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Bahamas Petroleum Company plc (BPC)

Cyb3ria
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Re: Bahamas Petroleum Company plc (BPC)

#387106

Postby Cyb3ria » February 15th, 2021, 11:01 pm

The Bahamas “cannot afford” to ignore commercial oil discoveries within its territory, an ex-Central Bank governor argued yesterday, while pleading for far greater government transparency on the issue.

Julian Francis, describing oil exploration as “a two-edged sword”, said he both understood and “identified” with opponents of Bahamas Petroleum Company’s (BPC) recent exploratory drilling activities due to fears about the risk it poses to an ocean environment that sustains much of the country’s existing economy.

However, he told Tribune Business that the economic and fiscal devastation inflicted by COVID-19 meant The Bahamas cannot “deprive itself” of a potential multi-million dollar revenue windfall that could benefit the Public Treasury and Bahamian people alike.

The former governor also suggested that successive administrations had stored up trouble for themselves by being less than fully transparent about the process involved in issuing BPC’s licences, their commercial terms and subsequent environmental and other approvals granted to facilitate its Perseverance One exploratory well.


http://www.tribune242.com/news/2021/feb ... discovery/

Cyb3ria
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Re: Bahamas Petroleum Company plc (BPC)

#387107

Postby Cyb3ria » February 15th, 2021, 11:06 pm

Oil exploration opponents are persisting with their Judicial Review challenge in a bid to “draw a line in the sand they will not back away from” over future drilling activities, a prominent QC is warning.

Fred Smith QC, the Callenders & Co attorney and partner, who is representing Save the Bays and Waterkeepers Bahamas in their fight over the permits and approvals granted to Bahamas Petroleum Company (BPC), said the latter’s Perseverance One exploratory well could be just the first of several intended to be drilled within Bahamian territorial waters.


http://www.tribune242.com/news/2021/feb ... line-sand/

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Re: Bahamas Petroleum Company plc (BPC)

#387141

Postby Cyb3ria » February 16th, 2021, 8:26 am

Bahamas Petroleum Co
Corporate and Strategic Update
RNS Number : 2243P
Bahamas Petroleum Company PLC
16 February 2021


Highlights

· The drilling of Perseverance #1 fulfilled its core technical objectives and a post-well review is underway. In parallel, BPC is considering the most appropriate way forward for monetisation of its assets in The Bahamas, in particular, the renewal of an active farm-out process

· Near term operational activity is now focussing on the Company's 2021 work programme in Trinidad and Tobago and Suriname, targeting exit production of c.2,500 bopd, and prospect maturation in Uruguay

o Saffron appraisal well due to begin in Q1 2021 which, subject to results, would see BPC seek approvals for field development with up to seven production wells to follow through 2021

o Suriname appraisal well and Extended Well Test in the Weg Naar Zee Block due to also begin in Q1 2021

· The Company's funding strategy is to focus on consolidating and strengthening the balance sheet, in support of directing maximum effort toward planned value-adding drilling activities in Trinidad and Tobago and Suriname during 2021

· Consistent with this funding strategy, the conditional convertible note facility has been restructured and extended along with a further £2 million drawn, a final reconciliation of the initial £7.5m tranche of the December 2020 Funding Agreement has occurred requiring no net cash payment by the Company, and the Company has issued 135 million new ordinary shares in lieu of cash settlement of a number of current financial obligations



Simon Potter, CEO of BPC said:



"The Stena ICEMAX has just left the drilling location and is off hire. However, the pace of operations has not ceased - the post-well review has begun, as the Company charts its way forward in The Bahamas with a renewal of the farm-out process. Notwithstanding it is only a week since the completion of the Perseverance #1 well, BPC has already moved to consolidate and strengthen its balance sheet, so as to ensure all value-add options to grow productions and cash generation in Trinidad and Tobago and Suriname are maintained. Over the coming weeks the Company will fully close out the Perseverance #1 operation and set the final timetable for operations elsewhere across the portfolio."



https://www.investegate.co.uk/bahamas-p ... 00032243P/

Cyb3ria
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Re: Bahamas Petroleum Company plc (BPC)

