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Bahamas Petroleum Co (BPC)

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Thursday 10 October, 2019

Bahamas Petroleum Co

Proposed open offer and progress towards drilling

RNS Number : 4442P
Bahamas Petroleum Company PLC
10 October 2019
 

NEITHER THIS ANNOUNCEMENT NOR ANY PART OF IT CONSTITUTES AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE OR ACQUIRE ANY SECURITIES IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND, SOUTH AFRICA OR ANY JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

 

 10 October 2019

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Proposed open offer, progress on other funding and confirmation of election for drilling rig

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 a proposed open offer to shareholders, and to advise of continued progress toward drilling its first exploration well in The Bahamas in 2020.

Highlights

·    Proposed £7 million (c. US$8.5 million) open offer at a price of 2 pence per share to enable all existing shareholders to participate in the Company's next fundraising; Circular to launch the open offer to be posted in the week commencing 14 October 2019

·    Entry into a subscription agreement for the previously announced £10.25 million (c. US$12.5 million) conditional convertible notes; farm-out discussions continue

·    Drilling schedule developed to target an initial exploration well in H1 2020

·    Company has sent notice to Seadrill nominating rig delivery date (and expected well spud) for late Q1 2020 in accordance with terms of the rig framework agreement; parties now progressing to long-form legal documentation for rig contract

·    Continued progress on environmental permitting


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

 "I am pleased to advise shareholders of continued progress toward drilling an initial exploration well in The Bahamas during 2020. A farm-out remains our preferred funding option, and constructive discussions continue. At the same time, we are moving forward with additional components of a balanced funding strategy, so that we can deliver on drilling regardless of the outcome of these discussions. This includes giving our existing shareholders the first opportunity to participate in our next fundraising via an open offer. We have also signed the subscription agreement for our previously announced convertible note facility, and we have received a number of other funding proposals. Given the progress made in relation to our funding strategy, we have notified Seadrill of our desire to receive a rig in late Q1 2020, and we are now working collaboratively with Seadrill on both finalising the long-form rig contract and preparing for drilling."

 

Progress on Funding

A.    Summary

As previously announced, the Company has a clear and unambiguous obligation under its licences to drill an initial exploration well in The Bahamas during 2020. Discharge of this obligation will then allow the Company to enter the next exploration period, running for a further three years, and in the event of commerciality seek a 30 year production lease that would allow for a commercial development of any discovered reserves.

Over the last six months the Company has revised its drilling costs estimates to incorporate contracted pricing from service and equipment providers, and also to reflect a well design and drilling philosophy that will comply with the requirements of the Company's licences whilst at the same time enable a full evaluation of the target structures. Accordingly, the Company currently estimates a cost to meet its drilling objectives in the range of US$20 million - US$25 million (the ultimate amount of expenditure being dependent to a large extent on the pace of drilling - the rate of penetration or "ROP" - and the final drilled depth the well attains).

The Company maintains a lean and efficient overhead burn rate, and currently has sufficient cash available to meet general working capital needs through to H2 2020. Over and above these general working capital needs, it is necessary for the Company to develop a degree of certainty as to the availability and timing of funding for drilling costs, primarily in order to enable the Company to nominate, confirm and proceed to a definitive contract for the rig, and also to ensure other aspects required to commence drilling, such as the procurement of long-lead items, provisioning and ancillary equipment, are available. However, the bulk of the Company's expected cash outflows, and thus the Company's actual need for funding availability (outside of working capital), will generally only arise shortly before and during the course of drilling (thus late Q1 2020 and beyond).

It is in this context that that Board has determined to proceed, in the first instance, with a proposed £7 million (approximately US$8.5 million) open offer to existing shareholders at 2 pence per share (the "Open Offer") with any entitlements not taken up by qualifying shareholders sought to be placed with investors - details are set out in Section B, below.

At the same time, the Company has entered into a subscription agreement for the previously announced and approved £10.25 million (approximately US$12.5 million) conditional convertible loan facility (the "Conditional Convertible Notes") - details are set out in Section C, below.

In aggregate, therefore, the Open Offer (if fully subscribed or if the entitlements not taken up are placed with investors) and the Conditional Convertible Notes (if all conditions of the subscription agreement are satisfied or waived and they are fully subscribed) would raise an aggregate amount of approximately US$21 million, which exceeds the lower-end estimates for the total well cost.

