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Bahamas Petroleum Extends Bahamas Licence Terms to 31 December 2020

Source: www.gulfoilandgas.com 2/22/2019, Location: South America

Bahamas Petroleum Company, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, has received formal notification from the Government of The Bahamas as to the term of the second exploration period of the Company's four southern licences in the territorial waters of The Bahamas, confirming that the (current) second exploration period of the licences is extended until 31 December 2020.

The notification received is in response to BPC's request for clarification from the Government as to the term, timing of, and work obligations pertaining to the Licences, in view of time disruptions outside of the control of the Company since 2015. The notification provides clarity and certainty to all parties as to the tenure of the licences.

The Company's obligation during this second exploration period is to safely implement an environmentally responsible exploratory well. At the conclusion of this period, based on the results of the initial exploration well and in accordance with the existing terms of the Licences and the pertaining regulations, the Company will have the option to apply for a production lease over all or part of the licence area, and / or extend the licences into a third exploration period and / or apply for an appraisal extension.

The notification received from the Government also stipulates that the Government and BPC must in the coming months agree a forward work programme for 2019 and 2020 and a reconciliation of licence fees already paid, including during the period of disruption, with any future licence fees due up to the end of 2020. The forward programme will include the process for Environmental Authorisation, in accordance with the relevant Act and Regulations, based upon an application already submitted by the Company in April 2018. The Government has advised of the engagement of Black & Veatch, a leading petroleum industry consultant, to assist with this process. Black & Veatch previously advised the Government in the process for the Company's Environmental Impact Assessment (EIA), filed in 2012.

At the same time, along with its advisers, the Company continues the process to secure a farm-in partner for the initial exploration well - discussions are continuing with multiple third parties.

Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said:

"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. 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. BPC's focus remains singular: to implement an exploratory well on its highly prospective assets in The Bahamas to the benefit of shareholders and the people of The Bahamas. We are encouraged by the support the Government has shown throughout this process, thank them for it and look forward to updating shareholders on further progress when appropriate."

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