26 Mar 2021 07:00
26 March 2021
Bahamas Petroleum Company plc
("BPC" or the "Company")
Updated Corporate Presentation
BPC, the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development and onshore and offshore exploration assets across the region, has today released an updated Corporate Presentation, which is available on the Company's website - www.bpcplc.com
The updated Corporate Presentation summarises and consolidates in one document various matters that have been set out in a number of recent Company RNS announcements. In particular, the updated Corporate Presentation draws attention to the fact that since completion of the drilling of Perseverance #1 in The Bahamas, the Company's near-term strategic focus is to add immediate production, oil sales and cashflow in respect of its assets in Trinidad and Tobago and Suriname. BPC has existing production of 450 - 500 bopd and a full program of drilling activities and corporate actions planned across the next 18 months (subject to capital availability), designed to add material levels of profitable production from existing producing oil fields and known discoveries, as summarised in the following table (on an indicative basis):
Production | Incremental operational cashflow per annum | Capital costs | |
Current production | 450 - 500 bopd | US$3m | - |
Incremental production programs | 100 bopd | US$0.9m | US$1m |
Infill drilling programs | 200 - 400 bopd | US$3m - US$4.5m | Up to US$6m |
Saffron-2 | 200 - 300 bopd | US$2m - US$3m | US$3m |
Saffron full-field development (2-3 years) | 4,000+ bopd | US$25m+ | Up to US$60m |
Suriname project | 500+ bopd | US$2.5m | Up to US$3m |
Business development opportunities | 100+ bopd | US$0.7m | US$2.5m - US$3m |
Total work program funding required is estimated to be approx. US$25-$40m, as the cash flows generated from production growth will be reinvested into drilling subsequent wells - refer to the Company's recent RNS of 24 March 2021 for further explanation of its future work program, and potential sources and uses.
For further information, please contact:
Bahamas Petroleum Company plc Simon Potter, Chief Executive Officer | Tel: +44 (0) 1624 647 882 |
Strand Hanson Limited - Nomad Rory Murphy / James Spinney / Jack Botros | Tel: +44 (0) 20 7409 3494 |
Shore Capital Stockbrokers Limited - Joint Broker Jerry Keen / Toby Gibbs | Tel: +44 (0) 207 408 4090 |
Investec Bank Plc - Joint Broker Chris Sim / Rahul Sharma | Tel: +44 (0) 207 597 5970 |
Gneiss Energy - Financial Adviser Jon Fitzpatrick / Paul Weidman / Doug Rycroft | Tel: +44 (0) 20 3983 9263 |
CAMARCO Billy Clegg / James Crothers / Hugo Liddy | Tel: +44 (0) 020 3757 4980 |
Notes to Editors
BPC is a Caribbean and Atlantic margin focused oil and gas company, with a range of exploration, appraisal, development and production assets and licences, located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay. In Trinidad and Tobago, BPC has five (5) producing fields, two (2) appraisal / development projects and a prospective exploration portfolio in the South West Peninsula. In Suriname, BPC has on onshore appraisal / development project. BPC's exploration licence in each of Uruguay and The Bahamas are highly prospective, and offer high-impact value exposure within the overall portfolio value.
BPC is listed on the AIM market of the London Stock Exchange. www.bpcplc.com
ENDS