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Bahamas Petroleum

Co. provides update on
Perseverance-1 well

In the lead-up to the drilling of Perseverance-1,
BPC’s obligation exploration well in The Baha-
mas, the Company is pleased to provide the
following update on preparations for well oper-
ations. BPC is a Caribbean and Atlantic margin
focused oil and gas company, with exploration,
production, appraisal and development assets
across the region.
Highlights: Perseverance-1 is on track to
spud before the end of 2020; 100% equity to
BPC, drilling of this potential basin-opening
well anticipated to take between 45 and 60 days,
with “tight-hole” procedures in place; targeting
recoverable prospective resources of 700mn bar-
rels of oil , with an upside of 1.44bn barrels, solely
for the northern portion of the B structure; in the now in the position to deliver the Perseverance-1 environmental safety plans and protocols have
event of success, Perseverance-1 would substan- exploration well in compliance with our long- been developed, contracted, and approved.
tially de-risk the total B structure, which extends held exploration licences in The Bahamas. Per- “I look forward to updating shareholders of
for between 70 and 80 kms, has a mapped areal severance-1 is a potentially basin-opening well, our continued progress - this is an exciting time
closure of over 400 km2, and has a ‘best esti- with the kind of scale and associated value uplift for BPC.”
mate’ aggregate recoverable resource potential exposure rarely offered outside of oil majors. Bahamas Petroleum Co., November 17 2020
in excess of 2.0bn barrels. “At the same time, our activities, in the event
The Stena IceMAX, one of the most tech- of success, have the capacity to be economically President Energy reports
nically capable drill ships in the world, has transformative for the nation of The Bahamas,
completed all necessary vessel and equipment and could ultimately contribute billions of dol- testing success at EVN-x1
inspections, and is scheduled to leave dock in lars in royalty revenues to the national treasury,
The Canary Islands before the end of Novem- at a time when the dual impact of recent hur- well in Rio Negro
ber 2020, heading to location in preparation to ricanes and the Covid-19 pandemic has been
drill the well. Specific transportation procedures, especially hard-felt by most Bahamians. Many AIM-listed President Energy has provided an
isolation mandates and quarantine protocols other nations in the region such as USA, Mexico, update in relation to the testing of the explora-
are in place to minimise any risk of COVID- Trinidad and Tobago, Suriname and Guyana, tion well EVN-x1 near the main Estancia Vieja
19 disruption to the operation, supplementing have over the past decade safely and responsibly field, Rio Negro Province, Argentina, the logging
comprehensive, approved environmental safety drilled offshore wells, developed or continue to of which was referred to in the announcement
standards and procedures; the Bahamas Defence develop offshore hydrocarbon resources, and made on 27 October 2020.
Force and US Coastguard have been briefed on reaped the economic benefits of an established Key points: Preliminary testing of the lower
operating and safety preparations. or a whole new industry. Moreover, these other of the two identified pay intervals shown by logs
All material contracts and supply arrange- nations have been able to do so at the same time now completed; Oil and associated gas success-
ments completed, logistics and mobilisation as seeing growth and development of existing fully and continuously free flowed to surface
plans finalised. Formal confirmation from the industry sectors, such as tourism. without need for swabbing or pumping. This
Government of The Bahamas of a further exten- “BPC is fully committed to ensuring safe represents the first time any hydrocarbons have
sion of the 2nd exploration period of BPC’s and responsible operations, and has assembled flowed from this previously undrilled structure;
licences, from mid-April 2021 to the end of June an experienced team of drilling personnel, Results in line with P50 success case expectations
2021, reflective of the ongoing impacts of the supported by many of the world’s largest and with initial production of over 200 bpd expected
COVID-19 force majeure. most respected oil services contractors, with a plus associated gas. Due to the productive suc-
Within BPC, the outcome of the Persever- collective track record of drilling many thou- cess of this interval, the upper gas prone interval
ance-1 well is now set within the strategic con- sands of wells safely, all around the globe. We will be tested and then produced at a later time.
text of a portfolio business, with production are especially pleased that one of the most mod- Workover rig now moving to the next location
and cashflow generating assets and a growing ern, technically capable drilling vessels in the EVN-x1 will be placed into production in the
opportunity set of complementary assets across world will soon leave port ahead of drilling. In next 14 days
multiple jurisdictions support of this, logistics plans to mobilise both Drilling Programme: As previously
Commenting, Simon Potter, CEO of BPC, equipment and personnel safely to site have been announced on October 27, 2020, the logging of
said: “Many shareholders have been extremely finalised, funding is in place, and we have com- the exploration well EVN-x1 confirmed pay in
patient and have stayed the distance, as has the pleted a huge body of work to ensure that best two clean sand intervals, the lower being oil, the
majority of the management team, and we are practices have been applied as our health and upper being gas prone.

P22 www. NEWSBASE .com Week 46 19•November•2020