Member Info for ShouldveSold

CERP we don't want bad data here only good data right?

Tiburn you definitely haven't read the keyfacts article about total depths or Jurassic layers drilled in previous Wells or else you wouldn't have just made that statement.

Unfortunately encouraging results cannot be sold at WTI prices, neither can oil shows, evaporated oil or W.P.S bites.

Why is everyone frustrated at me for saying no commercial quantities of oil have been found yet? Is that not the current status of the Bahamas?

If and when the Jurassic layer is drilled in one of BPC's licences and commercial quantities is found then it will correct the historical data.
Until that time, 6 bites of the Bahamas cherry have been taken. So far its not sweet.

Nelly how do you feel about the last paragraph in the second article?

It feels like I am having a debate over the non commercial Bahamas results and every one else is of the belief that the 6 historical Wells are now in full production.

And the reasoning is, because oil is being produced in the Eastern Gulf, it means oil will be produced at the same quantities in the Bahamas. And that indeed was the mission taken on by the Oil Majors, to prove this. Again, all I have said is as yet; the Bahamas remains unproven.

POC ok great.
So commercial oil could be present in the Jurassic. I don't disagree with that.

I think for many of you, the monster Bahamas commercial discovery has already been made. You guys have already put a down payment on your Ferrari's.
And when someone like me suggests actually waiting for the discovery to be proven before buying your driving gloves, you must chastise me.
One can't pump 75,000 oil shows to surface.
All the data suggests the oil is there. So far all the drills indicate it used to be there.

Guys, I have not said that the oil is not there. All I have said is that is hasn't been discovered yet. And any attempts thus far has lead to only dead oil being found.

POC, I'm sorry, has commercial quantities of oil been found in the Bahamas basin yet?

Tiburn and so we wait for P#2 drill results to discover if commercial quantities of oil is present.

Nelly you are blowing my mind right now lol.
Rather than me quote my own words back to show you what I didn't say. I will leave you to re-read my posts. If you don't want to, that's ok.
All of the undiscovered numbers floating about sounds great. No company has managed to find it yet and according to the second article, the reason for that is because the oil that used to be there, has evaporated away.
If you want to class oil shows as a discovery, ok.
You don't have to accept that data if you don't want to. DYOR.

Ok don't turn into Tyburn on me.
Where and when have I said " none of the historic Bahamas wells to date have encountered live oil shows"?

I think you should re-read both those articles with less haste and rather looking for something to prove me wrong. Just digest it. I didn't write it. I am also not asking you to believe anything in those articles.

Neither being a geologist or petroleum engineer I can't argue what that chromosome photography or gastro cinematography means. But its my understanding that just because there are oil shows, that doesn't mean commercial oil is present. All it does indicate is the existence of a W.P.S.
That in its self also does not indicate the presence of commercial quanities of oil. It just indicate that's the correct conditions for oil to be generated exist in said location.
Now if the oil was once in place but has since evaporated away, then in layman's terms, it is reasonsable to expect oil shows would remain/be present.

NellyB I posted this info before & presumed everyone chose to dismiss it.
There are 2 links below.. The first is the Keyfacts energy article, the second is a basin report conducted on the D
Doubloon Saxon well in BPC Dondson acreage in which BPC is renewing its licence for.

Oh crap I have just remembered the T's & C's of this BB about links.
Type these into a Google search:

• keyfactsenergy bahamas

• doubloon saxon well (its the 2nd result from the sciencedirect link)

NellyB can you see the date stamp on that CPR?

POC evidently the Bahamas has yet to be proven analogous to the Eastern Gulf of Mexico.
From my understanding it was thought to be its twin, which is why the Oil Major's drilled 5 Wells there to prove it was.
The Bahamas basin report states that the oil that was supposed to be there, has evaporated away and so far, all that has been found is dead "evaporated oil" in every well drilled to date.
The seismic data showed oil is likely to be  present. So far the 6 drill results have showed that oil "used to be present".

P#1 found a W.P.S, a trap, a competent seal & good reservoir charge but only dead oil present. Ergo that oil had also evaporated away.
6 Wells results now support the Basin report. By the way this basin report was not done by me lol.
Evidently all the conditions are in place for the Bahamas basin to contain billions of barrels of oil. But Mother Nature opened a trap door in which that oil has leaked away.

If P#1 made a commercial discovery it would have proved that basin report wrong or at least inconsistent which in turn I am certain would have then made the Major's all want to return to the Bahamas for a piece of the pie.
I think BPC will have to go it alone again in its unwavering efforts to prove the basin report wrong. By that time, oil prices may have risen and Covid may have subsided which in turn may increase the cost of a drill ship from $35m to $70m.

PIC you have certainly just underlined the fundamental reason why I have no confidence in a Farm In/Out agreement being achievable.

I have actually misread that. You di not suggest £108m company valuation. My mistake.

£108m for a company generating cash flow of £3m a year & making a loss of £-4.6m. Blimey, I wonder what Dragon's Den would make of your company valuation.

Cool I am glad we are on the same page.

Without rehashing, I am as upbeat as one can be about the Bahamas. Until commercial quanties of oil is discovered I can't view it as a golden ticket or buried treasure yet to be found.

Switching off from the Bahamas licence would be to not acknowledge that it is part of the business I am invested in. It would be the equivalent of ignoring an Elephant in the room.

I would rather BPC just explore where oil has already been discovered to appraise and develop.

Starchild are we ok?
Seems like you forgave me for a few minutes yesterday but when the sarcasm was revealed it may have caused you to double down on your previous sentiment about me.