- Bahamas Petroleum said Friday a major international oil company had decided against extending its exclusivity agreement with the company beyond the end of August, halting exclusivity payments.

'The company with which we have been in exclusive negotiations has elected not to extend further the period of exclusivity, which means we will receive no further exclusivity payments,' Bahamas Petroleum said.

Bahamas Petroleum had received US$1m in exclusivity payments to date from the major international oil company.

But the company remained optimistic and said it would now re-engage in discussion with third partners, which had been put on hold amid negotiations with the major international oil company to extend the exclusivity.

'At the same time, having demonstrated interest from an international oil major, we are now able to freely re-engage in discussions with all other parties, which had previously been put in abeyance,' the company said.

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