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Bapuk I’m sure the Mutual Fund was all part of the box ticking to keep the BG on side and just one of the many hurdles over many years that has finally got this approval.
Hi all
Cannot underestimate the importance of today’s RNS, it was out of BPC’s hands and in the gift of the BG s to grant.
The EA was the one fear I had (more than funding) to the drilling campaign/timing.
This is amazing news, the sky’s the limit now!
Gla
Bapuk
Great minds ;)
to coin a phrase.... "There she blows!"
imon Potter, Chief Executive Officer, commented:
"On the way to delivering our single-minded goal of safely completing the drilling of the Perseverance #1 exploration well there will be no more important milestone than receipt of Environmental Authorisation from The Government of The Bahamas. I am therefore extremely pleased and proud to advise that Environmental Authorisation has today been granted. This is the outcome of an extensive and collaborative work effort over an extended period of time by our team of predominately Bahamian employees, various third-party consultants, and The Government and Ministry, advised by the BEST Commission.
Today's approval reflects our steadfast commitment to ensuring that Perseverance #1 will be drilled in an entirely safe and responsible manner, in full compliance not only with the stringent laws and regulations in place in The Bahamas, but also in accordance with all applicable international standards, and adherence to global best practices as defined by the guidelines and performance measures adopted by multiple international agencies.
We continue to make rapid progress toward the drilling of Perseverance #1, and remain on schedule for a well spud in April 2020. I look forward to updating shareholders on additional milestones in the coming weeks, in what we expect to be an exciting time for our Company."
Rns - EA approved.
Fasten your seat belts...
IK - thank you and accepted :-)
As a few of us speculated yesterday.
Rig news due next. Happy days.
You really don’t want to be trying to trade this one! Lots of news coming.
Bahamas Petroleum Company PLC Perseverance Environmental Authorisation GrantedSource: UK Regulatory (RNS & others)TIDMBPCRNS Number : 2736EBahamas Petroleum Company PLC27 February 202027 February 2020Bahamas Petroleum Company plc("Bahamas Petroleum" or the "Company")Perseverance #1 Environmental Authorisation GrantedHighlights:-- Environmental Authorisation granted by The Government of The Bahamas for the Company's 100% owned and operated Perseverance #1 well, expected to spud in April 2020, targeting recoverable prospective resources of 0.7 - 1.4 billion barrels of oil-- Authorisation represents the conclusion of an extensive and thorough process over many years, involving local and international agencies, independent third-party expert consultants, and extensive engagement across all aspects of GovernmentEnvironmental AuthorisationFollowing a considerable body of work, engagement and consultation both before and further to submission for an Environmental Authorisation ("EA") by the Company in April 2018 , the Bahamas Minister of Environment (the "Minister"), upon notice of a "no objection" from the Bahamas Environment Science & Technology Commission (the "BEST Commission), has today granted the requisite EA to the Company for the proposed activities associated with the drilling of the Perseverance #1 well.The EA has been granted by the Minister in accordance with Regulation 3 of the Bahamian Petroleum (Offshore Environmental Protection and Pollution Control) Regulations 2016, and was made on the basis that the Ministry of the Environment and Housing (the "Ministry" or "MOE&H") is satisfied, having regard to all information made available to it, that the Company be allowed to undertake the activities the subject of the EA. The Company notes that the grant of the EA confirms that the potential impacts associated with the Company's intended drilling activities have been adequately and appropriately noted and suitably addressed by the proposed mitigation measures outlined in the EA as submitted by the Company, and were in accordance with all laws and regulations applicable in The Bahamas, as well as applicable performance measures or guidelines established by international bodies, standards, conventions, treaties and maritime laws.Environmental Authorisation ProcessIn 2012, the Company submitted an Environmental Impact Assessment ("EIA") to the Ministry, and which EIA was reviewed by the BEST Commission for the Ministry, and subsequently accepted at the time. The EIA was prepared in accordance with national and international industry best practices , and identified and addressed, inter alia, matters relevant to the proposed activities of the Company in its licence areas, such as Potential Impact Identification, Worst Case Discharge Analysis allied