Bahamas Petroleum (BPC.L) 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.


Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned
Stockmarket News
Share Talk
Share via
Copy link
Malcare WordPress Security