Member Info for Parpaing

There is a financial update on the 1st November 2018 - posted on their website. Could be very good.

Without doubt, the BG is responsible for this mess. I believe that there would have been a deal with a 'major' paying over 1 mil USD for exclusivity, but the BG is 100% the problem.
In may, the Nassau Guardian reported "Following a two-week debacle surrounding the signing of a heads of agreement for a $5.5 billion oil refinery on Grand Bahama, the question of oil drilling has arisen once again.

And with the prime minister saying little and Minister of the Environment Romauld Ferreira saying less, there is no understanding of where government or the Bahamas Petroleum Company (BPC) is with the potential spudding of an exploratory well. BPC has been tight-lipped as well."
Source: https://thenassauguardian.com/2018/03/06/many-unanswered-questions-on-oil-drilling-issue/

The first well is supposed to be drilled in 2018. The major has walked because they understand that the BG will dilly dally over the permission to drill. It would be easier to poke half a pound of butter into a tiger's ear with a red-hot needle than to get authorization from the procrastinating BG.

Thanks for the news Jim,
At the time that Repsol was drilling with their new ship which had problems drilling and couldn't drill deep enough, I think that we were ripped off and shouldn't have paid for the drill. why should we pay for Repsol's test drill?
Best use another rig rather than Repsol.

There will be no bad news from the BOD, just the same spiel used over the last ten years. the BOD will drag this out until there is no more money left. Statoil walked and another s-called 'major' has not made a deal yet. If a Bahamas oil deal is so golden then why isn't there a farm-in of any kind? Is it because the 'Majors' have info that we don't?
e.g. the BG is the block, or the USA is involved with their shenanigans, or what? Simon Potter knows EXACTLY why there isn't a deal and has steadfastly refused to state this info to us, the very important shareholders, or even the Bahamas press.
I'm an LTH and am well hacked off by the lack of info.

Quite right Davie46. No EA means no deal at the moment. It's all down to the BG to ask BPC and JV partners to get on with oil exploration as quickly as possible, Not haggle and waste time over the EA. There must be a reason the the BG is dragging their feet and they would know about the Major players.

I wrote to Mr. Neil Hartnell, the Tribune business Editor on the 18th September 2018. He didn't answer my email but he did interview SP and tried to get some answers from him. Unfortunately, no news was forthcoming. however, Mr Hartnell is very astute and will continue to look for answers, probably from his government mates.
Then we might actually have something positive rather than Potter's continuous "We are talking to everyone. Everyone wants a slice of the action."
Unfortunately there don't seem to be any takers.
Here is my email to Mr Hartnell for anyone that missed it.
Dear Mr. Hartnell,

Have you heard anything about the Environmental authorization for Bahamas Petroleum ?
Long term shareholders are perplexed that a 'Major' oil company has walked away from an exclusive oil exploration deal.
Is it because the Bahamas Government has failed to grant the EA?
There is a distinct lack of news about this very important revenue stream for the Bahamas which costs the government nothing and would clear the national debt and raise the standards of the Bahamas people.
My best regards.....
This is why Mr. Hartnell interviewed SP.
As I have stated before, the EA has obviously NOT been granted. Why not?
Important note from the Tribune:
The company also submitted its ‘Environmental Authorisation’ application for the necessary permits for the first well to the Government back in late April. Little has been heard of that since, but Mr Potter yesterday said both BPC and the Government were treating the matter with the care “it deserves” given the environmental and safety risks."
We all know what 'No EA' means.

I wrote to Mr. Hartnell on Tuesday 18th September 2018.

I wrote to Mr. Neil Hartnell, the Tribune business Editor. He didn't answer my email but he did interview SP.
This was my email:
Dear Mr. Hartnell,

Have you heard anything about the Environmental authorization for Bahamas Petroleum ?
Long term shareholders are perplexed that a 'Major' oil company has walked away from an exclusive oil exploration deal.
Is it because the Bahamas Government has failed to grant the EA?
There is a distinct lack of news about this very important revenue stream for the Bahamas which costs the government nothing and would clear the national debt and raise the standards of the Bahamas people.
My best regards.....
This is why Mr. Hartnell interviewed SP.
As I have stated before, the EA has NOT been granted
The company also submitted its ‘Environmental Authorisation’ application for the necessary permits for the first well to the Government back in late April. Little has been heard of that since, but Mr Potter yesterday said both BPC and the Government were treating the matter with the care “it deserves” given the environmental and safety risks."
We all know what 'No EA' means.

Than k you Riceman. Let's hope SP sorts everything sooner than later.

The really important point which should not be a 'commercially sensitive secret' is has the BG awarded the EA or not.

There was an RNS to state that BPC had submitted the application but we have had no news whatsoever about the granting of the EA. IMHO this is crucial and it doesn't matter how many suitors there are if there is no EA.Why doesn't Potter say Yes or No about the EA. Because that would mean the end of his salary. I'm still in with my holding as an LTH but the BG can scupper all our holdings without the EA.

How do you know that MQ haven't already bailed?

Simon Potter has nothing to add or say about any farmin, JV or prospective deal. "I don't know why the Major walked" is total BS. He is continuing to receive a salary and pension fund for his part as a thick-skinned person who is going to take some verbal flack when the BPC money runs out. Unless, BPC is going to sue the BG for reneging on the contracts /licenses and taking rent. It's the African Petroleum story - again.

Casshy, you may be right. The 250,000 USD per month paid be a 'Major' for exclusivity discussions was vary useful to BPC because:
"The key obligation of the four southern licences is for the commencement of a single exploration well within this licence area by April 2018. Additionally, the Company is required to pay annual rental fees for each licence block of $250,000 as well as submit annual reports on the activity and expenditure that has taken place in the licences."
source BPC website: https://www.bpcplc.com/our-operations/licences/

Yep, still got my 6.50 GBP that cost over 5 grand. My broker will charge 45 GBP to sell the shares. The RNS was so exciting that nobody bought any shares.
Let's hope Cameroon shows some oil.

These shares could be 50 GBP each in a very short time.

are changing their plastic bags to corn starch based home compostable bags. Wonder if BIOME is supplying the material for these bags as BIOM produces corn starch polymers?
Anyone know?

Me too. first time I've seen the share value in the green instead of red.

I totally agree with you Bonum.
As an LTH all I can see is a BOD picking up a salary thanks to shareholders and not much interest by the BG or farmin prospects. I hope that this next few months proves that the BOD can do a deal.

Exactly Verbierdave,
That's exactly my opinion. He's poxitive because he still has a job. Meanwhile what has he given us
PIs. Nothing. Not even a hint of a deal. for all we know, MQ has legged it, together with the secret 'Major'.
I personally would like some proof that there are prospective deals and if the BG has granted the EA.
A really rubbish AGM with no news at all about anything.

Hi Ollie,
The point is to highlight that anything in the Bahamas moves at the speed of a striking slug.