17 Aug 2020 07:00
17 August 2020
Bahamas Petroleum Company plc
("BPC" or the "Company")
Grant of Options and Issue of Shares
Bahamas Petroleum Company plc, the Caribbean and Atlantic margin focused oil and gas company, with exploration, production, appraisal and development assets across the region, announces that, on 14 August 2020, the Board of Directors of the Company approved, consistent with the terms and conditions of the recently completed merger between the Company and Columbus Energy Resources plc ("Columbus") (the "Merger"), the grant of fully paid ordinary shares of 0.002 pence each in the Company ("Ordinary Shares"), and options over Ordinary Shares ("Options") as follows:
- 21,325,966 Ordinary Shares to the former and current executives of Columbus, (the "Columbus Shares")
- 17,029,394 Options to the former executives of Columbus (the "Columbus Options"), and
- 34,216,815 Ordinary Shares to various Company advisors for their services in in connection with the Merger (the "Advisor Shares"),
The Columbus Shares and Columbus Options have been granted to former and current executives of Columbus, consistent with the arrangements agreed as part of the Merger. The Columbus Options are immediately exercisable for periods ranging from 4 to 7 years from the date of grant, at an exercise price of 0.002 pence per share.
Further, as part of the Merger, BPC had agreed that certain fees of various advisers - Gneiss Energy, Strand Hanson, Shore Capital, and VSA Capital - would be paid in Ordinary Shares. Accordingly, the Advisor Shares will be issued to these various advisers in lieu of monetary fees.
In addition, 8,700,000 Options have been granted to new employees of the enlarged BPC group (the "Employee Options") out of the Series C pool of options approved by the Company shareholders at the 2019 Annual General Meeting ("AGM"), the terms of which were disclosed in the notice of that AGM.
The Columbus Shares and the Advisor Shares (together, the "New Shares") will rank pari passu with the existing Ordinary Shares in the capital of BPC. Application has been made to the London Stock Exchange for admission of the New Shares to trading on AIM, with admission expected to occur on or around 18 August 2020 and CREST accounts will be credited as soon as possible after 8.00 am on 18 August 2020.
Following the issue of the New Shares, the Company's total issued share capital will comprise 3,408,207,658 Ordinary Shares.
For further information, please contact:
Bahamas Petroleum Company plc Simon Potter, Chief Executive Officer | Tel: +44 (0) 1624 647 882 |
Strand Hanson Limited - Nomad Rory Murphy / James Spinney / Jack Botros | Tel: +44 (0) 20 7409 3494 |
Shore Capital Stockbrokers Limited - Joint Broker Jerry Keen / Toby Gibbs
| Tel: +44 (0) 207 408 4090 |
Investec Bank Plc - Joint Broker Chris Sim / Rahul Sharma | Tel: +44 (0) 207 597 5970 |
CAMARCO Billy Clegg / James Crothers / Hugo Liddy | Tel: +44 (0) 020 3757 4980 |
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Notes to editors
BPC is a Caribbean and Atlantic margin focused oil and gas company, with a range of exploration, appraisal, development and production assets and licences, located offshore in the waters of The Bahamas and Uruguay, and onshore in Trinidad and Tobago, and Suriname. BPC is currently on-track for drilling an initial exploration well in The Bahamas, Perseverance #1, in late 2020 / early 2021, with the well targeting recoverable P50 prospective oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels. In Trinidad and Tobago, BPC has five producing fields, two appraisal / development projects and a prospective exploration portfolio in the South West Peninsula. BPC's exploration licence in Uruguay is highly prospective, with a potential resource of 1 billion barrels of oil equivalent. In Suriname, BPC has an onshore appraisal / development project.
BPC is listed on the AIM of the London Stock Exchange. www.bpcplc.com
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