Member Info for Proselenes

Zurichsee........WRONG.

The Bahamas Government cannot withhold the production license UNREASONABLY if the license obligations have been met.

This is the issue. You cannot hide it. Write to BPC and ask them !!!!!!!!!

This is the QC on behalf of the government as quoted below from the court case :

...Aiden Casey, QC, on behalf of the government
He said the Bahamian people deserve to know whether there is oil in The Bahamas, but that does not mean approval will be granted to drill for oil beyond the exploration exercise....

Next election in the Bahamas is May 2022 I believe. This issue would drag on to then I think.

And I believe this would be a key election issue.........with multiple parties offering a "referendum" as part of their manifesto.

HeresHopin, I am not "wishing" for bad news. I hope that BPC strikes and you all make loads of money.

All I am doing is stating the obvious risks and issues............which should be the part of any normal discussion and research. The people who try to hide the negative and risk and try to stop people talking about are the ones who are not decent.

For clarity, currently BPC operate on an Exploration license, which expires in a few months time.

Should BPC find a commercial size of discovery, and prove it can flow oil, they can apply for a production license.

The Government of the Bahamas cannot "unreasonably" refuse to grant the production license.

However, if there is found a reasonable reason to not grant it, it may be refused.

Many people expect this decision to be sent to referendum by the people of the Bahamas, with the government being bound to the result, and the result being, if so decided, a reasonable reason to refuse a production license.

So should they find oil - I would expect a referendum to take place on the issue of the granting of a production license.

And that issue is why, I believe, one of the main reasons that BPC has never been able to get a farm in partner. The obvious risk of spending a fortune drilling, then having a production license turned down as the result of a referendum. The risk is too high and so farm in offers will be very very low valued.......as has been the case it seems.

IMO, DYOR !!!

The next step, after a discovery of commercial size, and a flow test to prove viability is..........

Getting a production license.

Because quite simply, imo, nobody will farm in, or invest in the project, until the issue of the production license is settled.

To first production it would require around 2 Billion dollars investment.

So the big issue of the "production license" is the next step.

...Aiden Casey, QC, on behalf of the government

He said the Bahamian people deserve to know whether there is oil in The Bahamas, but that does not mean approval will be granted to drill for oil beyond the exploration exercise....

Mmmmm lets go back a few days.

How many posters on here were saying "Its all over" "Share price boom in the morning". I suggest these people are liars.

Me........I said it would drag on, its not over........and this is the truth.

NellyB.

The CERP assets are worth peanuts in the real world imo. Nobody is that interested in them.

Were CERP not running on fumes........living off of death spiral Convertible Loan Notes ?????????

And if this well is a duster, I think 0.5p will be hit as the share price crumbles............

AFAIK

The maximum "delay" for going through a percentage level (if above 3% - eg down from 7.2% to say 6.5%) is 5 trading days.

Shareholder must inform AIM company as soon as possible and within two trading days (DTR 5.8.3R)

AIM company must notify market by the end of the third trading day after notification.

So 2+3=5 days maximum for a percentage change up or down when above 3%.

Volantis have/had 7.31%

If that drops to below 7.0% there is only max 5 trading days for it to be reported.

Same again if it goes below 6.0%

Same again it it goes below 5.0% etc...

IMO, DYOR !!!

There are no holdings RNS........are Volantis going to hold ????????

I would say

BPC shareholders better be praying Volantis are selling. Why......

Well they are guaranteed a return of 115% on the 2p price. They dont care if the well is a duster and the share price collapses. They have a profit guaranteed.

So lets say they hold the shares. And its a duster.

Share price collapses to say 0.5p and Volantis manage in the 60 days from spud to average sales at say 0.75p in a big dump on duster news.

Now, if that were the case, Volantis are guaranteed 8.625 million back for their 375 million shares.

If they only sold for 0.75p average and got therefore 2.8125 million - then BPC have to pay Volantis the difference. EG they would pay back 5.8125 million.

So the end result would be 375,000,000 shares issued for (7.5m - 5.8125m) and so just 1.6875 million pounds net.

Which would make the fundraising actually be 375,000,000 at just 0.45p a share.

