Extension confirmed for offshore Bahamas well commitment

Bahamas Petroleum Co. is set to gain an extension of its four southern licenses offshore the Bahamas until end-December 2020.

Four southern licenses offshore the Bahamas
Four southern licenses offshore the Bahamas

Offshore staff

DOUGLAS, UKBahamas Petroleum Co. (BPC) is set to gain an extension of its four southern licenses offshore the Bahamas until end-December 2020.

This follows a formal notification from the government in response to BPC’s request for clarification concerning the timing and work obligations for the permits, as a result of time disruptions outside of the company’s control since 2015.

BPC has a commitment to drill an environmentally responsible exploratory well, its first off the islands, and on expiry of the extension, will have the option to either apply for a production lease over all or part of the license area, or to extend the licenses into a third exploration period or apply for an appraisal extension.

Consultant Black & Veatch will assist with the planning process, and the company continues discussions with various companies on a potential farm-in for the initial well.

02/22/2019

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