StockMarketWire.com - Bahamas Petroleum Co [LON:BPC] says it is delighted that the Bahamian House of Assembly has passed the the Petroleum Bill and associated regulations, as well as a Sovereign Wealth Bill.

The Bills will now be sent to the Bahamian Senate and following successful passage the Governor General will receive the Bills for assent into law; after which they will be known as the Petroleum Act and the Sovereign Wealth Fund Act.

The Company considers that this legislative package reinforces responsible and safe hydrocarbon exploration as an integral part of the National Energy Policy of The Bahamas, whilst at the same time providing the assurance required to attract the considerable investment necessary to develop the potentially huge, and therefore significant economic resources present in Bahamian waters.

Chief executive Simon Potter said: "The passing of the Bills and attendant Regulations marks the closing of a lengthy process, and we are delighted to see a majority vote in favour. This represents a clear expression of support for our industry not just by the Government, but by the wider legislative community as well.

"Today's news should be viewed as positive not only for Bahamas Petroleum Company and its shareholders and stakeholders, but also the country as a whole, as it provides a more stable framework for permitting, technical, environmental and operational activities. These are all key aspects that influence foreign investment. The Government today has shown its commitment to responsible oil and gas exploration in The Bahamas, where a successful outcome could be an economic game-changer for the country given the sheer scale of the prospects. We look forward to the Bills and associated Regulations becoming law in the near future.

"Bahamas Petroleum continues to progress its evaluation of the potential of its 100% owned offshore licences, including discussions with potential partners, and looks forward to continuing to work closely with the Government and local communities in generating significant value for all stakeholders. We will update the market further in due course."

* * *

Stratex International [LON:STI] has sold its 1% net smelter return (NSR) royalty for the Oks�t gold project in Turkey to former joint-venture partner Centerra Gold Inc. for USD4.5m.

* * *

Cadogan Petroleum [LON:CAD] says production from its Debeslavetska and Cheremkivska gas licenses and Monastyretska oil licence in Western Ukraine was 122 boepd (net) at the end of November 2015.

Management is of the opinion that the current in-house estimation of reserves and resources may conservatively represent the potential of some of the Western licences and has requested a third party independent evaluation of reserves and resources of its entire portfolio.

The report is expected to be delivered in the coming weeks.

The Company said it will make an announcement with regard to this update in due course.

In addition, Cadogan stated that it continues to progress the renewal of the Pirkivska and Zagoryanska licences which are pending approval by the Ukraine authorities.

* * *

Bowleven [LON:BLVN] has started an extended well testing programme at Zingana well on Bomono permit in Cameroon.

The company said the well has started flowing hydrocarbons following the installation of testing equipment.

It said that like Moambe, the extended well testing programme at Zingana is planned to determine the productivity and connectivity of the shallower reservoir units which are intended to provide the basis for the initial supply of gas under a gas-to-power development scheme.

* * *

Nostra Terra [LON:NTOG] said Texas Capital Bank has agreed to a three year extension of the lending facility until 31 January 2019.

The Facility contains both a three year Revolving Credit Facility and a Standby Letter of Credit Facility with an initial nominal limit of USD25m.

Interest is charged on monies drawn down at the current rate of 4.25% (determined by the higher of either: the sum of the Wall Street Journal Rate plus 1% or 4.25%).

Texas Capital Bank is a highly regarded energy lender based in Dallas Texas, with over US$11 billion in assets under management.

Nostra Terra will use the facility to grow its asset base with a focus on producing assets.









At 4:08pm:

[LON:AUR] Aurum Mining PLC share price was -0.1p at 0.63p

[LON:BLVN] BowLeven PLC share price was 0p at 22.5p

[LON:BOR] Borders Southern Petroleum PLC share price was -0.07p at 1.51p

[LON:BPC] Bahamas Petroleum Company PLC share price was +0.52p at 1.86p

[LON:CAD] Cadogan Petroleum PLC share price was +0.13p at 8.25p

[LON:CHAR] Chariot Oil Gas Ltd share price was -0.29p at 5.65p

[LON:ENQ] EnQuest Plc share price was +0.38p at 18.63p

[LON:FOGL] Falkland Oil Gas Ltd share price was -0.12p at 7.38p

[LON:GKP] Gulf Keystone Petroleum share price was +0.38p at 15.38p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 3.5p

[LON:INDI] Indus Gas Ltd share price was 0p at 117.5p

[LON:NTOG] Nostra Terra Oil Gas Company PLC share price was -0p at 0.06p

[LON:PET] Petrel Resources PLC share price was 0p at 3.25p

[LON:RKH] Rockhopper Exploration PLC share price was +0.13p at 25.63p

[LON:RPT] Regal Petroleum PLC share price was +0.7p at 4.1p

[LON:STI] Stratex International PLC share price was +0.13p at 1.55p

[LON:XEL] Xcite Energy Ltd share price was -0.13p at 15.5p



Story provided by StockMarketWire.com