TIDMBPC
RNS Number : 0737H
Bahamas Petroleum Company PLC
01 December 2020
1 December 2020
Bahamas Petroleum Company plc
("BPC" or the "Company")
Trinidad and Tobago and Suriname Strategy update:
2021 Work Program and CPR Results
BPC, the Caribbean and Atlantic margin focused oil and gas
company, with production, appraisal, development and exploration
assets across the region, is pleased to provide an update on its
strategy, deliverables and 2021 work program for its portfolio of
assets in Trinidad and Tobago and Suriname. The Company's work
program priorities follow receipt of a Competent Person's Report
("CPR") by independent reserves auditor ERC Equipoise Pte Ltd
("ERCE"), in respect of the reserves and resources attributable to
the Company's currently producing assets in Trinidad and Tobago and
the planned extended well test ("EWT") in Suriname, as at 30
September 2020.
Highlights
-- Trinidad and Tobago and Suriname strategy defined to deliver by end of 2021:
o A revenue run-rate of >$35 million per annum
o An operating cashflow run-rate of >$15 million per
annum
This is based upon achieving, or exceeding, a production target
of 2,500 bopd, current oil prices, and an extraction cost of
<$20 per barrel
-- A comprehensive 2021 work program has been developed to
deliver this strategy, with planned activity across BPC's portfolio
of assets in Trinidad and Tobago, and Suriname:
o Base program of 2 appraisal wells, up to 13 production wells,
and up to 2 exploration wells (all subject to permitting)
o Production and potential development could be further
accelerated by adding up to an extra 11 production wells and 1
extra exploration well (subject to permitting and rig
availability)
-- 2021 base work program in detail:
o Drilling of Saffron #2 appraisal well commencing in February
2021, which, subject to results, would rapidly see BPC seek
approvals for a Saffron field development, and with up to 7
production wells to follow through 2021
o Drilling of appraisal well and an Extended Well Test (EWT) in
the Weg Naar Zee Block in Suriname in February 2021, and subject to
results, rapidly moving into a wider field development, with up to
6 production wells to follow through 2021, and
o Completion of reprocessing of the entire 3D seismic grid over
the highly prospective South West Peninsula (SWP) of Trinidad,
high-grading Saffron lookalike prospects for drilling, with up to 2
initial exploration wells by the end of 2021
-- Depending on technical outcomes, speed of permitting
approvals, and rig and funding availability, an accelerated 2021
work program could include:
o Up to a further 8 Saffron production wells in Trinidad and
Tobago,
o Up to a further 3 Weg naar Zee production wells in Suriname,
and
o A further 1 exploration well in the SWP
-- Anticipated capital expenditure for the base work program of
up to $20 million, and up to approximately $35 million in a
scenario where all developments and exploration activities are
accelerated (in all cases subject to funding and rig availability
and permitting)
-- As with Perseverance #1 in The Bahamas over the past 2 years,
the Company has developed a funding strategy for operations in
Trinidad and Tobago and Suriname, which it will seek to implement
in coming months and thereafter through 2021 so as to ensure
funding for planned operations is available as and when required,
on the best possible terms, with a view to achieving the best
outcomes for shareholders
-- For BPC's currently producing assets the CPR indicates:
o Certified net 2P reserves across BPC's portfolio of production
assets in Trinidad and Tobago of 1.29 MMbbl - exceeding BPC's
target for end of 2020 by 30% (BPC calculates this represents in
excess of US$50m of undiscounted gross future cashflow at $40/bbl
oil), and
o Certified net 2C contingent resources of 7.46 MMbbl across
BPC's portfolio of production assets in Trinidad and Tobago and in
Suriname, providing clear direction as to where to apply work and
capital during 2021
Simon Potter, CEO of BPC, said:
"BPC's stated strategy has been to complement high-impact
exploration activities with producing and thus cash generative
assets. In this context we are pleased to advise of our upcoming
work program for 2021 in Trinidad and Tobago and Suriname, which
will see us execute an aggressive program of new wells -
exploration, appraisal and production - across the portfolio,
evidencing our commitment to operations in those countries.
Our 2021 work program is targeting the addition of entirely new
productive capacity, rather than having to expend capital to simply
produce existing reserves. Thus, this work is directly in pursuit
of our stated production goal, to achieve and potentially exceed a
production level of 2,500 bopd by the end of 2021. The program as a
whole represents a material increase to that previously undertaken
prior to BPC assuming control of these assets.
