Bahamas Petroleum Company PLC Commencement of the Drilling of Perseverance #1 (2544J)
December 21 2020 - 02:00AM
UK Regulatory
TIDMBPC
RNS Number : 2544J
Bahamas Petroleum Company PLC
21 December 2020
21 December 2020
Bahamas Petroleum Company plc
("BPC" or the "Company")
Commencement of the Drilling of Perseverance #1 Well
-- Drilling of the Perseverance #1 well has commenced. The well
was 'spud' on 20 December 2020, at 06.30 EST. The well is
anticipated to take 45 - 60 days to complete
-- Perseverance #1 is targeting P50 prospective oil resources of
0.77 billion barrels, with an upside of 1.44 billion barrels
Simon Potter, Chief Executive Officer, commented:
"We are very pleased to announce that the drilling of
Perseverance #1 has commenced - the well has been spud. This is a
momentous milestone for both BPC and The Bahamas and represents the
culmination of more than ten years work by a team who have remained
steadfast in their belief in this project throughout - that it is
finally taking place is a testament to the application, skill and
professionalism of many people over those years. The well will be
drilled to the highest environmental and safety standards over the
next 45 - 60 days. Our Shareholders have been extremely patient,
but we are now within a couple of months of understanding the scale
of potential resource uplift that might be accessed within the
licences: a potential uplift that is the traditional domain of the
'oil majors'.
"More than a decade ago BPC secured several offshore hydrocarbon
licences in the far-southern waters of The Bahamas. Convinced of
the compelling prospectivity of those licences, the Company has
spent close to $120 million bettering our technical understanding,
continuing to de-risk the play, and ultimately preparing
meticulously for exploration drilling. Our 3D seismic survey
revealed structures that have the potential to contain a world
class, multibillion barrel oil resource that, if present in the way
we hope, could prove to be transformative - not just for our
company, but for the nation and people of The Bahamas as a
whole.
"I very much look forward to updating shareholders with results
once the well has been completed. The next several weeks will be a
truly exciting time for BPC."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
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
Joint Broker 4090
Jerry Keen / Toby Gibbs
Investec Bank Plc - Joint Broker Tel: +44 (0) 207 597
Chris Sim / Rahul Sharma 5970
Gneiss Energy Limited - Financial Adviser Tel: +44 (0) 20 3983
Jon Fitzpatrick / Paul Weidman / Doug 9263
Rycroft
CAMARCO Tel: +44 (0) 020 3757
Billy Clegg / James Crothers / Hugo Liddy 4980
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 drilling an initial exploration well in
The Bahamas, Perseverance #1, 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
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