Bahamas Petroleum (AIM:BPC) has pushed back its estimated start date for the drilling of Perseverance #1, its first exploration well in The Bahamas.
The AIM-listed firm said drilling at Perseverance-1, which was originally planned for April 2020, is now anticipated in late May/early June instead.
The push back comes as a result of the impact felt by Covid-19 which has limited access to project essential supplies and has limited the movement of key project personnel, staff and contractors.
Specifically, the virus, which on Wednesday was declared a pandemic by the World Health Organisation, has created challenges determining a mobilisation window for a rig where continuity of 45 to 60 days of operations can be assured.
Shares in Bahamas Petroleum were trading -7.55% lower at 2.45p during Friday trading.
The company said its primary licence obligation is to drill the initial exploration well before the end of the year whilst avoiding hurricane season which falls from August to October.
It added that, notwithstanding the recent decline in oil prices, it has continued farm-in discussions with potential new partners regarding funding strategies.
“We have made consistent progress toward drilling of the Company's 100% owned and operated Perseverance #1 well, targeting recoverable prospective resources of 0.7 - 1.4 billion barrels of oil,” said Simon Potter, Chief Executive Officer of Bahamas Petroleum.
He added, “As a prudent operator our primary objective is a safe well, best delivered by the ability to drill uninterrupted by external events for the period of the drill plan.”
Bahamas Petroleum is drilling the island nation’s first well, targeting recoverable prospective resources of 0.7 - 1.4 billion barrels of oil.
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