Finally, the Company wishes to note that even if the full £7 million is raised via the Open Offer (and all conditions of the subscription agreement for the Conditional Convertible Notes are satisfied or waived and they are fully subscribed) the farm-out process would nonetheless continue, albeit in that context concluding a farm-out would likely provide funds in excess of what would be required to complete the initial well, thereby potentially facilitating further exploration activity on the licences including that of an additional well.

 

B.    Open Offer

Rationale and Structure

 

The Board recognises and is grateful for the continued support received from the Company's shareholders over an extended period of time. Therefore, as a first step in a coordinated approach towards meeting the Company's financing needs, the Board has decided to provide an opportunity for all existing shareholders who qualify ("Qualifying Shareholders") to participate in a further issue of new ordinary shares to raise up to £7 million at a price of 2 pence per share (the "Issue Price"), by way of the Open Offer. A facility will also be put in place to enable Qualifying Shareholders to increase their allocation subject to availability (the "Excess Application Facility"). The Issue Price represents a discount of approximately 10% to the closing price of the Company's ordinary shares on 9 October 2019.

 

The directors of the Company (the "Directors") consider that the Open Offer will represent an optimal mechanism to provide shareholders with the opportunity to participate in the next phase of the Company's progress, having regard to the funding needs of the Company, the timing of those funding needs, cost implications and market risks.

 

The Open Offer will launch and proceed by way of a circular to shareholders ("Circular"), which will be posted to shareholders during the week commencing 14 October 2019. The Circular will include further information on the Open Offer and the terms and conditions on which it is made, including an expected timetable of principal events (including the record date) and the procedure for application and payment. However, summary details of the Open Offer are set out below.

 

Summary Details of Open Offer

 

Qualifying Shareholders will be those shareholders on the register of members of the Company at the close of business on the Open Offer record date (other than certain overseas shareholders), further details of which will be provided in the Circular.  

 

Qualifying Shareholders will also have the opportunity, provided that they take up their Open Offer Entitlement in full, to apply for excess Open Offer entitlements through the Excess Application Facility. Instructions on how to do so will be contained within the Circular and application form to shareholders ("Application Form"). Once subscriptions by Qualifying Shareholders under their respective Open Offer entitlements have been satisfied, the Company shall, in its absolute discretion, determine whether to meet any excess applications in full or in part and no assurance can be given that applications by Qualifying Shareholders under the Excess Application Facility will be met in full, in part or at all.

 

The Open Offer is not being underwritten. It should also be noted that the Open Offer is not a rights issue. Accordingly, the Application Form to be included with the Circular will not be a document of title and cannot be traded.

 

Open Offer Shortfall

 

To the extent the Open Offer Shares are not taken up by shareholders (including via the Excess Allocation Facility) the Company has appointed Shore Capital, the Company's broker, to seek to place those unsubscribed Open Offer Shares with institutional investors at the Issue Price.

 

Management of the Company (collectively) has indicated an intention to subscribe £250,000 of any shortfall in the Open Offer.

 

C.    £10.25 million Convertible Note Subscription Agreement

On 21 August 2019 the Company announced that it had entered into a conditional agreement for £10.25 million (approximately US$12.5 million) convertible loan notes. Subsequently, the entry into this conditional agreement was approved by shareholders of the Company at the General Meeting held on 17 September 2019.

Further to that approval, the Company has now entered into a subscription agreement (the "Convertible Note Subscription Agreement") in relation to this convertible loan note investment, with the key terms and conditions of this Convertible Note Subscription Agreement summarised below.

Counterparty

The Convertible Note Subscription Agreement is entered into with Australian-domiciled investment firms acting on behalf of interests associated with Mr. Stephen Bizzell and Mr. Mark Carnegie ("Subscribers").

Mr. Bizzell and Mr. Carnegie each have a track record of successful investment in a number of early-stage oil and gas exploration businesses around the world. Investment funds associated with Mr. Carnegie and Mr. Bizzell were also variously early-stage investors in Arrow Energy Limited and Dart Energy Limited, Australian-listed companies at which both the Company's Chief Executive Mr. Simon Potter and the Company's Commercial Director previously worked. Arrow Energy Limited was successfully acquired by a consortium of Shell and Petrochina in 2011, and Dart Energy Limited was acquired by AIM-listed iGas Energy Plc in 2014.

