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Views Of An Oil Shareholder

EDITOR, The Tribune.

I am a shareholder in Bahamas Petroleum (‘BPC’). I am not part of a PR agency, specialist interest group, employee, or supplier. Just an ordinary shareholder with a relatively small amount of shares out of the four billion plus on issue.

It is good to question our political leaders and to take part in informed debate to make our nation a better place and a fairer place to live. I do in the country where I live.

It is also good that our youth are more environmentally focused compared with my 1950s generation. However, I cannot help but question a few of the opinions expressed in recent articles relating to the imminent exploratory drill off the Cuban northern coast.

How many of the influencers and financial backers of the campaigns to stop exploratory drilling and eventually production, are connected to The Bahamas? Do they have conflicts of interest? Are they attempting to delay the drill or financially hurt BPC and its shareholders for personal gain?

Based on the timing is there malice involved? And for those vocal objectors who are Bahamian, is it really about the environment or merely a conduit for political protest? My last rhetorical question is based on observing recent articles that seem to start by commenting on the environment yet bring in other points such as financial and political ones. I wish to address them as I believe they are connected.

It is simply not true to imply foreigners have somehow “tricked” and taken advantage of the Bahamian people. The Bahamas is not a modern day African or South American colony taken advantage of by European powers as was the case between the 16th to 19th centuries.

BPC has shareholders internationally, some Bahamian, mostly private investors. More than $100m of our money has been invested with the hope we can profit. Today each BPC share is worth approximately four cents. If commercial quantities of oil are found, analysts believe it will skyrocket to over 40 cents. If none is found, the share price will plummet.

Anyone in The Bahamas can invest in BPC by seeking professional advice and phoning a broker. Even if they cannot afford to do so, they will indirectly benefit if oil is found, because the vast royalties can create a wealth fund for future generations or pay off the national debt. Norway’s fund is so huge, if a baby is born while you are reading this article, the state has a virtual $200,000 invested in this child’s lifetime.

The highly respected Stena Drilling will be doing the exploration well for a few weeks in a ship valued at around $1 billion. In the extremely unlikely event of an accident that cannot be contained, the ocean currents off northern Cuba head to Florida and not The Bahamas anyway.

Oil tankers pass daily with no incident and limited objections, so why all this fuss by a few who misleadingly try and give the impression of being the many?

To debate safety and the environment after an oil discovery is welcome. And if no oil is found, somewhat irrelevant. So, let common sense prevail rather than using it as an excuse for political grievances, stoked by persons who may have conflicts of interest.

My family and I have been to The Bahamas and witnessed its lovely people. A people with the dire misfortune of having to deal with a terrible hurricane and pandemic. Do not let a few thousand people, some with no connection whatsoever to your beautiful islands, trick you.

A BPC shareholder

November, 2020

Comments

ColumbusPillow 1 month, 3 weeks ago

At last a voice of sanity in a sea of hysteria.

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Porcupine 1 month, 3 weeks ago

Where do see see anything but a continued grab for resources and money? Sanity? Honestly! So those doctors of science whose ranks grow by the day, calling for the remaining oil to stay in the ground as the evidence becomes clearer by the day, are insane? Unlike those who only speak up when their own financial interests are at stake. such as the un-hysterical voice of Columbus Pillow.

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Voltaire 1 month, 3 weeks ago

@ColombusPillow - BPC has a subsidiary called Columbus Energy Resources PLC. Funny coincidence hey?

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Bahama7 1 month, 3 weeks ago

Bahamians contributed about $1m directly to fund the drill. Shares purchased via Leno in Nassau.. only for local residents.

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Porcupine 1 month, 3 weeks ago

And your point about money? What percentage of Bahamians have stock in BPC? Yet, they are the ones who will pay the highest price for this foolish and stupid proposal.

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Porcupine 1 month, 3 weeks ago

