Result of General Meeting and Total Voting Rights (6696E)

TIDMBPC

RNS Number : 6696E

Bahamas Petroleum Company PLC

11 April 2011

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

11 April 2011

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Result of General Meeting and Total Voting Rights

Bahamas Petroleum, the oil and gas exploration company with licences in The Commonwealth of the Bahamas announced on 16 March 2011 that Canaccord Genuity Limited, FirstEnergy Capital LLP and Novus Capital Markets Ltd, on behalf of the Company, had firmly placed 110,000,000 new ordinary shares of 0.002p each in the capital of the Company ("Ordinary Shares") ("First Tranche Placing Shares") and conditionally placed a further 133,100,000 new Ordinary Shares ("Second Tranche Placing Shares", together, the "Placing Shares") (the "Placing") with new and existing institutional investors at a placing price of 18.75 pence per Ordinary Share, to raise (assuming all Placing Shares are issued) approximately GBP45.6 million (before expenses).

Following the Extraordinary General Meeting held earlier today, the Company is pleased to announce that all resolutions put to Shareholders were duly passed and that the 133,100,000 Second Tranche Placing Shares have been allotted and issued to institutional and other investors conditional on Admission. Accordingly, it is expected that dealings in these new Ordinary Shares will commence at 08.00 on Tuesday 12(th) April 2011.

The First Tranche Placing Shares were admitted to trading on the AIM Market of the London Stock Exchange on 18 March 2011.

The total number of Ordinary Shares with voting rights in issue following the Placing will be 1,230,479,096. Bahamas Petroleum does not hold any ordinary shares in treasury. The figure of 1,230,479,096 Ordinary Shares 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, the Company under the Financial Services Authority's Disclosure and Transparency Rules.

Paul Crevello, Chief Executive Office of Bahamas Petroleum, commented:

"I am delighted with the support shown by investors and their continued confidence in the Company. These funds are already being put to use as the Company has signed a Letter of Award with CGGVeritas to carry out the 3D seismic survey across the Company's Southern Licence area with operations commencing in May 2011.

"On behalf of the Board, I would like to welcome our new shareholders and thank them, and our existing shareholders, for their support at what promises to be a stimulating time for the Company."

For further information contact:

 
 Bahamas Petroleum Company PLC                    Tel: +44 (0) 1624 
  Dr Paul Crevello, Chief Executive                     641194 
  Officer 
 Strand Hanson Limited - Nomad                   Tel: +44 (0) 20 7409 
  Rory Murphy / Liam Buswell                      3494 
 Financial Dynamics                              Tel: +44 (0) 20 7831 
  Billy Clegg / Ed Westropp / Alex Beagley        3113 
 Canaccord Genuity Limited - Joint               Tel: +44 (0) 20 7050 
  broker                                          6500 
  Charles Berkeley / Henry Fitzgerald-O'Connor 
 FirstEnergy Capital LLP - Joint broker          Tel: +44 (0) 20 7448 
  Hugh Sanderson / Derek Smith                    0200 
 Novus Capital Markets Ltd - Joint               Tel: +44 (0) 20 7107 
  broker                                          1881 
  Charles Goodfellow

The material set forth herein is for informational purposes only and does not constitute an offer of securities for sale in the United States or any other jurisdiction. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or the laws of any state, and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws. No public offering of securities will be made in the United States.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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