BAHAMAS Petroleum has struck oil at its keenly watched Perseverance-1 exploration well offshore the Bahamas but the volumes discovered are deemed to not be commercial. However, the London-listed junior has said that the early results from drilling "may provide a strong technical basis for renewed farm-in discussion" at its acreage. The well was spudded on 20 December with the drillship Stena IceMax, with drilling continuing until 7 February. Before drilling, the targeted total depth was 4800 metres, with pre-drill prospective oil resources on a probable basis pegged at 770 million barrels, with upside of 1.44 billion barrels. The well reached a depth of 3900 metres on 6 February having intersected Albian, Upper Aptian and Mid-Aptian horizons.
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