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Hi Laallee, The TD is 4822m with a capability of 5600m. The well depth depends on real time drilling results. The option funding agreement can be exercised in the case of further evaluation by drilling deeper to evaluate multiple reservoir horizons in the structure. The well cost already includes a comprehensive formation plan, logging while drilling which is designed to provide real time formation evaluation, a full suite of logging and measurement while drilling logs (gamma-resistivity, sonic density and neutron) will be acquired, thereby providing formation data and a synthetic seismogram (sonic-density), both of which will be used to calibrate real time well data to identified seismic markers to correlate the reservoir targets and age each of the penetrated horizons. In all instances, formation evaluation while drilling (FEWD) tools will gather data on temperature, formation pressures, porosity (including fractures), oil and water saturations and total thickness of the potential hydrocarbon bearing reservoirs regardless of outcome - further augmented by a wide range of wireline logging and sampling should results while drilling be merited. The comprehensive formation evaluation data retrieved from Perseverance #1 can be utilised to update the pre-drill volumetric estimates in a successful outcome scenario. All of this is done while drilling with MWD and LWD tools therefore already costed in the well. Depending on this data, will inform decision on further evaluation and sampling and how deep the well will be drilled, and if deeper, the use of the option agreement being exercised if merited.

MM's will start positioning themselves for a favourable outcome in next 2 weeks in anticipation of increased demand and Lombard no longer providing easy shares.

They are deepening the well having had good oil in horizons above, hence the extra funds called upon to respond to drilling results.

Introduction:
Bahamas Petroleum Corporation (Bahamas Petroleum Company) acquired 194 kilometres of 2D seismic data in July 2010 in order to evaluate the capabilities of improving seismic data quality through modern acquisition techniques, and processing algorithms utilizing massive computer power.
Analysis:
Data results of this survey show better data quality than previous vintages acquired most recently in the 1980’s. Vintage geologic and seismic data (1986) previously documented the potential presence of multiple >500MMboe fields. These historical studies and recent independent consultant reports (2007-2010) indicate that the area has a high probability for oil, which is supported by oil shows in exploratory and ODP (Ocean Drilling Program) wells drilled in The Bahamas, well tests from offshore Florida Keys and offshore Cuba. Bahamas Petroleum Company's June 2010 seismic confirms the previous work and reduces risk placed on hydrocarbon presence.
Bahamas Petroleum Company's 2010 data is more suitable for both structural and stratigraphic interpretation, as well as advanced analyses for hydrocarbon and porosity detection, through amplitude and velocity variation, and frequency absorption due to hydrocarbons.
The new data present clear evidence of large structures with continuous layering of probable reservoirs and seals across the breadth of the folds and hydrocarbon fluid flow features including chimneys or vents, and direct hydrocarbon indicators. There is further evidence from the sections of likely fluid controlled amplitude variations and flat-spots which may indicate fluid interfaces of various phases of hydrocarbon contacts. Vertical chimneys into the sea bottom as well as amplitude dimming and frequency absorption and are direct evidence of in situ escaping hydrocarbons from well charged structures. Typically the light ends of the hydrocarbons escape through microfaults and fractures and provide indicators of hydrocarbons preserved within the structure.
The types of features observed over the structures and along rock layers are indicative of an oil-prone system with minor amounts of lighter ends escaping to the surface. The abundance of hydrocarbon indicators supports recent consulting studies that proposed the petroleum system is operative (see APT summary of report posted on Bahamas Petroleum Company website).
Summary:
Bahamas Petroleum Company’s 2010 seismic acquisition and processing program successfully demonstrates the advantages of modern acquisition and processing systems and computer power. As well as imaging large structures with over 700 hundreds of milliseconds (2-way time; i.e., ~4000 feet) of closure, there are numerous geophysical indications of porosity variations and hydrocarbons in the system. It is anticipated that a closely spaced 2D grid or 3D will prove up drillable prospects by the end of the year.
J. (Jock) Drummond
Dr. Norman S. Neidell

