Update on Court Process in The Bahamas

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 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 drilling an initial exploration well in The Bahamas, Perseverance #1, 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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