NASSAU, BAHAMAS — Bahamas Petroleum Company (BPC) yesterday confirmed that it is on track to spud its exploratory well within six weeks, with the company indicating that it plans to complete all well activities prior to mid-April 2021.
The company in an update to investors yesterday noted that Perseverance #1 is on track to spud before the end of 2020 and that drilling of this potential basin-opening well anticipated to take between 45 and 60 days, with “tight-hole” procedures in place. The company also indicated that it is targeting recoverable prospective resources of 0.7 billion barrels of oil, with an upside of 1.44 billion barrels.
Stena Drilling’s Stena ICEMax drillship is preparing to set sail soon to The Bahamas to spud the well. The company said yesterday that the drillship had completed all necessary vessel and equipment inspections, and is scheduled to leave the dock in the Canary Islands before the end of this month.
The company also indicated that it has received formal notification from the government of The Bahamas of a further extension of the second exploration period of BPC’s licenses, from mid-April 2021 to the end of June 2021, reflective of the ongoing impacts of the COVID-19 force majeure.