StockMarketWire.com - Bahamas Petroleum Co's [LON:BPC] shares were down in late trading after it noted a slight delay on the new Petroleum Bill and suite of associated regulations currenlty progressing through the Bahamian House of Assembly.

Bahamas Petroleum says that following a procedural request by the Leader of the House of Assembly various amendments tabled by the minister for environment and housing at the time of the second reading in a separate document were deemed necessary to be consolidated into the draft Bill.

As a result the suite of legislation as initially submitted in December, now inclusive of the proposed amendments, has been formally resubmitted to the Bahamian House of Assembly. The second reading debate has been delayed to allow for this, but is expected to resume in the near term.

It says that thereafter, the process for passage into law remains as previously indicated: a third reading and vote by Members of the House before passage to the Senate for their consent and thereafter the Governor General's assent. The Sovereign Wealth Bill process and contents remain unaltered.

Chief executive Simon Potter said: "Following commencement of the debate phase the proposed Petroleum Bill and attendant Regulations were resubmitted to address procedural matters. This represents a slight delay in the process, but will ultimately allow for a more efficient debate and we expect the second reading of the legislative package to resume and conclude in the coming weeks. In a broader context the new legislative package continues its progress through the Bahamian Parliamentary process, which is pleasing, and we will update shareholders of any further developments in due course."

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LGO Energy's [LON:LGO] registered office has been moved from Suite 3B to Suite 4B at Princes House, 38 Jermyn Street, London SW1Y 6DN.

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Ithaca Energy [LON:IAE] has received a statement of claim from a law firm regarding purported misrepresentation of information over the past schedule for completion of the 'FPF-1' floating production facility modification works being completed by Petrofac.

The company says it vigorously refutes any such allegations and strongly denies any suggested wrongdoing. The company adds that it will be taking all necessary legal measures to defend itself against the statement of claim.

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Tower Resources' [LON:TRP] interest in Kenya Block-2B has increased after Premier Oi exercised its right to exit the joint venture.

Tower says it has received formal notification from block operator Lion Petroleum, the wholly-owned Kenya-based subsidiary of Taipan Resources, that Premier Oil has exercised its right to exit the joint venture with effect from 30 April.

Accordingly, Lion and Tower's working interests in the block will be adjusted on a pro-rata basis (Lion 66.66%, Tower 33.34%) for the remaining approximately six months of the current licence phase (unless otherwise agreed).

Tower's update says: "The ministry of energy has agreed to a six month extension to the first additional exploration period to 30 November. This is in order to complete the assessment of the remaining prospectivity of Block-2B, and as a result of the ongoing legal action relating to the temporary injunction served upon Lion, Premier, and other named parties highlighted in our announcement dated 12 December 2014 (Badada-1 Well Site Preparation and Rig Contract), which has prevented operations over the majority of the block.

"This will give the joint venture partners time to complete their remaining technical assessments and review their strategy with respect to Block-2B. During this extension period no additional financial commitments will be incurred."

Chief executive Graeme Thomson said: "Tower has increased its interest in Block 2B at nil cost and the six month extension to the First Additional Exploration Period will provide joint venture partners the time necessary to finish a thorough assessment of the prospectivity on this large (5,458 sq km) block."

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Falkland Oil and Gas Limited [LON:FOGL] has confirmed an oil discovery at the 14/20-1 'Isobel Deep' well that was spudded by operator Premier Oil on 8 April. FOGL has a 40% interest.

Chief executive Tim Bushell said: "We are delighted by the results of this well. Whilst it has not been possible to acquire wireline logs over the F3 reservoir (Isobel Deep), the presence of oil bearing sands is highly encouraging.

"FOGL believes these initial results open up an exciting new oil play in this part of PL004 and also, significantly reduce the risk on FOGL's other prospects in the adjacent PL005 licence.

"Further operations on the well will be performed when the rig returns to the North Falkland Basin after the Humpback well. These could include either a side-track from the existing well or a re-drill of the well near to the current location, depending on what is deemed appropriate once the drilling results have been further evaluated."

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Premier Oil [LON:PMO] and Rockhopper Exploration [LON:RKH] confirmed an oil discovery at the Isobel Deep exploration well 14/20-1 in the North Falkland Basin, about30km south of the Sea Lion field.

The Isobel Deep exploration well has been drilled to a depth of 8,289 feet reaching top reservoir on prognosis. The bottom 75 feet of the well consists of oil bearing F3 sands.

These sands were at a higher than expected reservoir pressure and this resulted in an influx into the well. As part of the operations to remove the influx, oil was recovered from the well and appears similar in nature to Sea Lion crude.

As a result of the new geological information it has been decided to suspend operations on the well and release the rig to drill in the South Falkland Basin. The rig is expected to return to continue operations in the North Falklands Basin in August.







At 4:23pm:

[LON:AUR] Aurum Mining PLC share price was 0p at 1.5p

[LON:BOR] Borders Southern Petroleum PLC share price was +0.48p at 5.08p

[LON:BPC] Bahamas Petroleum Company PLC share price was -0.22p at 1.98p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.75p at 11p

[LON:DGO] Dragon Oil PLC share price was +2.5p at 687.5p

[LON:ENQ] EnQuest Plc share price was -0.25p at 52.25p

[LON:FOGL] Falkland Oil Gas Ltd share price was -0.25p at 30.25p

[LON:GKP] Gulf Keystone Petroleum share price was +0.63p at 35.88p

[LON:GPX] Gulfsands Petroleum PLC share price was +0.01p at 14.88p

[LON:IAE] Ithaca Energy Inc share price was -1p at 51.25p

[LON:INDI] Indus Gas Ltd share price was -0.12p at 124.88p

[LON:LGO] Leni Gas Oil PLC share price was -0.1p at 3.1p

[LON:PET] Petrel Resources PLC share price was +0.01p at 3.13p

[LON:RKH] Rockhopper Exploration PLC share price was +4.88p at 65.63p

[LON:RPT] Regal Petroleum PLC share price was -0.13p at 4.5p

[LON:TRP] Tower Resources PLC share price was -0.01p at 0.21p

[LON:XEL] Xcite Energy Ltd share price was -0.87p at 37.63p



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