Bahamas Petroleum delays inaugural exploration well

Bahamas Petroleum Co. will postpone drilling operations in the B-North segment of the Cooper license, offshore The Bahamas, until mid-October onwards. The company originally planned to spud its inaugural exploration well, Perseverance #1, in April (OGJ, Feb. 27, 2020). Drilling of the well, targeting recoverable prospective resources of 700,000 to 1.4 billion bbl of oil, has been delayed until after the expected peak in the Covid-19 response and after the peak risk period for hurricanes in The Bahamas.

The impact of the response to the spread of the Covid-19 virus, both globally and in The Bahamas, also constitutes a force majeure event under the terms of the Company's licenses. Bahamas Petroleum has notified the Government of The Bahamas of such, which is expected to result in a corresponding extension to the current term of the licenses.