NASSAU, Bahamas –Bahamas Petroleum (AIM:BPC) has renewed for three years each of its five license areas offshore the Bahamas.
Under the renewal, Bahamas Petroleum will begin drilling anexploration well by April 2015.
The company is talking with potential partners about a farm-out agreementto fund the obligation. Depending upon these discussions, Bahamas Petroleum says drilling could begin in the southern licenses during the second half of 2104. Part of the renewal agreement adjusts the boundaries of the four southernmost licenses to conform to the maritime boundary between the Bahamas and Cuba.