The Bahamas

A subsidiary company of the Group entered into Licence Agreements with The Government of the Commonwealth of the Bahamas on 26 April 2007, for each of the Bain, Cooper, Donaldson and Aneas licence areas, offshore The Bahamas.

Extensive technical work was undertaken on the licence areas between 2008 and 2020 (including 3D seismic acquisition in 2012) and in late 2020 The Perseverance-1 well was drilled in the licence areas. In March 2021, consistent with the terms of the licences, application was made to the Government of The Bahamas to renew the licences for a third exploration period. However, the Government of The Bahamas has not yet responded to this application and, given the length of time that has passed since the application was made, the Group is presently exploring alternative means of monetising the value of its historic investment in The Bahamas, including considering legal remedies available against the Government of The Bahamas. As such, the licence interests are considered to be legacy assets of the Group and the Group has no active operations in The Bahamas.