Uncas
10 May 2018
Re: Bullish Toughts whatever please u spiritfinder but u won't find anyone from Bahamas, USA, Middle East on here coz they can't register with iii. facebook is worldwide, look up any company on it and u will see it has a shareholders Group. BPC Shareholders Group has 512 members and nothing is controlled except repeated personal abuse attacks are not allowed which is the same on here if the attacker is reported and admin uphold the complaint.Articles are shared direct, even GOCB legislation is bcoz they r on fb, not links like on these broker boardsIf u'r happy that's all that matters
Uncas
10 May 2018
FAO Ozonechemist Re u'r request for valuation from way back here's what I've found so far when MarCap was £110m. Some changes since then as we know but 4 Southern Licences which are the main asset is unchanged. I'm still looking for Norhernberks 87p valuation calcsBestUncas From: MERRILL LYNCH INTL25 Nov 10 at 17:25:14Following meetings yesterday with Alan Burns, CEO of BAHAMAS PETROLEUM, here is my view of the salient points:BAHAMAS PETROLEUM (BPC LN) is a pure Exploration co. in The Bahamas with 24bln boe of prospective resource, & v impressive Mgmt incl. track record.V cheap call option in v prospective frontier acreage, a potential 7x+ baggerDetail:** Co. has 5 licences, 4 offshore SW & 1 offshore NW of the main islands.** Only 5 wells drilled in Bahamas during 1947-1986 BUT those wells indicated active petroleum systems - should not surpise given proximity to GoM.** BPC has most comprehensive data set & licences in Bahamas + 1st mover adv.** Based on 2D seismic acquired July 2010, plus historical data from Tenneco, BPC's internal prospective resource est. range 3.6 - 24.3 bln boe with a **mid-point & most likley co. estimate of c.9.0 bln boe.** Fund raising recently successfully completed and co. are net cash US$6mln.** No further need for equity injection and will instead seek farm-outs:** Structure likely involve farming down 75% of single blocks in return for payment of % of back costs plus carry on seismic and well commitments.** STATOIL farm-in mid-2009 on 3 blocks jointly bidding for validates strategy.** 12 co.s expressed interest in BPC's acreage, 3 could be suitable partners.Next steps:**2D seismic being acquired currently completing in early 1Q11.**Oil & Gas and Drilling legislation review in The Bahamas post-Macondo and Norway, via relationship with STATOIL, is assisting with the process.** Expect conclusion on new legislation mid-2011 but another farm out still possible in the interim. Also in meantime, Russian explorer Zarubezhneft is expected to drill nearby in Cuba in 2011.** CEO Alan Burns' track record is hugely impressive having sold co.s/assets to:** WOODSIDE, TNK-BP, SIBIR, and TULLOW OIL, over a 32-year long Oil & Gas careerValuation:**hugely speculative but 24bln boe of prospective resource at US$0.05/bbl would equate to US$1.2bln, or c.£760mln, which is c.7x the current market cap of around £110mln.Conclusion:BPC is a v cheap call option and a potential 7x bagger.Bank of America Merrill LynchMerrill Lynch Pierce Fenner and Smith Limited
spiritfinder
09 May 2018
Re: Bullish Toughts "If u not in the fb Shareholders Group and wud like to b our 500th member click on link and ask to join"Still recruiting for the highly controled, private group Uncas?There's no rhyme or reason for a seperate group, other than to facillitate a more 'controled' discussion, no doubt more aligned to the interests of those moderating the chat.Although your input here is generally appreciated, despite the claims of 'manipulating to trade' by some, I don't believe setting your little group has benefitted the wider (and more open) discussion here.Atb
Uncas
09 May 2018
Re: Bullish Toughts Thanx OCPMV was calc'd by another, not me but i'll look 4 it and post if I find it. If u not in the fb Shareholders Group and wud like to b our 500th member click on link and ask to joinBest Uncas[link]
Uncas
09 May 2018
Re: Being Held? More sell volume on NEX countered buy volume on LSE. [link]
Ozonechemist
08 May 2018
Re: Bullish Toughts Hi Uncas, thank you for your persistence with this share. Have been following for a while now but kept getting burned. Hoping now to buy in for the long term. I remember you working out a potential market value for BPC quite a while back but couldn't find it. Mind re-sharing that?ATB
Ozonechemist
08 May 2018
Re: Being Held? Perhaps not. Perhaps currently, the share is considered overpriced, hence it's falling sp despite more buys than sells. Disclaimer: I am waiting for a little lower sp before buying in.
JBT2007
08 May 2018
Being Held? Is this being held at around 3p by the MM's? Two trading sessions with more demand than sales, especially Friday and yet closing down slightly on both days.I'm surprised that this hasn't edged up to 4p plus now that the ramifications of last weeks news has had time to be digested. This is a goer, so load up while you can and this is a shameless ramp by the way!...