Systematic maturation of our resources into reserves through
technical application and prioritised capital deployment is a core
part of our business strategy. The CPR just received is firmly in
line with that strategy. In confirming 2P reserves that are 30% in
excess of what we had prognosed at the time of acquisition, the CPR
provides confidence that our target baseline production is
underpinned for a number of years to come, whilst also providing a
roadmap by which this number could be grown further.
Our focus for continued resource and reserves growth now turns
to the South West Peninsula of Trinidad, where in addition to
appraisal of the Saffron discovery we have identified 9 other
prospects of roughly equivalent size to Saffron. The Saffron #2
well, targeting a thicker downdip reservoir section, will mature
the BPC technical understanding of the Saffron field, and further
inform our development plans. We have already awarded a contract
for initial 3D seismic reprocessing of the dataset that covers the
SWP as a whole, which will underpin maturation and prioritisation
of prospects for exploration drilling later in 2021. These
activities, once completed, are expected to result in a material
contribution to growth of our 2P reserves and 2C resources, with a
CPR update targeted for Q2 2021 to incorporate the outcomes of
these workstreams, and to inform ongoing work in pursuit of our
production target of 2,500 bopd by the end of 2021."
Trinidad and Tobago and Suriname: 2021 Proposed Work Program
BPC's strategy is to achieve material, profitable growth in
production from its assets in Trinidad and Tobago, and Suriname. In
pursuance of this strategy, a work program has been developed that
is aimed at ramping up production to 2,500 bopd or more by the end
of year 2021. In addition, the Company also plans to explore and
appraise certain new prospects so as to add resources and thus
reserves for future production growth in 2022 and beyond.
The key highlights of the proposed work program in Trinidad and
Tobago and Suriname are as follows:
Trinidad and Tobago
-- Boost production from existing fields by applying a proven,
mature asset mindset and skillset : this requires maintaining the
existing well stock by way of focused preventative maintenance and
a proactive continuous well intervention program to maintain
baseline production of approximately 500 bopd, along with targeted
initiatives to enhance that baseline production using enhanced oil
recovery techniques, field extensions and focused technical work,
which are expected to result in 20%-35% increase in the baseline
production on a sustainable basis. The estimated incremental
operating expenditure for these initiatives is approximately US$2
million, with a rapid payback anticipated.
-- Appraisal and development of the existing Saffron discovery :
this comprises drilling the Saffron #2 appraisal well during Q1
2021 (to include a production completion), to be followed by
further development wells from Q2 2021 (based upon delivery of the
Saffron #2 pre-drill prognosis). The Company expects to be able to
drill up to 7 development wells during 2021 by using 1 rig, whilst
retaining the flexibility of accelerating the development drilling
of up to 8 additional developments wells if 2 rigs are used on a
continuous basis (subject to permitting and funding availability).
The estimated capital cost for the base Saffron appraisal and
development program during 2021 is approximately US$12.5m (or up to
$25 million in the case of accelerated development, subject to
permitting and funding availability).
-- Exploration and appraisal of additional prospects : The
Company has identified 9 leads and prospects in the South West
Peninsula of Trinidad that could potentially be of equivalent size
to the existing Saffron discovery. The Company has commissioned 3D
seismic reprocessing to high grade and prioritise these prospects.
Based on the results of this new work (expected in early 2021), the
Company aims to identify at least two prospects for exploration
drilling (and appraisal, subject to results) during 2021. The
estimated capital cost for this exploration drilling is
approximately US$3 million ($1.5 million per well - potential to
add a production completion would add a further $0.5 million per
well). Subject to technical results, capital availability and
permitting, this program could expand to include an additional
exploration well.
Suriname
-- Weg naar Zee appraisal well, extended well test and
development: The Company has identified and permitted the location
to drill an appraisal well with an extended well test during Q1
2021, to be followed by development wells from H2 2021 if
justified. The Company expects to be able to drill up to 6
development wells using 1 rig (whilst retaining the flexibility of
accelerating the development drilling to add up to a further 3
development wells, subject to technical results, permitting, and
rig and funding availability). The estimated capital costs for this
base program is approximately US$3 million (or US$4 million in an
accelerated case, including necessary pumps and development
infrastructure).
Competent Person's Report
Summary
Following completion of the merger of BPC with Columbus in
August 2020, BPC commissioned an independent Competent Person's
Report ("CPR") from ERC Equipoise ("ERCE"). The scope of the report
was to focus on reserves and contingent resources across the
Company's existing producing assets in Trinidad and Tobago, and the
Company's Weg naar Zee licence in Suriname, so as to enable to
Company to develop its work program for 2021 and make appropriate
capital allocation decisions.
