Tuesday, January 12, 2021

Bahamas Petroleum raises £3.75mln as Perseverance drilling continues

Drilling began on the Perseverance exploration well on December 20 and it remains a key focus for the company and its investors.

Jamie Ashcroft
Proactive Investors

Bahamas Petroleum Company PLC (LON:BPC) has exercised a put option to raise a further £3.75mln, as a result of shares being issued, to support the ongoing Perseverance well programme.

A total of 187.5mln new shares were issued at a price of 2p each. It means that, if remaining available funding sources are drawn in full, the company will complete its funding strategy with an aggregate of US$72mln raised for Perseverance – a 770mln barrel exploration target.

Bahamas Petroleum highlighted that it represents adequate funding for the well plus an extensive 2021 work programme across the company’s suite of production, appraisal and development assets.  Read more >>