· 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.
