(Alliance News) - Bahamas Petroleum Co PLC said Thursday it has been granted Environmental Authorisation from the Bahamas Environment Science & Technology Commission for its 100% owned Perservance-1 well.
The oil and gas exploration firm said the well is expected to spud in April, targeting recoverable prospective resources of between 0.7 billion barrels of oil and 1.4 billion.
The company said the "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 government."
Bahamas Petroleum Chief Executive Officer Simon Potter said: "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."
Bahamas Petroleum shares were trading 6.6% higher in London at 4.80 pence each on Thursday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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