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Bahamas Petroleum eyes company-making six months

"BPC finds itself transformed from where it started the year,” said chief executive Simon Potter.

Bahamas Petroleum Company PLC - Bahamas Petroleum eyes company making six months
The Stena ICEMax vessel will drill Perseverance-1 in the coming months

Bahamas Petroleum Company PLC (LON:BPC) is looking forward to a “potentially company-making” next six months.

The company is counting down to the high-impact Perseverance-1 well, in the Bahamas, while a work programme in Trinidad also promises to significantly boost production volumes.

It comes after the company’s acquisition of Columbus Energy Resources closed in August, which brought a portfolio of production assets in Trinidad along with further exploration acreage to progress in the future.

READ: BPC counts down to Perseverance well

Operations for Perseverance-1, an exploration well targeting over 700mln barrels of resources, are due to begin in late 2020 with drilling set to advance through early 2021.

Production operations in Trinidad, acquired earlier in 2020, meanwhile, will undergo a programme to lift production to a near-term target of 500 barrels of oil per day and then to 2,500 bopd by the end of 2021.

Moreover, the company today also highlighted it is pursuing an eighteen-month growth agenda focussed on exploration executions, profitable production growth boosted by ‘self-help’ and other incremental appraisal and development projects.

"BPC finds itself transformed from where it started the year,” said chief executive Simon Potter.

“We are now a full-cycle exploration and production company with multiple assets in one of the most exciting regions in our industry, with un-paralleled growth potential and the financial resources to enact our planned strategy.”

Potter added: "The next six months have the potential to be company making for BPC and, as such, we look forward to providing further updates as we continue on our journey toward completing the drilling of Perseverance #1 in early H1 2021, and as we seek to expand profitable production activities and generate positive free cashflow from across the broader portfolio."

BPC reported a US$2.19mln loss for the six month period ending June 30, and, had US$12.06mln of cash at that time.

Quick facts: Bahamas Petroleum Company PLC

Price: 2.5325 GBX

Market: LSE
Market Cap: £102.55 m

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