Grant of Options

13 April 2011

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Grant of Options

Bahamas Petroleum, the oil and gas exploration company with offshore licence permits in The Commonwealth of The Bahamas, announces that, on 12 April 2011, the remuneration committee of the Company approved the grant of options over, in aggregate, 12,500,000 ordinary shares of 0.002 pence each in the share capital of the Company ("Ordinary Shares") to certain directors of the Company (the "Options").

The Options will vest over a five year period from 12 April 2011 in the following manner: 50 per cent. on the date of the grant and 50 per cent. upon the Company's Ordinary Share price breaching the 50 pence threshold. The Options are exercisable at an exercise price of 21.25 pence, being the closing price of the Ordinary Shares on 12 April 2011. Details of the grant of Options to the directors of the Company are as follows:

In addition, a further 5,500,000 options have been granted to employees and consultants to the Company on the same terms. As a result, there are, in aggregate, 18,000,000 options over Ordinary Shares outstanding, representing 1.46 per cent. of the Ordinary Shares currently in issue.

Ends

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