Bahamas Petroleum Co (BPC.L) Further Update on Court Process in The Bahamas

Further to BPC’s announcements of 29 December 2020 and 30 December 2020, a hearing of the Supreme Court of The Bahamas was held on 30 December 2020.

Oral arguments were heard addressing various matters (as referred to in BPC’s announcements of 29 December 2020 and 30 December 2020), and the Court has now reserved judgment. The Honourable Justice Petra Hanna-Weekes has not indicated a date for when any further ruling will be provided.

As previously advised, at a prior hearing on 24 December 2020, the Honourable Justice Petra Hanna-Weekes, following her consideration of the relevant documents, refused on the papers 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. Following the ruling of the Court on 24 December 2020, drilling of the Perseverance #1 well in The Bahamas, currently underway since 20 December 2020 has continued.

BPC will provide a further update as and when there are any material developments.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

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 P50 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.

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