit to a project like BPC's. Also, the Bahamas regulations were in the process of being updated which didn't allow for offshore activity and took a number of years to finalise. It's a different investing environment now, with oil heading northwards and there being increasing competition for new basins with oil. BPC is looking forward to reporting on developments in the near future, with the negotiations that have recommenced. Existing parties and new parties are looking for projects in new areas to replace reserves at a low break even of $30-35 a barrel. It puts BPC assets in the frame and MacQuarie are promoting BPC heaviy until a deal is concluded.

The company will not update the market unnecessarily. They only update when there is material news. As has been mentioned, there is a clear reference to the well name by Simon Potter that sums up what is needed to be handsomely rewarded, and that it's about to pay off.

Buy now.

Looking forward to excellent news here.