If my math is correct.........the Volantis funding is good if BPC strike oil - or - its really really awful if they hit a duster and Volantis never sold any shares.

IMO, DYOR !!!!

It will be to ensure that all necessary permits have been applied for and granted I believe. Things like water disposal, sewerage disposal perhaps ????

Fred seems to think that maybe some permits as required by law were not processed ? Who knows ?

https://www.investegate.co.uk/touchstone-explrtn---txp-/rns/extension-of-lease-operatorship-agreements/202012300700050644K/

EXTENSION OF LEASE OPERATORSHIP AGREEMENTS

CALGARY, ALBERTA (December 30, 2020) - Touchstone Exploration Inc. ( " Touchstone " or the " Company " ) (TSX, LSE: TXP) announces that it has extended the term of its Lease Operatorship Agreements ("LOAs") with Heritage Petroleum Company Limited ("Heritage") for its Coora-1, Coora-2, WD-4 and WD-8 blocks to March 31, 2021.

The LOAs were originally set to expire on December 31, 2020 and have been extended under existing terms and conditions while Touchstone and Heritage progress on negotiations regarding new ten-year LOAs for each property.

https://www.londonstockexchange.com/news-article/PANR/extension-of-reporting-deadline-operating-update/14808571

...Update on the upcoming Talitha #A well, Alaska North Slope (89.2% Working Interest)

Pantheon is pleased to announce that it has secured all necessary permits and authorizations to commence the construction of the ice road to the Talitha #A drill site, and that ice road construction has already commenced. Pantheon is on schedule in obtaining the necessary permits, contracts, and services to commence the drilling of the Talitha #A well, which is estimated to spud, subject to weather conditions, in January 2021.

Talitha #A will target four distinct horizons which the Company estimates has the potential to contain in the region of a billion barrels of recoverable oil, although ongoing work is required to formally delineate the ultimate potential of the lower targets.

Jay Cheatham, CEO, stated:

"The Talitha #A project is targeting a resource of enormous potential, with four independent targeted horizons. The ice road is currently under construction, putting us on track for January spudding which is a fantastic achievement and testament to the hard work of our entire team. If we are successful, Talitha #A can dramatically change our Company, and we're all excited about it."

http://www.tribune242.com/news/2020/dec/29/sides-differ-oil-hearing/

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Otherwise known as a Spectacular Backfire.......?????

http://www.tribune242.com/news/2020/dec/29/oil-opponents-bpc-eia-contradicts-drilling-halt/

Oil Opponents: Bpc Eia 'Contradicts' Drilling Halt

As of Tuesday, December 29, 2020

* Document says one-three days needed for storm stop

* Gov't official says no new drill ship approval needed

* Brands case 'misconceived' and backs consultation

By NEIL HARTNELL

Click the link for the full story.

http://www.tribune242.com/news/2020/dec/29/oil-opponents-bpc-eia-contradicts-drilling-halt/

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2020.....

Talitha Plan of Operations DNR Approval on 28th Dec 2020

Here is the link to the PDF file :

https://dog.dnr.alaska.gov/Document/F98C1014B0284DF1B85D92DB75EBA67C/12-28-2020__LONS_20-002_Great_Bear_Pantheon_LLC_Talitha_Unit_Talitha_A_Drilling_Program_Plan_of_Operations_Decision_Exploration_Phase

Lots of info in there.........planned spud date still 25th Jan 2021.

Talitha Plan of Operations DNR Approval on 28th Dec 2021

Here is the link to the PDF file :

https://dog.dnr.alaska.gov/Document/F98C1014B0284DF1B85D92DB75EBA67C/12-28-2020__LONS_20-002_Great_Bear_Pantheon_LLC_Talitha_Unit_Talitha_A_Drilling_Program_Plan_of_Operations_Decision_Exploration_Phase

Lots of info in there.........planned spud date still 25th Jan 2021.

Q3 2020 dividend of 4.00 US cents per share

Ex-dividend Date: 4 March 2021
Record Date: 5 March 2021
Payment Date: 26 March 2021

Mmmmmm so its ongoing, like I said.

Its not "all over" like the rampers said ??? ????????????????