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Bahamas Petroleum says it is excited for the future as it highlights ‘portfolio strategy’

The company aims to create value through high-impact exploration alongside the growth of production cash flows

Bahamas Petroleum Company PLC - Bahamas Petroleum excited as it highlights ‘portfolio strategy’

Bahamas Petroleum Company PLC (LON:BPC) has told investors it is making rapid progress as it familiarises itself with its newly expanded portfolio of assets following the recent acquisition of Columbus Energy.

The company has provided a new corporate presentation to communicate its new strategy, which chief executive Simon Potter highlighted that the benefits of BPC's portfolio are already being felt.

READ: BPC strikes £25mln deal for Columbus Energy

"We are making rapid progress on familiarising ourselves with the potential of our recently expanded portfolio of assets,” Potter said in a statement.

“Our strategic focus, as detailed in our new presentation, is simple and unwavering: to deliver shareholder value through a combination of high-impact exploration success and growing production cash flows.

“Already discrete teams are focused on delivering immediate objectives, though none more important than the dedicated drilling team's total focus on the commencement of the Perseverance #1 well in The Bahamas later this year. These are interesting and exciting times for BPC, and we look forward to keeping shareholders fully appraised of our progress in the coming months," he added.

BPC also noted the appointment of Investec as joint broker to the company. Existing arrangements with Shore Capital continue unaffected and the company retains its financial advisory mandate with Gneiss Energy and Strand Hanson continues as Nominated Adviser.

In the boardroom, Leo Koot (former Columbus chief executive) will shortly join the board as a non-executive director. Dr Parbodh Gogna, meanwhile, joins the company as the director for Health, Safety, Environment & Security (HSE&S) and Government Relations.

Commenting on the appointment of Gogna - who is currently chief medical officer for the Australian Department of Home Affairs and Surgeon General for the Australian Border Force - Potter pointed out that it is “extraordinarily reassuring” to attract someone with Gogna’s skills and experience, especially in regards to developing protocols to ensure continuous and coronavirus (COVID-19) free operations.

The company also confirmed that force majeure conditions remain in place, as they have been extended by the Government of The Bahamas. Consequently, the current exploration period under the licence will now extend to at least mid-April 2021.

BPC said the extension is sufficient to provide certainty for the purposes of the drilling of Perseverance #1 which is slated to start between December 15, 2020, and February 1, 2021.

Quick facts: Bahamas Petroleum Company PLC

Price: 2.45 GBX

Market: LSE
Market Cap: £99.21 m

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on 17/8/20

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