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BPC provides operational

update on Trinidad and
Tobago and Suriname

Bahamas Petroleum Co. (BPC), the Caribbean
and Atlantic margin focused oil and gas com-
pany, with production, appraisal, development
and exploration assets across the region, has
provided an operational update in relation to its
assets in Trinidad and Tobago and Suriname.
Trinidad and Tobago: Substantial increase in
field activities, including an additional rig being
deployed into the field to further expand work-
over capability/capacity; production decline of seismic and well log data from Heritage Petro- reservoir zones, a much more accurate and
arrested and early signs of sustainable overall leum Company. focused effort on enhanced oil recovery (EOR)
production increase consistent with strategy and The data package consists of 37 square km techniques will be possible, reducing reser-
plan; target baseline production rate of 500 bpd of 3D seismic volume (including related pro- voir risk and potentially resulting in a material
by the end of 2020, as previously announced, cessing and reprocessing reports), 2D seismic increase in production and reserves.
remains unchanged; plans for enhanced oil lines, 3D seismic line extracts/regional lines and Bruce Dingwall CBE, Executive Chairman of
recovery (EOR) projects submitted for approval well log data for 16 Heritage operated wells. The Trinity, commented: “This is a significant step for
to Trinidad and Tobago regulatory authorities; seismic data covers the full extent of Trinity’s Trinity. As a technically and commercially driven
CO2 injection project production well work onshore licence areas, including a 4km buffer production company, we are highly focused on
programme approved and workover commenc- zone around the assets. The Company under- maximising returns from our assets. As such, we
ing imminently; work programme defined to stands this to be the first time that Heritage has believe that acquiring this data package will sig-
appraise Saffron discovery, including develop- agreed to make 3D seismic data available to an nificantly enhance our ability to exploit the pro-
ment of the drill plan for Saffron #2, target spud independent lease operator for onshore areas in duction potential of our onshore portfolio using
date in Q1-2021; multiple prospects identified Trinidad. the most modern methodologies.
across the South West Peninsula (SWP) port- Trinity’s onshore licence areas sit within the “The 3D data, in particular, has the poten-
folio that are estimated by management to each super-giant greater Forest Reserve Field, located tial to revolutionise how we identify, target and
have more than 10mn barrels of recoverable in southwest Trinidad. The Field was discovered extract reserves using high angle and horizon-
resource potential (i.e. each equivalent in size to in 1914 and has produced over 1.2bn barrels of tal drilling techniques to maximise economic
Saffron). oil to date with a recovery factor of between 12.5- recovery. When you couple this with our lead-
Suriname: Drill plan, work programme and 18%. Global averages for conventional recov- ing position on automation and the use of data
environmental studies for the Extended Well ery factors in similar clastic reservoirs average science in our operations, alongside the recent
Test (EWT) submitted for approval to Suriname between 25-30% and, as such, there is the poten- proposed SPT changes, the potential to pro-
regulatory authorities; target spud date for the tial for a very significant uplift in production and vide a step-change in returns from our onshore
first well in Q1-2021. reserves. licences has been greatly enhanced.
Across the portfolio: Rapid progress to the The acquired data will enable Trinity to “This is to the benefit of all stakeholders;
commencement of drilling the Perseverance #1 develop a modern structural and stratigraphic shareholders, Heritage, the GORTT and ulti-
well in The Bahamas before the end of this year; approach to analysing basin fill and deformation. mately the citizens of Trinidad and Tobago. On
on track to deliver Competent Person’s Report Specifically, the 3D seismic data will enable the behalf of the Board I must thank Heritage for
(CPR) in mid-November 2020, covering all the Company to build the basin model, stratigraphic their progressive approach in enabling access to
Company’s assets in Trinidad and Tobago and framework and the sediment fill history in three the data package.”
Suriname. dimensions, which is the most critical element Arlene Chow, CEO of Heritage Petroleum
Bahamas Petroleum Co., November 03 2020 to this process. This is expected to result in the Company Ltd (HPCL), commented: “We are
identification of new subsurface drilling targets proud to collaborate with Trinity in their effort to
Trinity Exploration acquires which, when coupled to high angle and hori- build new ways of doing business to our mutual
zontal drilling and modern completion meth-
benefit. It is in the best interest of Heritage, and
onshore 3D and 2D seismic ods, could result in a step change in reserves and by extension the State, for our onshore partners
to refine their understanding of the fields in
production.
data set from Trinidad’s stratigraphic framework will facilitate a poten- will allow Trinity to develop its subsurface mod-
When developed, this new structural and which they operate. It is hoped that this dataset
Heritage Petroleum tially transformative shift in exploitation tech- els, apply new well design and completion tech-
niques, improving the economics of drilling niques and create enhanced oil recovery projects
Trinity Exploration & Production, the inde- horizontal wells and, ultimately, making them to maximize economic recovery and production
pendent E&P company focused on Trinidad become standard practice onshore Trinidad from our assets.”
and Tobago, has announced that the Group has where applicable. In addition, with a better Trinity Exploration & Production, November 03
entered into an agreement to acquire a package understanding of facies and distribution of the 2020

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