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BPC shares spike on election results

Bahamas Petroleum Company (LON:BPC) saw its share price spike 22.5 per cent this morning following the election of a new government in The Bahamas. 

Source:
Date:
Updated:
ProactiveInvestors.co.uk
Tuesday, May 8, 2012
Tuesday, May 8, 2012

The outcome was positive for the company, sending its share price up 22.5 percent to 10 pence this morning, making Bahamas Petroleum one of the most popular searches on Google Finance.

Perry Christie will now take over as prime minister after beating incumbent Hubert Ingraham, who said he would not permit drilling in the Bahamas if he won. Christie’s Liberal Party is believed to be more friendly to the oil and gas sector, while the new PM has served as a consultant to Bahamas Petroleum.

However, Bahamian media has reported that Christie intends to initiate a referendum on the matter to allow the people decide whether to ban drilling. On message boards, some investors expressed confidence that the country will vote in favour of drilling, paving the way for the company to secure a farm-out partner.

This is an excerpt from ProactiveInvestors.co.uk as it appeared on May 8, 2012. For updates or to read the current version of this post in its entirety, please click here.

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Hours after being elected to the North Abaco constituency for an eighth time, Hubert Ingraham resigns as that area's MP and as leader of the Free National Movement. These announcements came while conceding defeat to the Progressive Liberal Party following the May 7, 2012, general elections. Watch a ZNS news broadcast of his address here.

The lack of airlift within the region represents a missed opportunity for Caribbean tourism, according to industry experts. The comments were made at the 16th annual Caribbean Hotel and Tourism Investment Conference last month.

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