Bahamas Petroleum Company PLC Contractor and Long-Lead Item Update (9756T)
November 20 2019 - 2:00AM
UK Regulatory
TIDMBPC
RNS Number : 9756T
Bahamas Petroleum Company PLC
20 November 2019
20 November 2019
Bahamas Petroleum Company plc
("Bahamas Petroleum" or the "Company")
Contractor and Long-Lead Item Update
Bahamas Petroleum Company, the oil and gas exploration company
with significant prospective resources in licences in The
Commonwealth of The Bahamas, is pleased to provide details of
continued progress toward drilling its first exploration well in
The Bahamas in 2020.
Highlights
-- Master Service Agreement entered into with BakerHughes GE
-- Purchase of wellheads and 36" conductor casing for delivery
in March 2020, consistent with schedule for spudding the well
Details
In August 2019, Following extensive technical discussions and
mutual due diligence, BPC received proposals (including pricing)
for a range of well-related equipment, including wellheads and
tubulars, for the intended drilling 2020 campaign. At that time,
and as previously announced, BPC issued a notice of award to
BakerHughes GE for provision of that equipment, as a precursor step
to a detailed contract as is customary in the industry.
As contemplated, and following a further period of negotiation
and collaborative work, BPC has now entered into a Master Services
Agreement ("MSA") with BakerHughes GE for the provision of
specified equipment.
Further, and pursuant to the MSA entered into, BPC has now also
placed a first purchase order with BakerHughes GE, for a wellhead
set, a contingency well head set, and 36" conductor casing. The
wellhead set is being manufactured to order for BPC's intended
well, and delivery is expected in a timeframe consistent with the
current drilling schedule.
Simon Potter, Chief Executive Officer of Bahamas Petroleum
Company, said:
"Finalising the Master Service Agreement with BakerHughes GE has
enabled us to reach a long-awaited and significant milestone for
our company: placing an order for the wellheads that have been made
to order for our exploration well in The Bahamas. In ordering these
high value, critical path, long-lead items, along with the other
multiple work streams ongoing, management is taking demonstrative
steps to ensure we remain on track for drilling to commence as per
our previously announced drill schedule."
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
Rory Murphy / James Spinney / Jack Botros 7409 3494
Shore Capital Stockbrokers Limited Tel: +44 (0) 207
Jerry Keen / Toby Gibbs 408 4090
CAMARCO Tel: +44 (0) 20
Billy Clegg / James Crothers 3757 4983
www.bpcplc.com
END
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END
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