Sunday, February 24, 2019

Extension confirmed for offshore Bahamas well commitment

(Map courtesy Bahamas Petroleum Co.)

DOUGLAS, UK – Bahamas Petroleum Co. (BPC) is set to gain an extension of its four southern licenses offshore the Bahamas until end-December 2020.

This follows a formal notification from the government in response to BPC’s request for clarification concerning the timing and work obligations for the permits, as a result of time disruptions outside of the company’s control since 2015.

BPC has a commitment to drill an environmentally responsible exploratory well, its first off the islands, and on expiry of the extension, will have the option to either apply for a production lease over all or part of the license area, or to extend the licenses into a third exploration period or apply for an appraisal extension.

Consultant Black & Veatch will assist with the planning process, and the company continues discussions with various companies on a potential farm-in for the initial well.  (source)