Convertible Note Subscription Agreement Key terms

Key terms of the Convertible Note Subscription Agreement are as follows:

·    Amount: £10.25 million (approximately US$12.5 million, being approximately half the upper end of the estimated range for the cost of the initial exploration well)

·    Use of funds: Well finance and general strategic purposes

·    Form of investment: Convertible loan notes ("Conditional Convertible Notes")

·    Note Subscribers: Initially Bizzell Capital Partners Pty Ltd (as to 50% of the Conditional Convertible Notes) and MH Carnegie & Co Pty Ltd (as to 50% of the Conditional Convertible Notes) (the "Subscribers"). However, The Convertible Note Subscription Agreement contemplates that the Subscribers may assign their Conditional Convertible Notes such that there may ultimately be multiple note holders, who will be represented by a noteholder trustee under the terms of a noteholder trust deed yet to be entered into between the Company and the noteholder trustee

·    Term: 3 years

·    Coupon: 12% per annum, payable annually in arrears; the Company can elect to capitalise interest accrued on the Conditional Convertible Notes

·    Priority: On a return of capital (by way of liquidation or otherwise) the Conditional Convertible Notes will rank senior to all ordinary shares on issue to the extent of the principal plus unpaid interest

·    Security: the Conditional Convertible Notes will be secured by an appropriate first ranking security to be granted over all the assets and undertakings of BPC, and will rank senior to all other debt of BPC, and which security will be cross-guaranteed on a secured basis by all members of the Company's group

·    Conversion: A holder of Conditional Convertible Notes may at any time prior to maturity elect to convert the Conditional Convertible Notes (principal plus any accrued interest) into fully paid ordinary shares in BPC

·    Conversion Price: Given the pricing established for the Open Offer, the conversion price of the Conditional Convertible Notes is now set at 2.5 pence per share

·    Early Redemption: A holder of Conditional Convertible Notes will be entitled to redeem the Conditional Convertible Notes at a 110% premium to face value if, as at 31 December 2020, employment and executive retention arrangements between nominated key executives and the Company are on terms that are not satisfactory to the Subscribers. The Company may not redeem the Conditional Convertible Notes early, unless agreed with the Subscribers

·    Dividends: No dividends may be declared or paid whilst the Conditional Convertible Notes are on issue

·    Subscription Deadline: Subject to satisfaction of all conditions precedent as described below, the Subscribers must subscribe for the Conditional Convertible Notes by no later than 15 February 2020; a Subscriber may also elect to subscribe for the Conditional Convertible Notes all or in part earlier than this date but no sooner than 30 November 2019

·    Conditions to Completion: Completion of the subscription for the Conditional Convertible Notes by the Subscribers will be subject to a number of conditions first being met or satisfied or otherwise waived. These conditions are:

Any approvals, consents, waivers, exemptions or declarations that are required by law, or by any Government Agency, to implement the transactions contemplated by the Convertible Note Subscription Agreement are granted, given, made or obtained on an unconditional basis

The Company entering into binding contracts with reputable international companies so as to enable the Company (to the satisfaction of each Subscriber, acting reasonably) to conduct the intended drilling of the initial exploration well at the estimated cost of that drilling, being:

§  A contract for provision of a drilling rig with a reputable international rig company, on terms satisfactory to each Subscriber, providing access to the appropriate drilling rig at an acceptable cost, as needed for the task of conducting o the drilling; and

§  A contract for integrated well services for the drilling with a reputable international service company, on terms satisfactory to each Subscriber, providing access to the appropriate services needed for the task of conducting the drilling;

The Subscribers being satisfied that the Company has sufficient funds in cash (but not including committed cash or cash subject to refund obligations) which, when aggregated with the subscription amount of the Conditional Convertible Notes, would be sufficient to fund the cost of the intended drilling operation in full and the operating costs of the Company until the end of June 2021;

A convertible note trust deed being entered into between the Company and the convertible note trustee, on terms acceptable to the Subscribers;

Appropriate security documents being entered into between the Company and the Subscribers and any other relevant parties, on terms acceptable to the Subscribers;

