Relinquishment of Share Options

3 July 2013

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Relinquishment of Share Options

Bahamas Petroleum announces that, following his departure, Mr Paul Gucwa has relinquished 8 million options over ordinary shares of 0.002 pence in the Company ("Ordinary Shares"), details of which are as follows:

·; 4 million share options becoming exercisable on (a) the conclusion of a suitable farm in agreement to allow the drilling of a well or (b) the securing of independent finance for the drilling of a well.

·; 4 million share options becoming exercisable in the event of a corporate sale of the Company at a price per share equal to or exceeding 37.5 pence.

·; All options have an exercise price of 18.75 pence each.

·; All options expire on 2 April 2017.

Mr Gucwa has retained 6 million share options in the Company, the details of which are as follows:

·; 2 million options, only exercisable once the Company share price reaches 18.75 pence, with an exercise price of 7.4 pence and an expiry date of 31 May 2015,

·; 4 million options, only exercisable once the Company has successfully spudded a well, with an exercise price of 18.75 pence and an expiry date of 31 May 2015.

Following this relinquishment there is a total of 61,500,000 options over Ordinary Shares outstanding, representing 5.00 per cent of the shares currently on issue.

- Ends -

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