BPC core production portfolio at 450 to 500 barrels of oil per day
Bahamas Petroleum Company (LON:BPC) drew attention to a number of value drivers as the company provided an update ahead of its drilling programmes in Trinidad and Suriname.
First on the list is the Saffron #2 appraisal, which will be mobilised in April ahead of an anticipated start-date around the middle of May.
Assuming the appraisal is successful, Saffron #2 will deliver around 200 to 300 barrels of oil a day.
Between five to nine more follow up wells will be readied for drilling in H2 of 2021 to complement a field development which will eventually include approximately 30 wells.
The opening programme of wells is forecasted to produce between 1,000 and 1,500 barrels of oil before the end of 2021, which would generate around $8-12m of cash, at $60 per barrel.
An additional positive note from the company comes from Suriname, within the Weg Naar Zee production sharing contract (PSC) area, where drilling is due to start in July after a minor Covid-19 related delay.
Going back to Trinidad Bahamas Petroleum Company’s core production portfolio has steadied between 450 to 500 barrels of oil per day.
Simon Potter, chief executive of British Petroleum Company commented on the update:
“Since we acquired our Trinidad and Tobago and Suriname licenses, the team have worked tirelessly to fully understand their significant potential. This has progressed such that we are now looking at multiple value drivers via appraisal, infill and well testing campaigns across our portfolio during 2021.”
“Our immediate focus turns to the upcoming drilling of the Saffron #2 appraisal well, which we anticipate beginning 17 May 2021. Saffron #2 will further our understanding of the field and, in a success case, can quickly be put into production at extremely low cost, potentially adding 200-300 bopd.”
“It is our intention that through these actions we can continue to increase production to more than 2,500 bopd across our portfolio which, with a conservative oil price estimate, can generate significant cash flow.”