This is the view from money, and money alone. I heard nothing of the overwhelming science on the climate crisis. When we are looking at the massive changes occurring and still see the need to write a letter protecting our ability to gamble on our children's future, do we really not see the moral disconnect? Nothing from the world's most eminent scientists on why oil needs to stay in the ground. I heard nothing about the existential threat of near term sea level rise. Nothing about the threats to our way of life, food sources, tourism. The arguments for drilling for oil today are like the arguments used not so long ago for slavery. Yeah, it's probably wrong, but look at all the good it has done. Look at the USA. How could one imagine a prosperous country like that without a few hundred years, most of its history, of people donating their lives to the betterment of white human kind. The BPC shareholder writes, "My family and I have been to The Bahamas and witnessed its lovely people. A people with the dire misfortune of having to deal with a terrible hurricane and pandemic. Do not let a few thousand people, some with no connection whatsoever to your beautiful islands, trick you." Sir, or madam, thank you for "witnessing" our lovely people. The vast majority of people who object to this drilling are Bahamian and some of us read extensively. The only ones trying to "trick" us are those who would seek to make money while doing nothing but "witnessing" the problems we are facing as a nation, as a world. To state, "To debate safety and the environment after an oil discovery is welcome. And if no oil is found, somewhat irrelevant." This one of the more ridiculous statements I've ever read." When do you worry about your family's safety? When do you buy health insurance? After a major heart attack? Sorry, quit trying to make illogical arguments sound reasonable.

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Porcupine 1 month, 3 weeks ago

How many of the influencers and financial backers of the campaigns to stop exploratory drilling and eventually production, are connected to The Bahamas? Do they have conflicts of interest? Are they attempting to delay the drill or financially hurt BPC and its shareholders for personal gain? What does this have to do with anything? My family opposes female genital mutilation in Africa. They don't live there. Should they shut up? Do you not have a conflict of interest, investing in a technology that most educated people can now see is destroying life on our earth? Does it occur to you that someone might speak their mind for reasons other than "financial gain" I see what motivated you. However, as an outspoken opponent of drilling for oil and other destructive enterprises humanity is engaged in, what would be my financial interest in devoting a good bit of time in staying current and voicing my opinion? Yours is money, mine is not. So, who should the people listen to? I do get tired of having to endlessly, it seems, counter these adolescent arguments for drilling for oil. \If you have the dream of becoming rich, or richer, fine. Say so. But, do not try and use illogical arguments to convince others to sacrifice their lives, their homes, their children's future because of your selfish agenda. We've heard it all before. Your letter is empty. https://www.youtube.com/watch?v=6VSE5...">https://www.youtube.com/watch?v=6VSE5...

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Voltaire 1 month, 3 weeks ago

Porcupine - the AUDACITY of this smash and grab scumbag to even dare. He has been here, has he? We are lovely people are we? Well, thank you for the vote of approval, bossman. Do you like my grass skirt, and can I get you another tropical drink, bossman? All while he uses Trump style conspiracy language as he tries to discredit the honest people defending their home from these robber barons. I have a feeling this was a big mistake, the fallout from this condescending, ill-judged, tone deaf letter is going to be loooooong.

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Dawes 1 month, 3 weeks ago

This letter writer is all over the place. First wondering if any of those against it are from Bahamas and then saying "My family and I have been to The Bahamas and witnessed its lovely people. " So this person isn't Bahamian either. Of all the idiotic items the writer said i can't decide which is the worst. Is it "In the extremely unlikely event of an accident that cannot be contained, the ocean currents off northern Cuba head to Florida and not The Bahamas anyway" or "To debate safety and the environment after an oil discovery is welcome. " I am sure if the first is correct Bahamas will be able to deal with the fallout of a Florida wanting payments for any destruction of its environment. And on the second part, surely you would want to debate the safety and environment BEFORE you drill and discover oil.

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Voltaire 1 month, 3 weeks ago

The writer is so ignorant that he doesn't even appear to know that Florida Congressmen have already voiced their strong opposition to this nonsense. He appears to be unaware that we absolutely depend on South Florida for tourism, our food supply, basic necessities, etc. Just a bunch of fat sweaty white men trying to get rich off our backs.

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banker 1 month, 3 weeks ago

I am tired of saying this. There aint no oil. This is a junior resource penny stock play to make money off the stocks. They have been promising drilling for over 8 years. Drilling is always just around the corner. This sort of news allows the market maker to raise the stock a fraction, and the principals cash in. Its about profits in the penny stock and not the oil.

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Voltaire 1 month, 3 weeks ago

Have you looked at their stock price tho? The market ain't responding as hoped. Perhaps that is why the BPC trolls in here are getting so jumpy.

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realitycheck242 1 month, 3 weeks ago

Banker ....the last time you said there aint no "Earl" same meaning

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realitycheck242 1 month, 3 weeks ago

Banker ....the last time you said there aint no "Earl" same meaning thats for the English man to understand

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joeblow 1 month, 3 weeks ago

When assessing risk, one cannot only look at the upside, nor can one control ocean currents in the event of an accident!

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