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.
28/09/2020
Interim Financial Statements to 30 June 2020
01/06/2020
2019 Annual Report & Accounts
27/09/2019
Interim Financial Statements to 30 June 2019
25/04/2019
2018 Annual Report & Accounts
27/09/2018
Interim Financial Statements to 30 June 2018