A reverse takeover of Falkland Gold and Minerals, BPC joined the AIM market in Setember 2008. Has 5 exploration licences
offshore the Bahamas Alan Burns is CEO founded Hardman Resources has heavy institutional backing.

On 18 May'09 there was news of StatoilHydro has reached agreement with BPC to become the
operator of three offshore exploration licences

Chief Operating Officer Paul Crevello said :
"Some of the structures are very large. There is potential for multiple 500 million cubic meter (of reserves) fields,"
"BPC was also interested in "farming out" to partners its remaining five licences offshore Bahamas."

Now at 3.75p, Broker Fox-davies has a 13p price target on the company.
updates
12 Sep 09 - A number of well-known institutional investors had bought more than 272 million shares
in the company after RAB Special Situations and Edgewater Estates had cut their stakes. Alan Burns,
chairman, said the move significantly broadened

Interesting links
http://www.upstreamonline.com/live/article180910.ece
http://www.fox-davies.com/media/49118/bpcflashnote18thmay2009.pdf
http://www.sharesmagazine.com/emag/21-05-2009 See Page 7 (click refresh button for full screen)
http://www.growthcompany.co.uk/news/1064557/bpc-seeks-new-areas.thtml
http://www.growthcompany.co.uk/recommendations/1067072/bpc.thtml
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http://www.tribune242.com/news/2012/apr/20/call-for-government-to-come-clean-on-oil/

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No mention for this one this weekend ?....

All noise and speculation at present, but a little encouragement for those grimly holding on. That includes me!

23 April 2012

Bahamas Petroleum Company plc
("Bahamas Petroleum" or the "Company")

License Update

The Company confirms that its petroleum exploration licenses state that; "where the licensee applies for renewal and has complied with the Act, Regulations and the terms and conditions contained in this license, the Governor-General shall renew this License for a further period of three (3) years."

Bahamas Petroleum Company believes it has significantly exceeded all license commitments and obligations with cumulative expenditure in excess of $50 million.

The Company is already working to fulfill the increased requirements of this next three-year phase.

Done just what it did 2 years ago....deja vu...

Canaccord Genuity - UPDATE

Bahamas Petroleum - BPC

BPC saw its shares slide sharply on Friday following a news report that the incumbent Prime Minister had said he would ban exploration drilling offshore the Bahamas if he is re-elected on May 7th. Shares fell as much as 37% before stabilising to end down 24%, or a 10-week low.

This looks like populist electioneering by the PM and I wouldn't put too much weight behind it - in the ruling party FNM's election manifesto there is not even a mention of offshore exploration.

The sheer scale of the exploration opportunities in the Bahamas make it highly likely that these will be drilled at some point. A CPR commissioned by BPC last year identified at least four drillable prospects with estimated recoverable reserves of between 400 million and 1.3 billion barrels of oil.
At an NPV15 of $8/bbl even the smallest of these could be worth 80p/share (vs current 6.6p/share), even if we assume the group farms out half of its current 100% holding. Or in more simple terms, a 1 bn barrel oilfield would likely generate revenues of around $10bn in its first full year of production (assuming 10% of the reserves are produced), equating to the GDP of the entire country last year.

We still envisage a scenario whereby BPC brings in a partner before year-end and secures a rig for early 2013. At Friday's close I'd say the shares are definitely worth a punt.

Finlay Thomson
Oil & Gas Specialist Sales

We thought Statoil was their partner already?

From " Red Hot Penny Shares " this evening:

The share price of BAHAMAS PETROLEUM (BPC) took a knock after it was reported that Bahamian Prime Minister Hubert Ingraham would not permit oil drilling if he was returned to office on May 7th. The leader of the opposing Democratic National Alliance, Branville McCartney has criticized Ingraham for signing license deals 'where Bahamians will get 12.5% of the proceeds of oil.'

'My God' says McCartney, 'these men have literally given away our patrimony. The DNA will not allow this… we will ensure that each and every Bahamian gets his fair share of this industry's profits that has the potential to totally transform our country.'

Clearly both parties are in major electioneering mode at the moment. For its part BPC has said that it has fulfilled the terms of its license agreement to date and is committed to drilling. BUY UP TO 22p (Today's close: 7.7p)

oooops
http://www.thenassauguardian.com

drilling licenses rejected.................... fees being refunded et cetera.......

http://www.thenassauguardian.com/index.php?option=com_content&view=article&id=30386&Itemid=27

Probably it is just political posturing gibby, as far as BPC are concerned the renewal on 27 April 2012 was contingent only on the Company having met it’s obligations under the licence terms. They say "As the Company has done this many times over, our position is that the licences must therefore renew." "We note the recent press articles in the Bahamas and do not wish to comment on political matters in the run up to the National elections on Monday 7 May."

It would have been difficult for Hubert Ingraham's government to accept payment, he having stated that there would be no oil exploration during his term, though of course he has backed away from that statement. Not a very credible lot Bahamian politicians!

re -Not a very credible ot Bahamian politicians!


If I have to go in general ( politicians and public ) my experience on the Island many, many years ago, I good say .........petty thieves.

http://www.thenassauguardian.com/index.php?option=com_content&view=article&id=30456&Itemid=2

PLP win BUT

http://www.tribune242.com/news/2012/may/02/plp-will-put-oil-drilling-to-referendum/

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Hubert Ingraham has conceded defeat in the elections and resigned from Parliament. A landslide victory for the PLP party. Will the new government now renew BPC's licences without a fuss?!

Will the Bahamians reject the chance to move away from poverty?!

Answers by email, postcards are too expensive now! :o)

The market likes the results of the elections 10p +1.83p

http://www.havanatimes.org/?p=70691


Repsol-Cuba Oil Well Turns Up Dry

Photo: Cubadebate.cu
by Circles Robinson

HAVANA TIMES — The first well drilled in Cuban waters in the Gulf of Mexico by the Spanish oil giant Repsol has turned up dry, a company source told Reuters on Friday.

The discouraging news has not been reported in any official Cuban media which usually focuses on good economic news while avoiding the bad, leavin

Bahamas Petroleum jumped 8% to 7.45p during afternoon trading on decent volume after the company said Adrian Collins, Non -Executive Chairman of Bahamas Petroleum, acquired 200,000 ordinary shares in the Company at a price of 7.12 pence each. Following the Acquisition, Mr Collins is now interested in 200,000 Ordinary Shares, representing 0.02 per cent. of the Company's issued share capital. In addition, Mr Collins is interested in 1,000,000 options over Ordinary Shares, as previously disclosed

http://www.bbc.co.uk/news/world-latin-america-18256895

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