The Company securing all necessary permits and approvals for the intended drilling operations from the Government of The Bahamas, including all necessary environmental permits, and the Company reaching agreement with the Government of The Bahamas and making payment in relation to licence fees payable for the remaining licence period to 31 December 2020, on terms satisfactory to the Subscribers;

Each Subscriber obtaining all approvals (including of its investment committee) and satisfying all procedures it considers necessary in relation to the transactions contemplated by this agreement;

Employment and executive retention arrangements between key executives nominated by the Subscribers and the Company being entered into or amended on terms satisfactory to each Subscriber (acting reasonably); and

No breaches of warranty or material adverse events have occurred.

·    Under the terms of the conditional agreement entered into on 21 August 2019, and repeated now in the Convertible Note Subscription Agreement, the Subscribers will be paid fees as follows:

An establishment fee of 3% of the subscribed amount, which the Subscribers may elect to deduct from the relevant subscribed amount;

Options to subscribe for 25,000,000 ordinary shares in BPC with an exercise price of 2 pence per share, exercisable at any time within the four year period from their date of issue (which will be on or around 14 October 2019); and

On subscription of the Conditional Convertible Notes, two further tranches of options to subscribe for ordinary shares in BPC, of 12,500,000 options per tranche, the first with an exercise price of 2.5 pence per share and the second with an exercise price of 3 pence per share, exercisable at any time within the four year period from the date of their issue. The number of these options to be ultimately granted will depend on the amounts subscribed for. In the event that the full amount of the Conditional Convertible Notes is not subscribed for then the number of such options will be pro rated down accordingly.

·    Board Rights: Effective from subscription of the Conditional Convertible Notes (i.e. only once funds are advanced to BPC) and until such time as the Conditional Convertible Notes are redeemed, the Subscribers will have the right to appoint a maximum of two (2) directors to the Board of BPC (but, for so long as both Simon Potter and Eytan Uliel are members of the Board, the right of appointment shall be reduced to only one (1)).


D. Further Information

Attention is drawn to the fact that, as detailed above, availability of funds from the Convertible Note Subscription Agreement remains conditional on a number of conditions first having been satisfied. To the extent the conditions are not satisfied there is a risk that the Company will not be able to receive the funding contemplated in the Convertible Note Subscription Agreement, unless those conditions are waived by the Subscribers. However, given that a number of the conditions are necessary prerequisites to drilling commencing, and given that funds are not actually required until closer to the time that drilling commences, the Directors are confident that the conditions precedent can be satisfied in a timely manner such that funding under the Convertible Note Subscription Agreement will be available when required.

Assuming (i) the conditions set out in the Convertible Note Subscription Agreement are either satisfied or waived and the Conditional Convertible Notes are fully subscribed, (ii) 3 full years of interest is capitalized into the debt principal of the Conditional Convertible Notes and not paid in cash, and (iii) all principal and capitalized interest is fully converted, the Conditional Convertible Notes would result in the issue of approximately 560 million ordinary shares in the capital of the Company to the noteholders, and the Company will have received £10.25 million in funding.

Therefore, when considered in aggregate, the Open Offer (if fully taken up) and the proceeds of the Convertible Note Subscription Agreement (assuming all the conditions set out in the Convertible Note Subscription Agreement are either satisfied or waived and the Conditional Convertible Notes are fully subscribed, and further assuming all interest is capitalized and all principal and capitalized interest is ultimately converted) would result in a maximum of approximately 910 million new ordinary shares being issued, and total funding inflows over the next 6 months of £17.25 million (approximately US$21 million), which would be an amount sufficient to meet the estimated costs of drilling of the initial exploration well at the lower end of the current estimated cost range.

Shareholders should note however that there remains a high degree of uncertainty in relation to both the Open Offer and Conditional Convertible Notes, given that ultimate quantum of funding to be received from both is dependent on the occurrence of future events outside of the control of the Company. Specifically:

·    Funding from the Convertible Note Subscription Agreement remains subject to certain conditions precedent as set out in that agreement first being satisfied on or prior to 15 February 2020 (unless said conditions are waived by the noteholders) - these have been detailed above;

·    the amount raised under the Open Offer will depend on the extent to which shareholders take up their entitlements under the Open Offer and/or the extent to which any shortfall thereunder is taken up or subsequently placed; and

·    the Company continues to work on securing a farm-out, which if successful could materially increase the amount of capital available to the Company, which could offset all or a considerable portion of the costs in respect of the intended drilling or alternatively provide funds in excess of that required to complete the initial well, thereby potentially facilitating further exploration activity on the licences including that of an additional well.

