Relinquishment of Share Options

RNS Number : 4594I

Bahamas Petroleum Company PLC

03 July 2013

 



3 July 2013

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Relinquishment of Share Options

Bahamas Petroleum announces that, following his departure, Mr Paul Gucwa has relinquished 8 million options over ordinary shares of 0.002 pence in the Company ("Ordinary Shares"), details of which are as follows:

·    4 million share options becoming exercisable on (a) the conclusion of a suitable farm in agreement to allow the drilling of a well or (b) the securing of independent finance for the drilling of a well.

·    4 million share options becoming exercisable in the event of a corporate sale of the Company at a price per share equal to or exceeding 37.5 pence.

·     All options have an exercise price of 18.75 pence each.

·     All options expire on 2 April 2017.

Mr Gucwa has retained 6 million share options in the Company, the details of which are as follows:

·     2 million options, only exercisable once the Company share price reaches 18.75 pence, with an exercise price of 7.4 pence and an expiry date of 31 May 2015,

·     4 million options, only exercisable once the Company has successfully spudded a well, with an exercise price of 18.75 pence and an expiry date of 31 May 2015.

Following this relinquishment there is a total of 61,500,000 options over Ordinary Shares outstanding, representing 5.00 per cent of the shares currently on issue.

- 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 Billy Clegg / Natalia Erikssen / Ed Westropp	Tel: [phone]

 

END

 

 

MSCUURKROKABRAR