Bahamas Petroleum Company PLC (LON: BPC) have seen their shares jump on Friday after the firm said it was on track for 2020.

The Bahamas Petroleum Company was formed to invest in an offshore oil exploration programme in licence areas covering approximately 16,000 sq km (4 million acres) in the territorial waters and maritime Exclusive Economic Zone (EEZ) of The Bahamas.

The Group holds 100% interests through wholly owned subsidiaries in five Exploration Licenses granted by the Government of the Commonwealth of The Bahamas, and has applications for an additional 5 licenses.

Shares of Bahamas Petroleum jumped 0.63% to 2p. 29/11/19 13:25BST.

In the industry, Global Petroleum (LON: GBP) have seen their shares spike this week following success in their Namibian operations.

Nostrum Oil and Gas (LON: NOG) and Chariot Oil & Gas (LON: CHAR) have seen their shares dip following modest updates.

Earlier this year, Bahamas Petroleum saw its shares rally following an announcement detailing a licence extension.

The mutual fund will exclusively hold Bahamas Petroleum shares and is intended “to provide Bahamians with an opportunity to invest in the company’s nationally significant project”. Leno Corporate Services Ltd has been chosen to act as adviser for the mutual fund’s creation.

“Details of the proposed mutual fund, including the terms, how investors’ interests in [Bahamas Petroleum] would be reflected, eligibility for, anticipated timeframe and manner of subscription, will be confirmed in the coming weeks,” the company said.

In addition, the firm has made progress in its environment authorization in the Bahamas, which will please shareholders.

Chief Executive Simon Potter said: “The timely receipt of requisite approvals from the government means we have been able to commence a critical piece of preparatory work ahead of drilling activities: the collection of a comprehensive range of samples necessary to demonstrate the current ambient conditions at the proposed drill site. This will allow a direct assessment of any potential impact from our planned activities, noting that those activities by their very nature will be for a short, temporary duration, close to the international maritime border with Cuba, in a location which is an active marine thoroughfare serving both the existing petroleum facilities in the Bahamas as well as the entire region. We remain on track to see drilling commence on schedule.”