- Bahamas Petroleum Co is pleased that a new Petroleum Act and a suite of associated regulations to guide and govern oil exploration have been placed before The Bahamas parliament.

In addition, as indicated by the Minister of Environment and Housing, a Sovereign Wealth Act has been proposed to provide the legislative framework to ensure that the accrued wealth from any successful exploration outcome would be optimally invested, managed and conserved for the benefit of this and future generations of Bahamians.

The company says that together, these new Acts seek to further enable hydrocarbon exploration as an integral part of the National Energy Policy of The Bahamas. The normal legislative process will see the draft legislation go through three readings in the Parliament, to be submitted, debated and voted upon, where a simple majority would see it forwarded on to the Senate for consent and subsequent passage into law. The company therefore anticipates that the legislative package will be promulgated in the coming weeks and a further announcement will be made in due course to update shareholders.

Chief executive Simon Potter said: "The fact that the Act and regulations are now before the Parliament demonstrates the Government's continuing commitment to the future of petroleum exploration in The Bahamas. The ratification of the Act and associated regulations will go a very long way to ensuring The Bahamas is an attractive place for companies from within this internationally competitive industry to maintain and increase capital investment.

"Bahamas Petroleum Company welcomes a framework of modernised and strengthened regulations designed to safeguard compliance with international standards and ensure exploration activities in The Bahamas are conducted in a safe and environmentally responsible manner such that all stakeholders may benefit from a successful outcome of such activities."

At 9:06am: [LON:BPC] Bahamas Petroleum Company PLC share price was +0.12p at 2.1p

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