Bahamas Petroleum Co (BPC.L) Extension of Open Offer Timetable

BPC, the Caribbean and Atlantic margin focused oil and gas company, with production, appraisal, development and onshore and offshore exploration assets across the region, is pleased to provide the following update on the Open Offer which was announced on 23 April 2021.

Further to the Company’s announcement of 23 April 2021 and circular posted to shareholders of the Company on 24 April 2021 (“Circular”), BPC announces that it will extend the latest time and date for receipt of completed Application Forms and payment in full under the Open Offer, or settlement of the relevant CREST instructions (as appropriate) from 11.00 a.m. on 12 May 2021 to 11.00 a.m. on 18 May 2021 in order to give Qualifying Shareholders who have not yet applied for Open Offer Shares the opportunity to do so.

The decision by the Company to extend the Open Offer follows an indication from certain shareholders that additional time will be required for those shareholders to submit a completed Application Form and payment in full under the Open Offer, or settlement of the relevant CREST instructions (as appropriate).

The revised timetable of principal events is detailed below. The change in timetable does not impact applications already made, which continue to have effect and remain binding. Existing Application Forms can be used in accordance with the revised timetable set out below.

There is no change to the date of the Extraordinary General Meeting of the Company which will be held at 11.00 am on 17 May 2021.

Capitalised terms in this announcement are as defined in the Circular.

REVISED EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Latest recommended time and date for requested withdrawal of Open Offer Entitlements and Excess CREST Open Offer Entitlements from CREST

4:30 p.m. on 12 May 2021

Latest time and date for depositing Open Offer Entitlements and Excess CREST Open Offer Entitlements in CREST

3:00 p.m. on 13 May 2021

Latest time and date for splitting Application Forms (to satisfy bona fide market claims)

3:00 p.m. on 14 May 2021

Latest time and date for filing of proxies for the Extraordinary General Meeting

11:00 a.m. on 15 May 2021

Extraordinary General Meeting

11:00 a.m. on 17 May 2021

Announcement of the result of the Extraordinary General Meeting

17 May 2021

Latest time and date for receipt of Application Forms and payment in full under the Open Offer and settlement of relevant CREST instructions (as appropriate)

11:00 a.m. on 18 May 2021

Announcement of the result of the Open Offer and the launch of the Placing

4:35 p.m. on 19 May 2021

Announcement of the results of the Placing

7:00 a.m. on 20 May 2021

Admission and dealings in the Open Offer and Placing Shares, and Placing Shares, Shares issued pursuant to the Conversion of £2.5 million Convertible Notes and Second Tranche Fee Shares expected to commence on AIM

8:00 a.m. on 27 May 2021

Where applicable, expected date for CREST accounts to be credited in respect of Open Offer Shares in uncertificated form

As soon as practicable after 8:00 a.m. on 27 May 2021

Record date for the Share Consolidation

4:30 p.m. on 27 May 2021

Dealings in the New Ordinary Shares expected to commence on AIM

8:00 a.m. on 28 May 2021

Share certificates dispatched for Open Offer Shares and the Placing (as applicable)

By 7 June 2021

Notes:

(1) All of the above times refer to London time unless otherwise stated. The dates set out in the Expected Timetable of Principal Events above may be adjusted by the Company, in which event details of the new dates will be notified by means of an announcement through a Regulatory Information Service and, where appropriate, to Shareholders.

(2) Completion of all events in the above timetable following the holding of the Extraordinary General Meeting are conditional upon, inter alia, the passing of the Resolutions at the Extraordinary General Meeting.

(3) The ability to participate in the Open Offer is subject to certain restrictions relating to Shareholders with registered addresses outside the UK, details of which are set out in Part III: “Terms and Conditions of the Open Offer” of the Circular.

(4) Different deadlines and procedures for return of forms may apply in certain cases.

(5) If a recipient of the Circular has any questions on the procedure for acceptance and payment under the Open Offer, he/she should contact the Link Group on 0371 664 0321. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9.00 a.m. – 5.30 p.m., Monday to Friday excluding public holidays in England and Wales. Please note that Link Group cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.


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