21 Dec 2020 07:00
21 December 2020
Bahamas Petroleum Company plc
("BPC" or the "Company")
Commencement of the Drilling of Perseverance #1 Well
· Drilling of the Perseverance #1 well has commenced. The well was 'spud' on 20 December 2020, at 06.30 EST. The well is anticipated to take 45 - 60 days to complete
· Perseverance #1 is targeting P50 prospective oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels
Simon Potter, Chief Executive Officer, commented:
"We are very pleased to announce that the drilling of Perseverance #1 has commenced - the well has been spud. This is a momentous milestone for both BPC and The Bahamas and represents the culmination of more than ten years work by a team who have remained steadfast in their belief in this project throughout - that it is finally taking place is a testament to the application, skill and professionalism of many people over those years. The well will be drilled to the highest environmental and safety standards over the next 45 - 60 days. Our Shareholders have been extremely patient, but we are now within a couple of months of understanding the scale of potential resource uplift that might be accessed within the licences: a potential uplift that is the traditional domain of the 'oil majors'.
"More than a decade ago BPC secured several offshore hydrocarbon licences in the far-southern waters of The Bahamas. Convinced of the compelling prospectivity of those licences, the Company has spent close to $120 million bettering our technical understanding, continuing to de-risk the play, and ultimately preparing meticulously for exploration drilling. Our 3D seismic survey revealed structures that have the potential to contain a world class, multibillion barrel oil resource that, if present in the way we hope, could prove to be transformative - not just for our company, but for the nation and people of The Bahamas as a whole.
"I very much look forward to updating shareholders with results once the well has been completed. The next several weeks will be a truly exciting time for BPC."
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
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 Limited - 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 offshore in the waters of The Bahamas and Uruguay, and onshore in Trinidad and Tobago, and Suriname. BPC is currently drilling an initial exploration well in The Bahamas, Perseverance #1, with the well targeting recoverable P50 prospective oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels. In Trinidad and Tobago, BPC has five producing fields, two appraisal / development projects and a prospective exploration portfolio in the South West Peninsula. BPC's exploration licence in Uruguay is highly prospective, with a potential resource of 1 billion barrels of oil equivalent. In Suriname, BPC has an onshore appraisal / development project.
BPC is listed on the AIM market of the London Stock Exchange. www.bpcplc.com
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BPC.L (BPC)