Member Info for somm

As Potter says certain ingredients are needed.

structure - tick - 70km long

Reservoir - perhaps - filled with oil or water? Major thinks not worth the risk spending £80M to find out. Why?

Source rock - NOT ENOUGH? - hence the reason the Major after four months of researching the seismic data / geology has elected to stop putting any more money into the project?

If a large team of geologists elect to discontinue researching the data set and move on to pastures new what does that tell you?

Hold that thought.

......this is how it might read. imo. :- )

The exclusivity negotiations that the oil Major elected to cease have now ceased, and we are now free to roam the earth for another 10 years in search of another Major who will hopefully have forgotten that the last Major walked away having decided there was insufficient quantities of commercial oil in their opinion on any of the four licenses and having spent a million bucks on four months of research.

How's that for some realism?

Or

The oil Major with whom BPC have been in exclusivity negotiations with are now sat on the fence awaiting a consortium of partners to join them in taking the lions share of 28 billion barrels of OIP, while we wait for the EA from the BG, however during this time we will look for financing as we have been doing for the past 10 years just in case they all walk off into the bohemian sunset holding hands and kicking empty oil barrels along the sandy beach below SP's ramshackle hut he is now squatting in having been stripped of salary and all cash, whilst burning his share certificates on the barbeque to heat up his fish soup supper?

Or

We've found another Major who will pay us another $1 million to do some further research and DD. The old oil Major failed to go the whole hog of researching our beautiful data set for an optional 6 months, the new oil Major thinks the old oil Major may have missed something?

I like the last one, optimism at it's best!

Or very last one.

We have raised £100,000,000!

Shares in issue will now be 10 billion shares............. and consolidation will be 100/1 maybe 500/1 as we haven't decided yet..........

Have I missed anything?

"The company with which we have been in exclusive NEGOTIATIONS has ELECTED NOT to extend further the period of exclusivity''

Why would that be? because their huge team of Geo's think there's no commercial quantities of oil down there or else they would still be in negotiations, you know the negotiations that Numbskull and Co think are still going behind closed doors with this Major, when they're not.

Why would this Major oil company after four months of researching the data set elect not to continue negotiations and let another oil company have a free run at taking the lions share of 28 billion barrels of OIP, especially after paying a million bucks for the privilege?

A Major which will have billions of dollars in the bank, yet won't spend a poxy $100 million on a well that could hold potentially billions of barrels of oil, especially the likes of Shell who's oil reserves were drastically reduced?

Think about that.

......*51 days = 2,440m

3,350m - 2,440m = 910m / 47.86m pd = 19 days to TD

I make it approx. 21 days to TD.

3,350m / 70 days = 47.86m per day * 51 days.

About 21 days to go.

May be quicker if like butter and no technical problems with casings etc.

..... are skint.

They have enough to pay the receptionist who will turn the lights out come June. Potter will end his role here and move on unless he wishes to extend his stay by another year, and yes you guessed it, from April Fools Day 2019.

No one will finance a well now.

No one will partner them now, why would they when one of the biggest companies in the world won't after four months of research.

28bbls of OIP across four licenses - NO oil company would walk away from that much potential oil even if they thought only 10-20% of that much oil could be there and they apparently have, because it's not there in their opinion! They have been in exclusivity negotiations for four months and didn't make a public offer for BPC, which says everything, a deal would have been struck because it was Potters last chance, the thought of another player(s) coming in now is fanciful and naïve at best.

Being Delisted is the only course of action left for this Company. Imo.

Prove me wrong Mr. Potter.

..sad limp carcass in it's death throws to be kicked at and shown no pity on the way past to the next potential bull stock.

A 28bbls OIP what a f'..ing joke.

Mono,

Drilling would be at least six months away so EA now is irrelevant.

Step one: First check if oil might be there - Tick = knackered

Step two: Strike a WI deal with BPC = After step one is likely = Oh dear knackered

Try keeping up.

What fruit cakes are blaming having no EA for the reason the Major has decided not to drill?

"Sorry we've decided not to drill into potentially 28 billion barrels of OIP across BPC's licenses until BPC have been rubber stamped, even though we've spent a $1 million and four months of sweat and toil''. lol!

