Bahamas Petroleum Company has received environmental authorization for its Perseverance #1 offshore well, expected to spud in April offshore The Bahamas.
"Authorization represents the conclusion of an extensive and thorough process over many years, involving local and international agencies, independent third-party expert consultants, and extensive engagement across all aspects of Government,” Bahamas Petroleum said Thursday.
The authorization has been granted by the Bahamas Minister of Environment upon notice of a "no objection" from the Bahamas Environment Science & Technology Commission.
Simon Potter, Chief Executive Officer, commented: "On the way to delivering our single-minded goal of safely completing the drilling of the Perseverance #1 exploration well there will be no more important milestone than receipt of Environmental Authorisation from The Government of The Bahamas.”
"We continue to make rapid progress toward the drilling of Perseverance #1, and remain on schedule for a well spud in April 2020. I look forward to updating shareholders on additional milestones in the coming weeks, in what we expect to be an exciting time for our Company."
The company has previously said it will be targeting p50 recoverable prospective resources of 0.77 billion barrels of oil, with an upside of 1.44 billion barrels.
The Perseverance #1 well will be located in water approximately 518 meters deep, with a target depth of 4,822 meters, but with a capability to be able to reach 5,600 meters, affording the ability to evaluate multiple reservoir horizons throughout the entire stratigraphic column below the Tertiary cover. BPC is expected to use a Seadrill drilling rig for the operation.