Simon Potter, Bahamas Petroleum PLC's (LON:BPC) chief executive, says the increased funding facility from its backer in the region is a tremendous boost to the Perseverance project.
The family office concerned has increased its convertible loan facility to £16mln from £8mln.
That will take the company’s access to funds up to US$45mln and more than cover the costs of the well.
There is a slight delay in the timeline with the well now to be drilled late May or early June but Potter is delighted to have secured the finance given what else is going in the world.
The project is now soundly backed, he says, and Bahamas can now move onto securing the heavyweight equipment needed for the drill.