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The BG cannot authorize a 270 Mega Watt, multi-fuel power station to be built, owned and paid for by Shell North America. The Bahamas has plenty of power cuts and needs a power plant urgently but it won't happen any time soon.
So, as an LTH, I don't have much faith in the Environmental authorization being awarded soon. I will be very surprised (and pleased) if some magic happens and BPC gets a farmin.

I am sympathetic to the constant calls that our nation’s beauty be preserved for our children and grand-children, but has passionate environmentalist Ms Phillips carefully considered her public appeal to Prime Minister Minnis that he “leave whatever oil that is beneath the waters right where it is”? He would have to cancel all the leases and extensions granted to BPC since 2007, wiping out the roughly $100m of capital invested and held by several hundred shareholders on the London Stock Exchange. Such a blatant state confiscation could only leave us with a painful lawsuit, and a certain black eye to show international investors, the IMF and the rating agencies.

Source: http://www.tribune242.com/news/2018/may/23/business-bites-say-yes-bahamas-oil-drilling/

Perhaps the BIOM BOD could look at the new Carlsberg bottle made out of wood. Maybe the lignin product could be valuable here. See: https://carlsberggroup.com/newsroom/carlsberg-unveils-new-green-fiber-bottle-design/

Many thanks for your input Jim. If you are bullish with your considerable experience in the Oil & Gas field, then I feel a bit better.

If the Major has 'walked' like some people state, then the BPC BOD will remain positive, just to maintain their jobs and salaries. It's a nice little earner. The BG appear to be not interested at all in oil exploration, regardless of the huge potential in revenue. If the Major and MQ together with BPC cannot get the BG to issue the EA then there will be nothing for anyone, which really hacks me off as a PI. Does anyone else think the same?

But Rockhopper didn't have the BG holding everything up. That's probably why Statoil walked out of the JV with BPC.

�BPC�s endeavours to secure a farm-in partner are progressing in parallel submission of Thursday�s application of the Environmental Authorisation, in accordance with our licence obligations, is an important consideration in that process.�<br /><br />The oil and gas exploration company is expected to move toward offshore field activity once the authorization is approved. Got it, everyone?
My opinion is that the farm-in with any Major will be subject to the EA granted by the BG. Judging by the actions of the BG in other business deals and activities, it appears to be a very, very slow process. So why are a few people on this board nitpicking about the last RNS? Get real, guys. I'm in this AIM share for the big gamble and have been since 2011. There is more chance of Simon potter poking a pound of butter into a tiger's ear with a red hot needle than getting the EA this year. At least, Potter continues to gain a salary while us PI's have the green rub. Rant over.

Three.: the deal has been completed subject to the BG giving their consent which hasn't happened yet.
On the 27th April BPC published an RNS about the Application for Environmental Authorisation. Therefore, there should be an RNS to confirm that the EA has been granted.That's probably, IMHO, why the Major and deal is suspended subject to the BG granting the EA.

If there is no Environmental Authorisation and permits from the Bahamas Government then nothing is going to happen.

The RNS is so exciting that PIs are selling their shares - again.

BPC is being very tight-lipped about a deal or no deal because there is unusually no news at all in the Bahamas press.

Bannister Urges Move On Shell Deal.
Bahamas Power & Light’s (BPL) incoming board was yesterday urged to close an agreement for more reliable, cheaper energy with Shell North America as “quickly as possible”.
Desmond Bannister, minister of works, confirmed that BPL was “almost a month behind” in completing a memorandum of understanding (MoU) with the energy giant for the proposed 270 megawatt (MW) multi-fuel power plant at Clifton Pier.
Speaking at yesterday’s introduction of the new BPL directors, Mr Bannister said: “The Government of The Bahamas has determined that BPL/BEC will enter an agreement with Shell North America. That is not something you can change. That is a cabinet decision.
“Your job now is to seek as quickly as possible to enter into a memorandum of understanding with Shell. That was the cabinet decision. We are almost a month behind with respect to that MOU and it is important for you to proceed with that.”
Source: http://www.tribune242.com/news/2018/aug/28/bannister-urges-move-shell-deal/?news

Reading about the government's slow system in the Bahamas Tribune 242 highlights our current problem.
The story is about 'Bahamas 'Will Never Hit' Renewable Energy Target'.
"The Bahamas ranks lowest in the region for renewable energy penetration, suffers from a high fuel import bill (7 percent of GDP), high and volatile electricity prices, as well as a large and financially challenged utility, Bahamas Power and Light (BPL), which experiences frequent power outages and elevated system losses."
"At the rate we are going, it takes an Small Scale Residential Generation application six months from start to close, when in the US it's a five-day process. We're never going to make that goal. Yes, we are severely not meeting the requirements of the NEP as written in the Electricity Act."
The Bahams government acts very, very slowly. which IMHO is the reason we don't have a deal.
Source: http://www.tribune242.com/news/2018/aug/30/bahamas-will-never-hit-renewable-energy-target/?news

No RNS. Must be to do with the USA is on public holiday - Labour day.

If anyone is interested, check out Africa Petroliem and its story here: http://www.africanpetroleum.com.au/media-centre/press-releases

My view of the RNS is that the Major has terminated the deal because the BG has not been very proactive in supplying the EA and is not convinced that there will be 'permission' to drill. Maybe the BG is in discussions with other companies and can just wait until BPC's money and licenses have run out. Which means that other 'majors' won't be interested either.
Or, as JimtheKnow states"The Major hasn’t walked away from the negotiating table.
BPC & MQ are reaching out to other potential partners to form a Joint Venture of at least 3 companies (BPC, Major, A N Other, + possible others). "
That would be wonderful !

African Petroleum had an eight-week exclusivity agreement ( http://www.africanpetroleum.com.au/system/files/press/201704%20AP%20farmout%20-%20FINAL.pdf ).
Then they had a six week extension to the exclusivity agreement " Whilst good progress has been made to date, the period of exclusivity in the Exclusivity Agreement has been extended for a further six weeks until 20 July 2017 in order to ensure there is adequate time to complete this process."
The Exclusivity agreement lapsed by mutual agreement. "the Company considered it to be in the best interests of
the Company to allow the Exclusivity Agreement to lapse, thereby enabling the Company to enter into discussions
with other interested parties." ( http://www.africanpetroleum.com.au/system/files/press/AP%20Corporate%20Update-Gam%2BSen-FINAL.pdf ).
Senegal and the gambia have more or less refused Africa Petroleum's desire to drill and that's why the exclusivity agreement terminated. The "well funded, listed oil and gas company with a strong track record in
offshore deep-water drilling" has not been named.
Seems like a similar story to BPC. They are both Australian companies and have thanked their shareholders for their support, meaning their jobs and salaries have continued.
for all we know, the BG is just stringing BPC along until the license runs out and then they can work with Exxon or some other 'major' directly. Please tell me I'm wrong and the SP will be 20p + soon.
BPC is deja vu for me.
.

Jayflash,

You are very optimistic but those LTH who bought at 20p in 2011 and have averaged down are very wary and weary of the lack of progress in drilling a well.

Totally agree. The Govt has not issued the EA or we would know about it. African Petroleum, has a very similar story in senegal and the Gambia. These are two countries that really need revenue and have held up AP just like BPC has been helpd up by the BG. But why?

You missed a question.
If the BG hasn't granted the EA and has cno intention of issuing it, would the major continue with BPC? Y/N

No EA is 100% the problem. Doesn't matter about the deal with the major if there is no EA granted by the BG.
No EA, no deal.