Bahamas Petroleum Co. PLC (BPC) has closed its merger with Columbus Energy Resources PLC.
The £25m all-share merger deal, reported in June, took effect through a court sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
Columbus is an AIM-quoted oil and gas producer and explorer focused on onshore Trinidad and Suriname. In Trinidad, the Columbus Group has five producing fields, two appraisal-development projects, and a prospective exploration portfolio in the South West Peninsula, which lies in the extreme southwest of Trinidad and consists of stacked shallow and deep prospects. A discovery was announced by Columbus in two zones in one of these prospects in late April, including high-quality light oil (circa 40-degree API) recovered to surface (OGJ Online, Apr. 27, 2020). In Suriname, Columbus has an onshore appraisal-development project.
BPC is an AIM-quoted oil and gas exploration company focused on offshore exploration in licenses in the southern territorial waters of The Bahamas. BPC is currently on-track for drilling an initial exploration well, Perseverance #1, in late 2020 or early 2021, with the well targeting recoverable P50 prospective oil resources of 0.77 billion bbl, with an upside of 1.44 billion bbl (OGJ Online, Mar. 26, 2020). BPC was recently awarded an exploration license in Uruguay, which BPC considers to be highly prospective, with a potential resource of 1 billion boe.
