BPC.L Share News (BPC)

Bahamas Petroleum rose after the oil and gas group welcomed a move by the government of the Caribbean islands to open up potential reserves to exploration. Bahamas said the government had completed a new petroleum act and a suite of regulations to guide and govern oil exploration in the Bahamas and would now seek parliamentary approval for it.The legislative package contains regulations relating to permission for exploration and technical, environmental and operational activities for the oil industry.Bahamas Petroleum chief executive Simon Potter said: "The process of achieving ratification of these regulations is now a step closer and Bahamas Petroleum Company will continue to work closely with the government, as appropriate, to ensure all well locations are fully permitted and will immediately comply with the revised regulations."This, along with our regular engagement with communities and stakeholders, is expected to aid a smooth preparation for further safe and environmentally responsible exploration."Shares in Bahamas lifted 0.25p or 7.35% to 3.65p at 15:22 in London.