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Bahamas Petroleum Company - Partial Conversion of Convertible Loan Notes

On 20 February 2020, the Company drew down £2.7 million of its £8 million convertible loan note facility (the "Facility") with a substantial Bahamian based institutional family-office investor, the terms of which were announced at the time. On 17 March 2020 the Company announced the expansion of this Facility by a further £8 million, thus totalling £16 million, and, at the same time, drew down a further £2 million against this expanded Facility. As announced on 26 February 2020, the investor has previously converted £1.44 million of the amounts drawn down by the Company into new ordinary shares. BPC has now received a conversion notice in respect of an additional £0.8 million, at a conversion price of 1.28 pence per share, and in accordance with the terms of the Facility the Company will proceed to issue 62,500,000 new ordinary shares (the "Conversion Shares") to the investor. Thereafter, £2.46 million of convertible notes will remain on issue, and remain subject to conversion or redemption in accordance with their terms and conditions. Application will be made for Conversion Shares to be admitted to trading on the AIM market of the London Stock Exchange, with admission anticipated on 8 April 2020 ("Admission"). Following Admission, the Company's issued share capital will consist of 2,248,512,786 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 2,248,512,786 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 ("DTR calculations"). On admission of the previously announced 35,337,328 new ordinary shares to BPC Investment Fund Ltd, anticipated on or around 14 April 2020, the Company's issued share capital will consist of 2,283,850,114 ordinary shares, with each ordinary share carrying the right to one vote. Therefore, at such point, the figure of 2,283,850,114 ordinary shares may be used by shareholders for DTR calculations.

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