Small cap oil and gas companies Matra Petroleum (LON:MTA) and Bahamas Petroleum (LON:BPC) were in the limelight this afternoon after seeing their shares surge in early deals.

Bahamas Petroleum did well, rising eight percent to claw back some of Friday’s losses, which came after Bahamas Prime Minister said he would ban oil drilling in Bahamian waters if re-elected.

Today, BPC noted that its exploration licence states that if it complies with its terms and conditions, it should be renewed for another three years by the governor-general.

According to the company, it has “significantly” exceeded all of its licence commitments and obligations, having spent more than US$50 million.
“The company is already working to fulfil the increased requirements of this next three-year phase,” BPC said in a statement.

This is an excerpt from Proactive Investors as it appeared on April 23, 2012. For updates or to read the current version of this post in its entirety, please click here.

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