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High hopes for Bahamas Petroleum exploration well
Small cap London-listed oil firm Bahamas Petroleum (BPC:AIM) is currently in the process of drilling among 2021’s most high-impact oil exploration wells anywhere in the world.
The Perseverance #1 well has earned its name as the company has been trying in vain to test its large acreage position offshore The Bahamas for more than a decade – running into problems with funding and approval for drilling.
The well is targeting prospective resources of 770 million barrels of oil equivalent with results likely in the coming weeks.
House broker Shore Capital comments: ‘We eagerly look forward to the announcement of drilling results in February.
‘BPC is targeting very significant and potentially basin-opening upside, on acreage which has already been substantially de-risked and delineated over many years, and with the support of a technically advanced drill ship and world class oilfield service providers.’
Chief executive Simon Potter tells Shares that even if this first well isn’t successful the company’s merger with Columbus Energy in 2020, bringing with it production and development assets in Trinidad, means Bahamas has a ‘much more stable corporate base’.