Bahamas Petroleum Company PLC Termination of American Depository Receipt Program (2595C)
April 12 2017 - 2:00AM
UK Regulatory
TIDMBPC
RNS Number : 2595C
Bahamas Petroleum Company PLC
12 April 2017
12 April 2017
Bahamas Petroleum Company plc
("Bahamas Petroleum" or the "Company")
Termination of American Depository Receipt ("ADR") Program
Bahamas Petroleum Company, the oil and gas exploration company
with a significant prospective resource in licences in The
Commonwealth of The Bahamas, announces the decision to close its
ADR program.
As per the terms of the facility, the Depository has served
notice of termination of the facility to all ADR holders. On
termination, which will take place at 17:00 Eastern Time on 9 June
2017, trading in ADR's on the OTCQX platform will cease with
settlement of all outstanding receipts taking place in the period
to 12 October 2017. Consequently no action is required by holders
of ADR's at this time. Holders of the Company's ordinary shares
remain unaffected by this development.
Trading volumes of ADR's have been less than required to justify
the burden of maintaining the listing with no material increase in
liquidity being provided to the Company's primary listing.
Further information for ADR holders can be found on the the Bank
of New York Mellon website at
https://www.adrbnymellon.com/directory/dr-directory.
- Ends -
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0)
Simon Potter, Chief Executive 1624 647 882
Officer
Strand Hanson Limited - Nomad Tel: +44 (0)
Rory Murphy / James Spinney 20 7409 3494
CAMARCO Tel: +44 (0)
Billy Clegg / Gordon Poole 20 3757 4983
Notes to editors:
Bahamas Petroleum Company is an oil and gas exploration company
with 100% owned offshore licences exclusively focused on the
Commonwealth of The Bahamas. The Company has significant
prospective resources, which have been de-risked through both
extensive 2D and 3D seismic. The four Southern Licences, with a
newly agreed well obligation date of April 2017, run until 2Q 2018
when the licences may be renewed a further two times. The Company
is intent on delivering safe and environmentally responsible
exploration.
www.bpcplc.com
This announcement contains inside information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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