BPC.L Regulatory News (BPC)

Friday, 27 April 2018

Bahamas Petroleum Company plc

("BPC" or the "Company")

Lodgement of Application for Environmental Authorisation

Bahamas Petroleum Company plc, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas is pleased to advise that yesterday it lodged an application for Environmental Authorisation with the Government of The Bahamas.

The application for Environmental Authorisation has been submitted in the prescribed form as previously directed by the Ministry of Environment and Housing, and advised by the Bahamas Environment, Science and Technology Commission (the BEST Commission), in accordance with Regulation 3 (1) of the Petroleum (Offshore Environmental Protection and Pollution Control) Regulations 2016 ("the Regulations"), part of the modernised and strengthened requirements governing the petroleum industry in The Bahamas, which took effect in July 2016. Environmental Authorisation represents the first step in commencing offshore field activity under the Regulations.

Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said:

"The submission of an application for Environmental Authorisation is an important milestone for BPC, as we move toward offshore field activity and operations in The Bahamas. Under the new Petroleum Regulations introduced in The Bahamas in 2016, commencing of any substantive field operations involves first applying for Environmental Authorisation - our application today is thus this first, mandated step in our planned program of work, consistent with the Regulations and our licence commitments and obligations. We look forward to working collaboratively with the Ministry of Environment and Housing and the BEST Commission as we discuss our application, so that together we can prepare for safe and environmentally responsible operations. BPC's efforts to secure a farm-in partner are progressing in parallel - submission of today's application in accordance with our licence obligations is an important consideration in that process."

Ends

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Notes to editors:

It is noted that despite the Company's efforts and confidence in its ability to ultimately secure a farm-in or financing, no assurance can be provided that a farm-in or other financing will be concluded, or on what terms, or in what timeframe.

Bahamas Petroleum Company is an oil and gas exploration company with 100% owned offshore licences exclusively focused on The Commonwealth of The Bahamas. The Company has significant prospective resources, which have been de-risked through both extensive 2D and 3D seismic. The Company is intent on delivering safe and environmentally responsible exploration.

www.bpcplc.com