Bahamas Petroleum decides to change name

London-listed oil company Bahamas Petroleum Corporation (BPC) has informed that it would continue operating under a new name.

Stena IceMAX drillship used for drilling of BPC's Perseverance #1 well; Source: Stena Drilling

BPC said in a regulatory filing on Friday that it changed its name to Challenger Energy Group plc and that its shares started trading under a new name as of 21 May and its new ticker will be ‘CEG’.

The name change was approved as part of passing all resolutions at the company’s extraordinary general meeting on 17 May 2021.

Bahamas Petroleum also added that the name change was also noted in the Isle of Man Registrar of Companies.

Shareholders should note that their shareholdings will be unaffected by the change of name. Existing share certificates should be retained by shareholders holding ordinary shares in certificated form as they will remain valid for all purposes and no new share certificates will be issued”, Bahamas stated.

As for other company news from earlier this year, Bahamas Petroleum – or Challenger Energy from now on – completed drilling of the Perseverance #1 well offshore Bahamas.

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The Perseverance #1 well was spud on 20 December 2020, using the Stena IceMAX drillship. Drilling operations continued through to 7 February 2021.

The company said in February that, whilst the well encountered oil, indicated from LWD tools, gas chromatography and mud logs, commercial volumes of oil have not been proven at this well location.

Pre-drill, the company stated that it was targeting P50 prospective oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels.

In late March, BPC said that it has had discussions with industry counterparties concerning a potential farm-out of its licenses in The Bahamas and is working to formalise an entirely new farm-out process.

Consequently, the company intends to renew the four southern licenses in The Bahamas into a third, three-year ‘drill or drop’ exploration period.

BPC also expects a formal contract execution for Off-1 block in Uruguay in the second quarter of 2021. To remind, BPC was awarded the license in early June 2020.

Independent technical work undertaken by Uruguayan national oil company ANCAP indicates a P50 estimated ultimate recovery volume of 1.34 billion barrels at the Lenteja prospect.