Proactive Investors - Run By Investors For Investors

BPC raises US$2.54mln to tick over whilst farm-out continues

"With today's placing, we have secured the funds needed as we continue to seek a farm-out agreement," said Simon Potter
oil and gas operations
New shares are being sold at 1.6p each

Bahamas Petroleum Company plc (LON:BPC) has raised US$2.54mln via a share placing to support the explorer as it continues to seek a farm-out partner.

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.

READ: Bahamas Petroleum shares jump as it secures exploration licences

"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.”

View full BPC profile View Profile

Bahamas Petroleum Company Timeline

Related Articles

October 02 2018
The Salamanca project retains considerable support locally
oil rig
November 19 2018
The core of the portfolio is in the East Midlands Basin, which includes the Wressle-1 oil discovery, a share of production from the Keddington oil field and a raft of drill-ready exploration and appraisal targets
oil rig
November 22 2018
A1 is some 19 kilometres from the Tendrara production concession area and seen as a potential major expansion of its existing discoveries

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use