Bahamas Petroleum Company PLC Updated Corporate Presentation (5703T)

TIDMBPC

RNS Number : 5703T

Bahamas Petroleum Company PLC

26 March 2021

26 March 2021

Bahamas Petroleum Company plc

("BPC" or the "Company")

Updated Corporate Presentation

BPC, the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development and onshore and offshore exploration assets across the region, has today released an updated Corporate Presentation, which is available on the Company's website - www.bpcplc.com

The updated Corporate Presentation summarises and consolidates in one document various matters that have been set out in a number of recent Company RNS announcements. In particular, the updated Corporate Presentation draws attention to the fact that since completion of the drilling of Perseverance #1 in The Bahamas, the Company's near-term strategic focus is to add immediate production, oil sales and cashflow in respect of its assets in Trinidad and Tobago and Suriname. BPC has existing production of 450 - 500 bopd and a full program of drilling activities and corporate actions planned across the next 18 months (subject to capital availability), designed to add material levels of profitable production from existing producing oil fields and known discoveries, as summarised in the following table (on an indicative basis):

 
                                    Production        Incremental operational        Capital costs 
                                                         cashflow per annum 
     Current production              450 - 500                 US$3m                       - 
                                        bopd 
                               ----------------  ----------------------------  -------------------- 
     Incremental production          100 bopd                 US$0.9m                    US$1m 
      programs 
                               ----------------  ----------------------------  -------------------- 
     Infill drilling programs        200 - 400            US$3m - US$4.5m             Up to US$6m 
                                        bopd 
                               ----------------  ----------------------------  -------------------- 
     Saffron-2                       200 - 300             US$2m - US$3m                 US$3m 
                                        bopd 
                               ----------------  ----------------------------  -------------------- 
     Saffron full-field             4,000+ bopd               US$25m+                Up to US$60m 
      development (2-3 
      years) 
                               ----------------  ----------------------------  -------------------- 
     Suriname project                500+ bopd                US$2.5m                 Up to US$3m 
                               ----------------  ----------------------------  -------------------- 
     Business development            100+ bopd                US$0.7m               US$2.5m - US$3m 
      opportunities 
                               ----------------  ----------------------------  -------------------- 
 

Total work program funding required is estimated to be approx. US$25-$40m, as the cash flows generated from production growth will be reinvested into drilling subsequent wells - refer to the Company's recent RNS of 24 March 2021 for further explanation of its future work program, and potential sources and uses.

For further information, please contact:

 
     Bahamas Petroleum Company plc                Tel: [phone] 
      Simon Potter, Chief Executive Officer        647 882 
 Strand Hanson Limited - Nomad                    Tel: [phone] 
  Rory Murphy / James Spinney / Jack Botros        3494 
 Shore Capital Stockbrokers Limited -             Tel: [phone] 
  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 
 Gneiss Energy - Financial Adviser                Tel: [phone] 
  Jon Fitzpatrick / Paul Weidman / Doug            9263 
  Rycroft 
 CAMARCO                                           Tel: [phone] 
  Billy Clegg / James Crothers / Hugo Liddy         4980 
 

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 onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay. In Trinidad and Tobago, BPC has five (5) producing fields, two (2) appraisal / development projects and a prospective exploration portfolio in the South West Peninsula. In Suriname, BPC has on onshore appraisal / development project. BPC's exploration licence in each of Uruguay and The Bahamas are highly prospective, and offer high-impact value exposure within the overall portfolio value.

   BPC is listed on the AIM market of the London Stock Exchange.   www.bpcplc.com 

ENDS

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March 26, 2021 03:00 ET (07:00 GMT)