#387234

Postby Cyb3ria » February 16th, 2021, 5:30 pm

The immediate anticipated cost of planned activities in Trinidad & Tobago and Suriname for the rest of the first half of this year is approximately USD4 million. The company currently has around USD15 million in cash


https://www.lse.co.uk/news/bahamas-petr ... mpredirect

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Re: Bahamas Petroleum Company plc (BPC)

#387433

Postby Cyb3ria » February 17th, 2021, 11:54 am

Reading various boards unsurprisingly I'm detecting a lot of negativity by retail investors on BPC. Seems as if the BoD have to make up a lot of ground to regain investor confidence.

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Re: Bahamas Petroleum Company plc (BPC)

#387584

Postby Cyb3ria » February 17th, 2021, 10:10 pm

Oil explorer hints not giving up on Bahamas yet


• Says surge in ‘farm-in’ inquiries after well’s end
• Data obtained invaluable for four other licences

The Bahamas Petroleum Company (BPC) yesterday alarmed environmental activists by indicating it has not given up on The Bahamas following a surge in interest from potential joint venture partners.

Casuarina McKinney, the Bahamas Reef Environment Educational Foundation (BREEF) executive director, told Tribune Business she was “very concerned” after the oil explorer informed the international capital markets it had received numerous inquiries despite its failure to locate commercial oil quantities with the Perseverance One well.

BPC, in a statement that left the door open to further exploratory oil drilling in its other four Bahamian licence fields, added that the data gleaned from the well dug in waters some 90 miles west of Andros will “more accurately inform and direct” its future plans in this nation.


http://www.tribune242.com/news/2021/feb ... -interest/

Cyb3ria
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Re: Bahamas Petroleum Company plc (BPC)

#387586

Postby Cyb3ria » February 17th, 2021, 10:13 pm

Although the well did not prove commercial oil volumes, it did confirm the presence of a working hydrocarbon system, validating the company's structural play concept.

The well also verified the presence of seals, high-porosity reservoir and hydrocarbon charge, all of which point to hydrocarbon potential in various independent, untested play systems and structures seismically identified from 2D and 3D within the licenses, BPC said.

Since announcing the result, the company has received approaches from various parties in the industry and has engaged Gneiss Energy to help attract broader industry interest in a farm-in to the company’s four southern offshore exploration licenses.


https://www.offshore-mag.com/regional-r ... ell-review

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Re: Bahamas Petroleum Company plc (BPC)

#389442

Postby TheMillipede » February 24th, 2021, 9:52 am

Cyb3ria wrote:Nonetheless, I think it's better that they focus on Trinidad and Tobago and Suriname to increase production in the short-term.


I have to admit I am in two minds about this.

The more I look into T&T the less I like it. The assets have been worked at for years, and a lot of shareholder value has been destroyed over the years already. It is not at all clear to me the current people have any expertise that is better than what has gone before, so why is the end result going to be different?

Bottom line: BPC need a good result from Saffron 2 to take this company forward. While that is not quite a wild cat drill, it remains high risk IMVHO and might very well fail.

Once they have drilled that, assuming failure, I think they have a choice: drill Suriname and afterwards have pretty much no cash at all, or use that cash to keep the company going for another year or so while a Bahamas farm in is negotiated, if that is even possible.

But TT and Suriname are both smaller prospects than the Bahamas. In my view, the share price is unlikely to soar, even if the wells are successful. Then the company will need to raise money. At best I see a share price of 1p and a fund raise at 0.8p, assuming they can find anyone to give them money (my bet is "sophisticated" investors, which if you are not familiar is a term used by the financial services industry to mark someone out as ripe for screwing over.......)

Meanwhile if Saffron and Suriname fail the share price will trend ever lower.

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Re: Bahamas Petroleum Company plc (BPC)

#389729

Postby Cyb3ria » February 24th, 2021, 8:08 pm

Once they have drilled that, assuming failure, I think they have a choice: drill Suriname and afterwards have pretty much no cash at all, or use that cash to keep the company going for another year or so while a Bahamas farm in is negotiated, if that is even possible.



