Bahamas Petroleum has struck oil at its keenly watched Perseverance-1 exploration well offshore the Bahamas, but the volumes discovered are deemed to not be commercial.
The London-listed junior has said, however, that the early results from drilling "may provide a strong technical basis for renewed farm-in discussion" at its acreage.
Shares in the company slipped around 65% approaching 8:30am local time on Monday following news of the non-commercial find.
The well was spudded on 20 December with the drillship Stena IceMax, with drilling continuing until 7 February.
Before drilling, the targeted total depth was 4800 meters, with pre-drill prospective oil resources on a probable basis pegged at 770 million barrels, with upside of 1.44 billion barrels.
Non-commercial find
The well reached 3900 meters on 6 February having intersected Albian, Upper Aptian and Mid-Aptian horizons.
"Depth and thickness of reservoir sections encountered were generally as prognosed pre-drill, and reservoir porosity was likewise generally in line with pre-drill expectations (in the range of 10% to 20%)," the operator said on Monday. Hydrocarbons were encountered at various horizons, indicated by elevated gas chromatography readings detected continually during drilling, generally increasing with depth and through the deeper Aptian reservoir column in particular. Oil was identified from high oil saturation values from logs in a number of reservoir sections thus verifying the existence of a working Lower Cretaceous petroleum system and reservoir quality sequences in the Aptian. Given that the totality of the reservoir sections evaluated to 3900 meters represented the majority (approximately 70%) of the total estimated prospective volumes, the lack of hydrocarbons in demonstrably commercial volumes led to the decision to TD the well at that point."
Source: BPC
Join our mailing list here
