TIDMBPC
RNS Number : 9027J
Bahamas Petroleum Company PLC
29 December 2020
29 December 2020
Bahamas Petroleum Company plc
("BPC" or the "Company")
Update on Court Process in The Bahamas
-- An Application to the Supreme Court of the Bahamas ("Court")
for leave to apply for a Judicial Review, brought against the
Government of The Bahamas in respect of the issue to BPC (in
February 2020) of an Environmental Authorisation for drilling of
the Perseverance #1 well, was refused 'on the papers' by the Court
on Thursday, 24 December 2020
-- Accordingly, a request for a stay order (halt) to BPC's
drilling activities was refused at that hearing
-- The Applicants have made a renewed application for Judicial
Review in respect of the Environmental Authorisation and, on
Saturday, 26 December 2020, the Court advised that there would be
an oral hearing of the renewed application on Tuesday, 29 December
2020
-- Additional matters that were not addressed at the 24 December
2020 hearing will also be heard on Tuesday, 29 December 2020
On Thursday, 24 December 2020, at a hearing of the Court, the
Honourable Justice Petra Hanna-Weekes, following her consideration
of the relevant documents, refused the Applicants leave to apply
for judicial review of the decision by the Government of The
Bahamas in February 2020 to grant BPC Environmental Authorisation
to proceed with the drilling of Perseverance #1. The application
had been brought by certain environmental groups.
This ruling was made 'on the papers' - that is, solely on the
basis of written materials provided by parties to the Court,
without any parties making oral submissions.
Following that ruling, the Court also refused the Applicants'
request for a stay order (halt) to BPC's drilling activities.
The question of whether BPC's request to be added as an
interested party to the proceedings was adjourned, as was the
Applicant's application for judicial review of more recent
decisions by the Government of The Bahamas.
The lawyer acting for the environmental groups indicated that
they would renew their application for leave following the
refusal.
In response, the Honourable Justice Petra Hanna-Weekes indicated
that written reasons for her ruling would be provided on or around
29 December 2020, and that there would be a further hearing on that
date, but that the precise nature of that further hearing would be
notified to the parties and BPC on Saturday, 26 December 2020.
Consequent to this, on 26 December 2020 the Honourable Justice
Petra Hanna-Weekes advised the parties and BPC that a session of
the Court will be convened on Tuesday, 29 December 2020, to hear
oral arguments from the parties, limited strictly to those matters
already set out in papers previously submitted to Court. BPC's
application to be added as party will be addressed at a further
court hearing on 6 January 2021.
The ruling of the Court on 24 December 2020 means that drilling
of the Perseverance #1 well in The Bahamas, currently underway
since 20 December 2020, has continued.
BPC will provide a further update following the Court hearing on
29 December 2020.
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 Tel: +44 (0) 1624
Simon Potter, Chief Executive Officer 647 882
Strand Hanson Limited - Nomad Tel: +44 (0) 20 7409
Rory Murphy / James Spinney / Jack Botros 3494
Shore Capital Stockbrokers Limited - Tel: +44 (0) 207 408
Joint Broker 4090
Jerry Keen / Toby Gibbs
Investec Bank Plc - Joint Broker Tel: +44 (0) 207 597
Chris Sim / Rahul Sharma 5970
CAMARCO Tel: +44 (0) 020 3757
Billy Clegg / James Crothers / Hugo Liddy 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.
BPC is listed on the AIM market of the London Stock Exchange. www.bpcplc.com
END
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