Nassau, Bahamas - BPC, the Caribbean and Atlantic margin focused oil and gas company today repeats that, as previously disclosed publicly, in accordance with strict legal requirements and as stipulated by the Government of The Bahamas, it has in place all insurances required for their exploratory well, Perseverance #1.
“Therefore, the statement from Our Islands Our Future in relation to BPC’s insurance policies is baseless and entirely incorrect. As with all insurance contracts, there exists normal business confidentiality provisions, and whilst the details of BPC’s specific contracts have been provided to the Government of The Bahamas, they are otherwise subject to the usual commercial confidentiality obligations,” said BPC CEO Simon Potter
“I would note further that Lloyds of London is the world’s leading insurance market, comprised of multiple risk writing syndicates. It is not a company or similar such organisation where any one individual can attest to speak for Lloyds as a whole. As such, the Corporation of Lloyd’s does not have details of individual contracts underwritten by its syndicates.
Thus by choosing to represent an individual as speaking for the whole of the Lloyds syndication market is yet another deliberate and gross misrepresentation of basic facts by Our Islands Our Future, evidencing a near complete lack of understanding and continued naivety as to how businesses operating in The Bahamas (and internationally) actually operate.”
BPC is a public company listed on the AIM Market of the London Stock Exchange. In common with every other international publicly-traded company, BPC has a strict legal obligation as to the veracity (truth) of the facts contained in its public statements on all matters, not just in relation to insurance. This is in direct contrast to Our Islands, Our Future that have no such obligation. Any public statements made by BPC are monitored by a Nominated Advisor (NOMAD) which acts as a regulator under authority from the London Stock Exchange, so as to ensure BPC abides by its legal disclosure requirements.
BPC history of 2020 public statements on insurance coverage:
30-9-20
Under the terms of BPC's licences in The Bahamas, and in accordance with global best practice standards, BPC is required to secure an extensive suite of insurance policies to cover drilling operations for Perseverance #1, including an appropriate well control policy.
BPC is pleased to advise that it has now secured all required insurances for the Perseverance #1 well drilling operations. The insurance placement, arranged by Aon UK Ltd, follows an extensive independent third-party review of BPC's well plan, design and risk mitigation policies. The insurance placement has been with a panel of insurers comprising of Lloyd's of London and International Company markets (with all meeting local Bahamian insurance regulations), all of which have a financial rating of "A" or higher from Standard & Poor's. The policy utilises internationally recognised wordings and complies with BPC's contractual obligations.
17-11-20
As previously announced, BPC has placed an extensive suite of insurance policies to cover drilling operations for Perseverance #1, including an appropriate well control policy. This is as required under the terms of BPC's licences in The Bahamas, and is in accordance with global best practice standards. The insurance placement, arranged by leading global insurance agent Aon UK Ltd, followed an extensive independent third-party review of BPC's well plan, design and risk mitigation policies. The insurance placement is with a panel of insurers comprising of Lloyd's of London and International Company markets (with all meeting local Bahamian insurance regulations), all of which have a financial rating of "A" or higher from Standard & Poor's. The policy utilises internationally recognised wordings and complies with BPC's contractual obligations, including cover levels considerably in excess of those stipulated as being required by the Government of The Bahamas.
BPC is a full-cycle E&P company with a portfolio of assets in multiple jurisdictions across the Caribbean and South America, providing access to high impact exploration (The Bahamas, Uruguay, Trinidad and Tobago), appraisal and development (Trinidad and Tobago, and Suriname) and valuable production assets (Trinidad and Tobago).
