Junior oil and gas explorer Bahamas Petroleum Company announced Wednesday that the Governor-General of the Bahamas has signed the firm's Licence Renewal Addendum, formerly completing the license renewal process for BPC's four southern licenses.
The renewal established the exact date pertaining to the renewal so that the second exploration term of the four southern licenses will now run until June 8, 2018.
BPC has been hoping to drill an exploration well in the Bahamas for several years, but progress has been held up by political opposition to drilling in the Caribbean island. Last month, the firm announced that the Petroleum Bill and a suite of associated regulations have been put before the Bahamian House of Assembly for their second readings with BPC CEO Simon Potter stating that the reading "further reinforces the government’s commitment to petroleum exploration, where a successful outcome could be an economic game-changer for The Bahamas given the sheer scale of the prospects".
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