Report
Zac Phillips

Bahamas Petroleum Company - Countdown has begun

Bahamas Petroleum Company (“BPC” or the “Company”) is in the final stages of completing the funding necessary to drill its inaugural exploration well offshore Bahamas. With an estimated 1,030mm bbl of Prospective Resources (UBEST) targeted by its first well, the current valuation is undemanding; we estimate fair value to be $89.7mm (3.6p/share), a 53% premium to the current price.
Underlyings
Bahamas Petroleum Co. PLC

Bahamas Petroleum is engaged in oil and gas exploration in the Commonwealth of the Bahamas. Co. and its subsidiaries hold several oil and gas exploration licenses issued by the government of the Commonwealth of the Bahamas.

G3 Exploration Limited

Green Dragon Gas is an investment holding company. Through its subsidiaries, Co. is engaged in the exploration, development and production of coal bed methane in the People's Republic of China (PRC). The coal bed methane operations in the PRC are conducted through production sharing arrangements with China United Coal Bed Methane Corporation Ltd. As of Dec 31 2012, Co. conducted its businesses through these segments: sales of coal bed methane gas; transportation; pipelined gas distribution; gas stations sales; gas filling equipment sales; and corporate. As of the same date, Co. had net proved reserves of 59.00 billion cubic feet of coal bed methane.

United Oil & Gas

United Oil & Gas is engaged to take control or investing in businesses within the oil and gas sector.

Provider
proactiveinvestors
proactiveinvestors

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Analysts
Zac Phillips

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