The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBPC.L Share News (BPC)

  • There is currently no data for BPC

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Bahamas Petroleum Company awarded offshore Uruguay licence

Tue, 09th Jun 2020 12:57

(Sharecast News) - Bahamas Petroleum Company announced on Tuesday that it has been awarded the 'Area OFF-1' petroleum licence, offshore Uruguay.
The AIM-traded firm said OFF-1 contains a management-estimated resource potential of up to one billion barrels of oil equivalent, based on current mapping from multiple exploration plays and leads, in relatively shallow waters with significant running room.

It said the licence play system was directly analogous to the prolific Cretaceous turbidite discoveries currently being evaluated and developed offshore Guyana and Suriname

OFF-1 has an initial four-year exploration period, with a work obligation limited to reprocessing and reinterpretation of selected historical 2D seismic data.

There was no drilling obligation, and the licence included staged no-cost exit points at the company's sole decision.

As a result, the board said OFF-1 was comparable to the 'low cost option' represented by the firm's licences in the Bahamas when they were first awarded, being a modest work commitment over four years that would secure a "sizeable, technically high quality" frontier play, with regional seismic data available and "exciting" exploration upside.

The board described Uruguay as a "stable, well-regulated" operating environment with an attractive and internationally comparable fiscal regime.

Bahamas Petroleum Company said it believed OFF-1 had the capacity to generate similar value uplift to its existing licences in the Bahamas, where its primary focus remained the commencement of exploration drilling on Perseverance #1, expected to spud in late 2020 or early 2021, and targeting recoverable P50 oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels.

"The scale of the opportunity that our planned drilling campaign in the Bahamas may unlock for us, at the end of 2020, means that our personnel are and will remain entirely focussed on their efforts to deliver the Perseverance #1 exploration well successfully," said chief executive officer Simon Potter.

"However, the current period of introspection in our industry is presenting nimble, forward-thinking companies such as ourselves with compelling opportunities to expand our portfolio and achieve countercyclical growth.

"The recently-closed Open Licencing round in Uruguay presented exactly such an opportunity for us where, for very low cost, we have been able to secure an exploration licence of an extremely high-calibre that, even as recently as a few months ago, we most likely would have been outbid on by much larger players."

Potter said the company was "especially pleased" to have been awarded OFF-1, given that the licence represented a "similarly underappreciated opportunity" to that it had secured in 2007 in the Bahamas.

"[It is] a licence in a region with extensive existing seismic of various vintages, but largely underexplored, and requiring the application of more modern, state of the art seismic imaging technology and techniques to understand the full extent of the petroleum resource.

"We are confident that over the next four years we can bring to bear our expertise, gained in the Bahamas over the past decade, on OFF-1 so as to more fully evaluate the licence's potential, in the hope that in the longer-term we can create an opportunity of equal value and industry interest to what we have thus far accomplished in the Bahamas."

At 1246 BST, shares in Bahamas Petroleum Company were up 10.44% at 3.15p.
More News
15 Mar 2019 09:19

Bahamas Petroleum Raises USD2.5 Million in Share Placing (ALLISS)

LONDON (Alliance News) - Bahamas Petroleum Co PLC on Friday said it raised USD2.5 million in a share placing to assist the firm's operations until it secures a farm-in partner.The 120.0

Read more
28 Feb 2019 13:30

Bahamas Petroleum Confirms Continued Talks For Farm-In Partners

LONDON (Alliance News) - Shares in Bahamas Petroleum Co PLC rose Thursday as it remains in talks with "a number" of possible farm-in partners.The stock was at 2.47 pence a share

Read more
22 Feb 2019 10:35

WINNERS & LOSERS SUMMARY: Dairy Crest In Demand As Saputo Swoops

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------FTSE 250 - WINNERS----------Dairy up in

Read more
22 Feb 2019 08:56

Bahamas Petroleum Exploration Licence Extended To End Of 2020

LONDON (Alliance News) - Bahamas Petroleum Co PLC shares spiked Friday as the oil and gas explorer has received notification from the government of the Bahamas its exploration period has been to a

Read more
27 Sep 2018 14:30

Bahamas Petroleum Narrows Interim Loss On Reduced CEO Remuneration

LONDON (Alliance News) - Bahamas Petroleum Co PLC reported on Thursday a narrowed interim loss after a "substantial" change to the chief executive officer's remuneration the six the

Read more
6 Sep 2018 16:00

UK Shareholder Meetings Calendar - Next 7 Days

Friday 7 SeptemberGreene KingSchroder Real Estate Investment Trust Monday 10 Company 11 12

Read more
24 Aug 2018 10:39

WINNERS & LOSERS SUMMARY: Shire Rises As US FDA Approves Takhzyro Drug

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------FTSE 100 - up 2.6%. The Irish pharmaceutical company said a

Read more
24 Aug 2018 09:15

Bahamas Petroleum Shares Drop 69% As Major Oil Company Ends Agreement

LONDON (Alliance News) - Oil and gas explorer Bahamas Petroleum Company PLC said Friday its exclusivity agreement with a major international oil company will terminate at the end of the in the 69%

Read more
24 Aug 2018 08:41

Unnamed oil major ending exclusivity deal with Bahamas Petroleum

(Sharecast News) - Oil and gas exploration company Bahamas Petroleum told shareholders on Friday that it has received notice from the major international oil company that it entered into an exclusivity agreement with on 1 May that it would not further extend the exclusive nature of negotiations beyond 31 August.

Read more
24 Aug 2018 08:38

LONDON MARKET OPEN: Stocks Mixed, Shire Rises After Drug Approval

LONDON (Alliance News) - Stock prices in London were mixed early Friday, as markets await US Federal Reserve Chair Jerome Powell's speech in Wyoming later in the day. In the large cap index rose

Read more
6 Aug 2018 14:47

Bahamas Petroleum CEO package slashed in cost-cutting exercise

(Sharecast News) - Oil and gas exploration firm, Bahamas Petroleum Company, announced a number of permanent changes to the contract of its chief executive officer on Monday, which it said "significantly reduces" the basic salary, wrote off accrued cash payments, and ended the accrual of conditional share entitlements, while at the same time continuing to align management and shareholder interests.

Read more
6 Aug 2018 12:11

Bahamas Petroleum Reduces CEO Pay As It Seeks Funding For Well

LONDON (Alliance News) - Bahamas Petroleum Co PLC said Monday it has amended its chief executive's contract terms, include a salary reduction, to reduce its cash costs.Bahamas said that

Read more
26 Jul 2018 13:54

Bahamas Petroleum Extends Exclusivity Agreement For One Month

LONDON (Alliance News) - Bahamas Petroleum Company PLC on Thursday said an unnamed buyer intends to extend the confidentiality & exclusivity contract for a potential deal in the in May, the an

Read more
20 Jul 2018 10:10

Bahamas Petroleum Issues 2.6 Million Shares After Warrants Exercise (ALLISS)

LONDON (Alliance News) - Bahamas Petroleum Co PLC on Friday said it issued 2.6 million shares following the exercise of share warrants granted in conjunction with a recent placing.Back in a

Read more
13 Jun 2018 11:54

Bahamas Petroleum Narrows Loss As Higher Oil Prices Boosts Confidence

LONDON (Alliance News) - Bahamas Petroleum Co PLC said Wednesday its 2017 annual loss narrowed year-on-year as increased oil prices led to a "more buoyant commercial Petroleum shares were at

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.