The following conclusions are excerpted from an independent technical report that has bearing on the hydrocarbon analysis of Bahamas
Petroleum Company's acreage.
SUMMARY
A regional geochemical review study has been carried out on behalf of Bahamas Petroleum Company Limited on the Bahamas area with the specific objective of
assessing:
1) The likelihood of the presence of source rocks within or adjacent to the area of interest (AOI);
2) The likely thermal maturity of the potential source rocks to generate oil or gas;
3) The evidence for the presence of mature generative source rocks in the area of interest.
The conclusions are as follows:
Source rocks:
• It is believed that there are source rocks of sufficient quality and maturity to generate significant volumes of hydrocarbons in the Bahamas although they are poorly quantified in the very few wells drilled in this very large area.
Maturity:
• Geothermal gradients are believed to be genuinely low in the area of interest but given the thicknesses of sediment accumulated at the depths where the potential source rocks are likely to exist, these source rocks should have been oil generative. Current low temperatures will be conducive to the preservation of hydrocarbon accumulations.
Manifestation:
• Live hydrocarbon shows have been encountered during drilling of at least four of the five deep wells drilled in the Bahamas and even in a number of the relatively shallow stratigraphic boreholes (ODP/DSDP) in or close to the AOI;
• Sea bottom sediment sampling has recorded the possible presence of migrated hydrocarbons of thermogenic origin in several drop cores close to the location of the Doubloon Saxon-1 well; isotopes suggest oil prone source;
• There is evidence of hydrocarbon seepage in the form of an area of seismic opacity in the near surface close to one of the recently mapped seismic leads likely caused by vertically migrating gas.
Preservation:
• Hydrocarbon accumulations derived from the Bahamian source rocks are thought most likely to occur in deep prospects in the fore deep close to the known Cuban effective source rock system.
• Hydrocarbon quality is likely to be influenced by the source rock system and provide aromatic oils and (depending on the source) possible traces of sulfur.
• Gravities are likely to be in the 35 to 40° API range. Degradation processes are unlikely to have negatively affected oils generated.
Dr Steve Thompson
Patrick Barnard
Applied Petroleum Technology (UK)

Trouble for the environmentalists is that BPC legally have a 12 year commercial exploration agreement with a 30 year production licence that can be extended by another 10 years. The courts are not going to go against a legal agreement, otherwise they will be breaking the LAW.

Don't worry Linton. An Aussie major will buy what Mr Potter has found for them. Done deal, imo.

Laallee, majors will have to bid as there will be competition from places like China.

The oil price will determine the value and speed of development, or farmout, or valuation of the asset for a sale. All current valuations have been based on $40 oil. It's now $53 and rising. BPC will have to drill a second well by end of 2022, so there will be a full on programme. If oil is $65-$70 by the end of the year, then BPC can sit and wait for the best offer for a sale or farmout. As the oil price rises, then so does the value of any discovery.

https://i.postimg.cc/1tNFvNJv/Stena-Icemax.png

Hos Black Foot heading back to IceMax, probably some production liner for DST.

A tight hole until TD. Then well will be logged with results in 7/10 days. But going deeper with the reason oil.

Maybe at first TD 4800m. Possible RNS to say drilling deeper to 5600m, with horizons oil bearing.

Shareholders gave approval for 1.8Bn shares for Perseverance and 0.8Bn shares for Columbus acquisition, to be issued. That was when there was already over 2Bn shares in issue.

I think you can double that 2 billion barrels should they elect to drill deeper, depending on real time drilling results.
4 billion barrels. Moyes have an estimate upside of 28 billion barrels for all prospects, so Fold B being the largest will have to account for a lot of that.

Perhaps this is why the Prime Minister has moved first on the SWF. TD next week?

I think Mr Potter will want this well result out asap. The shares sold sub 2.3p will need reconciling. Pretty sure when the drill bit gets to TD, then an RNS will drop to say they have reached target depth and the well encountered hydrocarbon zones throughout which are being logged, and a further announcement will be made after logging. Should boost the sp and clear the overhang and Lombard get an average of 2.3p+

Personally, I can't believe the prime minister won't know what is happening at the well site, especially if they are finding huge amounts of oil.

If Lombard stop selling this will be 3p+
Do they read Bahamas news?
Someone should let them know.

This is a huge nod in favour of oil production now the wealth fund has been enacted. imo, dyor.