Bahamas Petroleum Co. (BPC) has gained an additional 12-month extension for its four southern licenses from the government of The Bahamas that will now expire in April 2018.
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Map of BPC licenses, from BPC. |
In June 2015, the government of The Bahamas renewed the company's four southern licenses, for a second three-year exploration term. BPC's principal work obligation under the renewal was to commence activity on an initial exploration well by April 2017.
Earlier this week, the government extended the time for the performance of the obligations and requirements of BPC under its license renewals for a further period of 12 months, as applies to its four co-joined southern licenses. The impact of the above is that the Company will now not be obliged to commence activity on an initial exploration well until April 2018.
BPC is now looking at farm-out options for the licenses.
“The company is singularly focused on commencing responsible and safe drilling operations as soon as possible, and to this end remains in advanced discussions with various potential funding and operating partners. The company considers that the license extension provided by The government will be an important consideration in further advancing these discussions,” BPC said.
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