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BPC update

In oil and gas industry news, Bahamas Petroleum Co (LON:BPC) is awaiting a referendum to be held on its planned offshore oil exploration drilling. 

Source:
Date:
Updated:
proactiveinvestors.co.uk
Thursday, September 27, 2012
Thursday, September 27, 2012

Bahamas Petroleum (LON:BPC) Out of its Hands: All that the Company can do, it has done, or is in the process of doing. That a referendum will be held by the Bahamian Government largely leaves its future in the hands of the people of the Bahamas, so it is only right that the Company now spend its time, effort and funds on supporting a “Yes” campaign. If they are successful, then the farm-outs can proceed with vigour, which will be necessary, as the wells will be up to 22,500ft deep means that it could be a 300 day well (assuming 25m per day drill speed) and the cost will be north of $100mm (Drillship up to 4,000ft @~$200m/day). In this news:

Letter received from The Government of the Bahamas (the “Government”) regarding licence compliance, confirming that:

All fees due and payable under the terms of the licence have been paid;

The terms of the licences, the Bahamian Regulations and the Petroleum Act have   been complied with as regards the Company’s activities to date.

Initial ‘fast track’ interpretation of 3D seismic is positive, reinforcing 2D results. Subsequent full PSDM data volume received following completed processing – interpretation underway

Front end engineering design to construct a well plan for the drilling of a 22,500′ deep exploration well has been completed

Bahamas Environmental, Scientific and Technical Commission comments received on earlier Environment Impact Assessment (“EIA”) submission and incorporated into Company work plans

Detailed sea bottom and near seabed geologic survey completed and results being incorporated into Environmental Management Plan and drilling plan

Joined Clean Caribbean and Americas Association, which places significant amount of equipment at Company’s disposal in order to mitigate impact of any potential incident

Opened data room for the month of May 2012 and received a number of offers to farm in to its licences – farm-out discussions remain ongoing with a number of interested parties

Company will continue with process to seek listing on Bahamian Stock Exchange

Robust cash position to be maintained by cash preservation actions

This is an excerpt from proactiveinvestors.co.uk as it appeared on September 27, 2012. For updates or to read the current version of this post in its entirety, please click here.

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