Directorate Changes and Operations Update

RNS Number : 3771F

Bahamas Petroleum Company PLC

24 April 2014

 

24 April 2014

For immediate release

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Directorate changes and operations update

Bahamas Petroleum is pleased to announce the following changes to the board of directors of the Company ("the Board") with immediate effect. William (Bill) Schrader will join the Board as non-executive Chairman and James Smith C.B.E. will join as non-executive Deputy Chairman. Steven Weyel will retire from the Board due to growing demands of his existing and new executive roles and will not seek re-election at the Company's 2014 AGM.

Bill Schrader has over 30 years' experience in the oil and gas industry, having served as Chief Executive Officer of several country operations at BP plc, as the President of the Azerbaijan International Operating Company and as Chief Operating Officer of TNK-BP. Characterised as a strong leader by his peers, Bill has an extensive industry network and proven ability to manage complex operating environments and liaise with governments around the world. Bill will succeed Adrian Collins who will become a non-executive director and assist in an orderly transition.

A former minister of State in the Ministry of Finance and member of the Bahamas' Senate, James Smith is widely acknowledged as a leading expert on monetary policy and is a respected member of the greater Bahamas community. He has served as the Country's ambassador for Trade in the Office of the Prime Minister, as the Governor of the Central Bank of The Bahamas for a decade, as well as Chairman of the Bahamas Maritime Authority, The Paradise Island Bridge Company and The Bahamas Development Bank. He has also held a number of board positions at both private and public companies including the Bahamas Stock Exchange.

The Board changes come at a time when the Company is seeing increased activity in its data room as part of ongoing farm-out discussions together with positive developments in oil drilling legislation, with petroleum exploration regulations reported by the Environment and Housing Minister as having reached the Cabinet for consideration. This, in conjunction with falling rig rates and thus drilling costs, the Government's recent mandate to proceed with exploration drilling and the term extension for the five licences held by the Company, demonstrates positive momentum on the operational and regulatory timelines. 

Simon Potter, Chief Executive Officer, commented:

"We are pleased to welcome both Bill and James to the Board at such a crucial stage in the Company's progression towards a potential farm-out and subsequent exploration drilling. Bill will bring not only years of direct industry experience from some of the most respected companies in the business, but also the drive to see Bahamas Petroleum through to the next stage in its development. His familiarity with operating successfully in new hydrocarbon provinces will be a welcome addition to an already well-established team. James will bring a wealth of knowledge on operating effective and efficient businesses, as well as an intimate familiarity with the region in which we operate, as a member of The Bahamas community. He will be able to impart an understanding of the vision Bahamians have for their economy over the long-term, of which Bahamas Petroleum wishes to be a significant part.

"I would also personally like to thank Steve Weyel for his contribution to the business. He joined the Board in 2011 and over the years assisted in bringing an increased level of integrity to company operations and we all wish him luck in his ventures. Together, the Board shares a positive outlook on the Company's future prospects and we look forward to concluding a farmout and proceeding towards our first exploration well."

- Ends -

For further information, please contact:

Bahamas Petroleum Company plc Simon Potter, Chief Executive Officer	Tel: [phone]
Strand Hanson Limited - Nomad Rory Murphy / James Spinney	Tel: [phone]
FTI Consulting Edward Westropp / Alex Beagley / Shannon Brushe	Tel: [phone]

The following information in respect of Mr William George Schrader is provided pursuant to paragraph (g) Schedule Two of the AIM rules:

Aged 56:

Current Directorships	Previous Directorships (in the last 5 years)
Hess Corporation	BP Amoco Exploration (Inam) Limited
Ophir Energy plc	BP Exploration (Alov) Limited
	BP Exploration (Caspian Sea) Limited

The following information in respect of Mr James Herbert Smith is provided pursuant to paragraph (g) Schedule Two of the AIM rules:

Aged 66:

Current Directorships	Previous Directorships (in the last 5 years)
Corner Bank Limitied (Bahamas)	Associated Bahamas Distillers and Brewers Limited
Scotiabank Limited (Bahamas)
Bank of Nova Scotia International Limited (Bahamas)
Scotia Caribbean Treasury Limited
Ansbacher Bank (Bahamas) Limited
Colina Financial Advisors Limited Colina General Insurance Co. Limited Colina Real Estate Co. Limited

 

END

 

 

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