bp (BP.L): Tupinamba Looks Uncommercial; Next Up the Main Event

We view bp as having three important events over the next 6M with its Brazil drilling programme and it looks like the first of these, the high-risk (low probability of success) Tupinamba exploration well has now completed without commercial success. The rig now moves to what we consider the main events - the appraisal of the 2025's giant Bumerangue discovery - with results of the all-important production flow test and testing of the field's lateral limits likely to offer the market key data points in both early and late 1Q27. We maintain the view that Bumerangue is a potentially transformational asset to bp's portfolio;