The latest RNS can be found of which highlights are:
BPC, the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development, and exploration assets across the region, provides the following update on the drilling of its Perseverance #1 well in The Bahamas.
Highlights
· The Perseverance #1 well in The Bahamas has encountered hydrocarbons, successfully validated the structural model and the petroleum system, and drilled a majority of the potential reservoirs of interest, thus fulfilling the core technical objectives of the well
· Whilst the well encountered oil, indicated from LWD (Logging while drilling) tools, gas chromatography and mud logs, commercial volumes of oil have not been proven at this well location
· T he validation of a competent seal, good reservoir quality, charge and the presence of oil points to significant hydrocarbon potential remaining in various independent, untested play systems and structures within BPC's extensive acreage
· Drilling has now ceased, the well having reached a depth of approximately 3,900 meters without incident, and the well will now be permanently plugged and abandoned
· Over the coming weeks BPC will undertake a detailed evaluation of all technical information gathered during drilling. In this context, BPC will review the appropriate way forward for future monetisation of its business in The Bahamas, in particular with a view to renewal of a farm-in process
· Near term operational activity will now focus on the Company's 2021 work programme in Trinidad and Tobago and Suriname, targeting exit production of c.2,500 bopd and prospect maturation in Uruguay
My question is do investers/traders think it a good idea to take a position on BPC? If not, why not?