StockMarketWire.com - Oil and gas company Bahamas Petroleum Company said it had ceased drilling activity and would abandon operations at its Perseverance-1 well in the Bahamas as volumes of oil encountered were not commercial.
Whilst the well encountered oil, commercial volumes of oil had not been proven at the well location, the company said.
Over the coming weeks, Bahamas Petroleum Company said it would undertake a detailed evaluation of all technical information gathered during drilling.
The company said it would would 'review the appropriate way forward for future monetisation of its business in The Bahamas, in particular with a view to renewal of a farm-in process.'
At 10:01am: [LON:BPC] Bahamas Petroleum Company PLC share price was 0p at 3.44p