This follows analysis of 3D seismic data and a comparison of historic drilling performance across the islands with similar carbonate lithology wells drilled elsewhere in the world.
Additional work with third parties continues to ensure use of up-to-date technologies in the well equipment design in order to maximize the rate of penetration (ROP), thereby reducing drilling times and keeping costs lower.
At the same time, BPC is striving for a well design with the capacity to maximize data gathering while maintaining a high ROP.
The company now estimates the cost of its initial exploration well, tentatively scheduled for 2017, in the $50-$60 million range, with even a discovery of less than 200 MMbbl potentially economic at an oil price of $30-40/bbl.
BPC has decided not to enter the second exploration period for its Miami license in the northern territorial waters of the Bahamas.
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