Bahamas Petroleum Announces Updated Corporate Presentation

Source: www.gulfoilandgas.com 3/26/2021, Location: South America

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 released an updated Corporate Presentation.

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 (on an indicative basis):

Incremental operational cashflow per annum
Production: 450 - 500 bopd

Incremental production programs
Production: 100 bopd

Infill drilling programs
Production: 200 - 400 bopd

Saffron-2
Production: 200 - 300 bopd

Saffron full-field development (2-3 years)
Production: 4,000+ bopd

Suriname project
Production: 500+ bopd

Business development opportunities
Production: 100+ bopd

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.


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