Bahamas Petroleum Co PLC - Caribbean and Atlantic margin focused oil and gas company - Raises GBP3.8 million through issue of 187.5 million new shares at 2 pence each from exercise of put option. Says this raising puts total funding since August 2019 at USD52 million, with current undrawn potential funding sources in-place for up to a further USD20 million.
"If remaining potential funding sources are available and drawn in full, this would represent successful completion of BPC's current funding strategy, initiated in August 2019, securing a total of USD72 million," company continues.
It adds: "This represents adequate funding to meet not just the costs of drilling the Perseverance #1 well, at 100% ownership, operatorship and control, but also the costs of an extensive 2021 work program on a suite of production, appraisal and development assets in three other complementary jurisdictions, as well as all geological and geophysical costs across the business through to mid-2022."
Perseverance #1 is targeting resources of between 0.77 billion and 1.44 billion barrels of oil and the 2021 work programme is targeting exit production of about 2,500 barrels of oil per day, compared to a 2020 exit rate of 500 bopd.
Current stock price: 2.12 pence
Year-to-date change: down 7.8%
By Paul McGowan; paulmcgowan@alliancenews.com
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