Exercise of Options

11 October 2010

Bahamas Petroleum Company plc

("BPC" or the "Company")

Exercise of options

BPC, the oil and gas exploration company with licences in The Bahamas, today announces the exercise by Ambrian Partners Limited ("Ambrian") of 2,500,000 options into new ordinary shares of 0.002p each ("Ordinary Shares") in BPC (the "New Ordinary Shares") at an exercise price of 4.55p per share.

Application has been made for the New Ordinary Shares to be admitted to trading on AIM, which is anticipated to occur on 14 October 2010.

Following this transaction, Ambrian will retain option over a further 5,396,398 Ordinary Shares at an exercise price of 4.55p per share until 2 September 2011.

For the purposes of the Financial Services Authority's Disclosure and Transparency Rules, the total number of Ordinary Shares in issue following admission of the New Ordinary Shares to trading on AIM will be 981,982,698, each carrying the right to one vote.

The above figure of 981,982,698 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, BPC under the FSA's Disclosure and Transparency Rules.

Enquiries: