Bahamas Petroleum Company PLC Share price movement/press speculation (1597O)
September 30 2019 - 6:35AM
UK Regulatory
TIDMBPC
RNS Number : 1597O
Bahamas Petroleum Company PLC
30 September 2019
30 September 2019
Bahamas Petroleum Company plc
("Bahamas Petroleum" or the "Company")
Statement re share price movement/press speculation
Bahamas Petroleum, the oil and gas exploration company with
significant prospective resources in licences in The Commonwealth
of The Bahamas, notes the movement in the Company's share price and
recent press speculation relating to a potential fundraising
transaction by way of an equity placing.
The Company has previously advised that it is considering a
range of potential funding options, in order to finance the
drilling of an initial exploration well in The Bahamas in 2020, and
which the Company has previously indicated will require total
funding in the order of $20 million - $25 million.
At the AGM on 17 September 2019, shareholders passed a number of
special resolutions designed to provide the Board with the
flexibility to enter into a range of possible funding arrangements,
as and when required and if considered to be in the best interests
of the Company. Of the various options available, the Company has
thus far entered into a GBP10.25m ($12.5m) conditional convertible
loan note agreement to enable funds to be available for draw-down,
which would provide access to approximately half the funding
required for the initial exploration well. The Company has also
received four other funding proposals (some of which individually
but certainly all in aggregate, if contracted and fully drawn-down,
would cover the anticipated cost of the well), as well as multiple
other expressions of interest. In addition farm-out discussions
continue.
As part of this ongoing process, the Company confirms that it
has spoken to a number of existing and potential investors and
continues to do so, alongside speaking to providers of alternative
sources of capital. No decision has as yet been taken as to the
funding package that the Company will enact, and the quantum and
structure of any funding package will depend on the terms offered
and what the Board of the Company considers to be in the best
interest of shareholders.
As noted in previous announcements, the Company is confident
that it will be able to implement a suitable financing package, and
will make further announcements as appropriate in due course.
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0) 1624
Simon Potter, Chief Executive Officer 647 883
Strand Hanson Limited - Nomad Tel: +44 (0) 20
Rory Murphy / James Spinney 7409 3494
Shore Capital Stockbrokers Limited Tel: +44 (0) 207
Jerry Keen / Toby Gibbs 408 4090
CAMARCO Tel: +44 (0) 20
Billy Clegg / James Crothers 3757 4983
www.bpcplc.com
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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