- Oil and gas company Bahamas Petroleum Company said it made progress toward drilling its new well off the coast of the Bahamas.

Ahead of the spud of the perseverance well, expected prior to Christmas 2020, the company said it had made progress on a range of important planning and logistics tasks, such as completing its insurance placement and progressing a range of necessary contracts for services and supplies.

This company also entered into a master service agreement with Halliburton, which would provide services on an integrated basis for the drilling of the well.

The company was targeting recoverable prospective resources of 0.7-to-1.4 billion barrels of oil.

The company also updated its conceptual development study and associated update of potential full-field economics.

'In a successful development scenario of the estimated perseverance #1 P50 resource, at US$40 per bbl (barrel) oil price, the project would deliver an NPV10 exceeding $2.5 billion, and revenues of over US$5 billion to the Government of The Bahamas,' the company said.

At 8:41am: [LON:BPC] Bahamas Petroleum Company PLC share price was 0p at 3.05p

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