Sept. 10, 2012 (StockMarketWire.com) – Bahamas Petroleum has received written confirmation over its existing licences from the Bahamas government following the recent general election.

The company has been notified that it is, and has been, in full compliance with the terms of the signed oil exploration licences, the provisions of the Petroleum Act, and the Petroleum Regulations of The Bahamas and that all fees due have been paid.

Further, the government has detailed recommendations from the Bahamas Environment, Science and Technology (BEST) Commission regarding completion of the environmental impact assessment and environmental management plan process associated with its future drilling obligation which the company has already adopted into its future plans.

In addition, as a result of this notification by the government, the company can confirm that the timing of the obligation to commence its first exploration well will be dependent on the outcome of a national referendum, which the government intends to hold, on oil exploration in Bahamian waters.

Bahamas Petroleum will not be held to drilling a commitment well by April 2013, as required under the terms of its licences. The company also noted that farm-out discussions are still on-going with a number of interested parties and the government communication provides significant clarity for potential farm-in partners.

At 8:24am: (LON:BPC) share price was +0.26p at 6.76p

This is an excerpt from StockMarketWire as it appeared on September 10, 2012. For updates or to read the current version of this post in its entirety, please click here.

Continue reading this post >