(Alliance News) - Bahamas Petroleum Co PLC on Thursday said it has created a Bahamian-domiciled mutual fund for investment in its hydrocarbon exploration and development efforts in the country.
The mutual fund will exclusively hold Bahamas Petroleum shares and is intended "to provide Bahamians with an opportunity to invest in the company's nationally significant project". Leno Corporate Services Ltd has been chosen to act as adviser for the mutual fund's creation.
"Details of the proposed mutual fund, including the terms, how investors' interests in [Bahamas Petroleum] would be reflected, eligibility for, anticipated timeframe and manner of subscription, will be confirmed in the coming weeks," the company said.
In addition, Bahamas Petroleum has made progress in its environmental authorisation in the Bahamas, with data collection proceeding as scheduled, consistent with the drilling timetable for a 2020 exploration well. An environmental baseline survey has begun, following the receipt of government permits.
Chief Executive Simon Potter said: "The timely receipt of requisite approvals from the government means we have been able to commence a critical piece of preparatory work ahead of drilling activities: the collection of a comprehensive range of samples necessary to demonstrate the current ambient conditions at the proposed drill site. This will allow a direct assessment of any potential impact from our planned activities, noting that those activities by their very nature will be for a short, temporary duration, close to the international maritime border with Cuba, in a location which is an active marine thoroughfare serving both the existing petroleum facilities in the Bahamas as well as the entire region. We remain on track to see drilling commence on schedule."
Shares in Bahamas Petroleum closed up 1.3% at 2.00 pence in London on Thursday.
By Anna Farley; annafarley@alliancenews.com
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