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Bahamas Petroleum to drill ‘Perseverance’ exploration well in April

The long-awaited well, which is now being called Perseverance-1, is targeting a 770mln barrel resource and could open a new "world-class" oil frontier

Bahamas Petroleum Company PLC - Bahamas Petroleum to drill ‘Perseverance’ exploration well in April

Bahamas Petroleum Company PLC (LON:BPC) has told investors that its hotly anticipated first exploration well is expected to get underway in April.

It said that the well, to be called Perseverance-1, will be drilled in the northern segment of the ‘B Structure’ to target some 770mln barrels of recoverable prospective resources, with the ‘upside case’ estimates potentially pitched twice as high.

The B Structure is seen across some 70-80 kilometres and could host up to multi-billion barrels of crude resources.

BPC shares soared around 25% in Thursday’s deals changing hands at 3.3p.

The company noted that it has set up a temporary field office and other preparatory operations are underway - including well planning, contracting, and equipment procurement.

READ: Bahamas Petroleum opens Bahamian mutual fund

"BPC is in the final stages of readiness for the commencement of drilling our initial exploration well, Perseverance-1, in The Bahamas, with results from the well expected in Q2 2020,” said Simon Potter, Bahamas Petroleum chief executive.

“The well location will be on the northern segment of the B structure, targeting a P50 recoverable resource of 0.77 billion barrels, but with an upside close to 1.5 billion barrels of recoverable oil.”

Potter added: “Perseverance-1 has the potential to open a world class, new frontier basin offshore Bahamas, less than 200 miles from the world's largest hydrocarbon market/infrastructure.

“In our view this makes Perseverance one of the premier prospects that could be drilled globally this year with the potential to not only fundamentally alter the status of BPC in the market, but to also transform the revenue generating capacity of the Bahamian economy."

Quick facts: Bahamas Petroleum Company PLC

Price: 2.95 GBX

LSE:BPC
Market: LSE
Market Cap: £73.27 m
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