Oilclone
08 May 2018
Re: Bullish Toughts Hey UncasSoon be back in the 4p club! I’ve been out of the oilies for a couple of years now apart from Shell (for the dividend) - made a bit with the likes of Just Eat and Greggs. Agree BPC looks very attractive with this latest announcement, I’m guessing a European major but I have been known to be wrong!!Hang in there mateOC
Uncas
08 May 2018
Bullish Toughts The deal with this major MAY NOT come off BUT only because of not agreeing financial terms IMO. The target and potential are good to great, we all know that right? If this major walks because BPC won't sell it cheap another will step up, may already b waiting with a counter offer as often happens. I think about this latest rns as being given info as close to inside as anyone wud ever get being told a farm out is prob now coming so we have 3 months to buy shares at a very low price. 4me this investment had 2 risks ATM, cash running out end of year and licences not being renewed nxt year. Cash risk now gone and commence well operations b4 June 2019 now looking far more likely.
spiritfinder
06 May 2018
Re: Huge-step-for-oil-exploration. The CEO intimating, imo, an underlying 'deal in principle', viewed by many as the basis for the current agreement & substantial payments to BPC.Simon Potter must indeed be ver pleased, having now such a strong aligned interest with Shareholders.The Environmental Authorization submitted as a backdrop to that and the eventual confirmation of said deal should massively multiply the share price here.Very good indeed to be holding a genuinely 'life changing' stock, given the Upsides through the various stages we can expect. Atb all
JBT2007
05 May 2018
Re: Farm In Agreed in Principle There's a surprise... Zippy being negative.
Hallowed
05 May 2018
Re: Farm In Agreed in Principle Rather than being overly optimistic, I think caution is called for. As mentioned in a previous post, we have not had an offer subject to (as companies have seen all the data) and many were expecting a farm-in announcement which did not happen.So the fact a major requires exclusivity to do an internal review over 3 months means that the outcome is risky - is this merely own due-diligence of data that has already been independently verified, or is there something else they need more time to assess?Actually, I felt more comfortable buying in at GPP 15m on the expectation they would announce a farm-in (regardless of the terms), than I do if I were to buy in at GBP 45-50m, as the downside risk has all of sudden become much greater.
Chocolate Chip Cookie
04 May 2018
Huge-step-for-oil-exploration. [link] HARTNELL#Tribune Business Editor#[email protected]#An oil exploration "game changer" for the Bahamas took "a huge step forward" yesterday with the signing of a three-month exclusivity deal on a drilling joint venture.#Simon Potter, the Bahamas Petroleum Company's (BPC) chief executive, told Tribune Business it had reached agreement with "a highly respected, major international oil company" to begin negotiations on a potential exploration partnership that would result in the "spudding" of a well in waters south-west of Andros.#The Bahamian-based oil explorer will entertain no other parties during this period, with Mr Potter suggesting the exclusivity agreement was "indicative of how they view" BPC's project and its prospects of success.#He declined to name BPC's potential partner, citing confidentiality agreements, but it will pay BPC $250,000 per month for the duration of the initial exclusivity - netting the company a total $750,000. The prospective "farm-in" partner also has an option to extend the exclusivity for a maximum further three months, again paying the same rate.#Mr Potter said recent global oil price increases had boosted BPC's long-running joint venture partner search, with the increased margins and profits whetting the industry's appetite for offshore exploration.#"You and I have been talking about the interest a third party may or may not have in this project for quite some time now," he told Tribune Business. "It's [the exclusivity agreement] a huge step forward for the project, especially in the context of improving global oil prices and the thawing of the industry's attitude with respect to offshore oil exploration."#Mr Potter said the decline in oil prices over the past few years had driven the industry to focus on onshore oil exploration/production assets, which were closer to delivering success and cheaper to acquire.#The speed at which renewed interest in BPC's Bahamian licences had materialised into something tangible, he suggested, showed the company's prospects of success - and the potential quantity of commercially extractable oil - were among the industry's best.#"With the improvement in oil prices, those prospects that have survived the downturn, those projects of scale and commercial attraction, they will be among those to get support the soonest," Mr Potter said.#"The extent to which a major international oil company is actually prepared to pay for a period of exclusivity, for a period of time in which they are the sole party with which we will negotiate, is indicative of how they view the prospect.#"These companies don't spend money if they don't have to. To commit to us in this way, and seek a commercial arrangement, is obviously very positive."#BPC's rate of progress has heated up rapidly in the past week, with the company having also submitted its 'Environmental Authorisation' application for the necessary permits in that area to the Government last week.#The search for a joint venture partner, who will share the financial and technical burden of drilling its first exploratory well, is the second 'parallel path' that BPC has been working on for several years, and it is now moving forward on both fronts.#BPC's licence areas largely straddle the Bahamas' maritime border with Cuba, covering waters south-west of Andros, which is where that first exploratory well will be spudded.#Mr Potter told Tribune Business that the Bahamas would not have to wait for actual production to feel the economic impact of oil exploration within its territorial waters.#"The exploration [on the first well] will last for 90 days and cost up to $100 million, a considerable proportion of which will be spent locally in-country. That's an immediate benefit," the BPC chief executive pledged.#"I've been here seven years this year with a techn
wizard47
04 May 2018
Re: Farm In Agreed in Principle rogk where do you think the price will be then? As soon as the price rises for the first time in months you pop up to deliver gloom and despondency. Have you ever delivered anything but a sell recommendation? Do you actually hold shares in BPC or are you a shorter getting burnt?
