Bahamas Petroleum expects to start drilling at its first exploration well offshore The Bahamas in April 2020.
The company said Thursday that the well, named Perseverance 1, would be drilled in April, with results expected in the second quarter of 2020.
The company will be targeting p50 recoverable prospective resources of 0.77 billion barrels of oil, with an upside of 1.44 billion barrels Perseverance #1 will be located in water approximately 518 meters deep, with a target depth of 4,822 meters, but with a capability to be able to reach 5,600 meters, affording the ability to evaluate multiple reservoir horizons throughout the entire stratigraphic column below the Tertiary cover.
The ultimate decision on well depth will depend on real-time drilling results and geological information. The well is expected to be drilled by a Seadrill offshore drilling rig, and BPC has in the past months been working to finalize the process of rig selection.
Rig contract in the coming weeks
“Physical inspection of the proposed rig is scheduled to occur shortly, whilst it is in port for class certification. Subsequently, the company expects to be in a position to finalize and enter into the definitive contract for the rig in the coming weeks,” Bahamas Petroleum said.
Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said: "BPC is in the final stages of readiness for the commencement of drilling our initial exploration well, Perseverance #1, in The Bahamas, with results from the well expected in Q2 2020...Perseverance #1 has the potential to open a world-class, new frontier basin the offshore Bahamas, less than 200 miles from the world's largest hydrocarbon market/infrastructure.
"In our view, this makes Perseverance one of the premier prospects that could be drilled globally this year with the potential to not only fundamentally alter the status of BPC in the market, but to also transform the revenue-generating capacity of the Bahamian economy."
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