Apart from taking recent RNSs at face value, it's very difficult to read between the lines as to what exactly was encountered through P1. So, we're not going to be able to determine (because it isn't clear) on what the potential is for a farm in and/or out. So, best to apply the law of parsimony or Occam's razor. So, safe to speculate based on the fewest assumptions. In short, I'm not optimistic on P1 data analysis unless there is some overwhelming evidence that hasn't been revealed and is being presented to prospective majors. So, let's park the farm partnership for now.

That still leaves TT and Dutch speaking Suriname. What we know is that we have 500 bopd and a target of 2500 bopd. Even if the latter target is underachieved it could be argued that P1 drill indirectly found oil through the CERP merger/acquisition. I don't see 2500 bopd as being something that can't be achieved - even if X failed to achieve, it doesn't necessarily follow that Y would do likewise.

So, what we have in concrete is production of some form with a revenue stream which BPC never had before. What's up in the air is the increase in that production and the degree to which a major would be attracted on the Bahamas acreage. Certainly, the noises being made in the Bahamas chattering classes is that oil exists or is now proven to exist and another drill is almost certain. How reliable is that? Clueless as to whether it's just arrogance or BPC is hiding a few aces up the sleeve.

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Re: Bahamas Petroleum Company plc (BPC)

#389756

Postby TheMillipede » February 24th, 2021, 9:35 pm

One of the few uses of advfn is that when companies get taken over, or merge, or simply change their name, the old threads remain and there is quite often useful information in the headers, and sometimes in the posts.

I recommend, if you have not already done this, check out the CERP and LGO threads. There are quite a few red flags in the interviews IMO, not least the comment from one former director that he does not like to write much in stock exchange announcements because people misinterpret them! The TT assets have been worked on for years and CERP/LGO has, over the past five years plus, failed already to achieve what BPC say they will do this year.

CERP were unable to raise money to progress the TT fields. (BPC claim they will be able to raise debt finance against the reserves and they might be right, but why could CERP not do the same?) CERP's merger with BPC was one of desperation, whatever ex holders like to claim now, as they had run out of money. Its predecessor LGO became notorious for destroying shareholder value, with those same TT assets, and changed its name to Columbus precisely in order to escape a reputation for value destruction. Meanwhile we do not know for sure that BPC's ongoing production is even as high as 500bopd, let alone progressing upwards towards 2,500. Their RNS was a snapshot in time. They really ought to be releasing monthly figures.

To be clear, I am not saying that TT will fail because P1 failed. I am suggesting that an awful lot of failure has happened already in TT, a lot of shareholder value already destroyed, a lot of retail investors left holding the, sadly worthless, stock. Why would BPC's efforts with the same assets be different? They might be, but that is what I would be asking BPC right now, if I still owned shares. I strongly suspect they would not be willing to give an answer.

I wish you well Cyb3ria. I am grappling with the same issue as you. Perhaps the time to research CERP was before the drill but it did not seem so important in the excitement of Perseverance #1. It is important now and, as I said, the more I look into it, the less I like what I see.

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Re: Bahamas Petroleum Company plc (BPC)

#389820

Postby Proselenes » February 25th, 2021, 5:03 am

A point to note.

BPC did not claim to have 500bopd production ongoing. I think they claimed only to have achieved that flow rate at some point.

A flow rate of 500bopd is an easy claim, you only have to achieve it for 5 minutes to claim it. You can then turn the production rate back down to whatever.

EG your running at 250bopd normally......you turn the pumps up to 500bopd for 5 minutes and turn it back down to 250bopd. You then could claim maximum production rate achieved of 500bopd.


Be very wary of companies which do not give regular production updates...........IMO.

