Bahamas Petroleum Company (AIM:BPC) told investors this morning that the company is making “rapid progress” as it familiarises itself with its recently expanded portfolio of assets.
The Caribbean and Atlantic margin-focused oil and gas firm has today released an updated corporate presentation to communicate to investors its newly expanded portfolio of assets following the recent completion of a £25m merger with Columbus Energy Resources.
Simon Potter, CEO of BPC, said the benefits of the portfolio strategy “are already being felt.”
BPC said it will focus on keeping access to large, meaningful exploration opportunities and appraisal activities across its portfolio, citing in particular the Perseverance #1 well in The Bahamas where drilling is expected and the maturing of a prospect inventory in Uruguay.
Commenting on today’s presentation, Potter said, “We are making rapid progress on familiarising ourselves with the potential of our recently expanded portfolio of assets.
The publication today of our latest corporate presentation provides an initial view as to where we wish to take the portfolio, our targets and goals, and what our shareholders can anticipate as we get to grips with leveraging additional performance.
Shares in Bahamas Petroleum have improved over the past three months from lows of 1.35p in June and were trading 4.44% lower this morning at 2.15p.
We will expand these metrics as our confidence on delivery grows, but our strategic focus, as detailed in our new presentation, is simple and unwavering: to deliver shareholder value through a combination of high-impact exploration success and growing production cash flows.
Already discrete teams are focused on delivering immediate objectives, though none more important than the dedicated drilling team's total focus on the commencement of the Perseverance #1 well in The Bahamas later this year.”
BPC also noted the appointment of Investec as joint broker. Meanwhile, its existing broking arrangement with Shore Capital continues unaffected as well as its financial advisory mandate with Gneiss Energy and Strand Hanson remains the group’s Nominated Adviser.
BPC has appointed Dr. Parbodh Gogna to the role of Health, Safety, Environment & Security (HSE&S) and Government Relations Director, which is to commence from 26 August 2020.
Commenting on the appointment, Potter said “it is extraordinarily reassuring to attract to the organisation someone with his skills, network and depth of experience, especially in regards to developing our operating protocols to ensure continuous and Covid-19 free operations.”
Meanwhile, BPC said force majeure conditions in regard to the Perseverance #1 well remained in place with an extension put into effect by the Government of The Bahamas.
This takes the current exploration period to at least mid-April 2021 which the group said, ‘is sufficient to provide certainty for the purposes of the drilling of Perseverance #1,’ which is scheduled to commence in the window of 15 December 2020 to 1 February 2021.
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