Exercise and Issuance of Warrants

RNS Number : 4255J

Bahamas Petroleum Company PLC

22 December 2020

 

22 December 2020

Bahamas Petroleum Company plc

("BPC" or the "Company")

Exercise and Issuance of Warrants

BPC, the Caribbean and Atlantic margin focused oil and gas company, with exploration, production, appraisal and development assets across the region, advises that it has received notification for the exercise of warrants in respect of 3,624,800 ordinary shares of 0.002p each in the capital of the Company. The exercise price in connection with these share options is 2p per share.

Application has been made for the shares to be admitted to trading on AIM ("Admission"), and Admission is expected to occur on or about 24 December 2020. These shares will rank pari passu with the ordinary shares of the Company in issue.  

The Company's total issued share capital, following the issue of the shares, will comprise of  4,506,673,349 ordinary shares. As the Company does not hold any shares in Treasury, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if  they are required to notify their interest in, or a change to their interest in, the share capital of the Company following Admission.

Further, the Company advises that, in relation to Funding Agreement announced on 14 December 2020, the Company has issued 42,500,000 warrants in relation to advisory fees. These warrants are valid for 3 years from the date of grant and with an exercise price of 2 pence per share. If exercised, these warrants would result in gross proceeds being received by the Company of approximately £850,000.

For further information, please contact:

Bahamas Petroleum Company plc Simon Potter, Chief Executive Officer	Tel: [phone]
Strand Hanson Limited - Nomad Rory Murphy / James Spinney / Jack Botros	Tel: [phone]
Shore Capital Stockbrokers Limited - Joint Broker Jerry Keen / Toby Gibbs	Tel: [phone]
Investec Bank Plc - Joint Broker Chris Sims / Rahul Sharma	Tel: [phone]
CAMARCO Billy Clegg / James Crothers / Hugo Liddy	Tel: [phone]

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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 offshore in the waters of The Bahamas and Uruguay, and onshore in Trinidad and Tobago, and Suriname. BPC is currently drilling an initial exploration well in The Bahamas, Perseverance #1, with the well targeting recoverable P₅₀ prospective oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels. In Trinidad and Tobago, BPC has five producing fields, two appraisal / development projects and a prospective exploration portfolio in the South West Peninsula. BPC's exploration licence in Uruguay is highly prospective, with a potential resource of 1 billion barrels of oil equivalent. In Suriname, BPC has an onshore appraisal / development project.

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

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