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.

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.