Update on Petroleum Bill & associated Regulations

RNS Number : 4615O

Bahamas Petroleum Company PLC

28 May 2015

 

28 May 2015

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Update on Petroleum Bill and associated Regulations

As previously advised by the Company, a new Petroleum Bill and suite of associated Regulations is progressing through the Bahamian House of Assembly via a first reading in December 2014 and a second reading and debate phase that was commenced on 21 May 2015.

Following a procedural request by the Leader of the House of Assembly various amendments tabled by the Minister for Environment and Housing at the time of the second reading in a separate document were deemed necessary to be consolidated into the draft Bill. As a result the suite of legislation as initially submitted in December 2014, now inclusive of the proposed amendments, has been formally resubmitted to the Bahamian House of Assembly. The second reading debate has been delayed to allow for this, but is expected to resume in the near term. Thereafter, the process for passage into law remains as previously indicated: a third reading and vote by Members of the House before passage to the Senate for their consent and thereafter the Governor General's assent.

The Sovereign Wealth Bill process and contents remain unaltered.

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

"Following commencement of the debate phase the proposed Petroleum Bill and attendant Regulations were resubmitted to address procedural matters. This represents a slight delay in the process, but will ultimately allow for a more efficient debate and we expect the second reading of the legislative package to resume and conclude in the coming weeks. In a broader context the new legislative package continues its progress through the Bahamian Parliamentary process, which is pleasing, and we will update shareholders of any further developments in due course."

- Ends -

For further information, please contact:

Bahamas Petroleum Company plc Simon Potter, Chief Executive Officer	Tel: [phone]
Strand Hanson Limited - Nomad Rory Murphy / James Spinney	Tel: [phone]
CAMARCO Billy Clegg / Georgia Mann	Tel: [phone]

Notes to editors:

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 four Southern Licences, with a newly agreed well obligation date of April 2017, run until 2Q 2018 when the licences may be renewed a further two times. The Company is intent on delivering safe and environmentally responsible exploration.

www.bpcplc.com

 

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