Bahamas Petroleum Co (LON:BPC) Posting of Open Offer Circular to Shareholders

Bahamas Petroleum Company plc, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas announces that, further to its announcement of 10 October 2019, a circular (the “Circular”) in relation to the Open Offer to shareholders will today be sent to all shareholders.

The Open Offer circular is also available to download from the Company website, www.bpcplc.com.

Pursuant to the Open Offer, all qualifying shareholders are being offered the ability to subscribe for 1 new share in the Company for each 5 shares held on the record date (being 16 October 2019), at a price of 2 pence per share. A total of 338,543,819 new shares in the Company will be offered for subscription under the Open Offer, and if fully taken up, will raise a total of approximately £6.8 million (approximately $8.5 million) with proceeds applied toward the cost of drilling an initial exploration well in The Bahamas in 2020. Shareholders who take up their entire entitlement will be eligible, via an excess application facility, to request to subscribe for additional shares in the Open Offer, if and only to the extent the Open Offer is not already fully subscribed.

In the event that not all of the shares offered in the Open Offer are subscribed for by shareholders, the Company’s broker, Shore Capital, will seek to place any unsubscribed shares (at the same price) (the “Placing”). Shore Capital has agreed that to the extent any remaining shortfall is not fully placed, Shore Capital will participate in the Placing to the point that the Open Offer is fully subscribed or to a maximum of US$1 million. In addition, Management of the Company (collectively) has indicated an intention to subscribe £250,000 in the Placing.

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Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said:

“We are delighted to make the open offer to our existing shareholders and, reflecting the potential interest shown from institutional investors, will be making any shares not taken up available in the Placing, as part of a funding package for our planned drilling activities on our highly prospective licences. A significant operational phase is now getting underway, where we will be working towards receipt of a rig from Seadrill in late Q1 2020. This is an exciting time for the Company, and we look forward to updating shareholders on the results of the open offer process, as well as other operational updates in due course.”

For the information of shareholders, key dates as set out in the Open Offer circular are as follows:

Key extracts from the Circular are set out as follows below and definitions used therewith have the meanings ascribed to them in the Circular.

Full RNS Update Posting of Open Offer Circular to Shareholders

 

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