Bahamas Petroleum Company PLC Update on Goudron and Inniss-Trinity Contract (9317A)
October 02 2020 - 2:00AM
UK Regulatory
TIDMBPC
RNS Number : 9317A
Bahamas Petroleum Company PLC
02 October 2020
2 October 2020
Bahamas Petroleum Company plc
("BPC" or the "Company")
Trinidad & Tobago: Update on Goudron and Inniss-Trinity
Contract Arrangements
BPC, the Caribbean and Atlantic margin focused oil and gas
company, with exploration, production, appraisal and development
assets across the region, advises of the current status of two
contract arrangements in Trinidad & Tobago, as follows:
-- Goudron - Extension of IPSC pending new EPSC
T he term of the current Goudron Incremental Production Service
Contract ("IPSC") with Heritage Petroleum Company Limited
("Heritage") has been extended from 30 September 2020 until 31
December 2020. This extension of term is an interim measure to
allow time for Heritage to obtain requisite consents from the
Ministry of Energy and Energy Industries ("Ministry") for the
implementation of a new 10-year Enhanced Production Sharing
Contract ("EPSC") agreement.
The EPSC is already in an agreed form and has been submitted to
the Ministry by Heritage, but the process for securing the final
ministerial approvals and consent to signature has been delayed as
a result of disruptions occasioned by the Covid-19 pandemic and the
conduct of a national election in Trinidad and Tobago. BPC
management has been assured, during initial interactions with both
Heritage and the Ministry post completion of the merger with
Columbus Energy Resources Plc, that the signing of the EPSC
agreement will occur in the near future, at which time the Company
will advise the market accordingly. BPC has a 100% interest in the
Goudron field via its current IPSC with Heritage, and this interest
will be reflected in the EPSC.
-- Inniss-Trinity - Expiry of right to purchase
In relation to BPC's Inniss-Trinity asset, in accordance with
the Well Participation Agreement ("WPA") entered into in November
2017 with Predator Oil & Gas Holding Limited ("Predator") (and
as subsequently varied by mutual agreement), by 30 September 2020
Predator was required to enter into a share purchase agreement
("SPA") under which Predator would acquire the corporate entity
that holds 100% of the Inniss-Trinity asset, for a consideration of
US$4.25 million. The Company advises that BPC and Predator have not
entered into such an SPA by the agreed deadline, and accordingly,
this aspect of the WPA has lapsed.
The Inniss-Trinity field currently produces approximately 150
bopd, before any incremental production arising from increased
operational efficiency and / or the application of enhanced oil
recovery techniques. BPC retains a 100% interest in the
Inniss-Trinity field and will continue to review the application of
a range of enhanced oil recovery techniques, and seek to undertake
further reservoir enhancement work based on technical merit and as
commercially justified.
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0) 1624
Simon Potter, Chief Executive Officer 647 882
Strand Hanson Limited - Nomad Tel: +44 (0) 20 7409
Rory Murphy / James Spinney / Jack Botros 3494
Shore Capital Stockbrokers Limited - Tel: +44 (0) 207 408
J oint Broker 4090
Jerry Keen / Toby Gibbs
Investec Bank Plc - J oint Broker Tel: +4 4 (0) 207
Chris Sim / Rahul Sharma 597 5970
CAMARCO Tel: +44 (0) 020 3757
Billy Clegg / James Crothers / Hugo Liddy 4980
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Notes to editors
BPC is a Caribbean and Atlantic margin focused oil and gas
company, with a range of exploration, appraisal, development and
production assets and licences, located offshore in the waters of
The Bahamas and Uruguay, and onshore in Trinidad and Tobago, and
Suriname. BPC is currently on-track for drilling an initial
exploration well in The Bahamas, Perseverance #1, in late 2020 /
early 2021, with the well targeting recoverable P(50) prospective
oil resources of 0.77 billion barrels, with an upside of 1.44
billion barrels. In Trinidad and Tobago, BPC has five producing
fields, two appraisal / development projects and a prospective
exploration portfolio in the South West Peninsula. BPC's
exploration licence in Uruguay is highly prospective, with a
potential resource of 1 billion barrels of oil equivalent. In
Suriname, BPC has an onshore appraisal / development project.
BPC is listed on the AIM of the London Stock Exchange.
www.bpcplc.com
END
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDELLBBBBLXFBV
(END) Dow Jones Newswires
October 02, 2020 02:00 ET (06:00 GMT)
Challenger Energy (LSE:CEG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Challenger Energy (LSE:CEG)
Historical Stock Chart
From Jul 2023 to Jul 2024