Bahamas Petroleum Co. plc has been granted environmental authorization (EA) by the government of The Bahamas to drill its inaugural exploration well, Perseverance #1, offshore Bahamas, in the B-North segment of the Cooper license. Expected to be spudded in April, the well will target recoverable prospective resources of 700,000 to 1.4 billion bbl of oil.
The authorization has been granted by the Minister in accordance with Regulation 3 of the Bahamian Petroleum (Offshore Environmental Protection and Pollution Control) Regulations 2016. The EA application was submitted Apr. 26, 2018.
The objective of the well is to Test 3 and 4-way dip closures on anticlinal/fault structure for the presence of hydrocarbons, the company noted in a February investor presentation. While drilling, LWD/MWD tools will record rock properties, such as electric, sonic, density, porosity, pressures and fluid types (water, oil, or gas) Additional tools are available to collect fluid samples and side wall cores if required, as well as measure pressures and temperature.
The well, to be drilled at a depth of 4,800-5,600 m, is expected to take 45-60 days at an estimated cost of $25-$30 million (plus $5m for contingencies/expanded testing)
Perseverance #1 is 100% owned and operated by Bahamas Petroleum.
