Bahamas Petroleum Company, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, is pleased to announce that, further to the successful completion of the initial subscription period of the Bahamian incorporated mutual fund (the "Fund"), all administrative formalities have now been completed.
As such, BPC Investment Fund Limited will now be issued 35,337,328 ordinary shares in the Company (the "Fund Shares"). Application has been made for the Fund Shares to be admitted to trading on the AIM market of the London Stock Exchange with an expectation that admission will take place and trading in the Fund Shares will commence on or around 29 June 2020 ("Admission").
Following Admission, the Company's issued share capital will consist of 2,483,776,085 ordinary shares, with each ordinary share carrying the right to one vote. The Company does not hold any ordinary shares in treasury, therefore the figure of 2,483,776,085 ordinary shares may 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.
As previously announced, under the terms of the Fund going forward, month end valuations will be undertaken. At each of these valuation dates, the Fund may utilise net subscription proceeds to either purchase additional shares in BPC on the open market or, at the Company's discretion, subscribe for new ordinary shares in the Company at the then prevailing market price.
Simon Potter, Chief Executive Officer of Bahamas Petroleum commented:
"Facilitating the capability for Bahamians to invest in our nationally significant project has long been an ambition of the Company. This objective was realised with the creation of a Bahamian domiciled investment fund back in January. Understandably, various administrative processes had been difficult to complete owing to the impact of Covid-19, but with those now resolved, formal admission of the shares is expected shortly and I am delighted to see this project finally coming to fruition, whereby Bahamians can choose, albeit indirectly, to participate in the outcome of the project.
As I have discussed in recent days, we are operationally ready to begin the drilling of the Perseverance #1 well, targeting 0.77 billion barrels of oil. With the signing of an unconditional rig contract, the Company has confirmed a specific window between 15 December 2020 and 1 February 2021 in which drilling will commence. We eagerly await the start of this drilling programme and I look forward to updating shareholders on our progress in the near future."