The Bahamas

Summary Information

Asset Southern Licences (Bain, Cooper, Eneas, Donald)*
Location Offshore, Southern Territorial Waters, The Bahamas
Ownership 100%
Operator BPC
Stage Exploration drilling
Asset Type License
Tenure 2nd Exploration Period to end 2020 + Force Majeure extension due to
Covid-19
Resource Estimate Perseverance #1 targeting P50 0.77 bnbbl; upside of 1.44 bnbbl;
success de-risks structure with >2 bnbbl recoverable potential
Aggregate STOIIP across licences of up to 28 bnbbls (unrisked)
Fiscal Regime Royalty; no corporate tax or CGT. 30 year production right

 

* In addition, BPC holds 100% of the Miami license, in the northern waters of The Bahamas, pending relinquishment or a renewal agreement with the government.

In The Bahamas, BPC holds 100% of five (5) exploration licences covering approximately 16,000km2 (4 million acres). Four of the licences are located in the southern territorial waters of The Bahamas, together referred to as the “Southern Licences” (Bain, Cooper, Donaldson, Eneas), and a fifth, the Miami licence, in the northern territorial waters of The Bahamas. The main licences of interest and focus for BPC are the Southern Licences. All licences were awarded for an initial exploration period of three years, with up to three further exploration periods possible. The Southern Licences are commercially co-joined, meaning that the fulfilment of work obligations on any one of the Southern Licences will satisfy the work obligation in respect of all the Southern Licences.

 

 

The Southern Licences are currently in their second exploration term, during which BPC is obliged to commence activity on an initial exploration well (Perseverance #1), with equipment capable of drilling to a depth of at least 18,000 feet. Currently, given extensions arising from interruptions due to the Covid-19 epidemic, the second exploration period will expire no earlier than mid-April 2021, although the Company expects further extension given the ongoing nature of the state of emergency. BPC is focused in its efforts to drill the initial exploration well: Perseverance #1, within the Southern Licences in a safe and responsible manner, within the timeframe that is consistent with its obligations under the licences.

Assets

The Bahamas

Established Petroleum System, Adjacent Producing Analogues

  • Four commercially co-joined offshore licenses covering 12,600 km2 adjacent to the Cuban border with a further 9,400 km2 under application that would secure the on-trend prospective acreage.
  • The licences have a 12-year exploration period (4×3 years) with the option for a 30-year production lease on discovery.
  • The region is significantly underexplored with only 5 historic wells over an area of 124,000km2. All five wells encountered oil shows.
  • A large data base of geological information has been acquired and studied to define the prospectivity of the region. This includes 8,000 km of regional 2D, 1,100 km local 2D and 3,000 km2. BroadSeis 3D seismic acquired in 2011.
  • The extensive dataset and G&G analysis establishes presence of petroleum systems bracketing key source, maturity, migration pathway, reservoir and seal parameters.

Competent Persons’ Report Documents

June 29, 2017

Competent Person’s Report

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June 29, 2017

Fig. 17 page 29 of the Competent Person’s Report

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June 29, 2017

Appendix A to the Report

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June 29, 2017

Appendix B to the Report

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June 29, 2017

Appendix C to the Report

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June 29, 2017

Appendix D to the Report

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Share Price

29/11/2020

2.85

Share Price Performance

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