LONDON (Alliance News) - Bahamas Petroleum Co PLC Thursday announced changes to its board as developments in oil drilling legislation in the country and increased activity in ongoing farm-out discussions help the company.
Bahamas Petroleum Co shares have more than doubled early Thursday on the news, quoted at 3.00 pence per share, up 1.51p, putting it atop the AIM ALL-Share risers.
The oil and gas exploration company said it has appointed former BP PLC director Bill Schrader as its non-executive chairman and Bahamas Senator James Smith as its non-executive deputy chairman.
The company said its current non-executive director, Steven Weyel, will retire from its board due to growing demands of his existing and new executive roles.
Bahamas Petroleum said the board changes come at a time when the company is seeing increasing activity in its data room as part of ongoing farm-out discussions for its exploration sites, as well as positive developments in oil drilling legislation.
The company said the Bahamas Environment and Housing Minister has reported that petroleum exploration regulations have reached the Cabinet for consideration.
These changes - along with lower drill costs expected for the area, a government mandate to proceed with exploration drilling, and a term extension for the five licences held by the company - demonstrate positive developments for the oil and gas junior, it said.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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