http://www.investegate.co.uk/article.aspx?id=201008311236128763R&fe=1
The Ministry of The Environment has suspended consideration of all applications for oil exploration and drillings in the waters of The Bahamas.
Oh dear. (:
BPC currently down 42%!
If it was me I would only allow big oil to drill, so that if anything went wrong the clear up and compensation would be funded. of course the bahamas does not have the clout of the US so I am not confident an oil company would be so co operative in a clean up, though of course there would be international pressure.
K
http://www.investegate.co.uk/article.aspx?id=201009071423502961S&fe=1
The focus of the last stage of the work was to ascertain the presence of hydrocarbon indicators and positive results were achieved. The report is available on the Company's website, www.bpcplc.com
Major disposal by an institutional investor it seems, halving their stake.
"BPC, the oil and gas exploration company with licences in The Bahamas, announces that yesterday it received notification from Legal & General Group Plc ("Legal & General") that, following the disposal of 32,313,000 ordinary shares of 0.002 pence each in the capital of BPC ("Ordinary Shares") on 10 September 2010, Legal & General is now interested in 31,615,572 Ordinary Shares, representing approximately 3.67 per cent. of the issued ordinary share capital of the Company."
http://www.investegate.co.uk/article.aspx?id=201009300700135544T&fe=1
Interims out today for those that own...
My comments as posted in another place this morning.
Planning to drill in 2011 :o)
...we have shot the first seismic in the area since 1987. ...some encouraging results indicating large structures containing hydrocarbon indicators, which will lead us into additional 2D and 3D seismic programs in the next few months. This will allow us to mature a prospect for drilling next year, subject to Bahamian Government approval, which would be much earlier than previously anticipated. The water depths of 400 to 500 metres are modest by industry standards, with suitable rigs being widely available for deployment.
Lots about the Macondo well and a pitch about how things are very different with their prospects.
our geological formations are quite different to that of the Macondo prospect, being more stable and with the shallower water depths, allowing the application of more commonplace drilling techniques and equipment. Unlike the Macondo well, we are not at the frontier of drilling technology and are therefore not faced with the risks associated with such advanced techniques and equipment...
New licences still being processed.
Our licence applications with Statoil were gazetted this summer and we understand these to be progressing in the normal fashion.
Cash: GBP 2.1M
Net Current Assets: 2.3M
is enough to cover the licence fees in January (assuming these are still payable as they are suspended) with a little (but not a lot) available for seismic. There will obviously have to be funding whether through a placing or a farm-down in advance of any drilling.
...well there's the placing: http://www.investegate.co.uk/Article.aspx?id=201009301508526346T
120m shares @ 4.25p = £5m (979m shares out post-placing)
Personally, I'm keeping an eye on this because their acreage might be "rather interesting". However, I don't intend to invest until/unless they can persuade someone to pay for drilling... [edit]Until then, impossible to know how much dilution/farm-down there'll before there's even an attempt to drill a well - and hence have a rough idea of the potential reward on offer. [/edit]
Cheers,
Mark
