25th Sep 2020 10:00
(Alliance News) - Bahamas Petroleum Co PLC on Friday said it hopes to spud the Perseverance No 1 well in the Bahamas before Christmas after securing a drilling rig.
Shares in the company were up 25% at 2.95 pence each in London. Year-to-date the stock has gained 50% in value.
The Caribbean and Atlantic Margin focused oil and gas company said Stena Drilling has nominated the Stena IceMAX as the intended drill rig for the Perseverance No 1 well drilling campaign.
The rig is expected to arrive on site by December 15, and the well will be spudded after three to four days. The well is targeting recoverable P50 oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels.
Chief Executive Officer Simon Potter said: "In March 2020, the company was within weeks of commencing the drilling of the Perseverance No 1 well when compelled to defer operations due to the anticipated impacts of the Covid-19 pandemic. As might be expected when such an advanced well plan is halted so close to final implementation, major elements were already in train or sufficiently well established such that reactivation is a relatively straightforward matter. With the clarity of the anticipated delivery date of the Stena IceMAX into the field this work can now be reactivated against a detailed timetable and progressed."
By Tapan Panchal; [email protected]
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