26th Jul 2018 13:54
LONDON (Alliance News) - Bahamas Petroleum Company PLC on Thursday said an unnamed buyer intends to extend the confidentiality & exclusivity contract for a potential deal in the Bahamas.
Back in May, the oil & gas company partnered with an "international" oil company to undertake a technical evaluation of Bahamas Petroleum's licences in the Bahamas and develop a commercial framework for a potential transaction.
The original contract was for the period of three months with Bahamas Petroleum securing a non-refundable cash payment of USD250,000 each month.
The company confirmed it has already received GBP750,000 for the agreed period and is awaiting a further GBP250,000 for the additional month of exclusivity as part of this current extension.
Bahamas Petroleum said the identity of the party will continue to remain confidential.
"The election to extend the period where Bahamas Petroleum and the counterparty are to work exclusivity together on technical and commercial matters for a further month, is a clear indication of continued progress in our efforts to conclude a transaction covering our highly prospective assets in the Bahamas," said Chief Executive Simon Potter.
The stock was trading 2.9% higher on Thursday at 5.35 pence per share.
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