Source - LSE Regulatory
RNS Number : 5703T
Bahamas Petroleum Company PLC
26 March 2021
 

 

26 March 2021

Bahamas Petroleum Company plc

("BPC" or the "Company")

 

Updated Corporate Presentation

 

BPC, the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development and onshore and offshore exploration assets across the region, has today released an updated Corporate Presentation, which is available on the Company's website - www.bpcplc.com

 

The updated Corporate Presentation summarises and consolidates in one document various matters that have been set out in a number of recent Company RNS announcements. In particular, the updated Corporate Presentation draws attention to the fact that since completion of the drilling of Perseverance #1 in The Bahamas, the Company's near-term strategic focus is to add immediate production, oil sales and cashflow in respect of its assets in Trinidad and Tobago and Suriname. BPC has existing production of 450 - 500 bopd and a full program of drilling activities and corporate actions planned across the next 18 months (subject to capital availability), designed to add material levels of profitable production from existing producing oil fields and known discoveries, as summarised in the following table (on an indicative basis):

 


Production

Incremental operational cashflow per annum

Capital costs

Current production

450 - 500 bopd

US$3m

-

Incremental production programs

100 bopd

US$0.9m

US$1m

Infill drilling programs

200 - 400 bopd

US$3m - US$4.5m

Up to US$6m

Saffron-2

200 - 300 bopd

US$2m - US$3m

US$3m

Saffron full-field development (2-3 years)

4,000+ bopd

US$25m+

Up to US$60m

Suriname project

500+ bopd

US$2.5m

Up to US$3m

Business development opportunities

100+ bopd

US$0.7m

US$2.5m - US$3m

 

 

 

 

Total work program funding required is estimated to be approx. US$25-$40m, as the cash flows generated from production growth will be reinvested into drilling subsequent wells - refer to the Company's recent RNS of 24 March 2021 for further explanation of its future work program, and potential sources and uses.

 

 

For further information, please contact:

 

Bahamas Petroleum Company plc

Simon Potter, Chief Executive Officer

Tel: +44 (0) 1624 647 882

Strand Hanson Limited - Nomad

Rory Murphy / James Spinney / Jack Botros

Tel: +44 (0) 20 7409 3494

Shore Capital Stockbrokers Limited - Joint Broker

Jerry Keen / Toby Gibbs

Tel: +44 (0) 207 408 4090

Investec Bank Plc - Joint Broker

Chris Sim / Rahul Sharma

Tel: +44 (0) 207 597 5970

Gneiss Energy - Financial Adviser

Jon Fitzpatrick / Paul Weidman / Doug Rycroft

Tel: +44 (0) 20 3983 9263

CAMARCO

Billy Clegg / James Crothers / Hugo Liddy

 Tel: +44 (0) 020 3757 4980

 

Notes to Editors

 

BPC is a Caribbean and Atlantic margin focused oil and gas company, with a range of exploration, appraisal, development and production assets and licences, located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay. In Trinidad and Tobago, BPC has five (5) producing fields, two (2) appraisal / development projects and a prospective exploration portfolio in the South West Peninsula. In Suriname, BPC has on onshore appraisal / development project. BPC's exploration licence in each of Uruguay and The Bahamas are highly prospective, and offer high-impact value exposure within the overall portfolio value.

 

BPC is listed on the AIM market of the London Stock Exchange.  www.bpcplc.com

 

ENDS

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