Petroleum Act and Associated Regulations Update

08 October 2014

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Bahamas Petroleum Company welcomes Minister of the Environment and Housing announcement new Petroleum Act and associated regulations completed

Bahamas Petroleum Company, the oil and gas exploration company with licences in The Commonwealth of The Bahamas, notes the announcement by the Minister of the Environment and Housing today that a new Petroleum Act and a suite of regulations to guide and govern oil exploration in The Bahamas has been completed and is now to be placed before the House.

The Government details that it is committed to introducing the legislative package, which contains regulations that will address permitting, technical, environmental and operational activities for the petroleum industry in country, as soon as Parliament reconvenes after a brief recess.

A copy of the full ministerial statement can be viewed at the Ministry of Environment and Housing's web pages.

Simon Potter, Chief Executive Officer of Bahamas Petroleum, commented:

"The announcement by the Minister of the Environment and Housing to Parliament that the Government of The Bahamas has now completed the preparation of a new Petroleum Act and updated regulations is a welcome development. After a short recess, following a busy parliamentary agenda, the process will be finalised.

"The Minister's firm commitment to evaluating the country's petroleum resources through licenced exploration within an up-to-date legislative framework demonstrates the Government's continuing commitment to the future of the petroleum industry in The Bahamas whilst recognising the transformational effect success could have.

"The process of achieving ratification of these regulations is now a step closer and Bahamas Petroleum Company will continue to work closely with the Government, as appropriate, to ensure that all well locations are fully permitted and will be in immediate compliance with the revised regulations. This, along with our regular engagement with communities and stakeholders, is expected to aid a smooth preparation for further safe and environmentally responsible exploration."

- Ends -

For further information, please contact: