Investec Bank Plc - Joint Broker
Chris Sim / Rahul Sharma
CAMARCO
Tel: +44 (0) 020 3757 4980
Notes to editors
BPC is a Caribbean and Atlantic margin focused oil and gas company, with a range of exploration, appraisal, development and production assets and licences, located offshore in the waters of The Bahamas and Uruguay, and onshore in Trinidad and Tobago, and Suriname. BPC is currently drilling an initial exploration well in The Bahamas, Perseverance #1, with the well targeting recoverable P
50 prospective oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels. In Trinidad and Tobago, BPC has five producing fields, two appraisal / development projects and a prospective exploration portfolio in the South West Peninsula. BPC s exploration licence in Uruguay is highly prospective, with a potential resource of 1 billion barrels of oil equivalent. In Suriname, BPC has an onshore appraisal / development project.
· An Application to the Supreme Court of the Bahamas ( Court ) for leave to apply for a Judicial Review, brought against the Government of The Bahamas in respect of the issue to BPC (in February 2020) of an Environmental Authorisation for drilling of the Perseverance #1 well, was refused on the papers by the Court on Thursday, 24 December 2020
· Accordingly, a request for a stay order (halt) to BPC s drilling activities was refused at that hearing
· The Applicants have made a renewed application for Judicial Review in respect of the Environmental Authorisation and, on Saturday, 26 December 2020, the Court advised that there would be an oral hearing of the renewed application on Tuesday, 29 December 2020
· An Application to the Supreme Court of the Bahamas ( Court ) for leave to apply for a Judicial Review, brought against the Government of The Bahamas in respect of the issue to BPC (in February 2020) of an Environmental Authorisation for drilling of the Perseverance #1 well, was refused on the papers by the Court on Thursday, 24 December 2020 · Accordingly, a request for a stay order (halt) to BPC s drilling activities was refused at that hearing · The Applicants have made a renewed application for Judicial Review in respect of the Environmental Authorisation and, on Saturday, 26 December 2020, the Court advised that there would be an oral hearing of the renewed application on Tuesday, 29 December 2020
· Drilling of the Perseverance #1 well has commenced. The well was spud on 20 December 2020, at 06.30 EST. The well is anticipated to take 45 - 60 days to complete
· Perseverance #1 is targeting P50 prospective oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels
Simon Potter, Chief Executive Officer, commented: We are very pleased to announce that the drilling of Perseverance #1 has commenced - the well has been spud. This is a momentous milestone for both BPC and The Bahamas and represents the culmination of more than ten years work by a team who have remained steadfast in their belief in this project throughout - that it is finally taking place is a testament to the application, skill and professionalism of many people over those years. The well will be drilled to the highest environmental and safety standards over the next 45 - 60 days. Our Shareholders have been extremely patient, but we are now within a couple of months of un
Further to the announcement of 14 December 2020 (the Announcement ) of the Funding Agreements entered into by BPC, the Company wishes to advise of the following additional details pertaining to the Funding Agreements.
The counterparty to those Funding Agreements is 1798 Volantis Fund Ltd (the Investor ), a fund managed on a discretionary basis by Lombard Odier Asset Management.
As set out in the Announcement, as part of the terms of the Funding Agreements, on the earlier of (i) 60 days after the date of spudding of BPC s Perseverance #1 well in The Bahamas; (ii) 31 December 2021; or (iii) such other date where a reconciliation is permitted under the Funding Agreement (the Relevant Assessment Date ), BPC may be required to make a cash payment to the Investor to the extent that the Investor s aggregate return from a sale, if any, of those new ordinary shares has been less than 115% of the subscription price. BPC is only required to make a payment in the event the Investor sel