Summary results from the CPR are as follows:
Reserves
(MMbbls) 1P 2P 3P
TOTAL 0.69 1.29 1.92
--------- --------- ---------
Contingent Resources
(MMbbls) 1C 2C 3C
TOTAL 0.71 7.46 24.70
--------- --------- ----------
Certified 2P Reserves
ERCE has certified 2P reserves across BPC's portfolio of
production assets in Trinidad and Tobago, as summarised in the
following table:
Reserves
(MMbbls) 1P 2P 3P
East Fields 0.53 1.09 1.66
--------- --------- ---------
West Fields 0.16 0.20 0.26
--------- --------- ---------
TOTAL 0.69 1.29 1.92
--------- --------- ---------
Notes
1. Company Working Interest reserves are based on the working
interest share of the field gross reserves and are prior to
deduction of royalties.
2. BPC hold a 100% interest in both the East Fields - Goudron,
Trinity Inniss; and the West Fields - South Erin, Icacos and
Bonasse.
3. Totals are added arithmetically which means statistically
there is a greater than 90% chance of exceeding the total 1P and
less than a 10% chance of exceeding the total 3P.
4. ERCE have not audited the SWP, including Saffron as part of this Independent CPR
In August 2020, when BPC assumed control of this portfolio of
assets through the merger with Columbus, the Company established a
target of achieving net 2P reserves of at least 1 MMbbl by the end
of 2020. The net 2P reserves as certified in the CPR exceeds this
target by 30%.
2P reserves relate to known oil that is capable of being
produced economically, and thus the 2P reserves as certified by
ERCE relate solely to production capable of being generated from
BPC's existing wells in existing fields. The 2P reserves do not
assume any contribution from infield drilling and enhanced oil
recovery projects. Moreover, apart from routine operating costs
required to keep wells online, accessing this production potential
does not require material amounts of incremental capital
expenditure.
As such, at current oil prices of around US$40 per barrel, BPC
estimate this level of 2P reserve represents in excess of US$50
million of gross cashflow potential to BPC, and a reserve base
equivalent to a baseline production of 500 bopd for approximately 7
years.
Given these production and economic characteristics, 2P reserves
are a readily monetizable asset, and BPC has been approached by
various financing providers requesting the Company to consider the
suitability of a Reserve Base Lending (RBL) facility against its 2P
reserves.
Certified 2C Contingent Resources
ERCE has certified 2C resources across BPC's portfolio assets in
Trinidad and Tobago and Suriname, as summarised in the following
table:
Contingent Resources
(MMbbls) 1C 2C 3C
East Fields 0.28 5.92 19.71
--------- --------- ----------
West Fields 0.13 0.45 1.45
--------- --------- ----------
Suriname 0.30 1.09 3.54
--------- --------- ----------
TOTAL 0.71 7.46 24.70
--------- --------- ----------
Notes
1. Company Working Interest resources are based on the working
interest share of the field gross resources and are prior to
deduction of royalties.
2. BPC hold a 100% interest in the East Fields - Goudron,
Trinity Inniss; the West Fields - South Erin, Icacos and Bonasse; a
nd Weg naar Zee in Suriname.
3. These are unrisked Contingent Resources that have not been
risked for chance of development and are sub-classified as
development unclarified.
4. Totals are added arithmetically which means statistically
there is a greater than 90% chance of exceeding the total 1C and
less than a 10% chance of exceeding the total 3C.
5. E RCE have not audited the SWP, including Saffron as part of this CPR.
2C resources relate to hydrocarbons that ERCE considers can be
producible from the existing discovered fields, albeit contingent
on the expenditure of development capital for infill wells and the
successful delivery of waterflood and CO(2) injection projects. As
future capital is deployed it would typically be expected that the
2C resource base would migrate into the 2P reserves category upon
demonstration of commercial viability. As such, the certified 2C
resources position provides validation of BPC's capacity / strategy
to achieve near-term incremental production growth, as well as
providing clear direction as to capital prioritisation during the
course of 2021.
