An abrasive perforator tool with a bypass flow channel. The tool comprises a tubular body or housing with perforating nozzles in the sidewall. A sleeve assembly inside the central bore of the tool provides for sequential deployment of first and second sleeves. Prior to deployment of the sleeve assembly, pressurized fluid can be passed through the tool to operate other tools beneath the perforator in the bottom hole assembly. Deployment of the first sleeve diverts pressurized fluid through the nozzles for perforating. Deployment of the second sleeve redirects the pressurized flow through the outlet of the tool to resume operation of other tools below the perforator.