Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Bahamas Petroleum Co PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

RAB CAPITAL PLC ACTING AS DISCRETIONARY MANAGER OF RAB SPECIAL SITUATIONS (MASTER) FUND LIMITED AND RAB ENERGY FUND LIMITED

4. Full name of shareholder(s)  (if different from 3.):iv

CREDIT SUISSE CLIENT NOMINEES (UK) LIMITED

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

03.11.2010

6. Date on which issuer notified:

06.01.11

7. Threshold(s) that is/are crossed orreached: vi, vii

5%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

ORDINARY SHARES *

IM00B3NTV894

36,445,250

36,445,250

2,750,658

0.28%

ORDINARY SHARES **

IM00B3NTV894

23,866,400

23,866,400

23,866,400

2.44%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

n/a

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

CFD*

n/a

n/a

n/a

11,137,500

Nominal

Delta

1.13%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

37,754,558

3.85%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

* RAB Capital plc acts as investment manager for RAB SPECIAL SITUATIONS (MASTER) FUND LIMITED AND RAB ENERGY FUND LIMITED who are the beneficial owners of the relevant securities. The legal title to these securities is held on behalf of the beneficial owners by their nominee, CREDIT SUISSE CLIENT NOMINEES (UK) LIMITED.

** These shares are held by Mr. William Philip Seymour Richards who is the appointed fund manager of RAB Special Situations (Master) Fund Limited and is an employee and executive director of RAB Capital plc.

Proxy Voting:

10. Name of the proxy holder:

n/a

11. Number of voting rights proxy holder will ceaseto hold:

n/a

12. Date on which proxy holder will cease to holdvoting rights:

n/a

13. Additional information:

14. Contact name:

LEGAL TEAM

15. Contact telephone number:

020 7389 7000