Bahamas Petroleum is pleased to announce that it has received notification from the Government of The Bahamas, via the Ministry of the Environment, that the statutory term for the five licences held by the Company have each been renewed.

The new licence term is for a further three years with an obligation to commence the drilling of an exploration well by April 2015.

The Company expects to meet this obligation, subject to financing via a farm-out agreement, with an exploration well in the southern licences anticipated in the second half of 2014.