Share Name Share Symbol Market Type Share ISIN Share Description
Bahamas Petroleum Company Plc LSE:BPC London Ordinary Share IM00B3NTV894 ORD 0.002P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.05 -1.59% 3.10 3.00 3.20 3.20 3.10 3.20 5,179,881 11:36:25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -1.0 -0.1 - 49

Bahamas Petroleum Company PLC Contractor and Long-Lead Item Update

20/11/2019 7:00am

UK Regulatory (RNS & others)


Bahamas Petroleum (LSE:BPC)
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3 Months : From Nov 2019 to Feb 2020

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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

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.

END

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