Response to Media Speculation

RNS Number : 0711I

Bahamas Petroleum Company PLC

09 December 2020

 

9 December 2020

Bahamas Petroleum Company plc

("BPC" or the "Company")

Response to Media Speculation

BPC, the Caribbean and Atlantic margin focused oil and gas company, with exploration, production, appraisal and development assets across the region, notes media speculation in The Bahamas to the effect that a number of environmental activists have filed an application in the Supreme Court of The Bahamas for leave to bring judicial review proceedings against the Government of The Bahamas, in relation to the Government's decision to approve the drilling of the Perseverance #1 well.

Apart from this media speculation, BPC presently has no further knowledge in relation to this matter: BPC has not been served, and is not aware that the Government of The Bahamas has been served. BPC will continue to monitor the situation closely and will make a further announcement as and when it becomes aware of any material developments.

Regulatory Statements

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 Simon Potter, Chief Executive Officer	Tel: [phone]
Strand Hanson Limited - Nomad Rory Murphy / James Spinney / Jack Botros	Tel: [phone]
Shore Capital Stockbrokers Limited - Joint Broker Jerry Keen / Toby Gibbs	Tel: [phone]
Investec Bank Plc - Joint Broker Chris Sim / Rahul Sharma	Tel: [phone]
CAMARCO Billy Clegg / James Crothers / Hugo Liddy	Tel: [phone]

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 on-track for drilling an initial exploration well in The Bahamas, Perseverance #1, in late 2020 / early 2021, with the well targeting recoverable P₅₀ 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

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