Bahamas Petroleum gets more time for offshore exploration
Bahamas Petroleum Company today announced that the Governor-General of The Bahamas has signed the Licence Renewal Addendum for its four southern licences in Bahamian waters.
Bahamas Petroleum holds a 100 per cent working interest in four licences in the Southern territorial waters of The Commonwealth of The Bahamas – the Bain, Cooper, Donaldson and Eneas licences (Southern Licences).
The Southern Licences were initially awarded in April 2007, extended to 2012 in 2008, and renewed into their second exploration period in July 2013. On May 18 2015, Bahamas Petroleum signed a Licence Renewal Addendum agreed with the Ministry of Environment and Housing in relation to a further extension of the Southern Licences. After Bahamas Petroleum executed the Addendum, it was passed by the Ministry to the Office of the Governor General to be signed.
The licence has now been formally renewed, and the second exploration term of the four southern licences will run until June 8, 2018.