leadf
logo-loader
viewBahamas Petroleum Company PLC

Bahamas Petroleum says Perseverance-1 is on track to spud in 2020

“Perseverance-1 is a potentially basin-opening well, with the kind of scale and associated value uplift exposure rarely offered outside of oil majors.”

Bahamas Petroleum Company PLC - Bahamas Petroleum says Perseverance-1 is on track to spud in 2020

Bahamas Petroleum Company PLC (LON:BPC) told investors that the Perseverance-1 exploration well is on track to spud before the end of 2020.

The company is advancing the major exploration project, with a target estimated at around 700mln barrels (upside case stated at 1.4bn barrels), on a 100%-owned basis and it noted that all material contracts are in place.

Perseverance-1 will be drilled by the Stena IceMAX vessel which is described as one of the most technically capable drill ships in the world. It is slated to mobilise to the Bahamas from the Canary Islands before the end of November 2020.

READ: BPC sees green shoots in Trinidad

Once underway, the well programme is expected to run for between 45 and 60 days.

The company noted that specific transportation, isolation and quarantine protocols are in place to minimise any risk of Covid-19 disruption.

"Many shareholders have been extremely patient and have stayed the distance, as has the majority of the management team, and we are now in the position to deliver the Perseverance-1 exploration well in compliance with our long-held exploration licences in The Bahamas,” said Simon Potter, BPC chief executive.

“Perseverance-1 is a potentially basin-opening well, with the kind of scale and associated value uplift exposure rarely offered outside of oil majors.”

Potter added: “At the same time, our activities, in the event of success, have the capacity to be economically transformative for the nation of The Bahamas, and could ultimately contribute billions of dollars in royalty revenues to the national treasury, at a time when the dual impact of recent hurricanes and the Covid-19 pandemic has been especially hard-felt by most Bahamians.”

Quick facts: Bahamas Petroleum Company PLC

Price: 3 GBX

LSE:BPC
Market: LSE
Market Cap: £121.64 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Bahamas Petroleum Company PLC named herein, including the promotion by the Company of Bahamas Petroleum Company PLC in any Content on the Site,...

FOR OUR FULL DISCLAIMER CLICK HERE

Bahamas Petroleum targeting annual revenues of at least $15mln by end of 2021

Bahamas Petroleum Company PLC's (LON:BPC) Simon Potter and Eytan Uliel caught up with Proactive London's Andrew Scott following its recent merger with Columbus Energy. Last week the company issued a new corporate presentation to communicate its new strategy. Potter says they're making rapid...

on 17/8/20

2 min read