Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said: BPC is in the final stages of readiness for the commencement of drilling our initial exploration well, Perseverance #1, in The Bahamas, with results from the well expected in Q2 2020.
The well location will be on the northern segment of the B structure, targeting a P50 recoverable resource of 0.77 billion barrels, but with an upside close to 1.5 billion barrels of recoverable oil. Perseverance #1 has the potential to open a world-class, new frontier basin offshore Bahamas, less than 200 miles from the world’s largest hydrocarbon market/infrastructure.
In our view, this makes Perseverance one of the premier prospects that could be drilled globally this year with the potential to not only fundamentally alter the status of BPC in the market, but to also transform the revenue-generating capacity of the Bahamian economy.
On track to deliver Perseverance #1 exploration well results in Q2 2020
Targeting recoverable P50 oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels
Bahamas Petroleum Company, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, is pleased to provide the following update on its planned H1 2020 drilling campaign.
· Drilling of exploration well expected to commence in April 2020 with results expected to follow later in Q2 2020
o Licences and exploration well 100 per cent. owned and operated by BPC
· Well location finalised for northern segment of the B structure
o the well has been named Perseverance #1
o targeting P50 recoverable prospective resources of 0.77 billion barrels of oil, with an upside of 1.44 billion barrels, solely for this northern structural closure portion of the B structure
o In total the B structure extends for between 70 and 80 kms, has a mapped areal closure over 400 km2 and has an aggregate most likely recoverable resource potential in excess of 2.0 billion barrels
· Temporary field office set up and staffed to deliver well
o well design and planning substantively complete
o major contractors integrated into the well execution team
o procured further long-lead items including drill bits and casing
o completed tendering for helicopter, supply boats, and various other required support services
· Deadline for satisfaction or waiver of all conditions precedent in relation to the £10.25m conditional convertible loan note extended to 9 March 2020
· Further announcements on contracting, financing and approvals expected in lead up to mobilisation and drilling
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