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CORRECTION Tight Hole

The drilling program for Perseverance-1 is expected to take between 45-60 days, and will be undertaken on a 'tight-hole' basis - an industry protocol (and one required by the Government of The Bahamas) whereby real-time well information and drilling results will generally be kept confidential until the conclusion of drilling and testing procedures, and until any appropriate notifications to Government representatives have been made.

Tight well protocol means Bahamian Government are notified FIRST!

PART 3

In accordance with Bahamian law and the terms of BPC's licences, as a precursor to drilling operations BPC was required to prepare and submit a comprehensive Environmental Authorisation to the Government of The Bahamas, inclusive of a detailed Environmental Impact Assessment and Environmental Management Plan. This was reviewed for the Government of The Bahamas by independent third-party industry experts, and certified to be in compliance with not only all applicable Bahamian laws and regulations, but consistent with all applicable international standards, guidelines, regulations and global best practice. Following that review, BPC's proposed drilling program for Perseverance-1 was approved by the Government of The Bahamas, and Environmental Authorisation was granted. The approvals obtained relate specifically to the drilling of Perseverance-1, such that in the event of success, drilling of any subsequent wells in The Bahamas will be subject to a separate and equally exhaustive approvals process.

Perseverance-1 will be drilled making use of the Stena IceMAX, one of the most technically capable, advanced drill ships available in the world. The rig is dynamically positioned, dual-derrick, has an integrated Managed Pressure Drilling system on board and an advanced well management and safety system, which will be deployed for the duration of drilling. Befitting of the transformational, flagship nature of this well, a number of leading international oilfield companies will be providing equipment and specialist technical services for various aspects of the drilling program, including Halliburton, Schlumberger, BakerHughesGE and Weatherford.

The drilling program for Perseverance-1 is expected to take between 45-60 days, and will be undertaken on a 'tight-hole' basis - an industry protocol (and one required by the Government of The Bahamas) whereby real-time well information and drilling results will generally be kept confidential until the conclusion of drilling and testing procedures, and until any appropriate notifications to Government representatives have been made. The well has been designed specifically as an exploration well, with the sole objective of establishing the presence of hydrocarbons through a range of tests that will be conducted as the well is drilled. Perseverance #1 has not been designed to ever operate as a production well, such that at the conclusion of the drilling program the well will be permanently sealed and then abandoned.

PART 2

About Perseverance-1 Well

Perseverance-1 is an offshore oil exploration well, 100% owned and operated by BPC, to be drilled starting in late 2020 at a location in the far southern territorial waters of The Bahamas, adjacent to the Cuba-Bahamas maritime border. The well site is located within the Santaren Channel, a deep-water seaway that is already a major oil transhipment thoroughfare, through which oil super-tankers pass daily carrying millions of barrels of crude oil to oil facilities in The Bahamas and beyond (The Bahamas is already a significant player in the international oil industry, home to some of the world's largest oil storage facilities). The Perseverance-1 well site is located more than 90 miles from the nearest inhabited Bahamian islands and over 40 miles away from the nearest uninhabited Bahamian islands, yet less than 200 miles from the infrastructure, services and customers of the world's largest energy market (the US Gulf of Mexico).

The Perseverance-1 well is targeting the northern segment of the B megastructure as previously identified by 3D seismic analysis. This location has been chosen, based upon high resolution 3D seismic data, as the best balance of lowest technical risk, geological conditions and recoverable volumes at the crestal point on the northern segment of the very large B structure. The well will be located in water approx. 520 metres deep, and will be drilled to a target depth of 4,822 metres, but with a capability to be able to reach 5,600 metres, affording the ability to evaluate multiple reservoir horizons throughout the entire stratigraphic column below the Tertiary cover. The ultimate decision on well depth will depend on real-time drilling results and geological information.

The best estimate prospective recoverable oil resource at the Perseverance-1 location is 767 million barrels, with an upside of 1.444 billion barrels (assuming the same recovery factor). It is anticipated that any discovery at this location has the potential to extend into a larger portion of the overall B structure extending to the south-east. In aggregate, the entire B structure extends for approx. 75 kms along strike and accommodates over 400 km2 of mapped closure with the entire structure having a combined 'best estimate' prospective resource of in excess of 2.0 billion barrels, and gross column height of up to 1,000 meters.

