Monday, December 14, 2020

Bahamas Petroleum arranges US$20mln of funding as it prepares for busy 2021

"2021 will be a busy year for BPC in pursuing operations that have the potential to create considerable value for the company,” said chief executive Simon Potter.

Jamie Ashcroft
Proactive Investors

Bahamas Petroleum Company PLC (LON:BPC) has arranged up to US$20mln of additional funding to support its plans in Trinidad and Suriname, along with the upcoming Perseverance-1 well in The Bahamas.

Through an agreement with a European alternative asset manager it will immediately receive £7.5mln (US$10mln) through the issue of 375,000 new shares priced at 2p each. An option agreement allows it to access up to US$10mln (£7.5mln) within 10 days after the spud of Perseverance-1.  Read more >>