The accord covered three license applications offshore the Bahamas − Zapata, Falcones and Islamorada − all of which will revert solely into Bahamas Petroleum’s name. Chevron/Gulf drilled a well with oil shows on the Zapata concession during the mid-1950s.
Recently the Bahamian government issued a mandate to proceed with exploration drilling within existing licenses.
Bahamas Petroleum expects to meet its obligation to drill a first exploration well on its southern licenses by April 2015, subject to securing financing via a farm-out.
The company adds that the southern licenses’ boundary has been adjusted to conform to the Bahamas - Cuban maritime median line.