At the same time, it confirmed on-target production with 500 barrels of oil per day being produced at the end of 2020. Now, with an extensive work programme on the slate the company is targeting production growth up to 2,500 bopd by the end of 2021.
Offshore Bahamas, meanwhile, drilling operations are presently advancing the Perseverance-1 exploration well which is targeting a 0.77bn barrels prospect. Drilling began on December 20 and it is anticipated to be a six-week programme for the drilling and testing.
“BPC’s stated strategy has been to complement high-impact exploration activities with producing, and thus cash generative, assets,” said Simon Potter, chief executive.
“In this context, during 2020 we brought together an exciting portfolio of assets in multiple locations and laid out a strategy with clear operational objectives in support of delivering a significant financial goal by the end of 2021.”
“I am pleased to report to shareholders that on leaving 2020, the initial key operational objectives were met and consequently we remain on track across the portfolio to deliver our goals.”
Potter added: “Pleasingly, notwithstanding the obvious constraints of operating across all of our asset base during a global pandemic, we managed to increase production in Trinidad and Tobago to our targeted 500 bopd level by the end of 2020.
“The next challenge will be to sustain that production and grow it further so as to achieve our 2,500 bopd production target by the end of 2021.”
BPC’s new Trinidad drilling starts in the Saffron field, with the Saffron-2 well followed by the Weg Naar Zee well in Suriname.
The company said it expects to award rig contract for Saffron-2 in the coming weeks and site construction work is due to start during January. Weg Naar Zee, meanwhile, remains on-track to get underway in the first quarter.
This morning, BPC has also confirmed that it has elected to draw-down its first £3mln tranche of funding under its convertible note facility.
Quick facts: Bahamas Petroleum Company PLC
Price: 2.24 GBX