Bahamas Petroleum says progress made with farm-in talks

Bahamas Petroleum says progress made with farm-in talks

Bahamas Petroleum is making progress with the farm-out talks for its southern licenses offshore the Bahamas.

The company, which in July raised $3.5 million via a placing of shares, has said it has actively continued its efforts to secure a farm-in or other financing.

Bahamas Petroleum said it had made progress despite the European summer holidays in August and the considerable disruptions to regional business activity caused by Hurricanes Harvey and Irma.

According to Bahamas Petroleim the Company has entered into four new Non-Disclosure & Confidentiality Agreements (“NDA’s”) with qualified prospective farm-in and financing partners.

Furthermore, the company said it had provided information to, and hosted or scheduled due diligence visits from, five new prospective farm-in and financing partners, and anticipates several additional visits in the coming weeks and months as more normal business activities resume in the region.

Bahamas Petroleum has also, according to the statement last week, maintained ongoing contact with several prospective farm-in / financing partners that had already undertaken technical due diligence during the time of the capital raising.

“The Company hopes to progress one or more of these parties to the next stage of the process (non-binding term sheets) in the coming months,” Bahamas Petroleum said.

Worth noting, the Board and executive continue to forego fees and salary in lieu of Company stock, under the previously reported terms, until funding to execute the well obligation has been secured.

Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said: “Securing a partnership and the funding necessary to enable drilling to commence remains the company’s number one priority. We are actively pursuing all avenues for the funding of the well, and intend to provide regular updates as to our activities in this regard to the extent permitted by commercial and confidentiality considerations. The board and I strongly believe in the company’s resources and are fully committed to delivering the initial exploration well as a first step towards unlocking the potential for oil and gas exploration in The Bahamas.”

Bahamas Petroleum Company currently owns 100% equity in five exploration licences, Bain, Cooper, Donaldson and Eneas in Southern Bahamas and Miami in Northern Bahamas. Bahamas Petroleum Company has made three, 100% equity applications named Zapata, Islamorada and Andros.

Offshore Energy Today Staff

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