Bahamas Petroleum soars as ex-BP man takes Exec Chair role

Shares in mining minnow Bahamas Petroleum Company (BPC) have leapt on news that a former BP regional chief and a former Bahamas senator have been appointed to the board as the company closes in on farm-out discussions.Former BP man Bill Schrader has been hired as Executive Chairman, while former Bahamas Minister of Finance James Smith has joined as a Non-Executive Director.Schrader has over three decades of experience in the oil and gas industry as former Chief Executive Officer (CEO) of BP's Angola and Indonesia units, as well as Chief Operating Officer of BP's huge Russian joint venture TNK-BP, among several other senior roles.BPC CEO Simon Potter said Schrader will bring "not only years of direct industry experience from some of the most respected companies in the business, but also the drive to see Bahamas Petroleum through to the next stage in its development". "His familiarity with operating successfully in new hydrocarbon provinces will be a welcome addition to an already well-established team." Potter said the company looked forward to concluding a farmout and proceeding towards its first exploration well before long.A statement from the company said its data room had seen increased activity from ongoing farm-out discussions together with positive developments in oil drilling legislation, with petroleum exploration regulations reported by the Bahamas Environment and Housing Minister as having reached the country's cabinet for consideration.Potter highlighted Smith's wealth of local knowledge, "intimate familiarity" with the region and an "understanding of the vision Bahamians have for their economy over the long-term, of which Bahamas Petroleum wishes to be a significant part".Shares in BPC were up 93.27% to 2.87p by midday on Thursday.OH