Bahamas Petroleum Company PLC Update on Court Process in The Bahamas (6896K)
January 06 2021 - 2:00AM
UK Regulatory
TIDMBPC
RNS Number : 6896K
Bahamas Petroleum Company PLC
06 January 2021
6 January 2021
Bahamas Petroleum Company plc
("BPC" or the "Company")
Update on Court Process in The Bahamas - Drilling of
Perseverance #1 to continue
Further to BPC's announcements of 29 December 2020, 30 December
2020 and 31 December 2020, The Honourable Justice Petra
Hanna-Weekes has today provided her ruling on various matters (as
referred to in those prior announcements).
In summary, the Court's ruling is as follows:
-- The Honourable Justice Petra Hanna-Weekes has refused to
grant any orders that would affect BPC's current operations. This
means that the drilling of Perseverance #1 will continue;
-- The application from Environmentalists against the Government
of The Bahamas to seek leave to bring judicial review proceedings
in respect of various decisions taken by the Government in relation
to BPC's licences in The Bahamas has been granted; and
-- A timetable for further hearings has been established as follows:
o A hearing to determine if BPC should be formally added as a
party to the action will be held on 14 January 2021. At this
hearing, The Honourable Justice Petra Hanna-Weekes will also
provide further directions relating to the future hearings detailed
below;
o A further hearing to determine the Government's request for
security for costs against the applicants will be heard on 22
January 2021; and
o Thereafter, a hearing in relation to the substantive judicial
review will be held either in mid-February 2021, or during March
2021, depending on the availability of the Court and the parties,
with a ruling on the substantive application to follow at some
point thereafter.
Drilling of the Perseverance #1 exploration well in The Bahamas
has been underway since 20 December 2020 (consistent with previous
announcements prior to Christmas 2020). The well remains on track
to take 45 - 60 days from commencement to complete, at which time
BPC will be in a position to inform shareholders of the outcome of
the well.
BPC will provide further updates in relation to the legal
process as and when there are any material developments.
Simon Potter, CEO of BPC, said:
"Today's Court ruling means that the drilling of Perseverance #1
will continue, in accordance with our licences obligations, and
consistent with the permits issued to the Company by the Government
of The Bahamas. Those drilling operations, which have been underway
since 20 December 2020, have the well on track to provide results
within the 45 - 60 days period the Company has consistently advised
. It is thus clear now that the applicants have failed in their
last-minute attempt to interrupt the drilling of Perseverance #1
and the Government's legitimate assessment of hydrocarbon resource
potential in its southern seas. This is a very positive outcome for
the completion of the Perseverance #1 well."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0) 1624
Simon Potter, Chief Executive Officer 647 882
Strand Hanson Limited - Nomad Tel: +44 (0) 20 7409
Rory Murphy / James Spinney / Jack Botros 3494
Shore Capital Stockbrokers Limited - Tel: +44 (0) 207 408
Joint Broker 4090
Jerry Keen / Toby Gibbs
Investec Bank Plc - Joint Broker Tel: +44 (0) 207 597
Chris Sim / Rahul Sharma 5970
CAMARCO Tel: +44 (0) 020 3757
Billy Clegg / James Crothers / Hugo Liddy 4980
Notes to editors
BPC is a Caribbean and Atlantic margin focused oil and gas
company, with a range of exploration, appraisal, development and
production assets and licences, located offshore in the waters of
The Bahamas and Uruguay, and onshore in Trinidad and Tobago, and
Suriname. BPC is currently drilling an initial exploration well in
The Bahamas, Perseverance #1, with the well targeting recoverable
P(50) prospective oil resources of 0.77 billion barrels, with an
upside of 1.44 billion barrels. In Trinidad and Tobago, BPC has
five producing fields, two appraisal / development projects and a
prospective exploration portfolio in the South West Peninsula.
BPC's exploration licence in Uruguay is highly prospective, with a
potential resource of 1 billion barrels of oil equivalent. In
Suriname, BPC has an onshore appraisal / development project.
BPC is listed on the AIM market of the London Stock Exchange. www.bpcplc.com
END
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