Bahamas Petroleum Company PLC Extension of CEO contract (9153H)
March 16 2018 - 3:00AM
UK Regulatory
TIDMBPC
RNS Number : 9153H
Bahamas Petroleum Company PLC
16 March 2018
16 March 2018
Bahamas Petroleum Company plc
("Bahamas Petroleum" or the "Company")
Extension of CEO contract
Bahamas Petroleum Company, the oil and gas exploration company
with significant prospective resources in licences in The
Commonwealth of The Bahamas is pleased to announce that Simon
Potter has agreed to a contract extension to his current employment
contract which expires on 31(st) March 2018. The contract extension
is for 12 months on materially the same terms.
As previously announced, 90 per cent. of Simon Potter's
compensation is deferred until a farmout is successfully concluded,
to be repaid at that time in a 50 per cent equal mix of cash and
new ordinary shares with par value 0.0002p ("Ordinary Shares"). The
number of new Ordinary Shares accruing shall be calculated as the
value of salary forgone divided by the volume weighted average
closing price of the Company's shares over each month. This element
of the contract extension is considered a related party transaction
under the AIM Rules for Companies. The independent directors of the
Company (being those directors other than Simon Potter) consider
the terms of this element of the contract extension to be fair and
reasonable insofar as shareholders are concerned, having consulted
with Strand Hanson Limited.
Bill Schrader, non-executive Chairman said:
"I am delighted to have extended Simon's contract and look
forward to continuing to work with him in the months ahead."
Simon Potter, Chief Executive Officer of Bahamas Petroleum
Company, said:
"I look forward to continuing our efforts towards the
finalisation of a partnership and progressing the execution of an
exploration well in Bahamian waters, a goal I am heaviliy invested
in and committed to."
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
Shore Capital Stockbrokers Limited Tel: +44 (0)
Jerry Keen / Toby Gibbs 207 408 4090
CAMARCO Tel: +44 (0)
Billy Clegg / Gordon Poole / 20 3757 4983
James Crothers
Notes to editors:
It is noted that despite the Company's efforts and confidence in
its ability to ultimately secure a farm-in or financing, no
assurance can be provided that a farm-in or other financing will be
concluded, or on what terms, or in what timeframe.
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 information is provided by RNS
The company news service from the London Stock Exchange
END
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