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Re: Bahamas Petroleum Company plc (BPC)

#389861

Postby Cyb3ria » February 25th, 2021, 10:04 am

TheMillipede,

Agree, more wise to be a pessimist with all the destruction in shareholder value over the years with LGO/CERP and almost insanely rapid with BPC P1.
I would be cautious in paying heed to ADVFN & LSE discussion forums. The former seems like the wild west whilst that latter is a pure rampers paradise. Think many people have lost money due to ramps on LSE discussion forums which seems to encourage averaging down or topping up. So, if you are generally involved in what analyst have described as a suckers stock (BPC falls into that definition), the LSE discussion forum is guaranteed to get you sucked in to your own detriment.

Proselenes,


Thu, 7th Jan 2021 07:00
RNS Number : 8466K
Bahamas Petroleum Company PLC
07 January 2021



Achieved production target of 500 bopd by end of 2020; end 2021 target remains at 2,500 bopd

1. Goal: Apply focussed technical work and expertise to build to a baseline of 500 bopd production by year end 2020, as an initial stepping stone toward ramping up to the production target of 2,500 bopd or more by year end 2021



Delivered: Peak daily production of 500 bopd was achieved during the month of December 2020, based upon a dedicated work program that saw a 15% uplift in daily offtake rates across November and December and production rates consistently >10% higher than pre-merger production rates earlier in 2020. The increased production over the last 6-8 weeks of 2020 has been the result of:

· Stabilised offtake rates from base production assets

- Specific workovers to remove wellbore damage undertaken on eight wells

· Delivery of the planned increased workover frequency rate (0.57 workovers per day post-merger, up from 0.39 pre-merger)

- A total of 35 workovers were completed in the period bringing the annual total to 152 completed workovers (a level not achieved since before 2018)

· Perforation of new oil producing zones in two existing wells



The above is how they described the 500 bopd as a baseline. Then later on as a peak. Again the RNS from BPC tends to by fuzzy.

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Re: Bahamas Petroleum Company plc (BPC)

#389881

Postby TheMillipede » February 25th, 2021, 10:43 am

My interpretation of that RNS is that their goal was a baseline of 500bopd but their achievement was a daily peak of 500bopd.

In other words, I think they are saying they did not achieve what they set out to achieve.

FWIW my interest in posters on advfn and such is more to understand the history, not to make investment decisions. There are a few people who have sensible things to say but even where they do not, one can pick up a sense of the disillusionment and destruction of value, which I outlined in my previous post.

It could be, on the other hand, that five years ago TT were very early stage assets and private investors got ahead of themselves in pumping up the share price, which eventually reverted to fair value for the time.

On top of this, perhaps the period of CERP ownership might have been timed unfortunately in that just as they achieved exploration success with Saffron 1, the oil price tanked and the covid pandemic started, making financing impossible. Perhaps, because of that unfortunate set of circumstances, BPC picked the TT assets up at a bargain price, just at the point when production and revenues could be ramped up.

I would want some more authoritative evidence of that, personally, as it is just my own speculation at the moment, not in any way an objective assessment.

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Re: Bahamas Petroleum Company plc (BPC)

#389893

Postby Cyb3ria » February 25th, 2021, 10:55 am

On top of this, perhaps the period of CERP ownership might have been timed unfortunately in that just as they achieved exploration success with Saffron 1, the oil price tanked and the covid pandemic started, making financing impossible. Perhaps, because of that unfortunate set of circumstances, BPC picked the TT assets up at a bargain price, just at the point when production and revenues could be ramped up.



Which we could almost say with a degree of certainty due to the following CERP RNS.



Tue, 30th Jun 2020 14:26
RNS Number : 5731R
Columbus Energy Resources PLC
30 June 2020


30 June 2020

COLUMBUS ENERGY RESOURCES PLC

("Columbus" or the "Company")

Corporate Update and Total Voting Rights

Columbus, the oil and gas producer and explorer focused on onshore Trinidad and Suriname, is pleased to provide the following update related to its proposed merger with Bahamas Petroleum Company plc and its ongoing corporate activities.