South West Peninsula (SWP), including Saffron
BPC holds an extensive portfolio of high-quality exploration
assets in the South West Peninsula of Trinidad and Tobago. In Q1
2020, whilst these assets were under the ownership and control of
Columbus, the Saffron #1 exploration well was drilled, to test for
the presence of hydrocarbons in the Middle Cruse and Lower Cruse
sands. At the time, Columbus' pre-drill resource estimate was in
the order of up to 11 MMbbl. The work planned by BPC for Q1 2021,
specifically the drilling of Saffron #2, will further seek to
establish this potential by targeting a thicker, slightly down dip
reservoir section. A similar capital cost for Saffron #2 is
anticipated for the Saffron #1 well - whilst the cost estimate
includes the additional cost of a production completion, an
offsetting amount has been saved by the use of the same drill pad,
thus generating material savings on preparation costs.
In addition to the Saffron prospect, during initial due
diligence prior to the Columbus merger and in further work
undertaken over the past 3 months since the Columbus merger
completed, BPC's internal work has identified 9 other prospects
across the SWP of approximately equivalent size to the Saffron
prospect. So as to effectively prioritise these prospects and plan
for exploration drilling activities, a body of work to reprocess 3D
seismic data covering the SWP has recently been initiated. This
work is expected to complete early in 2021. The Company expects
that these activities (drilling of Saffron #2 and seismic
reprocessing), once complete, will result in material additions to
both the 2P reserves and 2C resources categories, consistent with
the Company's resource maturation process and production growth and
thus cash generation strategy.
It is also expected that, in the event of a discovery arising
from the Perseverance #1 well in The Bahamas (which is on schedule
to spud prior to the end of 2020 and take between 45-60 days to
drill), a separate CPR exercise will be undertaken in respect of
the Company's licences in The Bahamas.
Trinidad and Tobago and Suriname Work Program Funding
Through 2019 and 2020 BPC has adhered to a predefined funding
strategy designed to:
(i) secure multiple sources of funding,
(ii) develop flexible funding alternatives, given that the
potential cost and timing of the need for funding might vary,
(iii) seek to match timing of funding inflows with timing of funding outflows,
(iv) balance the cost of funding with the need to secure funding certainty,
(v) achieve funding on the most advantageous terms possible, and
(vi) minimise overall dilution.
In delivering on this strategy, primarily in pursuit of securing
funding for the Perseverance #1 well in The Bahamas, BPC has fully
leveraged the range of funding options open to it. Specifically,
since the middle of 2019 BPC has:
(i) undertaken an open offer to shareholders,
(ii) undertaken two equity placings to institutional investors,
(iii) secured an as yet undrawn GBP15 million Conditional
Convertible Note facility (subject to the satisfaction of certain
conditions precedent),
(iv) sponsored the creation of a Bahamian-domiciled investment
fund with the primary objective of creating a vehicle through which
qualified Bahamian investors could invest in the Company, and
(v) secured a GBP16 million Zero-coupon Facility, with GBP11
million remaining to be drawn (albeit this being a facility the
Company has indicated it has no present intention of using).
Given an anticipated cost of Perseverance #1 in the range of $24
million to $28 million, plus a contingency allowance of $7 million,
and with approximately $5.3 million of costs already paid for (as
at 31 October 2020) in respect of Perseverance #1, BPC presently
expects that remaining cash outflows required to complete
Perseverance #1 will be in the range of $19m - $23m (plus the $7
million contingency element). As at 31 October 2020 the Company
held cash resources of around $17.5 million, and (subject to
satisfaction of conditions precedent, which BPC presently considers
will occur) expects to receive a further approximately $20 million
of funding from draw-down of the Conditional Convertible Note
facility through December 2020 to February 2021, consistent with
the funding and payments schedule for the Perseverance #1 well. As
such, the Company considers Perseverance #1 to be funded (subject
as caveated below), and after meeting the costs for the drilling of
Perseverance #1, BPC expects to have surplus cash in the range of
$5 - $15 million depending on the final cost outcome of the
well.
This then forms the anticipated "opening balance" of funding
available for the 2021 Trinidad and Tobago and Suriname work
program, which is expected to commence from February 2021 onwards
(i.e.: once Perseverance #1 operations in The Bahamas are
substantially complete). As noted previously, this foresees a total
capital expenditure for the base work program of up to $20 million,
and up to approximately $35 million in a scenario where all
developments are accelerated (as noted, in all cases subject to
funding and rig availability, and permitting).
BPC notes that this funding is not required all at once or up
front - it represents the total funding need spread out across the
entirety of the Trinidad and Tobago and Suriname work program for
all of 2021. Moreover, given BPC's equity holdings and the
discretionary nature of the investment, the Company is able to
control the pace, timing and extent of capital deployment in
Trinidad and Tobago and Suriname.
