Bahamas Petroleum still in talks over drilling funds

Bahamas Petroleum, a London-listed oil company with offshore blocks in the Bahamas, on Thursday released a stock exchange filing titled “re: media speculation.”

The company said “Bahamas Petroleum Company, the oil and gas exploration company with significant prospective resources in licenses in The Commonwealth of The Bahamas […] notes recent media coverage in the Bahamas. 

“As announced on 22 February 2019, active discussions are ongoing with a number of potential farm-in partners although the Company confirms that, at this time, no commercial agreement for the financing of its initial exploratory well has yet been reached.”

While it is unclear what alleged speculation the Bahamas Petroleum was referring to, and Offshore Energy Today has reached out to the company seeking clarification, it appears as if there were reports of the company securing the funds for the drilling of an offshore well in the Bahamas.

To remind, Bahamas Petroleum has committed to drill an exploration well in one of its offshore licenses in the Bahamas, following a recent extension of the Bain, Cooper, Donaldson, and Eneas licenses until December 31, 2020.

After this period, based on the results of the initial exploration well, BPC will have the option to apply for a production lease over all or part of the license area. Bahamas Petroleum will also have the option to extend the licenses into a third exploration period and/or apply for an appraisal extension.

In a statement on Friday, February 22, when the license extension was announced Bahamas Petroleum Company said it was still looking to secure a farm-in partner for the initial exploration well and that discussions were continuing with multiple third parties.

Simon Potter, CEO of Bahamas Petroleum Company, said at the time: “The confirmation from the Government of The Bahamas that the current term of our four southern licenses extends to December 31, 2020, provides the company with a certainty of tenure over the company’s licenses, replacing any perceived “above ground” issues with complete clarity in fact and law.

“[…] there is now a very clear two-year window to advance plans for and to drill an exploratory well providing certainty to potential partners as we move forward in our farm-out discussions. BPC’s focus remains singular: to implement an exploratory well on its highly prospective assets in The Bahamas to the benefit of shareholders and the people of The Bahamas.”

Offshore Energy Today Staff

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