Termination of American Depository Receipt Program

RNS Number : 2595C

Bahamas Petroleum Company PLC

12 April 2017

 

12 April 2017

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Termination of American Depository Receipt ("ADR") Program

Bahamas Petroleum Company, the oil and gas exploration company with a significant prospective resource in licences in The Commonwealth of The Bahamas, announces the decision to close its ADR program.

As per the terms of the facility, the Depository has served notice of termination of the facility to all ADR holders.  On termination, which will take place at 17:00 Eastern Time on 9 June 2017, trading in ADR's on the OTCQX platform will cease with settlement of all outstanding receipts taking place in the period to 12 October 2017. Consequently no action is required by holders of ADR's at this time.  Holders of the Company's ordinary shares remain unaffected by this development.

Trading volumes of ADR's have been less than required to justify the burden of maintaining the listing with no material increase in liquidity being provided to the Company's primary listing.

Further information for ADR holders can be found on the the Bank of New York Mellon website at https://www.adrbnymellon.com/directory/dr-directory.

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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]
CAMARCO Billy Clegg / Gordon Poole	Tel: [phone]

Notes to editors:

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

This announcement contains inside information.

 

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