Pilgrim Petroleum Corporation is an oil and gas exploration and development (E&D) company formed to acquire, develop, and operate oil and gas properties with proven reserves. Our parent Pilgrim Petroleum PLC strategy is to focus in domestic areas where major oil and gas producing companies have reduced their exploration efforts to move offshore and overseas in search of larger reserves. Considerable oil and gas in proven fields remains to be exploited by well managed independent oil companies capable of extracting these reserves at lower risk and lower cost than unproved prospects. In addition, Pilgrim Petroleum provides oil and gas services to 3rd party operators and partners in the areas of Consulting, Development, Aviation, and Enhanced Oil Recovery. We look to develop projects where we can realise superior returns and are best placed to add value. We access these projects either by selectively making acquisitions when the market conditions allow where we believe our position is commercially advantaged, or through successful exploration. We also continue to expand our exploration portfolio through divestment and relinquishment of licences that do not meet the group’s internal metrics on a risk reward basis.
Oil and Gas Industry
Pilgrim Petroleum's experience and story dates back to 1997 where the company was founded, our parent was founded as the BNP Petroleum Company, to pursue oil and gas exploration and production activities in UK in the oil an gas industry not only develop internal hydrocarbon projects but also provide valuable data to other industry participants in the development of thier hydrocarbon assets utilizing proven methods and technologies on a revenue sharing or cost plus basis. In the current oil price environment, our priority is to take measured actions to reset our business to meet near-term priorities. Cost and capital discipline remain key to ensuring we are well placed to deliver maximum value from our exisitng production and current sanctioned developments, as well as preserving the option for long-term growth.