Bahamas Petroleum Co. plc(BPC) reported that drilling has concluded at the Perseverance #1 well after encountering non-commercial volumes of oil. The well, drilled to approximately 12,795 feet (3,900 meters), will now be permanently plugged and abandoned. BPC drilled the Perseverance #1 well safely and without incident, testing for the presence of hydrocarbons in the Southern Seas of The Bahamas. Perseverance #1 did validate the existence of oil, seal, and reservoir and verify the existence of a working Lower Cretaceous petroleum system and sequences of reservoir quality. Perseverance #1 is the first exploration well in The Bahamas for decades, and the data gathered from this well will prove invaluable in providing a modern analysis as to the regional potential of the petroleum system, which, in our view, reduces technical risk for any future/further exploration in this new frontier province.
BPC pointed out that it will review technical data and drilling results from Perseverance #1, presenting the findings to the Bahamas government to comply with license obligations. The review will also consider renewing farm-in discussions and future drilling within its license areas. Beyond The Bahamas, BPC is also focusing on its planned 2021 work program in Trinidad and Tobago and Suriname as well as prospect/lead maturation potential in Uruguay from reprocessed seismic data.