Bahamas Petroleum Co PLC - Caribbean and Atlantic margin focused oil and gas company - Says Justice Petra Hanna-Weekes has refused to grant any orders that would affect BPC's current operations. This means that the drilling of Perseverance #1 will continue. Says drilling of the Perseverance #1 exploration well in Bahamas has been underway since December 20. The well remains on track to take 45 to 60 days from commencement to complete, at which time BPC will be in a position to inform shareholders of the outcome of the well.
BPC says will provide further updates in relation to the legal process as and when there are any material developments.
Chief Executive Officer Simon Potter said: "Today's court ruling means that the drilling of Perseverance #1 will continue, in accordance with our licences obligations, and consistent with the permits issued to the company by the government of The Bahamas. Those drilling operations, which have been underway since 20 December 2020, have the well on track to provide results within the 45 - 60 days period the Company has consistently advised. It is thus clear now that the applicants have failed in their last-minute attempt to interrupt the drilling of Perseverance #1 and the government's legitimate assessment of hydrocarbon resource potential in its southern seas. This is a very positive outcome for the completion of the Perseverance #1 well."
Current stock price: 2.32 pence
Year-to-date change: up 4.5%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.