Bahamas Petroleum Company commences drilling at Perseverance #1

09:00, 21st December 2020
Francesca Morgan
Francesca Morgan
Vox Newswire
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  said it has officially commenced drilling Perseverance #1 in the Bahamas, following the spudding of the well which took place on 20 December 2020.  
 
The Perseverance #1 well, which is anticipated to take 45 - 60 days to complete, is targeting P50 prospective oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels.  
 
Simon Potter, Chief Executive Officer of the Company has described the spudding of the well as “a momentous milestone” for BPC and the Bahamas and said tPerseverance #1 will be drilled “to the highest environmental and safety standards” over the next 45 - 60 days. 
 
He said, “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 $120m 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, multi billion barrel oil resource that, if present in the way we hope, could prove to be transformative - not just for BPC, 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,” he added. 
 
Shares in Bahamas Petroleum Company have risen by over 9% since the beginning of November 2020 to open 3.93% this morning at 2.58p following the announcement.  

Reasons to Follow BPC

Mutli-Asset Company

BPC is becoming a multi-asset ‘full cycle’ 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.


Positive Newsflow Expected in 2021

Perseverance #1 drilling is expected to take between 45-60 days to complete. BPC is targeting recoverable P50 prospective oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels.


Successful Acquisitive Growth

 As a result of its merger with Columbus, BPC has been granted access to high-impact exploration wells in The Bahamas, five producing fields, two appraisal / development projects Trinidad, and an expansive frontier exploration acreage offshore Uruguay and Suriname. 
 
BPC believes the merger will allow both groups to provide something different from within that business cycle to the combined entity and that together the asset base is ‘more robust, has broader interests and is, as a consequence, more financeable and thus more valuable.’ 
 
“With the completion of the merger of BPC and Columbus, we today become a single company, in pursuit of a single-minded vision: the creation of a revenue generating, full-cycle, Atlantic margin exploration and production business,” said Potter in August. 
 
He added, “Going forward, BPC is an exploration and production business, intent on generating reliable, growing production cash flows capable of supporting exploration activities, and which together will create significant value for all stakeholders.” 

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