(Alliance News) - Bahamas Petroleum Co PLC expects to start drilling in April, it said on Thursday, with results due in the same quarter.
Bahamas Petroleum has finalised the location of a well on the northern segment of the 'B' structure, with the well to be called Perseverance #1.
The company is targeting recoverable prospective resources of 770 million barrels of oil, with an upside of 1.44 billion barrels, solely on this northern structure.
The entire 'B' structure, Bahamas Petroleum said, extends for between 70 and 80 kilometres and could well hold a recoverable resource above 2 billion barrels.
"Bahamas Petroleum 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 second-quarter 2020," said Chief Executive Simon Potter.
"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 Bahamas Petroleum in the market, but to also transform the revenue-generating capacity of the Bahamian economy."
Shares were 11% higher on Friday morning in London at a price of 3.89 pence each.
By George Collard; georgecollard@alliancenews.com
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