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Oil under the Bahamas: BPC goes deep-sea fishing

Today's Financial News - Posted September 25, 2008

Tom Bulford of Penny Sleuth UK recently spoke with the head of Bahamas oil explorer BPC (London:BPC). And besides some valuable advice about being on an oil rig during a hurricane, Tom also learned that BPC’s stock, cheap at 4.5 pence on the LSE’s AIM board, could provide investors with a golden opportunity. But it’s not time to buy just yet. Could there be oil under the warm waters of the Bahamas? We’ll soon find out.

by Tom Bulford, Penny Sleuth UK

Baltimore and London — (TFN):  Alan Burns knows what it is like to be on an off-shore drilling rig during a hurricane. ‘It’s the noise’, he explained. ’That’s what you don’t expect.’ But the prospect of finding himself in this situation again does not deter him.

‘Oil rigs today are safe,’ he assured me. ‘The only ones that have been damaged in the Gulf of Mexico were either too old or so new that they had not been properly secured.’

In any case, the hurricane season in the Gulf is more severe than afflicts the Bahamas, and it is here that Burns has identified ‘the biggest thing I have seen in my life in the oil business.’

Attractions, attractions, attractions…

That is something coming from this sixty-seven-year-old Aussie who banked a fortune when Hardman Resources, the oil company that he founded, was bought by Tullow in 2006 for £650m.

Today he does not mind admitting that he would rather spend his time looking for oil in a place where it is pleasant to live, but still it is clear that he set up his Bahamas vehicle, BPC (London:BPC), for other reasons than golf courses, beaches and fish dinners overlooking the warm Atlantic water. He reckons that there could be large reserves of oil and gas under that water and is determined to find out. Read on to learn more.

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