· The Company is posting a Scheme Document to its shareholders describing the terms of the proposed merger with Bahamas Petroleum Company plc ("BPC") and the steps required to make the merger effective, including obtain shareholder approval for the merger at a General Meeting on 27 July 2020. The Company would encourage all shareholders to review the Scheme Document and cast their votes via the relevant proxy forms. The Scheme Document will also be available on the Company's website at https://columbus-erp.com/investors/sche ... rangement/

· In light of the proposed merger, the Company has taken a number of steps to simplify its operations and is pleased to provide the following update:

· Given the continuing low oil price, the Company has decided to continue with (until mid-August 2020) the cost reduction measures as first announced on 15 April 2020, including the payment of 100% of executive management salaries in shares; reduced compensation paid to employees; and cessation of non-essential capital expenditure. The Company will make approximately 15% of its workforce redundant, following their temporary layoff in April 2020.

· Due to the impact of COVID-19 on the ability of people to meet and the ability of auditors to conduct their audit activities in Trinidad and London, the Company has regulatory approval to postpone the Company's Annual General Meeting and publication of Annual Accounts until September 2020.

· As at 30 June 2020, the Company had a cash balance of approximately US$1.97 million, including US$766,000 in restricted cash.

· Current operations in our fields and the testing of the Saffron well continue and the cost reduction measures are not expected to materially impact either of those activities.

· Prior to the proposed merger, the Company does not intend to employ the Contractor Shares scheme to settle fees otherwise due to various contractors. The Company may elect to issue shares to Lind in lieu of cash payments otherwise due to Lind under the 2019 Facility Agreement.

Leo Koot, Executive Chairman of Columbus, commented:

"I would encourage all our shareholders to read the Scheme Document describing the proposed merger with Bahamas Petroleum Company and to vote by way of proxy. As set out in the Scheme Document, the Board is unanimous in their recommendation to accept the offer. I would encourage shareholders to consider the merits of the offer for the reasons set out in the Scheme Document. In the meantime, we continue to run the business in the best interests of our shareholders, which includes extending the extensive cost reduction measures first announced in April. I would like to thank our employees for their continued support at this time noting that the operating environment continues to be challenging for the whole industry, not just Columbus. In my view, it re-enforces the need for the Company to be bigger and better capitalised, which is one of the arguments for the merger as set out in the Scheme Document. Lastly, I want to note that Covid-19 has had a real impact on our ability to finalise our accounts for the financial year end 31 December 2019. We are working hard to have these finalised as soon as practical and in the meantime are pleased to provide a cash balance as at 30 June 2020."



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Re: Bahamas Petroleum Company plc (BPC)

#390344

Postby Cyb3ria » February 26th, 2021, 5:43 pm

Image

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Re: Bahamas Petroleum Company plc (BPC)

#390857

Postby TheMillipede » February 28th, 2021, 11:29 am

Thanks! I had missed that, although I have seen the picture above it on the same page of BPC's website that still mentions 400-450bopd.

Let's hope it all works. Out of interest, do you have any feel for how likely Saffron #2 is to come good? It is pitched as an appraisal well and I get the impression a lot of holders have already banked the oil production in their minds.

Exploration wells normally come with quite clearly stated chances of success. Any thoughts on that here? I have not seen anything, but I would have thought there is still substantial risk?

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Re: Bahamas Petroleum Company plc (BPC)

#391131

Postby Cyb3ria » March 1st, 2021, 12:44 pm

TheMillipede wrote:Thanks! I had missed that, although I have seen the picture above it on the same page of BPC's website that still mentions 400-450bopd.

Let's hope it all works. Out of interest, do you have any feel for how likely Saffron #2 is to come good? It is pitched as an appraisal well and I get the impression a lot of holders have already banked the oil production in their minds.

Exploration wells normally come with quite clearly stated chances of success. Any thoughts on that here? I have not seen anything, but I would have thought there is still substantial risk?


You've got to dig out information last released by Leo Koot to get any idea on Saffron 2.

Saffron 2 would be drilled as a twin to Saffron 1, from the same drill pad, and would target the Lower Cruse intervals encountered in drilling Saffron 1, with a targeted total depth of 4557 feet.

It said the key objective of Saffron 2 was an extended production test, and subsequent conversion to a production well aimed to produce the circa 40-degree API oil encountered in Saffron 1.



“.... a follow up to the Saffron 1 well drilled earlier this year,” said executive chairman Leo Koot.

