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Bahamas Petroleum confirms likely December spud date for Perseverance well

The explorer was only weeks away from obtaining the well, which targets 770mln barrels, back in March just as the coronavirus pandemic took hold

Bahamas Petroleum Company PLC - Bahamas Petroleum confirms likely December spud for Perseverance well
Image source: @stena_drilling, Twitter

Bahamas Petroleum Company PLC (LON:BPC) has told investors that Stena Drilling’s Stena IceMAX vessel will be used to drill the Perseverance-1 exploration well.

The company revealed that Stena has formally notified the group that it has nominated IceMAX for the well, which is consistent with the existing rig contract.

Stena also indicated that the start of the contracted window - stated as December 15, 2020, – will be the approximate time for the arrival of the drill ship in the field. Bahamas Petroleum pointed out that IceMAX is one of the most advanced drillships in the world. 

READ: Bahamas Petroleum is excited for the future

That means a well spud date is likely to follow about 3 or 4 days later, Bahamas Petroleum noted, and the company specifically said that it expects the well will spud before Christmas. The explorer was only weeks away from obtaining the well, which targets 770mln barrels, back in March just as the coronavirus (COVID-19) pandemic took hold.

"In March 2020, the company was within weeks of commencing the drilling of the Perseverance #1 well when compelled to defer operations due to the anticipated impacts of the COVID-19 pandemic,” Simon Potter, Bahamas Petroleum chief executive said in a statement.

"As might be expected when such an advanced well plan is halted so close to final implementation, major elements were already in train or sufficiently well established such that reactivation is a relatively straightforward matter.

"With the clarity of the anticipated delivery date of the Stena IceMAX into the field this work can now be reactivated against a detailed timetable and progressed. I very much look forward to updating shareholders in the coming months as we get closer to drilling," he added.

Quick facts: Bahamas Petroleum Company PLC

Price: 2.455 GBX

LSE:BPC
Market: LSE
Market Cap: £99.41 m
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