Source: Sharecast
The AIM-traded firm said the application was seeking a judicial review of various decisions taken by the government in relation to Bahamas Petroleum Company licences, and the drilling of the Perseverance-1 well.
It said that in summary, Justice Hanna-Adderley had exercised her discretion to add the company as a respondent to the application.
As a result, Bahamas Petroleum Company was entitled to request that the applicants provide security for costs, for which a hearing had been scheduled for 17 February.
At the same time, the Justice Hanna-Adderley provided a number of procedural rulings and guidance in relation to the judicial review application, the board said.
That included establishing the dates on which the court would hear the judicial review application, which would be 29 and 30 March, with a ruling to follow at some point thereafter.
Drilling of the Perseverance-1 exploration well in the Bahamas had been underway since 20 December, with the well on track to take between 45 and 60 days from commencement to completion.
Bahamas Petroleum Company said it would provide further updates on the court process as and when there were any material developments.
“Despite numerous opportunities over many years to input constructively, environmental groups seem determined simply to derail BPC's project in the Bahamas,” said chief executive officer Simon Potter.
“Attempts to secure orders from the court to this effect have not been successful, and the drilling of Perseverance-1 continues.
“Likewise, these groups have argued that Bahamas Petroleum Company should be excluded as a party to the judicial review action they have brought, despite virtually all communications and documents issued by these groups referring directly and extensively to BPC.”
Potter said the company was “pleased” that the court had recognised the “inconsistency” of that position, and ruled in the company’s favour.
“As a respondent to the application BPC will have full standing on the matter in court, and in a cost sense, the applicants can be held financially accountable if their action turns out to have been without merit.
“BPC thus welcomes the ruling.”
At 1141 GMT, shares in Bahamas Petroleum Company were down 7.56% at 2.2p.
