News
BPC’s Perseverance #1 exploration well is fully funded
By Serena Williams
Jan 13, 2021 - 10:02:09 PM


Nassau, Bahamas - BPC, the Caribbean and Atlantic margin focused oil and gas company, strongly refutes the claims by various environmental groups in press articles today that the Company did not have enough funding to complete the Perseverance #1 well at the point of rig mobilisation.  As a matter of fact, Perseverance #1 has been fully funded, including a significant contingency, since the date of mobilisation as is clearly stated in the press release issued to the London Stock Exchange by BPC on 12 January 2021. Any other interpretation of this press release represents a deliberate and gross misrepresentation of the facts and/or demonstrates a selective naivety as to how businesses operating in The Bahamas (and internationally) maintain the capital to fund themselves.

James Smith, former Finance Minister and Director of BPC said:

“The lengths the environmental groups are going to in order to distort the facts is frightening, and quite frankly wrong, demonstrating a stark lack of understanding of commonplace business funding practices.  Like most businesses, at any point in time BPC has a mix of “cash at bank” and other funding facilities that can be drawn as and when needed, in order to ensure the costs associated with funding are only born when the money is actually required.

It is worth noting that BPC bears all of the costs of the exploration well. The Government does not have to contribute a single dollar, but gets to share the benefits of success.

In authorising BPC to drill this well, the Bahamian Government is exercising its legitimate, sovereign right to find out if The Bahamas has its own important resource, which has the potential to benefit current and future generations of Bahamians.”

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