Bahamas Petroleum Company awarded licences

 

Under the terms of Bahamas Petroleum Company's granted licences the Governor General grants the licence holders, Bahamas Offshore Petroleum (BOP) and Island Offshore Petroleum (IOP), 100% subsidiaries of Bahamas Petroleum Company, the sole right to undertake exploration in its licence areas subject to conditions set out in the licences and Bahamian legislation and regulations.  The licences are granted for 12 years from April 2007, divided in to 4, equal 3-year periods, however the first 3-year period was extended for an additional 2 years at the request of the Government to run to April 2012. Following completion of the first '3 year' period, if BOP and IOP have met the financial and regulatory provisions of the licences the Governor General shall renew the licences for a further 3 years, provided the Company commits to drill an exploration well and spuds the well before the end of the first renewal year, i.e., by April 26 2013.  The Company advised The Ministry of the Environment of the Commonwealth of The Bahamas in a letter dated February 2011 that Bahamas Petroleum Company had fulfilled the commitments pertaining to the initial 3 year period of each of the current licences and that it was therefore committed commencing an exploration well by the defined commitment date. Thus the exploration programme would continue through to the next anticipated extension in 2015.

Exploration licence: 12 years in total based on 3-year renewal periods

• Initial 3 year award
• 1st Renewal (years 4-6) @100% of acreage - renewal requires commitment to spud well before end of year 4 and a subsequent well drilled within a further 2 years
• 2nd Renewal (years 7-9) @ 50% - requires well drilled every 2 years
• 3rd Renewal (years 10-12) @ 50% - requires well drilled every 2 years 

 

Production licence - 30 years plus additional 10 years (subject to approval of extension)

Exploration Licences and Applications



Asset*	Holder	Interest	Status	Date of Next Renewal	Licence Area
The Bahamas - Bain Licence (offshore)	Bahamas Petroleum Company plc	100%	Exploration	27 April 2015	775,468 acres 3,138km²
The Bahamas - Cooper Licence (offshore)	Bahamas Petroleum Company plc	100%	Exploration	27 April 2015	777,934 acres 3,148km²
The Bahamas - Donaldson Licence (offshore)	Bahamas Petroleum Company plc	100%	Exploration	27 April 2015	778,855 acres 3,152km²
The Bahamas - Eneas Licence (offshore)	Bahamas Petroleum Company plc	100%	Exploration	27 April 2015	780,316 acres 3,158km²
The Bahamas - Miami Licence (offshore)	Bahamas Petroleum Company plc	100%	Exploration	27 April 2015	760,973 acres 3,080km²

* Interest for all licences: 100%

Renewal: Licences granted 26 April 2007 for 12 years with renewal each new 3 year period, first 3 year period granted a two year extension.

Application**	Holder	Licence Area
The Bahamas - Islamorada Licence(offshore)	Bahamas Petroleum Company plc/Statoil	777,900 acres 3,148km²
The Bahamas - Zapata Licence (offshore)	Bahamas Petroleum Company plc/Statoil	776,200 acres 3,141km²
The Bahamas - Falcones Licence (offshore)	Bahamas Petroleum Company plc/Statoil	774,600 acres 3,135km²

** July 2010 applications.  Joint Venture Interest for all licences: Statoil - Bahamas Petroleum Company.

Statoil operator with majority interest.

Application***	Holder	Licence Area
The Bahamas - Santaren Licence(offshore)	Bahamas Petroleum Company plc	760,100 acres 3,076km²
The Bahamas - Andros Licence (offshore)	Bahamas Petroleum Company plc	774,500 acres 3,134km²

*** July 2010 applications with 100% working interest.