Bahamas Petroleum eyes new catalysts in Trinidad and Suriname

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Bahamas Petroleum Company PLC’s (LON:BPC) attention is switching to Trinidad and Suriname in the near-term with new wells planned before the end of the first quarter.

A week on from the initial Perseverance well result – which provided proof of a petroleum system but not commercial volumes of hydrocarbons – the company added detail to its upcoming work plans.

Drilling will start on the Saffron appraisal well in Trinidad, which could potentially unlock a value-rich follow on campaign of up to seven production wells this year.

Elsewhere, in Suriname, the company intends to drill an appraisal well and carry-out an extended well test at the Weg Naar Zee block.

In The Bahamas, a post well review is underway and the company said it is now considering the most appropriate way forward for monetisation, particularly in regard to a possible renewal of a farm-out process.

“The Stena ICEMAX has just left the drilling location and is off hire. However, the pace of operations has not ceased – the post-well review has begun, as the company charts its way forward in The Bahamas with a renewal of the farm-out process,” said Simon Potter, Bahamas chief executive.

“Notwithstanding it is only a week since the completion of the Perseverance 1 well, BPC has already moved to consolidate and strengthen its balance sheet, so as to ensure all value-add options to grow productions and cash generation in Trinidad and Tobago and Suriname are maintained.”

“Over the coming weeks the company will fully close out the Perseverance-1 operation and set the final timetable for operations elsewhere across the portfolio.”

BPC added it has restructured and extended its convertible note facility along with a fresh £2mln drawdown and has reconciled the initial £7.5mln tranche of the December 2020 funding agreement without needing a net cash payment. It has also issued 135mln new shares in lieu of cash settlement of certain financial obligations.

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