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Bahamas Petroleum updates on Supreme Court hearing as Perseverance-1 well programme continues

The Perseverance-1 well programme began on December 20 and was allowed to continue following a court ruling on December 24.

Bahamas Petroleum Company PLC - Bahamas Petroleum updates on Supreme Court hearing as Perseverance-1 well programme continues

Bahamas Petroleum Company PLC (LON:BPC) has updated on the ongoing court process in relation to the Perseverance-1 exploration well.

Oral arguments were heard in the Supreme Court of The Bahamas on December 30, the company noted.

The arguments were heard addressing various matters and the Court has now reserved judgment, it added.

READ: BPC to continue drilling after court decision

“The Honourable Justice Petra Hanna-Weekes has not indicated a date for when any further ruling will be provided,” the company noted in a statement.

Previously, Honourable Justice Petra Hanna-Weekes on December 24 refused an application to apply for Judicial Review of a decision by the Government of The Bahamas in February 2020 to grant BPC environmental authorisation to proceed with the drilling of Perseverance-1.

The exploration well programme kicked off on December 20 and following the December 24 ruling it has since continued.

BPC told investors it will update on the well programme as and when there are any material developments.

Perseverance-1 is expected to take 45-60 days to complete and is targeting P50 prospective oil resources of 0.77bn barrels with an upside of 1.44bn barrels.

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Price: 2.1 GBX

LSE:BPC
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Market Cap: £98.77 m
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