LONDON (Alliance News) - Shares in Bahamas Petroleum Co PLC rose on Monday after the company said analysis on three historical wells in the Bahamas demonstrates the presence of an active petroleum system within the site and said its first exploration well has been re-engineered, cutting exploration costs substantially.
Bahamas said the results of the geochemical analysis undertaken on three wells in the Bahamas that the company owns indicated an active, local oil generative source rock capable of generating large hydrocarbon volumes.
The company said it has also re-engineered its exploration plans for the wells and has substantially cut well costs to USD50-60 million, the company said, without providing previous cost guidance.
Shares in the company were up 14% to 1.911 pence on Monday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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