Bahamas Petroleum Company plc ("BPC" or the "Company"): Outcome of Court Proceedings in The Bahamas – Application for leave to apply for Judicial Review Denied

• An Application for leave to apply for a Judicial Review, brought against the Government of The Bahamas in respect of BPC’s Environmental Authorisation, has been denied
• A request for a stay order (halt) to BPC’s drilling activities has also been denied

LONDON--(BUSINESS WIRE)--BPC advises that the Supreme Court of The Bahamas has issued a ruling refusing leave in relation to an application for an extension of time to apply for Judicial Review of the decision by the Government of The Bahamas to grant BPC Environmental Authorisation to proceed with the drilling of Perseverance #1, and an associated stay of BPC’s activities. The Application was brought by environmental activists against the Government of The Bahamas.

The Court has indicated that written reasons for this ruling will be provided on or around 29 December 2020, and that there will be a further hearing on that date. The precise nature of the further hearing will be notified to the parties and BPC on 26 December 2020.

The ruling of the Court means that progress of drilling of the Perseverance #1 well in The Bahamas can continue unimpeded. As previously advised drilling of the well commenced on 20 December 2020, and is expected to be completed within 45-60 days of commencement, targeting P50 prospective oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels.