StockMarketWire.com - Oil and gas company Bahamas Petroleum company said it had given Heritage Petroleum more time to obtain government approval for the implementation of a new 10-year production sharing agreement.

The company also said the deadline for Predator oil and gas to purchase the Inniss-Trinity asset had lapsed.

The term of the current production service contract with Heritage Petroleum was extended from 30 September 2020 until 31 December 2020.

The 10-year agreement was already in an agreed form and had been submitted to the Ministry fo Energy, but 'the process for securing the final ministerial approvals and consent to signature has been delayed as a result of disruptions occasioned by the Covid-19 pandemic and the conduct of a national election in Trinidad and Tobago,' the company said.

The company also said it would continue to review the application of a range of enhanced oil recovery techniques, and seek to undertake further reservoir enhancement work at the Inniss-Trinity field after Predator oil and gas failed to enter into a share purchase agreement by the 30 September deadline.



At 10:10am: [LON:BPC] Bahamas Petroleum Company PLC share price was -0.05p at 2.18p



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