It is selling 120mln new shares priced at 1.6p. The company said the injection of capital is expected to meet its anticipated requirements for the next 12 months.
Talks are ongoing with a number of potential partners, and, the company said it is confident that it can attract a farm-in partner, following a recent extension of its licences, have extended to 31 December 2020.
"Our focus at Bahamas Petroleum remains clear and unwavering: to drill an initial exploration well on our highly prospective acreage in The Bahamas,” said Simon Potter, BPC chief executive.
“Now more than ever, we believe that the ingredients for success are present.
“We have a world-class drill-ready asset, with multi-billion barrel potential as certified by third parties.”
“We have a robust technical case, as endorsed by the interest to-date of potential partners.”
Potter added: “Now, with today's placing, we have secured the funds needed as we continue to seek a farm-out agreement, and thereafter move forward to drilling of the initial exploration well and realising the offshore potential in The Bahamas.”