Bahamas Petroleum shares collapse after drilling update By Investing.com

By Samuel Indyk

Investing.com – Shares in Bahamas Petroleum Company Plc (LON:BPCB) (BPC) fell by over 66% after the company announced that volumes of oil encountered from drilling at its Perseverance #1 well were not commercial.

Perseverance #1 was the first exploration well in the Bahamas for decades and the announcement that hydrocarbons were not commercial will have disappointed investors. “The data gathered from this well will prove invaluable in providing a modern analysis as to the regional potential of the petroleum system,” BPC CEO Simon Potter said, “The Company will proceed to undertake a comprehensive evaluation of the data derived from the well, as we believe the results provide a sound technical basis for renewed farm-in discussions.”

The company confirmed that drilling has now ceased at the well, with the depth having reached approximately 3,900 meters and the well will now be permanently plugged and abandoned.

The focus for the company in the near term will now be its operations in Trinidad & Tobago and Suriname, where they are targeting exit production of circa 2,500 barrels of oil equivalent per day.