Bahamas Petroleum Provides Operational Update

Source: www.gulfoilandgas.com 11/3/2020, Location: South America

Bahamas Petroleum (BPC), the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development and exploration assets across the region, has provided an operational update in relation to its assets in Trinidad and Tobago, and Suriname.

Highlights

TRINIDAD AND TOBAGO

- Substantial increase in field activities, including an additional rig being deployed into the field to further expand workover capability/capacity

- Production decline arrested and early signs of sustainable overall production increase consistent with strategy and plan; target baseline production rate of 500 bopd by the end of 2020, as previously announced, remains unchanged

- Plans for enhanced oil recovery (EOR) projects submitted for approval to Trinidad and Tobago regulatory authorities; CO2 injection project production well work program approved and workover commencing imminently

- Work program defined to appraise Saffron discovery, including development of the drill plan for Saffron #2, target spud date in Q1 2021

- Multiple prospects identified across the South West Peninsula (SWP) portfolio that are estimated by management to each have +10 MMbbls of recoverable resource potential (i.e. each equivalent in size to Saffron)

SURINAME

- Drill plan, work program and environmental studies for the Extended Well Test (EWT) submitted for approval to Suriname regulatory authorities; target spud date for the first well in Q1 2021

ACROSS THE PORTFOLIO

- Rapid progress to the commencement of drilling the Perseverance #1 well in The Bahamas before the end of this year

- On track to deliver Competent Person's Report (CPR) in mid-November 2020, covering all the Company's assets in Trinidad and Tobago and Suriname

Commenting, Simon Potter, CEO of BPC, said:

'BPC combined its assets with those of Columbus in August 2020 to create a full cycle exploration, development and production business, with a balanced portfolio of assets representing the full maturity and risk/reward spectrum of our industry. Since assuming management of Columbus' assets, we have sought to leverage our proven operating experience and skills, in pursuit of a simple short-term aim: to deliver cash flow from operations in Trinidad sufficient to cover the local operating costs, and thereafter to ultimately cover the overheads of the enlarged group as we build to material, profitable production.

In the relatively short period of time since assuming operational control, we have been extremely busy in taking the first steps to realising performance improvements in support of this aim. We have moved quickly to increase activity in the producing fields to a level not seen for a number of years, defined the drilling program for Saffron #2, and pulled the levers that we believe will deliver an increase to each of production, cashflow, and the existing resource and reserve base. It is an ongoing process, but we are pleased to be seeing the first green shoots of operational improvement, with arrested production decline and, albeit modest, production growth. Collectively, this gives us great optimism in being able to deliver on our value-creating strategy for the future.

In parallel, we continue to make rapid progress to the commencement of drilling the Perseverance #1 well in The Bahamas before the end of this year. A separate and distinct operational management and execution group remains entirely focussed on the successful delivery of this core company objective.'


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