Bahamas Petroleum Announces Perseverance #1 Spud Date
Vox Markets
RNS Newswire
08:10, 25th September 2020

Bahamas Petroleum (BPC FOLLOW) has received formal notification from Stena Drilling that it has nominated the Stena IceMAX as the intended drill rig for the upcoming Perseverance #1 drilling campaign which is scheduled to arrive in the field around the 15 December 2020 with an animated Spud date three to four days later, once the rig is on station. 

Stena IceMAX is one of the most advanced drillships available anywhere in the world, having first entered into service in 2012. It is the world's first dynamically positioned, dual mast ice-class drillship. The Stena IceMAX is a Harsh Environment DP Class 3 drillship capable of drilling in water depths up to 10, 000ft. The IceMAX has on-board 2 x BOP's, each 18¾" x 15,000psi Cameron "TL" BOP c/w ST Locks, and uses Cameron Load King riser. A Managed Pressure Drilling system is fully integrated into the IceMAX. 

The drillship facilities include a managed pressure drilling system integrated into the ship, to  maximise the safety integrity of operations and optimise the pace of drilling through anticipated reservoir formations 

The Company will now re-commence work that was postponed during the COVID-19 crisis to finalise logistics planning, Covid-19 mitigation and operations planning, submission of IceMax specific operating and safety related documentation to regulators in The Bahamas in accordance with regulations, completing the process of emplacing appropriate well insurance policies, executing all relevant Master Service Agreements with contractors and providing a final review of well costings and budget. 

Perseverance #1 well is targeting recoverable P50 oil resources 0.77 billion barrels, with an upside target of 1.44 billion barrels. 

Shares in BPC have recovered from lows of 2p over the past three months to open at 2.43p today. 

Simon Potter, Chief Executive Officer of BPC, said: “In March 2020, the Company was within weeks of commencing the drilling of the Perseverance #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. I very much look forward to updating shareholders in the coming months as we get closer to drilling." 

The specific mobilisation location and exact arrival date of the rig will be confirmed by Stena no later than 30 days prior to the arrival date. Anticipated well spud date will be some 3-4 days after the rig arrives on location in the field.  

This means that if the rig arrival is on or shortly after the 15 December 2020 (as per Stena's current indication), Perseverance #1 would be expected to spud prior to Christmas 2020. 

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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