As such, BPC intends to execute a funding strategy for the
currently unfunded elements of its planned 2021 work program in
Trinidad and Tobago and Suriname not dissimilar to that developed
and successfully executed in the period 2019-2020 for its drilling
campaign in The Bahamas. The overall objectives are no different:
(i) to secure multiple sources of funding, (ii) to develop flexible
funding alternatives, given that the potential cost and timing of
the wells might vary, (iii) to seek to match timing of funding
inflows with timing of funding outflows, (iv) to balance the cost
of funding with the need to secure funding certainty, (v) to
achieve funding on the most advantageous terms possible, and (vi)
to minimise overall dilution.
Similarly, in this regard, there are a number of potential
sources of funding presently available to BPC for financing of the
intended Trinidad and Tobago and Suriname 2021 work program,
including:
-- Residual funding on completion of Perseverance #1: as noted
above, in the range of $5 - $15 million (assuming full drawn down
of the Conditional Convertible Note facility).
-- Surplus cash-flows from operations: The Company expects to
see cashflows available from production in Trinidad and Tobago and
Suriname as it brings production wells online, with surplus free
cash flow potentially making a considerable contribution to ongoing
capital and exploration expenditures. Depending on the level of
production, prevailing oil prices, BPC could anticipate up to an
incremental $10 million might be available.
-- Reserve-based lending facilities: BPC has been approached by
various financing providers requesting the Company to consider the
suitability of an RBL facility against its 2P reserves. If
successful up to $10 million could become available during
2021.
-- "Drill for equity" type arrangements: Several options may be
available to the Company similar to that adopted previously by
Columbus in Trinidad and Tobago .
-- The Zero-coupon Facility , under which approximately GBP11.3
million remains available for draw-down albeit, the Company has
stated that it has no present intention to draw further on this
facility, it remains there as an option.
-- Farm-out options or similar transactions: Should, after
completion of Perseverance #1, BPC consider diluting its interest
in its project in The Bahamas then, in the March / April 2021
timeframe, a successful farm-out transaction would likely be of an
amount sufficiently large to fund the anticipated Trinidad and
Tobago and Suriname work program. Alternatively, exploration
success in The Bahamas would likely provide the Company with
considerable excess funding capacity.
To the extent that any one, or a combination, of the above
funding alternatives are successfully concluded on terms acceptable
to the Company, the amount of capital available to the Company
would likely materially increase, and would be additive to existing
funding sources such that the Company is confident that it will be
able to meet the costs of the base Trinidad and Tobago and Suriname
2021 work program of up to $20 million, and potentially up to the
$35 million required to pursue an accelerated development program
(in all cases subject to permitting and rig availability).
In circumstances where neither the Conditional Convertible Note
facility nor the Zero-coupon Facility are available (for example,
where the conditions precedent set out in the Conditional
Convertible Note Subscription Agreement are not satisfied or waived
by the Subscribers), the Company may not have sufficient cash to
complete the drilling of the Perseverance #1 well and/or may not
have sufficient cash to undertake the full scope of the work
program planned for Trinidad and Tobago and Suriname in 2021. In
such circumstances the Company would look to secure funding by way
of alternative sources, as detailed above. There can be no
assurance, however, that the Company would be successful in
securing any such alternative funding.
Excluding any costs relating to the Perseverance #1 well, the
Company currently has sufficient cash available to meet general
working capital needs for at least the next 12 months .
Regulatory Statements
In accordance with the AIM Note for Mining and Oil & Gas
Companies, BPC discloses that:
-- Mr Stewart Easton, Director of ERCE, is the qualified person
who has reviewed the technical information contained in this
announcement pertaining to the Competent Person's Report (CPR). Mr
Easton is a post-graduate in Geology, a Fellow of the Geological
Society and member of the Society of Petroleum Engineers. Mr Easton
consents to the inclusion of the CPR information in the form and
context in which it appears; and
-- Mr Nathan Rayner, the Company's Operations Director, is the
qualified person who has reviewed the technical information
contained in this announcement not specifically addressed in the
Competent Person's Report. He is a qualified Petroleum Engineer, a
member of the Society of Petroleum Engineers, and a member of the
Institution of Engineers, Australia. He has over 20 years'
experience in the oil and gas industry. Nathan Rayner consents to
the inclusion of the information in the form and context in which
it appears.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
ERCE carried out its work in accordance with the June 2018
SPE/WPC/AAPG/SPEE/SEG/SPWLA/EAGE Petroleum Resources Management
System (PRMS) as the standard for classification and reporting, the
full text of which can be downloaded from:
https://secure.spee.org/sites/spee.org/files/prmgmtsystem_final_2018.pdf
.
