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Bahamas Petroleum Company extends pre-partnership deal with oil major

It will have received US$1mln through the confidentiality and exclusivity deal with 'a major international oil company'
oil and gas operations
The arrangement now runs until at least September 1

Bahamas Petroleum Company Plc (LON:BPC) has extended its confidentiality and exclusivity deal with ‘a major international oil company’ to allow partnering talks to continue.

It is a one-month extension to the original three-month confidentiality and exclusivity period, taking the deadline to September 1, and the company has two further monthly extension options.

READ: Bahamas Petroleum soars on agreement with major oil company

The potential partner had already paid US$750,000 for the three months, and, another US$250,000 will now be paid to the AIM quoted explorer (any further extensions will require additional US$250,000 payment per month).

"The election to extend the period where BPC and the counterparty are to work exclusivity together on technical and commercial matters for a further month, is a clear indication of continued progress in our efforts to conclude a transaction covering our highly prospective assets in The Bahamas,” said Simon Potter, BPC chief executive.

“We will update the market of any material developments as and when appropriate, including any further extensions."

View full BPC profile View Profile

Bahamas Petroleum Company Timeline

Newswire
May 18 2015

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