Bahamas Petroleum licence term extended to 31 December 2020
Source - SMW
oil and gas explorer Bahamas Petroleum said Friday the government of The Bahamas confirmed that the company’s four licences were extended until 31 December 2020.
The confirmation came after Bahamas Petroleum requested for clarification from the government as to the term, timing of, and work obligations concerning the company's four southern licences amid time disruptions outside of the control of the company since 2015.
The company said its focus remained on implementing an exploratory well on its prospective assets in The Bahamas to the benefit of shareholders and the people of The Bahamas.
'The confirmation from the Government of The Bahamas that the current term of our four southern licences extends to 31 December 2020 provides the Company with a certainty of tenure over the Company's licences, replacing any perceived 'above ground' issues with complete clarity in fact and law,' the company said.
'This position has been arrived at following extensive government consultation and whilst this has taken the Company a while to establish, there is now a very clear two-year window to advance plans for and to drill an exploratory well providing certainty to potential partners as we move forward in our farm-out discussions. Today's news will add considerable impetus to this process.'
At 9:37am: (LON:BPC) Bahamas Petroleum Company PLC share price was +0.33p at 1.6p