Proposed New Board Member and Saffron-2 Progress

RNS Number : 4502Y

Bahamas Petroleum Company PLC

13 May 2021

 

13 May 2021

Bahamas Petroleum Company plc

("BPC" or the "Company")

Proposed New Board Member
Saffron-2 Progress Towards Drilling

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 advise of the proposed appointment of Mr. Robert Riley as a Non-Executive Director, whilst confirming Saffron-2 operational readiness.

Highlights:

· Mr. Robert Riley, the former Chairman and Chief Executive Officer of BP in Trinidad and Tobago , has agreed to join the Board of the Company as a Non-Executive Director, effective subject to customary new director due diligence, consistent with the Company's forward business strategy of seeking to grow production and cashflow primarily from assets in Trinidad and Tobago

· M obilisation of the drilling rig to the Saffron-2 wellsite has been completed, all elements of the rig are currently being assembled at site, and spud of the well remains on track for 23 May 2021

Bill Schrader, BPC Chairman said:

"As previously advised, we are focussed on resetting the Company and positioning it for future value growth, consistent with a simple strategy: increasing production and generating cashflow. At present, all of our production and most of our near-term production growth activities are focussed on assets in Trinidad and Tobago. It is thus with great pleasure I can advise that Mr. Robert Riley has agreed to join the Board of the Company, subject to completion of normal onboarding processes. Robert brings a wealth of industry, legal and commercial experience, and specifically in regards to the oil and gas sector in Trinidad and Tobago, having held a number of the largest and most senior sector roles in that country. We expect that Robert, together with Stephen Bizzell who as previously advised will also be joining the Board subject to completion of normal onboarding processes, will be able to make immediate and extremely valuable contributions to the effectiveness of our operations going forward. On that front, the state of operational readiness of the Saffron-2 well continues to advance at pace, with all the rig components arriving on site and currently being assembled."

 

Proposed Director Appointment

 

Mr. Robert Riley has agreed to be appointed to the board of directors of the Company (the "Board") as a Non-Executive Director, with effect immediately on completion of customary new director due diligence and onboarding processes.  

Mr. Robert Riley is the former Chairman and Chief Executive Officer of BP in Trinidad and Tobago.  His proposed appointment is consistent with the Company's forward business strategy of seeking to grow production and cashflow, primarily from assets in Trinidad and Tobago.

Mr. Riley has over 30 years' experience in the energy sector, and holds a Consortium Executive MBA from the Thunderbird American Graduate School of International Management; an LLB (Hons.) from the University of the West Indies, Barbados; and a BSc. (Hons) in Agricultural Science from the University of the West Indies, St. Augustine, Trinidad. He has served in a variety of senior executive management positions, most notably as the Chairman and Chief Executive Officer, BP Trinidad and Tobago; Vice President, Legal and Government Affairs, Amoco and BP/Amoco also in Trinidad and Tobago; as the Group Head of Safety and Operations Risk, BP PLC at its corporate headquarters in London, and as General Counsel and Corporate Secretary, BWIA. He has also served on the Boards of Amoco Trinidad and Tobago LLC and other Amoco entities, Titan Methanol; BP Trinidad and Tobago, Atlantic LNG, The Bank of Nova Scotia, Trinidad and Tobago Limited, the University of Trinidad and Tobago (UTT), Caribbean Airlines Limited, and J D Sellier & Co, Attorneys at Law. In 2003, Mr. Riley was awarded a Chaconia Medal (Gold) by the Government of the Republic of Trinidad and Tobago for his contribution to National Development. In 2009, he was awarded a Doctor of Laws Honoris Causa by the University of the West Indies, St. Augustine, Trinidad. In addition to managing his own leadership and energy consulting company, Mr Riley is a current director of Republic Financial Holdings and The Massy Group.

Board Composition  

Given previous announcements concerning the intended appointment of Mr Stephen Bizzell, and the retirement of both Mr. Adrian Collins and Mr. Ross McDonald, the composition of the Board going forward will comprise Mr. Bill Schrader and Mr. James Smith, as respectively Non-Executive Chairman and Non-Executive Deputy Chairman, Mr Robert Riley, Mr. Stephen Bizzell and Mr. Simon Potter, each as Non-Executive Directors, and Mr. Eytan Uliel (CEO and Executive Director).

The Company considers that the addition of one more director with specific skills and expertise relevant to the future direction of the Company's business would ultimately be beneficial, and continues in a process of seeking to identify and recruit that individual. A further announcement will be made in due course.

Saffron-2 Drilling Schedule Update

The Company confirms that mobilisation of the drilling rig to the Saffron-2 wellsite commenced on 9 May 2021, and has now been completed. Readiness work for all other equipment, services and contractor personnel are continuing in accordance with the drill plan. All rig-related equipment loads have now arrived on site and are being assembled.

The date for anticipated commencement of drilling thus continues on schedule to be on or around 23 May 2021, whilst remaining conditional on the successful completion of the current Open Offer Fundraising process (as advised on 11 May 2021, notwithstanding a short extension of the Fundraising timeline to accommodate the request of some shareholders for additional time to participate, the current timeline envisages the results of the Open Offer to be announced on 19 May 2021, and the results of any subsequent Placing to be announced on 20 May 2021).

The anticipated duration of the Saffron-2 drilling program is 25 - 30 days.

Regulatory Statement

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European (Withdrawal) Act 2018.

For further information, please contact:

Bahamas Petroleum Company plc Eytan Uliel, Chief Executive Officer designate	Tel: [phone]
Strand Hanson Limited - Nomad Rory Murphy / James Spinney / Rob Patrick	Tel: [phone]
Shore Capital Stockbrokers Limited - J oint  Broker Jerry Keen / Toby Gibbs	Tel: [phone]
Investec Bank Plc - J oint  Broker Chris Sim / Rahul Sharma	Tel: [phone]
Gneiss Energy - Financial Adviser Jon Fitzpatrick / Paul Weidman / Doug Rycroft	Tel: [phone]
CAMARCO Billy Clegg / James Crothers / Hugo Liddy	Tel: [phone]

Notes to Editors

BPC is a Caribbean and Atlantic margin focused oil and gas company, with a range of exploration, appraisal, development and production assets and licences, located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay. In Trinidad and Tobago, BPC has five (5) producing fields, two (2) appraisal / development projects and a prospective exploration portfolio in the South West Peninsula. In Suriname, BPC has on onshore appraisal / development project. BPC's exploration licence in each of Uruguay and The Bahamas are highly prospective, and offer high-impact value exposure within the overall portfolio value.

BPC is listed on the AIM market of the London Stock Exchange.    www.bpcplc.com

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