Admission to trading on AIM

RNS Number : 4953C

BPC Ltd

02 September 2008

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

Date:                     2 September 2008

On behalf of:         BPC Limited ('BPC' or the 'Company')

Embargoed until:   0700hrs

BPC Limited

Admission to trading on AIM

BPC Limited (formerly Falkland Gold & Minerals Limited), the oil and gas exploration company with exploration licences offshore the Bahamas, announces that its shares will be admitted to trading on AIM at 8am today. The shares will be traded under the symbol AIM: BPC.

• BPC is a holding company for the BPC Group which invests in an offshore oil exploration programme in licence areas covering approximately 15,676 km2 (3.874 million acres) in the territorial waters and maritime Exclusive Economic Zone of the Bahamas.

• Based on the BPC Group's own interpretation of the pre-existing seismic data, 22 leads have been identified as being potentially capable of trapping hydrocarbons and selected for further investigation. 

• BPC believes that each of the 22 leads are of sufficient size that they could contain commercially exploitable volumes of hydrocarbons, provided source rocks exist and there are suitable reservoirs and seals to hold the oil and gas, and oil and/or gas has migrated to the lead.

• To date, BPC has spent approximately $10 million to bring the project to this stage.

• In order to investigate, delineate and rank these leads, BPC intends to seek industry partners which would fund all or part of this exploration and evaluation work, including the conduct of a variety of exploration evaluation studies, further seismic surveys and drilling programmes.

• The aim is to commence drilling in 2012 subject to appropriate financing and/or joint venture agreements, satisfactory exploration and evaluation results and rig availability.

• Applications have been made for five additional offshore Bahamas exploration licences, and, if successful, BPC intends to seek additional funding.

• The nil rate of corporate tax and the system of royalties applicable to exploration licences in the Bahamas currently is favourable to oil and gas exploration and production.

Ambrian is the nominated adviser and Fox-Davies Capital is the broker to the Company.  

Commenting on Company's Admission to trading on AIM, Alan Burns, Chairman of BPC, said:

'We are delighted to be joining AIM today and believe it provides the ideal platform to support our ambitions for the future of the Company.'

Enquiries:

BPC Limited	[phone]
Alan Burns	Mobile: + 61 407 551 001
Ambrian Partners - Nominated Adviser	020 7634 4705
Tim Goodman / Samantha Harrison
Redleaf Communications	020 7822 0200
Samantha Robbins / Rebecca Sanders-Hewett

THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN. THE MATERIAL SET FORTH HEREIN IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER OF SECURITIES FOR SALE INTO THE UNITED STATES OR ANY OTHER JURISDICTION. THE SECURITIES OF THE COMPANY DESCRIBED HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE 'SECURITIES ACT'), OR THE LAWS OF ANY STATE, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE LAWS. THERE WILL BE NO PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES.

 

END

 

 

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