Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
PageofCups - ESP to have found you online at the same time as me. Have just been reading your posts over the last few days. There are several things that simply do not gel for me with the technicals. I'm not a geologist, simply someone who has invested /gambled in many of these AIM oilies over the years. However, I have picked up enough technical info along the way to have, I believe, a good amateur view. The combination of the term 'saturated' with 'non-commercial' is the conundrum which has confused me most. I have tried to think over the last few days what scenario could have compelled me as CEO to drill on my own and to take all the risks which SP has. We know that the whole Bahamas proposition is compelling: enough majors have tried to stitch us up over it. But what if one of them had said 'OK. we need actual evidence on top of all the theoreticals: you guys drill the first well and, if it shows a working petroleum system, we'll come in for the next. That is what would have made SP take the rotten finance package at the end - he had to do all the necessary tests to prove the data - but then, having done that, stopped the drill to preserve cash after realising that this location was never going to be commercial (it was never meant to be). I like to think this is the situation. I know you and I have put forward the notion of BHP before - and it is still my bet they will be on the scene (though I don't know if this is simply wishful thinking). From memory they are on file saying they want to expand in this geo-area and what better groundwork could they ask for? It could be that they are waiting for the end of March to see the outcome of the JV application (hopefully quashed once and for all) before making a move. Who knows?
Still here. Shaken, stirred, battered, bruised, but none sold. Waiting for the next lesson.
Linton78 - So farewell : good to have ‘known’ you and sorry to see you go! I am in St James’s and the Grenadier - Nags Head - Wilton Arms - Plumbers Arms used to be a regular circuit. So hope to see you (and Lallee) around there at some point. All the best and good luck to you for the future.
?Tiburn - your post at 15:18 and your one this morning are the most sensible I have seen on the board today, the contents of which I totally agree with. Two points which seem to have been forgotten amongst today’s BB noise are (1)....’?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.....’.
THE DRILL HAS ACHIEVED THAT AIM OF ESTABLISHING THAT THERE IS A WORKING PETROLEUM SYSTEM.
(2) the BoD only issued shares that they had been authorised to issue by the shareholders at the last AGM.
Anyone who had ever invested/ gambled on AIM oil stocks - and I have had many over the last 20 years - knows that you can have every indicator possible beforehand but that it is only when the drill bit turns that you get to find what’s there. Today’s RNS was a disappointment - and for us LTHs a great loss-maker, but you have to be a big enough boy or girl to accept it and not to look back. I agree with you, Tiburn, that the data now in BPC’s hands adds to the value of our assets. I await to see what the board’s plan is now: they will have foreseen (though not if course wanted) this outcome.
Linton78 - very good spot: now we are beginning to see the real world coming to the fore rather than living-in-a-dream-world enviro pretenders.
Brynjon - well your mind and mine must be similar as I suspect bigger levers are at play here (I have suspected industrial espionage for some time). I’d like to think not, but I’m afraid I am so cynical these days that I treat no campaign group as being totally honest.
POC -I endorse everything you say and couldn’t have put it better. I accept the risk entirely, but hope the oil gods are shining on the Bahamas and that the ordinary Bahamians might now have something to look forward to (and that our stoicism as shareholders pays off!)
Llaallee - 12 years? I guess you regard us only 10 year holders as newbies then ha ha.
Here with fingers crossed......
Aaahhh - Page of Cups, I see we are still on the same page re the Aussies! Time will tell....
All good Linton78 TVM. Better now there is action here. Been a very long hard slog for us old-timers! GL. Onwards!
Linton78 - great idea! I will tag along if OK.
Brynjon - that’s interesting. And that’s also why, should we find anything significant, I suspect Sinopec and Cnocc could be the first people on the phone. And that’s also why the US (purportedly) doesn’t like it. AIMHO of course.
PageofCups - thanks for some excellent posts recently: your industry intel and analysis is first rate. Congrats to you also (as well as Linton78, Brynjon, Bynari, Interestking, Tiburn and all the other LTHs) for keeping up common sense in the face of so much nonsense: I remember when this board was civilised! With regard to the recent financing, it amazes me how few people know how corporate finance works. On the legal situation, I have in the last 15 years been involved in two cases attempting to sue the UK government. In both cases our judiciary - clearly wanting to appear outwardly fair and equitable and that the Government was not above the law - granted us a judicial review. So we got to the High Court (and even got to Appeal on the first case). However, notwithstanding that the judiciary and Government are supposed to be independent - and this no doubt applies to the Bahamas as well as the UK - the fact is that judges are only too aware that they hold their country’s reputation in their hands. In our current BPC case it is blindingly obvious that this has nothing to do with environmentalism, and I only hope Clare Montgomery manages to do a forensic financial analysis of who exactly is funding the plaintiffs. In my view this is plain and simple corporate espionage (and politics) dressed up in a green coat.
A big thanks also to all the oil drilling experts we now have on this board. To me as a very very long term holder your info and views are invaluable.
Hi PageofCups - Ha ha - gone down very well I think! All very exciting: our BoD have done good securing the SIM and at a nice price. Yes, indeed, my tea leaves still show BHP on the horizon as a likely partner at some point - though I wonder if that is just me suffering from long-term-holder-itis and wishful thinking! Oh well, not long to go now....
Guys - Off-topic but still relevant to us very long term BPC holders who fear we might be prevented from enjoying any success. For a Sunday morning viewing, this video is fascinating, worrying and worth watching all the way through. However please don't make any comment here as I don't want to be responsible for clogging up the board with non-BPC stuff. Just doing my duty as a free (for now) citizen, passing on info.
https://www.youtube.com/watch?v=GHEbNLvQ_MY
P.S. Interestking - keep up the good work!
PageofCups - Yes I agree: curious and very intriguing. I think the first rule of investing is to believe in the management. I have never met any of our BoD but, seeing the obstacles they have faced over the last few years and how they have nevertheless tried to steer a clear (and hopefully improved) path, even through the headwinds this year, I think we will all be glad of their tenacity. Well I hope so anyway! Onwards.....
Hi PageofCups - Yes, indeed, I still believe that BHP would tick plenty of boxes for us (though I wonder if that is just wishful thinking on my part: let’s keep fingers crossed!) I was spooked on catching up reading the board today by the earlier talk of Repsol. That I would be concerned about. I know they have done good, but I have never trusted them since the Namibia drill (2012 with Tower? - can’t remember: so many of these small oily gambles over the years). Whoever or whatever our route turns out to be I shall just be glad to get spudded before any other world event (contrived or natural) affects us. Glad to see you are still keeping your finger on the pulse of this: your posts this week have been great.
Tiburn - TVM for excellent recent posts; Interestking - good to see you back in full flow!; Bryn - TVM for common sense. Starchild - TVM for your constant support when the rest of us very LTHs had given up: quite right that the bulldog’s name would be inappropriate - the only name conceivable in any naming/re-naming of our field if successful, must be the ‘AB’ or the ‘Alan’.
PageofCups - glad to see you are still around here! Yes, you and I both saw BHP in our tea leaves ages ago: let’s hope we prove correct.
Interestking- Hear hear! Y.
Private_Investor - shouldn’t that be Bahamian shirt?
Great to see you back Interestking!
PageofCups – I have largely tuned out of this board for the same reasons as IK, but will still keep an eye out for your posts as I know you have good industry contacts who can give you a feel for what might be happening in the bigger picture. You and I still have an inkling about our Aussie friends. Interesting! Please keep your ear to the ground.