LONDON (Alliance News) - Bahamas Petroleum Company PLC noted Wednesday that the Petroleum Bill and associated regulations, as well as a Sovereign Wealth Bill, were put before the Bahamian House of Assembly for their second reading.
This will guide and govern the next phase of hydrocarbon exploration in The Bahamas, and provide a framework for the wealth accrued from any exploration success. There will be a third reading, where members of the House will vote on the bills before they are passed to the Senate for their consent. Following this, the bills will be sent to the governor general for assent, after which they will become law.
"We are pleased to report the presentation of the Petroleum Bill and attendant regulations to the House of Assembly for a second reading and debate. Today's reading further reinforces the government's commitment to petroleum exploration, where a successful outcome could be an economic game-changer for The Bahamas given the scale of the prospects. We look forward to updating our shareholders further in due course," said Chief Executive Officer Simon Potter in a statement.
Shares in Bahamas Petroleum closed down 17% at 1.00 pence Wednesday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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