I am sure Perry and Francis are discussing BPC's oil drill and asking if the Vatican Bank wants to be a partner!

Great interview, Potter is right in explaining the risk/reward involved in oil exploration. The Bahamas has no oil until BPC or another outfit finds it! If BPC hit the sweet spot the Government will feel confident in negotiating better rates from new explorers, right now no one but BPC are interested. If the rates were that attractive how come the country is not full of oil explorers? Because right now its virgin territory!
The government should thank BPC and its investors for spending $50 million on exploration, no one else has spent a dime. Now its just the small matter of spending a billion dollars to get to oil production,,,then the government can get its share of the royalties without a dollar spent.
Some people are getting narked over %, % of what? Right now its a % of zero but BPC and its future partners are going to pay 100% of the exploration costs and 100% of the financial risk. BPC have been used as a political football but they have waited patiently and legally for the dust to settle so they can get on with what they are contractually obliged to do, drill a well!Do they deserve the rewards? Of course they do,,,

yes whining, I call it whining when someone consistently complains yet never comes up with a solution or alternative. its too easy to find all the negatives, the "young man" should be more positive. the world requires young dynamic, go-getters, achievers and target setters. mr Gibson should adopt a more optimistic outlook on his country, his constant denigrating of the powers that be is pointless unless he offers an alternative and is willing to show some effort.
hiding behind the pen is the easy option, some say "the pen is mightier than the sword",
that is not true where I live!

Gibson, keep up to date young man. BPC are drilling without a referendum. Supposedly the government will have a referendum IF commercial quantities of hydrocarbons are found. Now here's the rub, if a few billion dollars worth of royalties are found sitting under the Bahamas do you think the government will ask the people to decide wether the country goes in to production?
If you ask a stupid question, you'll get a stupid answer. I am surprised by your blindness, have you been asleep whilst the politicians you often lambast have been making decisions!
Wake up young man, set a good example, be progressive. Make more of your life than this constant whining, your country needs you.

It'll be a fine day when this lists on the BSIX, every Bahamian will have the ability to be part of this great and exciting exploration . Or not, no doubt we will have the detractors but can anyone find a country that has said no to exploration be it mining, drilling in someway or another.
This if handles correctly by the government could benefit all Bahamians.
Good luck to you all, and get a few BPC shares, get interested!

Thisisours, I did not mean Gibson is a quitter. I feel he complains about everything and does not offer a solution. Why does he not put himself in a position to better the situation rather than complain about the situation.
To sit with a pen and constantly point out faults is too easy, Facta Non Verba. Actions not words.
The poem is not about fighting a war, it's about the fighting spirit, indefatigability, resilience, optimism.
To encourage rather than disparage is surely a better way to a brighter future.

Whoosh, not a great deal of happiness from you Mr Gibson.
One day you might write an article exalting the good things about the Bahamas and its populace. Is your negative attitude the product of an unhappy childhood, nonexistent lovelife, failed career or a combination of all three?
Now read this please, when I was about your age I did have to fight for my country rather than denigrate it. This poem was useful to myself and other young men who stood up rather than sat down when the situation required action not words.

The Quitter

When you're lost in the Wild, and you're scared as a child,
And Death looks you bang in the eye,
And you're sore as a boil, it's according to Hoyle
To cock your revolver and . . . die.
But the Code of a Man says: "Fight all you can,"
And self-dissolution is barred.
In hunger and woe, oh, it's easy to blow . . .
It's the hell-served-for-breakfast that's hard.

"You're sick of the game!" Well, now, that's a shame.
You're young and you're brave and you're bright.
"You've had a raw deal!" I know -- but don't squeal,
Buck up, do your damnedest, and fight.
It's the plugging away that will win you the day,
So don't be a piker, old pard!
Just draw on your grit; it's so easy to quit:
It's the keeping-your-chin-up that's hard.

It's easy to cry that you're beaten -- and die;
It's easy to crawfish and crawl;
But to fight and to fight when hope's out of sight --
Why, that's the best game of them all!
And though you come out of each gruelling bout,
All broken and beaten and scarred,
Just have one more try -- it's dead easy to die,
It's the keeping-on-living that's hard.

Robert William Service

SP, thats a good well researched post.
Do not compare the Bahamas with any oil producing country, it is stupid!
The rates are set because the Bahamas is a "wildcat", no one has had any success, only BPC are interested! Have you seen the list of companies fighting over exploration licences?
Have you seen the queue? No, neither have I.
Last point, please deduct all expenses from your balance sheet, does it sound like a bad deal?
If you want the lions share you should take the lions share of the risk, why not buy some shares?

Adrian, great rhetoric mate but please do some homework. Your beloved government have messed about for two years, yes two years. Both the fnm and the plp have reneged on the contract with bpc, do you think they can have there pick of the biggest oil companies in the world when they are incapable of adhering to a contract written up by your own prime minister.
It's good how you seem to love the Norwegian attitude, do you realise they have an income top tax rate of 47percent, vat at 8-20 percent and the highest fuel prices in Europe. Is that what you want?
Finally, you compare what the Bahamas is getting out of the deal compared to other countries. They are getting a percentage of nothing if no oil is found, at no cost and they have been getting the licence fee paid as agreed. No doubt if oil is found then the gvt might negotiate better rates for further licences.
If you want your country to get more from the possible oil,why not invest the country's cash in exploration, oh dear, it's too expensive. That's why it is high risk penny shares that raise the big bucks then try and attract further investment to drill.
Have you ever invested in a small company? Have you ever witnessed a greedy man wanting something without paying for it?
Your argument is littered with rumour and assumption, if you want the lions share then take the lions risk, your government will risk alienating itself from future foreign investment if they carry on messing about.
Yes, I am an investor in bpc and yes my hard earned cash has got your country somewhere down the road to possible financial independence.
I expect a return on my investment, you want something for nothing.

Great letter and thanks for pointing out the (possible) oil referendum.
I think Christie has dropped the ball on this. BPC have been paying licence money to explore for oil, they have a contract agreeing full production at agreed royalty rates. Is Christie going to renege on these contracts when he was BPCs legal advisor and probably reviewed the same contracts? Does he want the government to be dragged into a legal mess that could deter future investment in the Bahamas?
The neighbouring countries are forging ahead with oil exploration and producton while Christie talks about introducing VAT, how is that going to help the population?
The Bahamas could be sitting on natural resources that could solve its revenue problems for generations to come. If the oil situation is handled correctly it does not require a "referendum"
BPC have "invested" in excess of $50 million (a condition of the licence) to get the country in a position to take advantage of any possible oil production, the contract was never "subject to referendum"
I am an investor in BPC, the politics are damaging the Bahamas reputation as an investor friendly country. Representing the people and adhering to contracts should be a given. It is not too much to ask, it is what should be expected in todays world from a democratic country attempting to join the World Trade Organisation
Good luck Bahamians.