“Saffron 2 will be a twin to Saffron 1 and target the same Lower Cruse intervals where we discovered light, high quality oil from two test intervals.

“The logging of Saffron 1 showed over 300 feet of high-quality sands so we are very excited to test and appraise these sands with Saffron 2.”

Koot said ...



i would think the CoS is very high as in effect it targeting the same intervals as Saffron 1.

Source: https://www.sharecast.com/news/aim-bull ... 20832.html

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Re: Bahamas Petroleum Company plc (BPC)

#396672

Postby Cyb3ria » March 18th, 2021, 10:29 am

Highlights

· Workstreams substantially complete for drilling of the Saffron #2 appraisal well, with mobilisation of various services and equipment scheduled to commence in mid-April 2021, and the well expected to spud on or around 17 May 2021, with a 25-30 day expected drill duration.

· Saffron #2 includes a production completion, allowing for immediate oil production rates of 200 - 300 bopd.

· On completion of Saffron #2, a further five to nine production wells (the "Initial Program") are currently planned, to be drilled in H2 2021 as part of an overall field development of up to 30 wells. Assuming success of Saffron #2 and these further wells, the Board is projecting average daily production from the Initial Program of up to 1,000 - 1,500 bopd by the end of 2021, which could provide US$8 - 12 million of annual net incremental cashflows going forward at US$60 / bbl oil price.

· Workstreams ongoing for drilling an appraisal well and conducting an extended well test on the Weg Naar Zee PSC in Suriname, with the well expected to spud in July 2021. Operational challenges arising from Covid-19 have caused a minor delay in well timing.

· Baseline Trinidad portfolio production stabilised at 450 - 500 bopd, with an additional 10 workover projects planned for Q2 2021.

· More than 40 potential infill drilling locations evaluated within the existing producing fields, with four infill wells high-graded and selected for drilling in H2 2021. These wells have projected production rates in the range of 50 - 100 bopd per well.

· 3D seismic re-processing trials across the South West Peninsula (SWP) area to be completed by October 2021, allowing for the selection of future exploration drilling targets.

· Discussions are ongoing with various parties in relation to a potential prepay facility over the Company's producing asset base in Trinidad and Tobago.

· Technical and commercial due diligence progressing on certain potentially accretive production acquisition targets in Trinidad and Tobago.


https://www.investegate.co.uk/bahamas-p ... 00036302S/

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Re: Bahamas Petroleum Company plc (BPC)

#408010

Postby spasmodicus » April 29th, 2021, 12:49 pm

Holders of this sub-penny stock were recently rewarded with an annoucement such as this (from HL in my case)
You’ve got the option to buy up to 20,388 Bahamas Petroleum plc shares at a fixed price of 0.35p each, which would cost £71.36. You may apply for more shares than this, also at 0.35p, but you may not get all the shares you apply for.......
If you don’t want to buy more shares, you don’t need to do anything. No cash will be paid in respect of unused entitlements.


and further
The company has proposed a 1 for 10 consolidation, effective on 24 May 2021. Any shares you own at the end of 21 May 2021, including any bought in this offer, will therefore be replaced on a 1 for 10 basis. The company will also be changing name to Challenger Energy plc
see
https://www.bpcplc.com/investor-relations/

gosh, I had almost forgotten about BPC, as my holding is worth a princely 165 quid or so. The share price is currently 0.33p so it's not exactly an exciting offer. The last published accounts on their website are Interim Financial Statements to 30 June 2020. Come on, BPC lets have some more up to date info. I know that you are cheesed off about that duster in the Bahamas in January, but that's really no excuse. Meanwhile Malcy did a bit of analysis on his blog
https://www.malcysblog.com/2021/04/oil-price-bpc-empyrean-and-finally/
where he concludes
There is clearly much going on at BPC in almost every department, the farm-out of P#1 and renewal as well as exploration and production drilling in Trinidad, assessing Suriname, refinancing and changing the name and the board will make for a definitive upcoming year or so

I've got until May 10th to decide. Yawn.
S


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