This is just the start!20 Nov 2020 11:44
Sharecast News) - Bahamas Petroleum Company (BPC) updated the market on preparations for Perseverance 1 ahead on drilling on Tuesday.
The AIM-traded firm said Perseverance 1 was on track to spud before the end of 2020, at 100% equity to BPC, with drilling of the potential basin-opening well expected to take between 45 and 60 days, with 'tight-hole' procedures in place.
It said it was targeting recoverable prospective resources of 0.7 billion barrels of oil, with an upside of 1.44 billion barrels, solely for the northern portion of the B structure.
In the event of success, Perseverance 1 would "substantially de-risk" the total B structure, which extended for between 70 and 80 kilometres, had a mapped areal closure of more than 400 square kilometres, and had a 'best estimate' aggregate recoverable resource potential of more than two billion barrels.
The Stena IceMAX drill ships had completed all necessary vessel and equipment inspections, and was scheduled to leave dock in the Canary Islands before the end of November, heading to location in preparation to drill the well