Bahamas Petroleum plans 17-well campaign in Trinidad and Suriname to transform production base

Bahamas Petroleum Company PLC has laid out the plans for its assets in Trinidad and Suriname, targeting a ramp-up that envisages US$35mln of revenue per year by the end of 2021.

Driven by a campaign comprising up to 17 new wells the company aims to take production up to at least 2,500 barrels of oil per day (bopd), versus a 2020 goal rate of 500 bopd.

Additionally, subject to permitting and rig availability, the company noted that it could further accelerate production growth with an expanded programme of 11 extra wells.

It targets at least US$35mln of annual revenue (run-rate) by the end of 2021 and operating cash flow of more than US$15mln, subject to extraction costs being retained no higher than US$20 per barrel.

“We are pleased to advise of our upcoming work program for 2021 in Trinidad and Tobago and Suriname, which will see us execute an aggressive program of new wells,” said Simon Potter, Bahamas Petroleum chief executive in a statement.

“Our 2021 work program is targeting the addition of entirely new productive capacity, rather than having to expend capital to simply produce existing reserves.”

A base programme for 2021 kicks off with the Saffron-2 appraisal well, slated to start in February, which, subject to results, could trigger the development of the Saffron field – with up to 7 wells potentially put online through 2021.

The programme also includes the drilling of an appraisal well at the Weg Naar Zee block in Suriname, also slated for February, which would include an extended well test to assess production metrics.

Weg Naar Zee could then be developed rapidly, Bahamas Petroleum said, with a further 6 production possible through the remainder of 2021.

Back in Trinidad, this time exploration, the company said up to 2 wells could be drilled to test prospects in the South West Peninsula (SWP) project area.

Depending on well results – along with access to permits and funding - the base campaign could be extended substantially with 8 additional well possible at Saffron plus 3 at Weg naar Zee and 1 extra well at SWP.

The base well campaign has an estimated budget of up to US$20mln, while the fully expanded campaign would cost around US$35mln in aggregate.

“The program as a whole represents a material increase to that previously undertaken prior to BPC assuming control of these assets,” Potter added.

Source: proactiveinvestors.co.uk

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