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  • BY: Andrew Hore |
  • POSTED: 18/05/2009 |

BPC Ltd, which is exploring for oil in the Bahamas, has signed up StatoilHydro as a joint venture partner.

StatoilHydro is partnering in potential licence areas to the south west of the Bahamas. They are near to an existing StatoilHydro licence in Cuban waters.

BPC has five licences offshore Bahamas and more than 7,000 km of seismic data. The strategy is to getting richer and larger oil companies to put up the cash for the exploration. BPC is applying for further licences. It is those licences that are included in the StatoilHydro deal. The licence applications should be processed by the end of 2009.

The new licences are on the same trend as the existing BPC licences which could have multiple oil fields of 500MMBOE on them, according to a competent persons report published last year. More than 25 technical studies have been carried out at a cost of $2.84m.

BPC, which reversed into Falkland Gold and Minerals in September 2008, had $3bn in the bank at the end of 2008 but that won’t go far in exploration terms. There is also a further $1.2m which is being used as security.

The company’s tax residency has moved from the UK to Jersey.

At 2.25p a share, BPC is valued at £17.8m.

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