Bahamas Petroleum Company PLC Update on Court Process in The Bahamas (6827M)
January 25 2021 - 1:00AM
UK Regulatory
TIDMBPC
RNS Number : 6827M
Bahamas Petroleum Company PLC
25 January 2021
25 January 2021
Bahamas Petroleum Company plc
("BPC" or the "Company")
Update on Court Process in The Bahamas
Further to BPC's recent announcements in relation to the Court
process in The Bahamas, on 22 January 2021 The Honourable Justice
Petra Hanna-Adderley provided her ruling on the subject of BPC
being added as a primary respondent to the application brought by
environmental groups against the Government of The Bahamas, seeking
a judicial review of various decisions taken by the Government in
relation to BPC's licences and the drilling of the Perseverance #1
well.
In summary, the Honourable Justice Petra Hanna-Adderley has
exercised her discretion to add BPC as a respondent to the
application. Consequent on this, BPC is entitled to request that
the applicants provide security for costs, for which purpose a
hearing has been scheduled for 17 February 2021.
At the same time, the Honourable Justice Petra Hanna-Adderley
provided a number of procedural rulings and guidance in relation to
the judicial review application. This included establishing the
dates on which the Court will hear the judicial review application,
which will be 29 and 30 March 2021, with a ruling to follow at some
point thereafter.
Drilling of the Perseverance #1 exploration well in The Bahamas
has been underway since 20 December 2020 (consistent with previous
announcements prior to Christmas 2020). The well remains on track
to take 45 - 60 days from commencement to complete .
BPC will provide further updates in relation to the Court
process as and when there are any material developments.
Simon Potter, CEO of BPC, said:
"Despite numerous opportunities over many years to input
constructively, environmental groups seem determined simply to
derail BPC's project in The Bahamas. Attempts to secure orders from
the Court to this effect have not been successful, and the drilling
of Perseverance #1 continues. Likewise, these groups have argued
that BPC should be excluded as a party to the judicial review
action they have brought, despite virtually all communications and
documents issued by these groups referring directly and extensively
to BPC. We are pleased that the Court has recognised the
inconsistency of this position, and ruled in BPC's favour. As a
respondent to the application BPC will have full standing on the
matter in Court, and in a cost sense, the applicants can be held
financially accountable if their action turns out to have been
without merit. BPC thus welcomes the ruling."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0) 1624
Simon Potter, Chief Executive Officer 647 882
Strand Hanson Limited - Nomad Tel: +44 (0) 20 7409
Rory Murphy / James Spinney / Jack Botros 3494
Shore Capital Stockbrokers Limited - Tel: +44 (0) 207 408
Joint Broker 4090
Jerry Keen / Toby Gibbs
Investec Bank Plc - Joint Broker Tel: +44 (0) 207 597
Chris Sim / Rahul Sharma 5970
CAMARCO Tel: +44 (0) 020 3757
Billy Clegg / James Crothers / Hugo Liddy 4980
Notes to editors
BPC is a Caribbean and Atlantic margin focused oil and gas
company, with a range of exploration, appraisal, development and
production assets and licences, located offshore in the waters of
The Bahamas and Uruguay, and onshore in Trinidad and Tobago, and
Suriname. BPC is currently drilling an initial exploration well in
The Bahamas, Perseverance #1, with the well targeting recoverable
P(50) prospective oil resources of 0.77 billion barrels, with an
upside of 1.44 billion barrels. In Trinidad and Tobago, BPC has
five producing fields, two appraisal / development projects and a
prospective exploration portfolio in the South West Peninsula.
BPC's exploration licence in Uruguay is highly prospective, with a
potential resource of 1 billion barrels of oil equivalent. In
Suriname, BPC has an onshore appraisal / development project.
BPC is listed on the AIM market of the London Stock Exchange. www.bpcplc.com
END
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