In circumstances where suitable funds are not raised via the Open Offer (if the Open Offer raises less than US$7.5 million and the placement of the Open Offer Shortfall as described above is unsuccessful in raising the balance), or where the conditions precedent set out in the Convertible Note Subscription Agreement are not satisfied (or waived), or if a farm-out is not secured, the Company would not have sufficient cash to complete the drilling of the planned initial exploration well in H1 2020. In such circumstances the Company would look to secure funding by way of alternative sources. There can be no assurance, however, that the Company would be successful in securing any such alternative funding. Excluding any costs relating to the planned initial exploration well in H1 2020, the Company currently has sufficient cash available to meet general working capital needs through to H2 2020.


Election for Drilling Rig and Anticipated Well Spud Date

On 21 August 2019, the Company announced that it had entered into a Framework Agreement for the provision of a sixth-generation drilling rig during the first half of 2020 (the "Framework Agreement"). The Framework Agreement was entered into with Seadrill, one of the world's largest drilling companies.

 

The purpose of the Framework Agreement was to record the commercial desire of the parties to work together for the purposes of Seadrill offering a drilling rig to BPC in order that it can undertake the Drilling Plan, to stipulate the process by which that working relationship shall be developed over the coming months leading up to entry into a definitive legal agreement for provision of the drilling rig (the "Rig Contract") and thereafter conduct of drilling operations, to set out certain key commercial terms, schedule and operating parameters to be included in the Rig Contract, and to define the pre-conditions to enter into the Rig Contract.

 

Further, the Framework Agreement required BPC, on or before 11 October 2019 (or such later date as the parties may mutually agree) to notify Seadrill that it wishes to "Go-Firm". Given the greater certainty and progress made in relation to funding, the Company has thus now advised Seadrill that it wishes to "Go-Firm" on the provision of a drilling rig. Accordingly, the Company has notified Seadrill of its desire to secure a rig for an intended spud date in late Q1 2020. Over the coming weeks the Company and Seadrill will be working to finalise the Rig Contract, confirm the rig selection, and agree the critical drilling plan dates.

 

It should be noted that the governing document in relation to provision of the drill rig will be the Rig Contract, which remains to be entered into and is subject to Seadrill's Board approval process for contract commitment. Accordingly, for the avoidance of doubt, the election for the drilling rig and the "Go-Firm" notice does not obligate BPC to incur any costs. BPC will keep shareholders appraised of developments as this process progresses.

 

Farm-out Process

As previously announced, the Company's farm-out process continues, with a number of parties engaged in ongoing discussions, due diligence and/or commercial interaction. It remains the Company's preference to secure funding through this structure, albeit the Company's attitude to potential farm-in terms in ongoing negotiations will necessarily reflect the funding status of the initial well at the time a farm-out is successfully concluded (if at all).

 

To the extent that a farm-out is successfully concluded on terms acceptable to the Company, the amount of capital available to the Company would materially increase, and as previously noted could be materially additive to the funds raised through the Open Offer and Conditional Convertible Notes as detailed in this announcement. Such funding could be applied towards all or a considerable portion of the costs in respect of the intended drilling, or alternatively proceeds from any farm-out could be applied to a broader work program than the current single well the Company intends to drill in 2020.

 

The Company will make further announcements in relation to the farm-out as appropriate.

 

Environmental Update

Background

 

In 2012, in accordance with the requirements under prevailing laws in The Bahamas, BPC completed an Environmental Impact Assessment ("EIA"), which was reviewed and accepted on behalf of the Government of The Bahamas ("Government") by the Bahamas Environment, Science and Technology ("BEST") Commission.

 

Subsequently, in 2016, new laws and regulations pertaining specifically to the petroleum industry were adopted in The Bahamas. These new laws and regulations introduced for the first time an entirely new concept of Environmental Authorisation ("EA"), as a required mandatory step before drilling activities commence. In April 2018, BPC submitted an EA application in compliance with this new regulation. BPC's EA application included, inter alia, an updated EIA and an Environmental Management Plan ("EMP").

