Bahamas Petroleum Company (BPC) announced today that it has agreed terms to extend four licenses in the Southern territorial waters of The Commonwealth of The Bahamas until Q2 2018.
The Bain, Cooper, Donaldson and Eneas licenses, which BPC holds a 100 percent working interest in, were initially awarded in April 2007. These were extended to 2012 in 2008 and renewed again in 2013. The latest renewal has been agreed with the Ministry of Environment and Housing and will now be passed to the Office of the Governor General to be formally counter-signed.
The southern boundaries of the four licenses were also formalized up to the Bahamas-Cuba Maritime boundary and the drilling commencement date has been extended to April 2017.
Bahamas Petroleum CEO Simon Potter commented in a company statement:
“We are very pleased with the signing of the Licence Renewal Addendum extending the term of the four Southern Licences. This now gives BPC an unambiguous marker for future activity: to commence our first exploration well by April 2017, and a clear period of time in which to both secure a suitable farm-in partner and undertake the necessary preparatory work to ensure safe and responsible drilling operations.”
Bahamas Petroleum Company closed 2014 with a cash balance in excess of $10 million.
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