Grant of Options (8525E)

TIDMBPC

RNS Number : 8525E

Bahamas Petroleum Company PLC

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:

 
                                                               Total number of 
                                            Exercise price     Ordinary Shares 
                        Number of Options     per Ordinary          held under 
                                  granted            Share              option 
 Paul Crevello                  4,000,000           21.25p           4,000,000 
 Alan Burns                     3,000,000           21.25p           3,000,000 
 Mike Proffitt                  2,500,000           21.25p           2,500,000 
 Dursley Stott                  1,500,000           21.25p           1,500,000 
 Edward Shallcross              1,500,000           21.25p           1,500,000

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

For further information contact:

 
 Bahamas Petroleum Company plc                   Tel: +44 (0) 1624 641194 
  Dr Paul Crevello, Chief Executive 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 broker        Tel: +44 (0) 20 7050 
  Charles Berkeley / Henry Fitzgerald-O'Connor    6500 
 FirstEnergy Capital LLP - Joint broker          Tel: +44 (0) 20 7448 
  Hugh Sanderson / Derek Smith                    0200 
 Novus Capital Markets Ltd - Joint broker        Tel: +44 (0) 20 7107 
  Nicholas Lee                                    1894

This information is provided by RNS

The company news service from the London Stock Exchange

END

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