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Gov t loses intervention on $12m cruise ship sale VAT
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Gov t fails in strike-out bid on oil terminal land
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BPC exercising option to raise a further $5 million Simon Potter.
Amid its ongoing legal woes with environmentalists, Bahamas Petroleum Company (BPC) announced yesterday it is exercising a put option to raise a further £3.75 million ($5 million), which the company said represents adequate funding to meet not just the costs of drilling the Perseverance #1 well, but also fund its 2021 work programs in other jurisdictions.
A put option, or a financial market derivative instrument, allows a holder to sell assets at an agreed price on or before a particular date.
BPC is seeking to issue 187.5 million new ordinary shares at 2p per share, which it said would bring total funding since August 2019 to $52 million, with current undrawn potential funding sources in place for up to a further $20 million.
Ruling on oil drilling expected ‘ASAP’ Stena Drilling’s Stena IceMAX drillship.
After hearing both sides on the matter involving whether Bahamas Petroleum Company (BPC) should be allowed to proceed with its exploratory oil drilling yesterday, a Supreme Court justice is set to deliver a ruling “as soon as possible.”
Justice Petra Hanna-Adderley heard from the lead attorneys representing Waterkeeper Bahamas Ltd and Coalition to Save Clifton Bay, the government as well as BPC yesterday and adjourned the matter until 5 p.m. today.
Fred Smith, QC, who represents the environmental groups, in his argument contended that the issue at hand is whether the exploratory oil drilling exercise now underway by BPC was lawful and whether the process of licenses being granted by government included all of the steps required by law, including the issuance of permits as well as proper consultation.