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BPC, the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development and onshore and offshore exploration assets across the region, provides the following update on a range of strategic and corporate matters. Highlights · The drilling of Perseverance #1 fulfilled its core technical objectives and a post-well review is underway. In parallel, BPC is considering the most appropriate way forward for monetisation of its assets in The Bahamas, in particular, the renewal of an active farm-out process · Near term operational activity is now focussing on the Company s 2021 work programme in Trinidad and Tobago and Suriname, targeting exit production of c.2,500 bopd, and prospect maturation in Uruguay
Acquisition of a Further 15% Interest in the Biscathorpe Project PEDL253
Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce that it has agreed to acquire a further 15% economic interest in PEDL253 containing the Biscathorpe project ( Biscathorpe ) from Humber Oil & Gas Limited ( Humber ).
Following completion of the acquisition Union Jack will hold a 45% interest in PEDL253.
Highlights ·PEDL253 is located within the proven hydrocarbon fairway of the Humber Basin, on-trend with the Keddington oilfield (Union Jack 55%) which produces oil from a Carboniferous Westphalian aged reservoir ·Union Jack will acquire a 15% interest in PEDL253, containing the Biscathorpe project, increasing its interest to 45%
AIM-listed Union Jack Oil has agreed to acquire a further 15% economic interest in PEDL253 containing the Biscathorpe project from Humber Oil & Gas, increasing its interest to 45%. PEDL253 is located within the proven hydrocarbon fairway of the Humber Basin, on-trend with the Keddington oilfield (Union Jack 55%) which produces oil from a Carboniferous Westphalian aged reservoir.
· 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