 

EA Process Update

 

BPC's EA, including its EMP, was reviewed by energy consultants Black & Veatch ("B&V") as external consultant advisers to BEST, who have submitted an initial report on their assessment to the Government. B&V's methodology and mode of analysis consisted primarily of a "gap analysis", in which B&V sought to identify any gaps in the EA / EMP documentation provided by BPC against any applicable laws, regulations and applied international standards.

 

Encouragingly, in the context of the volume of materials submitted by BPC, B&V identified only a relatively small number of gaps, with the majority of the gaps identified relating to rig specific information or site specific information which was either unavailable or insufficiently detailed at the time of the initial submission of BPC's EIA, EMP and thus overall EA.

 

The Company's signing of a Framework Agreement for the provision of a sixth generation drilling rig (and now "Go-Firm" election), along with the issue of Notices of Award for provision of key well services and equipment to Halliburton and BakerHughes GE (as previously announced) means that, with the cooperation of these service and equipment providers, BPC is now in a position to provide all additional outstanding documentation and data, and BPC considers that gaps identified by B&V can be readily closed in the coming months.

 

The final substantive piece of data remaining to be collected as part of the EA process is an Environmental Baseline Survey ("EBS"). This survey seeks to determine the environmental baseline conditions (biological, chemical, physical) at the proposed drilling location by providing measures of the environment against which any effects from future operations may be compared. This includes collection of samples (at a range of water depths and distances from the proposed drill site) to characterise macroinfauna, document physicochemical conditions and characterise the water column. A photographic survey would be used to characterise the seafloor substrates and associated biological communities. By its very nature EBS data is typically collected closer to the time of field activities commencing so as to provide a relevant data point for later comparison. Terms of reference defining the scope of the EBS have been prepared and submitted to BEST for their review, prior to this work commencing.

 

Adviser Appointments

 

As noted, the Government agency tasked with working with BPC on the EA process is the BEST Commission. BEST has appointed B&V as expert consultant to BEST / Government for this purpose (www.bv.com).

 

Likewise, BPC has made, and will continue to make, a number of important appointments of international environmental consultants, to ensure that the environmental planning and associated permitting process is conducted in accordance with global best practice. To-date, these include:

 

·    the appointment of Acorn International ("Acorn"), a leading international environmental advisor (www.acornintl.net), to work with the Company and liaise with B&V / BEST in finalising the relevant EMP documentation,

 

·    the appointment of marine environmental consulting firm, CSA Ocean Sciences (www.csaocean.com) to establish the terms of reference for and thereafter (once agreed) undertake the EBS, which as noted is a required component of the EMP documentation, and

 

·    in anticipation of future operations, BPC has applied for and been accepted for membership of Oil Spill Response Limited (www.oilspillresponse.com), the largest international industry-funded cooperative which exists to respond to oil spills wherever in the world they may occur, by providing preparedness, response and intervention services and equipment.

 

BPC is also in the process of engaging a number of other third-party consultants to conduct both field-based environmental work necessary to completion of the EMP, and desktop studies to identify and provide the necessary data to cover additional potential well locations, which would provide the Company with a degree of optionality should ongoing technical work identify more optimal well locations or the availability of funding permit a multi-well drilling strategy (and consistent with the capacity under the rig framework agreement to consider a two well exploration campaign).

 

Timeline

 

A timeline has been developed jointly by BPC, BEST and Government representatives that would see work necessary for the EMP process completed by end 2019 / early 2020, so as to enable initial drilling activities to commence as planned in late Q1 2020.

 

 

For further information, please contact:

 

Bahamas Petroleum Company plc

Simon Potter, Chief Executive Officer

 

Tel: +44 (0) 1624 647 882

Strand Hanson Limited - Nomad

Rory Murphy / James Spinney

 

Tel: +44 (0) 20 7409 3494

Shore Capital Stockbrokers Limited

Jerry Keen / Toby Gibbs

Tel: +44 (0) 207 408 4090

CAMARCO

Billy Clegg / James Crothers

Tel: +44 (0) 20 3757 4983

www.bpcplc.com

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

END


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