When UK markets opened yesterday, BPC took off like a rocket and having opened at 2.15p soared to 3.20p by midday before rushing back to reality and closing at 2.5p.
In typical AIM fashion, the rumor mongers had got to work to deliberately pump the price with a rumor that the Bahamian upper house was about to approve the new petroleum laws and regulations which had been passed in the lower house in mid December
Had that been true it would have been a major boost to BPC which has been waiting for 5 years for a new regulatory framework to come into force. In 2011 BPC”s share price rose to the dizzy heights of 24p before spending most of 2012 collapsing to under 6p. and then gently declining for the next 3 years.
By mid December 2015 the price was down to 1.10p but then it reversed when the new legislation was at long last approved by the Bahamian lower house and more than doubled to 2.20p.
After yesterdays false alarm it now stands at 2.64p, a recovery of 6% from yesterdays closing price and a rise of some 150% in the three weeks since the mid December low.
Few gamblers will of course have made anything like that sort of profit except for the fortunate few who bought last month and have such a brilliant sense of timing that they managed to get out before yesterday afternoons collapse, as the falsity of the rumor became apparent.
AIM is recognised as one of the worlds least regulated markets and stories abound of market manipulation. The pump and dump brigade are well represented.
However what can not be denied is that when final approval is granted to the new legislation, BPC will at long last be able to get to work on its huge oil field, which in prehistoric times formed part of the Nigerian oil field before the continents separated and floated off in different directions.
Get your timing right and a fortune could be made. Get it wrong and a fortune could be lost. But worth keeping an eye on those proceedings in the Bahamian upper house.
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