Bahamas Petroleum Co PLC - Caribbean and Atlantic margin focused oil and gas company - Says Honourable Justice Petra Hanna-Adderley has exercised her discretion to add BPC as a respondent to the application brought by environmental groups against the government of the Bahamas. BPC is entitled to request that the applicants provide security for costs, for which purpose a hearing has been scheduled for February 17.
BPC also says drilling of the Perseverance #1 exploration well in the Bahamas has been underway since December 20. The well remains on track to take 45 to 60 days from commencement to complete.
Chief Executive Officer Simon Potter says: "Despite numerous opportunities over many years to input constructively, environmental groups seem determined simply to derail BPC's project in The Bahamas. Attempts to secure orders from the court to this effect have not been successful, and the drilling of Perseverance #1 continues. Likewise, these groups have argued that BPC should be excluded as a party to the judicial review action they have brought, despite virtually all communications and documents issued by these groups referring directly and extensively to BPC.
"We are pleased that the court has recognised the inconsistency of this position, and ruled in BPC's favour. As a respondent to the application BPC will have full standing on the matter in court, and in a cost sense, the applicants can be held financially accountable if their action turns out to have been without merit. BPC thus welcomes the ruling."
Current stock price: 2.24 pence
Year-to-date change: down 2.6%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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