DOUGLAS, UK – Following the recent general election in the Bahamas, Bahamas Petroleum (LON:BPC) has received written confirmation from the government concerning its offshore licenses.
This states that the company is acting in full compliance with the license conditions, the provisions of the Petroleum Act, and the Petroleum Regulations of the Bahamas, and that all related fees have been paid.
The government has also listed recommendations from the Bahamas Environment, Science and Technology Commission concerning the Environmental Impact Assessment/Environmental Management Plan process associated withBahamas Petroleum’s future drilling obligation.
Timing of the company’s first commitment exploration well now depends on the outcome of a planned national referendum on oil exploration in Bahamian waters. It will not, therefore, be obliged to drill the well by next April, as required under the license terms.
Farm-out discussions continue with various interested parties.
CEO Simon Potter said: “It is a positive step, which assures the integrity of the license area, and enables the company to schedule drilling to avoid the 2013 hurricane season, and also ensures sufficient time to plan and execute the safest well possible without breaching the terms of the second phase of the license agreement.”