Extension of CEO contract

RNS Number : 9153H

Bahamas Petroleum Company PLC

16 March 2018

 

16 March 2018

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Extension of CEO contract

Bahamas Petroleum Company, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas is pleased to announce that Simon Potter has agreed to a contract extension to his current employment contract which expires on 31^st March 2018.  The contract extension is for 12 months on materially the same terms.

As previously announced, 90 per cent. of Simon Potter's compensation is deferred until a farmout is successfully concluded, to be repaid at that time in a 50 per cent equal mix of cash and new ordinary shares with par value 0.0002p ("Ordinary Shares").  The number of new Ordinary Shares accruing shall be calculated as the value of salary forgone divided by the volume weighted average closing price of the Company's shares over each month.  This element of the contract extension is considered a related party transaction under the AIM Rules for Companies.  The independent directors of the Company (being those directors other than Simon Potter) consider the terms of this element of the contract extension to be fair and reasonable insofar as shareholders are concerned, having consulted with Strand Hanson Limited.

Bill Schrader, non-executive Chairman said:

"I am delighted to have extended Simon's contract and look forward to continuing to work with him in the months ahead."

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

"I look forward to continuing our efforts towards the finalisation of a partnership and progressing the execution of an exploration well in Bahamian waters, a goal I am heaviliy invested in and committed to."

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]
Shore Capital Stockbrokers Limited Jerry Keen / Toby Gibbs	Tel: [phone]
CAMARCO Billy Clegg / Gordon Poole / James Crothers	Tel: [phone]

Notes to editors:

It is noted that despite the Company's efforts and confidence in its ability to ultimately secure a farm-in or financing, no assurance can be provided that a farm-in or other financing will be concluded, or on what terms, or in what timeframe.

Bahamas Petroleum Company is an oil and gas exploration company with 100% owned offshore licences exclusively focused on the Commonwealth of The Bahamas. The Company has significant prospective resources, which have been de-risked through both extensive 2D and 3D seismic. The four Southern Licences, with a newly agreed well obligation date of April 2017, run until 2Q 2018 when the licences may be renewed a further two times. The Company is intent on delivering safe and environmentally responsible exploration.

www.bpcplc.com

 

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