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BPC shares tank 66% after test well disappointment - The Nassau Guardian


BPC shares tank 66% after test well disappointment
Firm will review wider portfolio to ensure it delivers ‘maximum value for the foreseeable future’
Stena Drilling’s Stena IceMAX drillship.
Bahamas Petroleum Company’s (BPC) shares took a 66 percent dive yesterday after the company announced in a statement that it had come up short of commercially viable quantities of oil at its Perseverance #1 test well in the southern Bahamas. 
BPC stated it will turn its focus to the Caribbean assets it acquired through a merger last year with Columbus Energy Resources. 
The company noted in its statement that its cash balance stands at $12.5 million. The funds will go toward satisfying outstanding payments related to the test well, to the ongoing work program in Trinidad and Tobago and Suriname and to general working capital purposes. ....

Trinidad And Tobago , Simon Potter , Bahamas Petroleum Company , Columbus Energy Resources , Columbus Energy , Executive Officer Simon Potter , டிரினிடாட் மற்றும் டொபாகோ , சிமோன் பாடர் , பஹாமாஸ் பெட்ரோலியம் நிறுவனம் , கொலம்பஸ் ஆற்றல் வளங்கள் , கொலம்பஸ் ஆற்றல் , நிர்வாகி அதிகாரி சிமோன் பாடர் ,

BPC's failed exercise  - The Nassau Guardian


BPC’s failed exercise 
In a revelation that came as a relief to many and as a disappointment to others, Bahamas Petroleum Company (BPC) announced yesterday that its exploratory well, which it started drilling on December 20, 90 miles off the west coast of Andros, had failed to show the availability of oil in commercial quantities.
BPC said drilling has now ceased and the well will now be permanently plugged and abandoned.
BPC’s CEO Simon Potter attempted to put a positive face on the outcome.
He said, “I am proud to say that after many years of diligent effort, we did what we said we would do: BPC drilled the Perseverance #1 well safely and without incident, testing for the presence of hydrocarbons in the Southern Seas of The Bahamas. This was the very specific objective of the well not a scientific or geologic experiment, but to seek hydrocarbons in commercial quantities.” ....

Trinidad And Tobago , Simon Potter , Joseph Darville , Carl Bethel , Hubert Minnis , Bahamas Petroleum Company , Southern Seas , Prime Minister , General Carl Bethel , Information Act , Philip Brave Davis , டிரினிடாட் மற்றும் டொபாகோ , சிமோன் பாடர் , கார்ல் பெத்தேல் , பஹாமாஸ் பெட்ரோலியம் நிறுவனம் , தெற்கு கடல்கள் , ப்ரைம் அமைச்சர் , ஜநரல் கார்ல் பெத்தேல் , தகவல் நாடகம் , பிலிப் தைரியமான டேவிஸ் ,