Bahamas: Bahamas Petroleum provides update on court process in The Bahamas - drilling of Perseverance-1 to continue
06 Jan 2021
Further to
BPC s announcements of 29 December 2020, 30 December 2020 and 31 December 2020, The Honourable Justice Petra Hanna-Weekes has provided her ruling on various matters (as referred to in those prior announcements).
In summary, the Court s ruling is as follows:
The Honourable Justice Petra Hanna-Weekes has refused to grant any orders that would affect BPC s current operations. This means that the drilling of Perseverance-1 will continue;
The application from Environmentalists against the Government of The Bahamas to seek leave to bring judicial review proceedings in respect of various decisions taken by the Government in relation to BPC s licences in The Bahamas has been granted; and
6 January 2021 | 09:03am
StockMarketWire.com - Oil and gas company Bahamas Petroleum Company said it had won a court ruling in its favor, marking a blow to environmentalists that had attempted to stop the drilling of the company s well in the Bahamas.
The Honourable Justice Petra Hanna-Weekes had refused to grant any orders that would affect BPC s current operations, allowing the drilling of Perseverance #1 to continue, the company said.
Further hearings are scheduled to take place over the coming months, including a hearing related to the substantive judicial review to be held either in mid-February 2021, or during March 2021.
Drilling of the Perseverance #1 exploration well remains on track to take 45 to 60 days from commencement to complete, at which time BPC would be in a position to inform shareholders of the outcome of the well, the company said.
31 December 2020 | 09:45am
StockMarketWire.com - Oil and gas company Bahamas Petroleum Company said oral arguments were heard in the Supreme Court on 30 December and the company was now awaiting the outcome of a further ruling.
Justice Petra Hanna-Weekes at a prior hearing on 24 December 2020, had refused a motion for Judicial Review from environmental activists into the Government of The Bahamas decision in February 2020 to grant BPC environmental authorisation to proceed with the drilling of the Perseverance #1 well.
The Honourable Justice Petra Hanna-Weekes had not indicated a date for when any further ruling will be provided, the company said.
The drilling of the Perseverance #1 well in The Bahamas would continue, it added.
Investec Bank Plc - Joint Broker Chris Sim / Rahul Sharma CAMARCO Tel: +44 (0) 020 3757 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 o
Investec Bank Plc - Joint Broker
Chris Sim / Rahul Sharma
CAMARCO
Tel: +44 (0) 020 3757 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.