RE: Farewell bpc21 May 2021 22:26
Mon, 8th Feb 2021 07:00
RNS Number : 2382O
Bahamas Petroleum Company PLC
08 February 2021
8 February 2021
Bahamas Petroleum Company plc
("BPC" or the "Company")
Perseverance #1 - Completion of Drilling
BPC, the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development, and exploration assets across the region, provides the following update on the drilling of its Perseverance #1 well in The Bahamas.
Highlights
· The Perseverance #1 well in The Bahamas has encountered hydrocarbons, successfully validated the structural model and the petroleum system, and drilled a majority of the potential reservoirs of interest, thus fulfilling the core technical objectives of the well
· Whilst the well encountered oil, indicated from LWD (Logging while drilling) tools, gas chromatography and mud logs, commercial volumes of oil have not been proven at this well location
· The validation of a competent seal, good reservoir quality, charge and the presence of oil points to significant hydrocarbon potential remaining in various independent, untested play systems and structures within BPC's extensive acreage
· Drilling has now ceased, the well having reached a depth of approximately 3,900 meters without incident, and the well will now be permanently plugged and abandoned
· Over the coming weeks BPC will undertake a detailed evaluation of all technical information gathered during drilling. In this context, BPC will review the appropriate way forward for future monetisation of its business in The Bahamas, in particular with a view to renewal of a farm-in process
· Near term operational activity will now focus on the Company's 2021 work programme in Trinidad and Tobago and Suriname, targeting exit production of c.2,500 bopd and prospect maturation in Uruguay
Simon Potter, CEO of BPC, said:
"I am proud to say that after many years of diligent effort we did what we said we would do: BPC drilled the Perseverance #1 well safely and without incident, testing for the presence of hydrocarbons in the Southern Seas of The Bahamas. This was the very specific objective of the well - not a scientific or geologic experiment, but to seek hydrocarbons in commercial quantities.
In a technical sense, the well successfully validated the existence of oil, seal and reservoir. Together, these factors verify the existence of a working Lower Cretaceous petroleum system and sequences of reservoir quality within the Aptian, pointing to the overall hydrocarbon potential of other untested prospects captured by BPC's extensive acreage holding. However, at the Perseverance #1 location the volumes of oil encountered are not commercial.
Perseverance #1 is the first exploration well in The Bahamas for decades, and the data gathered from this well will prove invaluable in providing a modern analysis as to the regional potential of the petroleum system, which, in our view, reduces technical
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