Bahamas Petroleum gains as Senate passes Petroleum Bill

AIM-listed oil and gas company Bahamas Petroleum announced on Friday that the Bahamian senate has approved a new petroleum bill that will provide an upgraded and modernised framework for explorations in the Bahamas.

Challenger Energy Group

6.00p

16:55 11/11/24

4.35%

0.25p

FTSE AIM All-Share

737.93

17:04 11/11/24

n/a

Oil & Gas Producers

7,946.40

17:14 11/11/24

-0.40%

-31.62

The company said the Governor general will now receive the bills for signature, after which they will be passed into law.

The new legislation, which will be known as the Petroleum Act and the sovereign Wealth Fund Act, will help guide and govern the next phase of safe and responsible hydrocarbon exploration, Bahamas Petroleum said.

“The establishment of a sovereign wealth fund is a step forward in ensuring that accrued wealth from exploration success and subsequent development may be optimally invested, managed and conserved for the benefit of this and future generations of Bahamians.”

Bahamas Petroleum also said the legislation will make it easier for the group to drill the first modern oil exploration well in the Bahamas since the programmes completed in the 1970s and 1980s.

At 1138 GMT, Bahamas shares were up 21.2% to 2.00p.