Bahamas Petroleum Company drilling permit to be renewed

“We haven’t heard anything,” the source said.

The government of the Bahamas declined to comment on the matter when contacted by Reuters on Friday.

The company’s stock plummeted on Friday after a local Bahamas publication Nassau Guardian, quoted the country’s Prime Minister Hubert Ingraham as saying he would not permit oil drilling in the Bahamas if he returned to power following the country’s elections next month.

Shares in the company, which were among the most actively traded on Monday on the London Stock Exchange, were up 5.6 percent at 7.92 pence (US 13 cents) at 1030 GMT (6:30am EST).

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