- Oil and gas explorer Bahamas Petroleum said it had entered into a confidentiality and exclusivity agreement with a major international oil company to conclude a technical evaluation of its assets and a potential commercial transaction.

Under the terms of the agreement, Bahamas Petroleum and the counterparty would work exclusively together for at least the next three months, the firm said.

Bahamas Petroleum would receive a non-refundable cash payment of $250,000 per month for the initial three-month period of exclusivity with an additional $250,000 per month for any extended period of exclusivity, up to a maximum of a further three months.

'The decision to enter into an exclusivity agreement with a reputable international industry operator is a significant step in our ongoing process to secure a partner for our highly prospective assets in The Bahamas,' said Simon Potter, Chief Executive Officer of Bahamas Petroleum Company.

At 10:19am: [LON:BPC] Bahamas Petroleum Company PLC share price was +1.33p at 2.38p

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