In accordance with Bahamian law and the terms of BPC's licences, as a precursor to drilling operations BPC was required to prepare and submit a comprehensive Environmental Authorisation to the Government of The Bahamas, inclusive of a detailed Environmental Impact Assessment and Environmental Management Plan. This was reviewed for the Government of The Bahamas by independent third-party industry experts, and certified to be in compliance with not only all applicable Bahamian laws and regulations, but consistent with all applicable international standards, guidelines, regulations and glo

PART 1

Bahamas Petroleum provides update on the planned Perseverance-1 well

17 Nov 2020
Photo - see caption
In the lead-up to the drilling of Perseverance-1, BPC's obligation exploration well in The Bahamas, the Company is pleased to provide the following update on preparations for well operations. BPC is a Caribbean and Atlantic margin focused oil and gas company, with exploration, production, appraisal and development assets across the region.

Highlights

Perseverance-1 is on track to spud before the end of 2020:
100% equity to BPC, drilling of this potential basin-opening well anticipated to take between 45 and 60 days, with 'tight-hole' procedures in place
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 extends for between 70 and 80 kms, has a mapped areal closure of over 400 km2, and has a 'best estimate' aggregate recoverable resource potential in excess of 2.0 billion barrels
The Stena IceMAX, one of the most technically capable drill ships in the world, has completed all necessary vessel and equipment inspections, and is scheduled to leave dock in The Canary Islands before the end of November 2020, heading to location in preparation to drill the well
Specific transportation procedures, isolation mandates and quarantine protocols are in place to minimise any risk of Covid-19 disruption to the operation, supplementing comprehensive, approved environmental safety standards and procedures; the Bahamas Defence Force and US Coastguard have been briefed on operating and safety preparations
All material contracts and supply arrangements completed, logistics and mobilisation plans finalised
Formal confirmation from the Government of The Bahamas of a further extension of the 2nd exploration period of BPC's licences, from mid-April 2021 to the end of June 2021, reflective of the ongoing impacts of the Covid-19 force majeure
Within BPC, the outcome of the Perseverance-1 well is now set within the strategic context of a portfolio business, with production and cashflow generating assets and a growing opportunity set of complementary assets across multiple jurisdictions
Photo - see caption
Commenting, Simon Potter, CEO of BPC, said:

'Many shareholders have been extremely patient and have stayed the distance, as has the majority of the management team, and we are now in the position to deliver the Perseverance #1 exploration well in compliance with our long-held exploration licences in The Bahamas. Perseverance #1 is a potentially basin-opening well, with the kind of scale and associated value uplift exposure rarely offered outside of oil majors.

At the same time, our activities, in the event of success, have the capacity to be economically transformative for the nation of The Bahamas, and could ultimately contrib

Bahamas Petroleum: Awaiting news from Perseverance well

2021-01-20 13:15:00
We take a deep dive into the waters around the Bahamas to look at an explorer looking to make a splash there
Bahamas Petroleum Company PLC -

About the company

Bahamas Petroleum PLC (LON:BPC) is becoming a multi-asset ‘full cycle’ oil and gas firm, with assets in the Caribbean and South America.

In the Bahamas, it has five offshore licences covering four million acres and applications for a further five. The most advanced exploration prospect is Perseverance, a high impact prospect where drilling is underway.

In Uruguay, the OFF-1 licence covers a high-potential but early-stage area off the Atlantic coast.

Through an agreed takeover of Columbus Energy Resources PLC (LON:CERP) for £25mln Bahamas added production, appraisal/development, and exploration assets across Trinidad and Suriname.

BPC told investors that the combination will create a “Caribbean and Atlantic margin focused oil and gas champion”.

How it is doing

Perseverance-1 is a high-impact exploration well – high risk and high reward – targeting estimated potential resources in the range of 770mln to 1.4bn barrels.

The well will be drilled in the northern segment of the ‘B Structure’ to target some 770mln barrels of recoverable prospective resources, with the ‘upside case’ estimates potentially pitched twice as high.

The B Structure is seen across some 70-80 kilometres and could host up to multi-billion barrels of crude resources.

Elsewhere, newly acquired acreage in Uruguay is described as being directly analogous to the prolific Cretaceous turbidite discoveries that are currently being evaluated and developed further north, offshore Guyana and Suriname. BPC secured the project via a low-cost option.

BPC described the Columbus assets as entirely complementary.

The production base in Trinidad will allow the company to generate cash. It comes with opportunities to leverage a range of low-cost developments via workovers, reactivations and new wells targeting shallow reservoirs, and new wells targeting shallow reservoirs.

What the boss says, Simon Potter

“We knew it would require capital to facilitate such a growth strategy, and, accordingly, we laid out a clear plan as to how we would secure that capital incrementally over time.

"Now, with drilling in The Bahamas well underway, and with a broad program of value-adding work about to kick off in Trinidad and Tobago and Suriname, we continue to draw on the various elements of the funding package we worked hard to put in place over the past 18 months.”

