Member Info for PageofCups

BPC own the data and have the key that unlocks the licences. Anybody else who fancied their luck would have to start from scratch, and would be shooting in the dark, so the licences are safe and the only deal in town is a farmout to drill the sweet spot. This is why the majors have signed NDA's to access and asses the data and not reveal it's details as it is worth 100's of millions dollars. the cost of data for 5 wells, rocks, cores, logs, you name it, all deep in the ground and recovered to surface and able to be examined close up. Married up to the 2D and interpreted 3D data, and you have a highly valuable geological model that extremely compelling and doesn't get any better to tell you where the oil is. Strong Buy.

Spiritefan - Simon Potter has spoken about it this week.

A Bahamas-based oil explorer yesterday said it was now locked in joint venture talks with “multiple parties” after a “major global oil company” ended their exclusive negotiations.

http://www.tribune242.com/news/2018/sep/20/oil-explorer-shrugs-end-exclusive-talks/?news

Novice2006 - I spoke to the company.

The EA is supported by the Bahamas Government and there will be final tweaking before it is granted, much as there would be if you submitted a planning application for building an extension or new house. This tweaking will be done once the final well location has been confirmed and the major carrying out the drilling is known, so the Bahamas Government are able to grant the EA in accordance with the regulations. It is more an administrative exercise governed by the petroleum regulations which when the requirements are shown to be met, allow for the granting of safe offshore well drilling.

The EA submission was notified to the market but the company don’t intend to make any further announcements. The process is likened to applying for planning permission on a house i.e. a few tweaks on the application are to be expected but they are not material and it will be approved after a few back and forward questions / minor changes therefore they don’t need to update the market.

General

You will see.

The NDA are agreements not to disclose the data BPC has and to keep the data confidential. The NDA is there to protect BPC. Technical evaluation of the data has been ongoing since they were signed by the major oil companies. The locked in negotiations with multiple parties are now being finalised with competitive bidding. The recent exclusivity agreement is different to the NDA's. The exclusivity only allowed BPC to negotiate with one party. Cessation of exclusivity means that there are no further payments and the major who paid for exclusivity will now join all the other parties equally as part of a NDA. They will now have to compete with the other oil majors in the talks.

Locked in talks is serious and definitive.

Multiple majors are in parallel talks and the name of the first well has been decided.

Most give up too easily. Perseverance is will win.

http://www.tribune242.com/news/2018/sep/20/oil-explorer-shrugs-end-exclusive-talks/

Buy now.