The Perseverance-1 well, which is targeting 770mln barrels of oil offshore Bahamas, had been delayed as a result of the coronavirus pandemic. The group’s chief executive Simon Potter announced in March that sticking to schedule could compromise the safety of operations.
From an initial May/June start date it was moved to back to October, and is now being finalised to kick off between December and February.
The oiler said this week it has contracted Stena Drilling to provide a drilling rig and associated equipment and services, locking in the current low industry prices.
The move knocks 15% off the estimated cost of the project, which will allow Bahamas Petroleum to fund expanded evaluation works without spending extra cash.
Earlier this month, the explorer was approved for listing on the Bahamas International Stock Exchange and is expecting to receive US$900,000 in subscription funds.
However, peer Attis Oil and Gas Ltd (LON:AOGL) had a worse week, having returned from a trading suspension on Wednesday 71% lower at 0.02p, then dropping another 30% to 0.01p in a day.
The firm, which focuses on boosting production in existing assets at lower costs, was meant to acquire a North America-focused peer but the takeover collapsed due to the weak oil price.
Instead, Attis raised £500,000 by placing shares at 0.0115p plus a further £420,000 through a bridging loan as it seeks to plough on alone.
Looking at the wider market, the AIM All-Share index rose 3.3% to 871 over the week, outperforming the FTSE 100, which advanced 2.6% to 6,154.
In the risers, Catenae Innovation PLC (LON:CTEA) rocketed 102% higher to 3p on news of a partnership with wellness business Newcastle Premier Health, which will provide its know-how to the group’s Cov-ID project, a ‘digital passport’ to track and trace coronavirus cases.
Elsewhere, Plant Health Care PLC (LON:PHC) soared by 47% to 9p after sharing positive results on field trials for its PREtec peptide PHC279, part of the pest control firm’s products to be launched soon.
Beowulf Mining PLC (LON:BEM) ventured 49% higher to 5p after a member of the Swedish Parliament pushed the government to decide on any mining activity in Kallak and Laver; Beowulf’s stalled iron ore project is in the Kallak region. The following day, the miner contracted Kati Oy to start working on a seismic model at the Kallak South project.
And fellow miner Botswana Diamonds PLC (LON:BOD) added 16% to 0.9p after announcing it has now recovered over 100 macro diamonds from bulk sampling operations at the Marsfontein development project in South Africa.
IT service manager The Panoply Holdings PLC (LON:TPX) gained 36% to 64p after its FutureGov arm signed a “significant digital transformation contract” with a global philanthropic organisation, worth US$5.2mln over 14 months.
In the biotech space, Tiziana Life Sciences PLC (LON:TILS) (NASDAQ:TLSA) added 14% to 111p after it unveiled details about presentations at a top medical conference, which underline the potential of its technology in predicting the recurrence of breast cancer.
Digital marketing provider Eagle Eye Solutions PLC (LON:EYE) advanced 14% to 162p after lifting earnings guidance as well as announcing contract extensions with Sainsbury’s and Asda.
Finally, bed maker Eve Sleep PLC (LON:EVE) rose 12% to 1p after stating the lack of high street competition during the lockdown was beneficial to trading, although it admitted that next month’s store re-openings pose a risk.
Published at Sat, 30 May 2020 09:00:00 +0000-Small Cap Movers: Bahamas Petroleum rockets after scheduling start of exploration well