Bahamas Petroleum Company has been give another years leeway on starting activity in the region.
The Commonwealth of the Bahamas granted the company four southern licences, for a second three year exploration term back in June 2015.
BPC had hoped to commence activity on an initial exploration well by April 2017.
However the government has now extended the time bar for a further period of 12 months.
This means the firm will now not be obliged to commence activity on an initial exploration well until April 2018.
In a statement BPC said is remained “singularly focused” on commencing drilling operations as soon as possible and that the company remains in talks with various funding and operating partners.
The company closed the end of 2016 with a freely available cash balance of approximately $1 million and a reserved cash position of an additional $0.5 million.
BPC has previously announced various cost saving measures, including board and senior management fee and remuneration deferrals, so as to preserve cash resources through any extended farm-out process.
The Isle of Man headquartered business claims these cost saving measures and deferrals will continue until such time as future funding is secured.
The statement concluded with the company claiming that its ongoing overheads were minimised as such, that the board considers it has sufficient financial resources to take it through the conclusion of the farm out process.