Unsure if posted yet regarding COVID measures28 Nov 2020 10:56
"Commenting, Simon Potter, CEO of BPC, said:
“Given the ever-evolving and escalating Covid-19 situation around the world, the sobering reality is that preventing the Covid-19 virus spreading onto the Perseverance #1 drilling installation in the first place is dramatically more cost effective than having to deal with it once it has arrived offshore. Hence the considerable efforts put in by BPC, Stena and participating contractors and service companies to develop even more stringent measures to detect and diminish the risk of infection, which are now being implemented, but which will come at a cost.
Fortunately, given the flexible range of funding options the Company has developed over the course of the last two years, we have successfully agreed an increase to the size of our Conditional Convertible Note facility by £4.75 million to offset this increased cost. Moreover, we are pleased that the providers of this facility have demonstrated their commitment to the project by agreeing to provide a portion of this facility unconditionally once the well is spud, and the balance expected to be available as required. In aggregate, these arrangements provide enhanced financial capacity, notwithstanding a worsening Covid-19 environment.
We are aiming to assess what hydrocarbon resource potential lies within the territorial waters of The Bahamas, for the mutual benefit of the nation and people of The Bahamas, the shareholders of BPC, and all other stakeholders. Safe, responsible, and uninterrupted operation is our key objective in the ever changing global Covid-19 environment, and these additional costs and increased funding arrangements reflect a prudent approach to achieving this objective.”
The run-up to drilling the Perseverance#1 well has taken a long time and never been easy, patient shareholders would have been astonished if it had been given a clear run to spud date in December but at least now with the astute financing put in place by the company it is not insurmountable. Other bumps in the road may have to be taken but with everything now in place BPC deserves to take its chance at Perseverance…"
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