One of my Q&A for next week re why do we need specifically out of country 'specialist' to do the testing on CL - let's see if it they answer.
And what's all this malarkey re P&D? It's the end of the financial year and investors are consolidating their losses for the year and will plough back the same money into this stock next week so they can knock off their losses on their gains next year.
Next weeks a new tax year and the share price will see massive buying again. imo.
CASP are skint members with all spare dosh going toward monthly yacht club fees and quarterly permit fees running into hundreds of thousands, which they barely have.
I can see a cash raise coming and wouldn't be surprised to see the share price going lower to get a lower average share price for the funders/ further family cash injection to keep the boat afloat..pun intended.
CASP are in limbo atm - when they start deepening the deeps (hopefully this year) then we'll see a share price rise and a decent recovery on the cards......and hopefully the deep oil flows.
If the courts ruling comes good then it will be a bit like ECHO share price rise with payments being pushed out, only in our case quarterly payment could be 99% waived...….then boomage!
It's worth noting that if the EUR20 million is deferred to 2025 it will free up EUR1.6 million per annum (EUR400K per quarter) to spend on getting CL and other projects etc. moving.
If this deferment goes ahead then the shackle are off for sometime.
I see this moving into the 3-5p range this year, I just hope CL is commercial to boost the share price from there, pity we can't get it tested now while the share price is so low and get it out of the way good or bad news - Q2/3 testing?
RE: To sell or not to sell that is the question??24 Feb 2021 15:08
CASP atm are treading water until they can increase their exported oil further so until then I don't see any deeper drilling being done for sometime, however I do see them fracking at 4,500 in the hope they get the well flowing at that depth, in the next couple of months, which would take a couple of months more or so.
All the other news we're waiting on - court/ export permit etc.. are hopefully sorted before then.
The share price can go down to a penny for all I care as I'm aiming for 10 million shares in this stock and hopefully (there's that word again) they'll 20p+ within the next year to two.
Using pipes previously in use at Deep Well A5 further work was undertaken to clear the well to allow production from the interval between 4,343 meters and 4,499 meters. While this resulted in limited gas and oil shows they were not at commercial levels.
Our intention is to fracture and complete the well at the current 4,500 meter depth, which we expect will take two months. In the event this does not result in commercial quantities of oil we plan to drill a further 800 meters to the original Devonian target at a depth of 5,300 meters.
"More than a decade ago BPC secured several offshore hydrocarbon licences in the far-southern waters of The Bahamas. Convinced of the compelling prospectivity of those licences, the Company has spent close to $120 million bettering our technical understanding, continuing to de-risk the play, and ultimately preparing meticulously for exploration drilling.
"Our 3D seismic survey revealed structures that have the potential to contain a world class, multibillion barrel oil resource that, if present in the way we hope, could prove to be transformative - not just for our company, but for the nation and people of The Bahamas as a whole.
"I very much look forward to updating shareholders with results once the well has been completed. The next several weeks will be a truly exciting time for BPC."
The Perseverance #1 well will be located in water approximately 520 meters deep and is planned to be drilled to a target depth of 4,822 meters, but with the capability to be able to reach 5,600 meters, affording the ability to evaluate multiple reservoir horizons throughout the entire stratigraphic column below the Tertiary cover.
The well has been designed specifically as an exploration well, with the sole objective of establishing the presence of hydrocarbons through a range of tests that will be conducted as the well is drilled.
Perseverance #1 has not been designed to ever operate as a production well, such that at the conclusion of the drilling program the well will be permanently sealed and then abandoned.''
They're testing as they are drilling so when the RNS hits (if there's live oil) we should get to know how deep the oil column(s) are and their API with a rough guestimate to how much oil they reckons down there - fingers crossed it's live moveable oil. A couple of top geologists pointed BPC out to me 10 years ago re the size of the structures, please be filled to spill!
RE: RNS anytime on Perseverance 103 Feb 2021 11:34
As I've said before if the drill bit is turning at 93 meters per day we'll hit TD in about 9 days (day 53) if drilling slower then the wait will be longer, and then some if they decide to drill another 800 meters.
The nearest 5 off-shore wells all had Dead and Live oil (none commercial) shows - got to be in it to win it.