Let's be clear a team of highly paid Geo's have scrutinized all the data for over FOUR months and they've decided there's a very high probability that commercial quantities of oil do not exist, otherwise they would have struck a deal regardless for a possible share of 28 billion barrels of OIP rather than let some other company have the lions share, right? Right!

Ollie, on and off over 10 years.

Had 1.5 million shares at one point several years ago.

Vaheets,

Nothing to do with the BG.

The Company will have decided there enough source rock or not enough for commercial quantities.

Of the 5 wells that have been drilled around the Bahamas over the years some found 'live oil' on the way down 22,000 feet but it wasn't in commercial quantities.

This I feel is what the Major has decided is the case with BPC's licenses.

If there were any chance of 200+ million barrels of recoverable barrels being down there there would have been a deal made, even if the WI left was 10%. imo.

The Major would have had a large team all over this and each Geo's report will have been gone over in team meetings, I can only guess, obviously, they have concluded it was too risky to drill due to a low CoS even though the CPR had it around 30%.

With 30/70 mile structures who would have thought?

If it was due to negotiations breaking down over a WI % then may be another Company could come in with a better WI offer, but I really do see it as there not being enough commercial oil down there in the opinion of the Major.

If there were a deal to be done it would have been done and any other distractions like the BG would have been dealt with later.

And to those people saying where does it say the Major has walked away, stop being pedantic, they obviously have done.

Ollie,

Of course!

Surely your not stupid enough to think a company put is full data set out not the public domain?

If they did, then why would they do research for four months?

Comprendo?

Ollie,

All the data wasn't available and Potter wasn't going to give it away for free, hence the exclusivity agreement for the full data set.

You think all the info was in public, get real mate.

Oillie29,

After 4 months they have decided there's no commercial quantities of oil down there, in their opinion, after spending four months researching the data room, wake up and smell the coffee!

Geez! When will the penny drop for some people?

Who's going to fund a £60-£100 million well now?

No one and BPC have two hopes of raising that kind of money Bob Hope & No Hope.

... they think there's no commercial quantities of oil on any license 200mmbbls+ which is probably he case or negotiations failed because Potter wouldn't farm down enough WI. Simples.

This is a dead duck now, no one will touch it. imo.

> stimulation on the shallower 8m net of gas and the 6.5m of deeper wet gas<

I reckon after two weeks of waiting we'll get a RNS next Tuesday stating testing has now commenced.

And hydraulic stimulation has started on the 6.5m net wet gas on the 1004 well.

The 2001 well has over double the net pay than interpreted in the 1004 well, hopefully dry commercial gas quantities to surface news by the last week of Sept with 1004 good stimulation news to boot.

That's Malcy reckons?

Well I reckon he's right not just because of the size of the structures that need to be analysed etc. but because they're also going to be negotiating a deal once the Supers analysis is complete and are confident with the COS odds.

So I think at least another month to wait.

If BPC end up with as much as a 20% WI they will have done very well.

If Potter walks or get the boot does he get to keep his shares, as prior to his new contract he lost them (and cash) if no partner/ spud.

I think he will be allowed to keep them as part of his new contract deal even if he's given the big E etc..

If this deal falls through at least he gets to keep the shares in the hope another Company offers a partnership in the future, after he has long gone that is................. and a prayer!

Makes you think though this could be his safety net as the current negotiations may not be so solid therefore he at least gets to walk away with something.

Anyway, I think the deal will go through, because.

Who would partner BPC after a Supermajor has studied the DR for 4-6 months and ended up saying no thanks, no one!

The BG would be goosed with no other income in sight for .....ever?

Two CPR's done by two Companies each siting billions of barrels.

Potentially 28bbls OIP across four licenses with one to boot

Massive structures that simply have to be drilled.

Regs done to high heaven.

And would you give up $1M if you thought a deal wasn't going to go ahead?

This deal has to go ahead!

Stimulating will have commenced by now with a load of Viagra thrown in to boot so I'm expecting the share price to shoot up any day, time for a stiff one.