What brokers say: SP Angel

“If successful, Perseverance-1 would be transformational for the company, and indeed the frontier region in which it operates.”

Look what USA markets are doing with forecasts as high as 6% GDP this year in USA can only help TYM!

Sweden is looking outdated regarding mining they risk being left behind.

The Paymaster zinc- silver prospect is located approximately 30km south west of Tonopah in Nevada, USA and the mining claims cover an area of more than 390 Acres.

Project Highlights

Grab samples assay up to 21% zinc, 6.5% lead, 3.3% copper and 253g/t silver
Mineralisation intermittently exposed and sampled over 1.7km strike length
Samples also contain high levels of high-tech metals tellurium and cobalt
Geophysical exploration planned to define drill targets
Background Information

Zinc skarns are important not only as a source of zinc, lead, copper, silver and other associated metals but also as indicators of buried porphyry copper and molybdenum deposits. As a class of mineral deposit they include a number of world class zinc-silver deposits such as Antamina in Peru.

The Paymaster skarn mineralisation was originally prospected in the late 1950’s under US Defense Minerals Exploration Administration grant system. A government mining engineer recommended that the project be drill tested, but records suggest this did not take place and no production ensued.

In 1960 it was the subject of a brief publication by the US Geological Survey when zinc rich secondary clay minerals, sphalerite (zinc sulphide), galena (lead sulphide) and magnetite were identified in a pyroxene-garnet-quartz skarn mineral assemblage at the eastern end of the area now claimed by the Company. The prospector scale workings were later described in a Geological Survey of Nevada publication in 1991 by an acknowledged world expert on skarn deposits, Lawrence (Larry) Meinert who, on the basis of his observations, concluded that the Paymaster skarn must be part of a much larger hydrothermal system.

Company Exploration

Within the Company’s claim holdings, the skarn mineralisation has recently been traced westward over a total distance of 1.7km in a number of wide spaced and very shallow prospector pits. Seven grab samples of the skarn mineralisation exposed in or excavated from the pits average 10.1% zinc (maximum 20.9%), 1.5% lead (max. 6.5%) 134g/t silver (max 253 g/t or 7.3 ounces/ton) and 0.68% copper (maximum 3.4%).

The skarn samples also contain up to 0.11% cobalt (average of 419ppm or 0.045%) and up to 58ppm tellurium (average 31ppm) and 782ppm bismuth (average 315ppm).

Cobalt is in strong demand for use in new generation batteries. Tellurium's primary use is for manufacturing films for photovoltaic solar cells. When alloyed with other elements, such as cadmium, tellurium forms a compound that exhibits enhanced electrical conductivity. Therefore, a thin film can efficiently absorb sunlight and convert it into electricity.

The mineralised skarn samples were collected largely from one stratigraphic horizon within Cambrian age limestone in contact with shale close to a shale contact and 1 mile south of the limestone contact with the Cretaceous age Lone Mountain granite pluton. Where sampled the skarn appears to be associated with cross cutting f

It will be wonderful for AIM the ultimate David and Goliath

I will be sooo pleased for one a lot of private investors will get some well overdue success

Perseverance-1 is a high-impact exploration well – high risk and high reward – targeting estimated potential resources in the range of 770mln to 1.4bn barrels.

The well will be drilled in the northern segment of the ‘B Structure’ to target some 770mln barrels of recoverable prospective resources, with the ‘upside case’ estimates potentially pitched twice as high.

The B Structure is seen across some 70-80 kilometres and could host up to multi-billion barrels of crude resources.
In the Bahamas, it has five offshore licences covering four million acres and applications for a further five. The most advanced exploration prospect is Perseverance, a high impact prospect where drilling is underway.

its what the helipad is for lol
https://www.vesselfinder.com/ship-photos/359634

execs would fly out by helicopter that vessel is a support vessel

gathered momentum all day looks good

looking strong

yep he puts out just enough info plays it like a fiddle i mean what does this tell you:

"The Company is using a hand-held XRF Analyser to provide preliminary indications of copper content and samples for definitive geochemical assay will be submitted to the geochemical laboratory on a progressive basis. Accurate mineral content information will only be established by full laboratory analysis."

that paid 9p couple days ago now trapped again by Bird

Out of interest I have a mate who has a Celestron C14 telescope in the Bahamas he can resolve crazy resolution on Planets and the Moon aside from the curvature of the earth if you had one on the shore of Cuba it would be easy to see a gas flare from the shore .................. infact you could prabably resolve the crew frantically running around ................. wondering what to do with all the oil thats flooding the drill deck LOL

no they dont until they have run tests

yep breaking through 0.39 ............. ask is 0.4

couple big buys and boom next target as Zak Mir says 0.6