Bahamas Petroleum (LON:BPC) has seen a decline in share price this morning as news that the government is denying Bahamas Petroleum Company’s claim that its licences to explore for oil have been renewed.
“Upon legal advice, this Ministry advised BPC that it is presently unable to accept rental fees for the year April 2012 – 2013 as the government has yet to determine its course of action in connection with license renewal,” the government said in a statement.
According to company website, the renewal came into effect on April 27 and the terms included a commitment to “spud an exploration well” by April 26, 2013.
Source: OilVoice
