Mount Alvernia is the highest peak of the Bahamas with its 63 m above sea level. This means that it the Bahamas were really afraid of rising sea levels, they should be the most vocal opponents of any fossil fuels developments. But they are not. They want the cash that oil would bring. I don’t blame them. Cash is stronger than some less than half-baked theory on global warming that cant even be proven.
The company on Friday said it had raised $2.54 million via a share placement. The funds raised, together with the existing cash, will be used as Bahamas Petroleum’s working capital over at least 12 months, as it seeks to secure a farm-in partner to finance an exploratory well on the company’s 100 percent-owned Bain, Cooper, Donaldson, and Eneas licenses.