TIDMBPC
RNS Number : 8432G
Bahamas Petroleum Company PLC
30 November 2020
30 November 2020
Bahamas Petroleum Company plc
("BPC" or the "Company")
Trinidad and Tobago:
Signing of Goudron EPSC
Issuance of Equity & Options
BPC, the Caribbean and Atlantic margin focused oil and gas
company, with production, appraisal, development and exploration
assets across the region, is pleased to advise that the Goudron
Enhanced Production Sharing Contract ("ESPC") has been signed. As a
consequence, the Company will proceed to issue 35,759,140 new
ordinary shares in BPC ("Ordinary Shares"), the issue of which was
conditional on signing of the Goudron EPSC.
Goudron EPSC
The Company has entered into an EPSC in respect of the Goudron
Block ("Goudron") in Trinidad and Tobago, with Heritage Petroleum
Company Ltd. The EPSC provides the Company with the continuing
exclusive right to extract petroleum on Goudron until 30 June 2030.
The EPSC was entered into after consent of the Trinidad and Tobago
Ministry of Energy and Energy Industries was duly obtained.
The EPSC replaces the existing 10-year Production Sharing
Contract (as amended and extended) in respect of Goudron that was
otherwise due to expire at the end of 2020. Signing of the new
Goudron EPSC had been anticipated earlier in 2020 but had been
delayed as a result of delays to obtaining the necessary consents
arising from the Covid-19 pandemic.
The terms of the EPSC are largely consistent with the terms that
previously prevailed under the existing Goudron Production Sharing
Contract.
Production from Goudron currently accounts for approximately 40%
of BPC's baseline daily production in Trinidad and Tobago.
Issuance of new shares and options
On 7 August 2020, in conjunction with the completion of the
merger with Columbus Energy Resources Plc ("Columbus"), BPC advised
that until such time as the Goudron EPSC was entered into, BPC and
Columbus's management had agreed to delay the issuance of
25,562,167 new Ordinary Shares due to various members of Columbus's
management pursuant to their respective settlement and termination
arrangements (8,579,079 of these to be issued to Leo Koot). It was
agreed that these new BPC ordinary shares would be issued on
entering into the Goudron EPSC.
On 15 October 2020, the Company advised that t he Board's
Remuneration Committee had resolved to make a number of option
awards and bonus payments conditional on entering into the Goudron
EPSC. These were an a ward of 6,250,000 Series B Options and a
US$200,000 bonus (payable in the form of ordinary shares) to the
Company's CEO, and an award of 6,250,000 Series B Options and a
US$200,000 bonus (payable in the form of Ordinary Shares) to a
member of the Company's senior management. The new Ordinary Shares
to be issued in satisfaction of these previously agreed bonus
payments to each of the CEO and the member of senior management is
5,098,486 shares (the bonus award shares being issued at 2.95p
(3.92 cents), representing the volume weighted average share price
for the 20 trading days prior to execution of the Goudron
EPSC).
Given that the Goudron EPSC has now been entered into, all of
these new Ordinary Shares and options, as previously advised, will
now be issued.
Accordingly, on Admission, Simon Potter, CEO of the Company, and
Leo Koot, a Non-Executive Director of the Company, will be
interested in 81,217,700 and 28,093,156 Ordinary Shares
respectively, representing approximately 2.0% and 0.7% of the
Company's then enlarged issued share capital. Mr Potter is
interested in 20,000,000 Series A Options, 27,500,000 Series B
Options and 25,000,000 Series C Options.
Total Voting Rights
Application will be made for a total of 35,759,140 new ordinary
shares to be admitted to trading on the AIM market of the London
Stock Exchange ("AIM") and it is expected that admission will take
place and trading in the shares will commence from 8.00 a.m. on or
around 4 December 2020 ("Admission"). Upon Admission, the Company's
issued share capital will consist of 4,090,548,549 Ordinary Shares,
with each Ordinary Share carrying the right to one vote. The
Company does not hold any Ordinary Shares in treasury. This figure
of 4,090,548,549 Ordinary Shares may therefore 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 in their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Regulatory Statements
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
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 7409
Rory Murphy / James Spinney / Jack Botros 3494
Shore Capital Stockbrokers Limited - Tel: +44 (0) 207 408
J oint Broker 4090
Jerry Keen / Toby Gibbs
Investec Bank Plc - J oint Broker Tel: +4 4 (0) 207
Chris Sim / Rahul Sharma 597 5970
CAMARCO Tel: +44 (0) 020 3757
Billy Clegg / James Crothers / Hugo Liddy 4980
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 on-track for drilling an initial
exploration well in The Bahamas, Perseverance #1, in late 2020 /
early 2021, with the well targeting recoverable P(50) 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
END
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