We have just borrowed $600,000,000 at 9%. We don’t have any choice but to pursue this avenue. Just one well would bring $3,000,000,000 in royalties to the Bahamas.
With a longer term potential in that area for $30 billion over the next 30 years. This would be a generational change for the Bahamas.
In Norway each child born has $200,000 invested for them in a fund so they will always have financial security. This is because of oil, they have a lot to lose on the environmental side as they also have substantial fishing and tourism industries.
The potential of an oil find funded by BPC is a huge positive. By the time the test well is drilled in January or February they would have spent around $130,000,000 getting to that point. It has been going on for 12 years and the governments have caused many delays and it is now time to find out if the big payoff is there. Important for the Bahamas as well as a reward for the substantial investment BPC have put into the Bahamas exploration over the last decade.