E&P firm Bahamas Petroleum Company (BPC) will start drilling its first exploration well, called Perseverance #1, offshore Bahamas in April this year.

The company said that it expects the results of the well during the second quarter of this year.

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It also said that it has entered the final stages of preparation at the well. It will drill the well in the northern sector of the ‘B Structure’.

BPC 100% owns and operates the Perseverance #1 well. The drilling campaign will target recoverable prospective resources of around 0.77 billion barrels of oil. BPC expects a potential upside of 1.44 billion barrels in the northern sector alone.

The B structure extends between 70km and 80km. It holds an expected recoverable resource potential of more than two billion barrels.

Bahamas Petroleum CEO Simon Potter said: “BPC is in the final stages of readiness for the commencement of drilling our initial exploration well, Perseverance #1, in the Bahamas, with results from the well expected in Q2 2020.

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“The well location will be on the northern segment of the B structure, targeting a P50 recoverable resource of 0.77 billion barrels, but with an upside close to 1.5 billion barrels of recoverable oil.

“Perseverance #1 has the potential to open a world-class, new frontier basin offshore Bahamas, less than 200 miles from the world’s largest hydrocarbon market / infrastructure.”

Perseverance #1 will be located in deep water at a depth of approximately 518m. It has a target depth of 4,822m and the capability to reach 5,600m.

Bahamas Petroleum expects the well to be drilled using Seadrill offshore rig.