12 February 2012

People: Island hopping by Alan

11/03/2010 Robert Tyerman

Veteran Australian oilman Alan Burns, the man who sold Hardman Resources and its celebrated prospects in Uganda to Tullow Oil for £650 million, is noted for his adroit sense of timing. He has displayed it again at BPC, the oil explorer which is involved with Norwegian oil giant Statoil in its quest for crude offshore of the Bahamas.

He runs AIM-quoted BPC out of Perth, Western Australia, but the company has been domiciled thousands of miles away in the Falkland Islands since coming to the market by reversing into Falkland Gold and Minerals. The search for precious metals in the South Atlantic had proved fruitless and it had become a virtual shell before Burns came along.

Before Christmas, the renamed BPC set in train the process of switching its corporate domicile from the Falklands to the Isle of Man by means of a share exchange with a new company. With British companies’ oil exploration off the Falklands provoking sabre rattling from Argentina, with support from most of Latin America, this move looks particularly well timed and BPC shares have been showing strength.

Companies: Bahamas Petroleum Company

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