(Alliance News) - Bahamas Petroleum Co PLC on Thursday said it has raised GBP9.5 million to help fund drilling of the Perseverance 1 well in the Bahamas.
The Caribbean and Atlantic Margin focused oil and gas company said 475.0 million shares were issued at 2 pence each.
The stock was down 23% at 2.16p each in London on Thursday morning.
"Since mid-2019 we have been diligently implementing a funding strategy designed to ensure we have access to the funds we need, as and when we need them, such that we can efficiently discharge our licence obligation and the technical objectives for the Perseverance 1 well," Chief Executive Officer Simon Potter said.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.