Bahamas Petroleum Company PLC Updated Corporate Presentation (5703T)
March 26 2021 - 02:00AM
UK Regulatory
TIDMBPC
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 Capital costs
cashflow per annum
Current production 450 - 500 US$3m -
bopd
---------------- ---------------------------- --------------------
Incremental production 100 bopd US$0.9m US$1m
programs
---------------- ---------------------------- --------------------
Infill drilling programs 200 - 400 US$3m - US$4.5m Up to US$6m
bopd
---------------- ---------------------------- --------------------
Saffron-2 200 - 300 US$2m - US$3m US$3m
bopd
---------------- ---------------------------- --------------------
Saffron full-field 4,000+ bopd US$25m+ Up to US$60m
development (2-3
years)
---------------- ---------------------------- --------------------
Suriname project 500+ bopd US$2.5m Up to US$3m
---------------- ---------------------------- --------------------
Business development 100+ bopd US$0.7m US$2.5m - US$3m
opportunities
---------------- ---------------------------- --------------------
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 Tel: +44 (0) 1624
Simon Potter, Chief Executive Officer 647 882
Strand Hanson Limited - Nomad Tel: +44 (0) 20 7409
Rory Murphy / James Spinney / Jack Botros 3494
Shore Capital Stockbrokers Limited - Tel: +44 (0) 207 408
J oint Broker 4090
Jerry Keen / Toby Gibbs
Investec Bank Plc - J oint Broker Tel: +4 4 (0) 207
Chris Sim / Rahul Sharma 597 5970
Gneiss Energy - Financial Adviser Tel: +44 (0) 20 3983
Jon Fitzpatrick / Paul Weidman / Doug 9263
Rycroft
CAMARCO Tel: +44 (0) 020 3757
Billy Clegg / James Crothers / Hugo Liddy 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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