ERCE Disclaimer
ERCE has used standard petroleum evaluation techniques in the
generation of its CPR. These techniques combine geophysical and
geological knowledge with assessments of porosity and permeability
distributions, fluid characteristics, production performance and
reservoir pressure. There is uncertainty in the measurement and
interpretation of basic data. ERCE has estimated the degree of this
uncertainty and determined the range of petroleum initially in
place and recoverable hydrocarbon volumes. In applying these
procedures and tests, nothing came to the attention of ERCE that
would suggest that information provided by BPC was not complete and
accurate. ERCE reserves the right to review all calculations
referred to or included in this report and to revise the estimates
in light of erroneous data supplied or information existing but not
made available which becomes known subsequent to the preparation of
the CPR or this Letter.
The accuracy of any Reserves, Contingent Resources and
production estimates is a function of the quality and quantity of
available data and of engineering interpretation and judgment.
While Reserves, Contingent Resources and production estimates
presented herein are considered reasonable, the estimates should be
accepted with the understanding that reservoir performance
subsequent to the date of the estimate may justify revision, either
upward or downward.
Revenue projections associated with the underlying Reserves are
based in part on forecasts of market prices, currency rates,
inflation, market demand and government policy which are subject to
many uncertainties and may, in future, differ materially from the
forecasts utilised herein.
No site visits were undertaken in the preparation of the
CPR.
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0) 1624
Simon Potter, Chief Executive Officer 647 882
Strand Hanson Limited - Nomad Tel: +44 (0) 20 7409
Rory Murphy / James Spinney / Jack Botros 3494
Shore Capital Stockbrokers Limited - Tel: +44 (0) 207 408
J oint Broker 4090
Jerry Keen / Toby Gibbs
Investec Bank Plc - J oint Broker Tel: +4 4 (0) 207
Chris Sim / Rahul Sharma 597 5970
CAMARCO Tel: +44 (0) 020 3757
Billy Clegg / James Crothers / Hugo Liddy 4980
Glossary
1C Low estimate of Contingent resources
2C Best estimate of Contingent resources
3C High estimate of Contingent resources
1P Proved reserves
2P Proved and probable reserves
3P Proved, probable and possible reserves
bbl barrel
Contingent Those quantities of petroleum estimated,
resources as of a given date, to be potentially recoverable
from known accumulations by application
of development projects, but which are not
currently considered to be commercially
recoverable owing to one or more contingencies.
MMbbl million barrels
Possible Reserves Those additional reserves that analysis
of geoscience and engineering data suggest
are less likely to be recoverable than Probable
Reserves.
Probable Reserves Those additional reserves that are less
likely to be recovered than Proved Reserves
but more certain to be recovered than Possible
Reserves.
Proved Reserves Those quantities of petroleum that, by analysis
of geoscience and engineering data, can
be estimated with reasonable certainty to
be commercially recoverable, from a given
date forward, from known reservoirs and
under defined economic conditions, operating
methods, and government regulations.
Full information on Reserves and Contingent Resources
categorisations, can be viewed at:
www.spe.org/industry/reserves.php
Notes to Editors
BPC is a Caribbean and Atlantic margin focused oil and gas
company, with a range of exploration, appraisal, development and
production assets and licences, located offshore in the waters of
The Bahamas and Uruguay, and onshore in Trinidad and Tobago, and
Suriname. BPC is currently on-track for drilling an initial
exploration well in The Bahamas, Perseverance #1, in late 2020 /
early 2021, with the well targeting recoverable P(50) prospective
oil resources of 0.77 billion barrels, with an upside of 1.44
billion barrels. In Trinidad and Tobago, BPC has five producing
fields, two appraisal / development projects and a prospective
exploration portfolio in the South West Peninsula. BPC's
exploration licence in Uruguay is highly prospective, with a
potential resource of 1 billion barrels of oil equivalent. In
Suriname, BPC has an onshore appraisal / development project.
BPC is listed on the AIM market of the London Stock Exchange. www.bpcplc.com
END
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUPGUAPUPUUQG
(END) Dow Jones Newswires
December 01, 2020 02:00 ET (07:00 GMT)
Challenger Energy (LSE:CEG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Challenger Energy (LSE:CEG)
Historical Stock Chart
From Apr 2023 to Apr 2024
