Bahamas Petroleum Company Plc (LON:BPC) told investors that the Perseverance-1 exploration well, offshore Bahamas, encountered hydrocarbons but commercial volumes were not discovered.
The company, in a statement, highlighted that the well has successfully validated the structural model and the petroleum system.
It fulfilled the core technical objectives of the well, the company added.
“The validation of a competent seal, good reservoir quality, charge and the presence of oil points to significant hydrocarbon potential remaining in various independent, untested play systems and structures within BPC’s extensive acreage,” BPC noted.
In the coming weeks, the company will carry out a detailed evaluation of all technical information gathered during drilling. This work will also see a review of the appropriate way forward for future monetisation of its business in The Bahamas, in particular with a view to renewal of a farm-in process.
Operationally, the focus now turns to the company’s activities in Trinidad and Suriname were a multi-well programmes are planned, to target exit production rates of 2,500 barrels of oil per day.
“Perseverance 1 is the first exploration well in The Bahamas for decades, and the data gathered from this well will prove invaluable in providing a modern analysis as to the regional potential of the petroleum system, which, in our view, reduces technical risk for any future/further exploration in this new frontier province,” said chief executive Simon Potter.
He added: “in Trinidad we have producing oil fields and, in combination with assets in Suriname, we have upcoming drilling programmes scheduled in 2021, such that the near-term operational activity focus will now shift toward those activities.
“All of us at BPC are resolute in support of the diversification strategy embarked on during 2020, and we remain intent on delivering the potential that is latent across the entire portfolio.”
Story by ProactiveInvestors
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