BPC refutes claims it was underfunded at point of drilling James Smith. Bahamas Petroleum Company (BPC) Director James Smith yesterday refuted claims by environmental activists that the company did not have enough funding to complete the Perseverance #1 well at the point of rig mobilization last month. Following BPC’s announcement that it intended to exercise a $5 million put option to complete its funding strategy, Bahamas Reef Environment Educational Foundation (BREEF) Executive Director Casuarina McKinney-Lambert asserted that the oil company did not have sufficient funding when it began exploratory drilling last month and questioned whether the company has enough resources “to address any unforeseen incidents”.