TIDMBPC
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INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR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 GBP7 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 GBP10.25 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 GBP7 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 GBP10.25
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 GBP7
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 GBP7 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 GBP250,000 of any shortfall in the Open
Offer.
C. GBP10.25 million Convertible Note Subscription Agreement
On 21 August 2019 the Company announced that it had entered into
a conditional agreement for GBP10.25 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: GBP10.25 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:
o 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
o 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;
o 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;
o A convertible note trust deed being entered into between the
Company and the convertible note trustee, on terms acceptable to
the Subscribers;
o Appropriate security documents being entered into between the
Company and the Subscribers and any other relevant parties, on
terms acceptable to the Subscribers;
o 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;
o 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;
o 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
o 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:
o An establishment fee of 3% of the subscribed amount, which the
Subscribers may elect to deduct from the relevant subscribed
amount;
o 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
o 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
GBP10.25 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
GBP17.25 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 Tel: +44 (0) 1624
Simon Potter, Chief Executive Officer 647 882
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
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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END
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