BPC.L Regulatory News (BPC)

24 July 2020

Bahamas Petroleum Company plc

("BPC", "Bahamas Petroleum" or the "Company")

Result of AGM

Bahamas Petroleum, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, is pleased to announce that at the Company's Annual General Meeting held earlier today, all resolutions were passed with the exception of Resolution 3.

Resolution 3 had proposed the expansion of the Company's available pool of employee options for future allocation at the discretion of the Board. Those employee options had been proposed with performance hurdles linked to delivery of value-creating business objectives, an exercise price in excess of the current share price, and a resultant aggregate employee share pool of less than 8.5% of the Company's fully diluted share capital. In the Board's view, this thus constituted an entirely normal employee option proposal, designed to align the interests of employees with shareholders, and comparable to arrangements in place at many similar companies. It is for this reason that the Board had unanimously recommended Resolution 3 to shareholders. Acknowledging the lack of shareholder support for this resolution at this time, the Company will seek to develop alternative incentivisation strategies, so as assist in ongoing processes to recruit, incentivise and retain high-quality employees.

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 ENDS