Member Info for Uncas

That 'Immediate Effect' was 03 Dec and with the CEO now prob gone or going end of month Leo has to Step Up and take over CEO Responsibilities until a replacement is appointed.

https://tulipoil.com/press-release-tulip-oil-holding-bv-3-of-december-2020/

So Leo Koot is now EXEC Chair of Tulip instead of Non exec Chair with Immediate Effect
Tulip CEO is leaving now and usually this wud mean an Exec Chair takes on the CEO responsibilities until a new CEO is appointed.
He will remain as a Consultant to BPC so no probs working together and of course no conflict of interests as he was already Tulip non exec Chair

Bit late Ricky

these $ are needed for domestic costs but it's not a big issue....they wud have paid for the Licences that are owing for example.
Licences are $1.25m per year and 2019 have been allowed to be 'owed'
One CLN condition is for the Company to be cash funded through to mid 2021. By which time licences will be $3.5m owing if some not paid b4

thanx buddy, my hope is there was so much interest they extended by 3 days to allow more subscriptions and the company agreed to issue more than the 100m shares........ but the counter to that is the complete opposite and which it is I cudn't find out

thanx Trek, just popped in to clarify what the 'administrative extension' was, best to all

So the 3 day extension for Private Investors (institutions and wealthy Natural Bahamians) to subscribe to the Fund has just ended at close of Business Bahamian time and we shall soon see if it was fully or partially taken up.
It didn't become a Standard Fund so unsophisticated Natural Bahamians cudn't subscribe which limited its market and as a high risk investment many low and medium risk fund managers wouldn't be allowed to subscribe
So let's hope the 3 xtra days did the trick and if not it's not a show of rejection by wealthy Bahamians as many already hold shares bought on UK or EU market

interesting timing being the day b4 11th and scheduled seadrill contract date. Where did u get that info from buddy?

Quick answers Tele:
1. Bahamas already at risk of oil spill from tankers going thro North Cuban Basin 24/7 to USA, one of busiest routes in the world. Cuba been drilling/producing for decades mostly onshore heavy, recent offshore pretty unsuccessful, last Russian one got delayed in thick Karst and ran out of rig hire time.

2. BPC well Oil Spill Model shows oil spill wud travel towards Cuba then west towards Gulf then North thro Florida Straits. So not most Bahamas beaches although Cay Sal may b at risk

3. Cuba cannot b depleting Bahamas sub seabed oil. Oil is trapped in naturally formed Reservoirs, reservoirs need side and top geostructures (seals and traps) to prevent the oil from naturally migrating. BPC's well target in on Fold B a super size reservoir with great seals and trap as shown on 3D seismic (see cover pic on facebook BPC Shareholders Group) and or p8. 2015 shareholders presentation.
Best
Uncas

Also we may or may not b told when the EA is approved. When I asked I was told the Company will take advice from their nomad as to whether the market shud b informed.
The Company and counterparty consider the application fulfils the requirements of the Regulations and if GOCB have any further requirements they will be complied with. It is not a matter they are concerned about.

DXB1 - the EA approval is not a parliamentary matter, there is no debate in the house. It is signed by the Minister and as with many matters signed by a Minister on behalf of the GOCB it may or may not b discussed in cabinet prior to signing

spike at al - EA approval is required to spud but it is not critical to a farm out. That is what the Company told me in recent phone call.
They said It'is a regulatory requirement that the Company have complied with and they and drill partner will continue to do so if any additional conditions are required by GOCB. That's not verbatim but accurate

If u or anyone feels different please phone them.

Monopolyguy - I phone the Director who has Investor Relations reference every 2 months and ask Q's on behalf of the facebok BPC Shareholders Group.
I do not ask or get any inside info, that as we know is illegal and the Company are very tight about it. They don't want anything like leaks to scupper this.
But we can get more than we see from press and rns, it's known as 'colour', it's detail like the relevance of the EA approval to a farm out. Company are quite happy for that to be public, it is not insider info
Best
Uncas

This is good news. Parpaing - It isn't the EA approval, Company told me that is not on critical path to a transaction with the counterparty.

This from an industry contact: ''Technical review absolutely, plus legal n contracts departments they can be slow so if there is an extension I feel it would be down to these departments rather than technical.
If the percentage split is not close at the end of three months then unlikely to extend but Simon n Bill have done this before so I remain quietly optimistic''

Now they haven't walked and have extended so I and my contacts view this as positive. Not guaranteed of course but if they were too far apart on deal terms they wouldn't have extended

it's buy and sell volumes that dictates sp movement so if u see more buy than sell volumes but the sp is still lower than opening more of those buys would have been sells

Trades shown as buys or sells are electronically generated based on which side of the halfway point between the indicative prices they were executed at. Many trades are dealt the other side of the halfway line so the best way to tell is to look at the nxt few trades dealt price and see if it moves up or down a little

In brief the Referendum was an election tactic by PLP leader to counter the FNM leader 'No drilling for oil' remark, later changed to 'we will see'. When Christie went so did his personal referendum Churches have huge hold over people, Pastors preach and the flocks of sheep follow. Politicians have learnt not to have referendums again if they want to implement the legislation they want enacted. PLP Gov lost both Gambling and Women's rights referendums. U right that many believe they won't see any benefit from oil money as they believe most in authority are corrupt. But many do believe and as u say the SWF will assure them of that Just one point of disagreement, my understanding is that the SWF is already a reality being enacted in 2016

If u'd like to, check out the BPC Shareholders Group on facebook for the full story

u haven't missed anything - there will not b a referendum on oil production by this FNM Gov.

I've read that Sara is looking after Italy as Dep CEO and her field of expertise and James will focus on SE Asia, his filed of expertise