The company will put the proceeds toward completing a farm-in or preparing for drilling of a first exploration well on its southern licensesoffshore the Bahamas.
Negotiations are under way with interested parties, and prospects of bringing in a partner are good, BPC says, because oil market sentiment is improving, rig rates remain low, and majors are showing renewed interest in frontier exploration plays. The company therefore believes the bottom of the cycle has passed.
In addition, the Bahamian government has fully enacted a regulatory framework, and BPC’s offshore licenses have been renewed, with clarity concerning work obligations and the regulatory regime.
Chairman Bill Schrader said: “BPC has assets that are potentially world class in scale. Over the past eight years the company has substantially delineated and de-risked its assets, both technically and commercially. The next step is drilling.”