Bahamas Petroleum (BPC) shares were up 10% after a technical update detailed four studies with positive results supporting the potential presence of hydrocarbons in its prospects in The Bahamas.
Over the past several months, the company has conducted technical work to “increase confidence” in the presence of these hydrocarbons and “optimise” the location of any proposed exploration well.
These subsurface studies, liaising with third-party consultants, confirmed the “likely presence and quality of a world-class source rock and petroleum system located precisely in the BPC licence area.”
With this information, Bahamas Petroleum is planning to drill new exploration wells in 2020.
CEO Simon Potter commented on the news, “We are most encouraged that these four most recent studies have each produced positive results, which when taken together support the potential presence of hydrocarbons in identified fractured networks, thereby serving to further technically de-risk the drill candidates and reconfirming our view that our prospects in The Bahamas represent a drill ready, potentially multi-billion barrel prospect inventory."
For more news and updates on Bahamas Petroleum: