Bahamas Petroleum Company PLC Grant of Options and Issue of Shares (2208W)
August 17 2020 - 2:00AM
UK Regulatory
TIDMBPC
RNS Number : 2208W
Bahamas Petroleum Company PLC
17 August 2020
17 August 2020
Bahamas Petroleum Company plc
("BPC" or the "Company")
Grant of Options and Issue of Shares
Bahamas Petroleum Company plc, the Caribbean and Atlantic margin
focused oil and gas company, with exploration, production,
appraisal and development assets across the region, announces that,
on 14 August 2020, the Board of Directors of the Company approved,
consistent with the terms and conditions of the recently completed
merger between the Company and Columbus Energy Resources plc
("Columbus") (the "Merger"), the grant of fully paid ordinary
shares of 0.002 pence each in the Company ("Ordinary Shares"), and
options over Ordinary Shares ("Options") as follows:
- 21,325,966 Ordinary Shares to the former and current
executives of Columbus, (the "Columbus Shares")
- 17,029,394 Options to the former executives of Columbus (the "Columbus Options"), and
- 34,216,815 Ordinary Shares to various Company advisors for
their services in in connection with the Merger (the "Advisor
Shares"),
The Columbus Shares and Columbus Options have been granted to
former and current executives of Columbus, consistent with the
arrangements agreed as part of the Merger. The Columbus Options are
immediately exercisable for periods ranging from 4 to 7 years from
the date of grant, at an exercise price of 0.002 pence per
share.
Further, as part of the Merger, BPC had agreed that certain fees
of various advisers - Gneiss Energy, Strand Hanson, Shore Capital,
and VSA Capital - would be paid in Ordinary Shares. Accordingly,
the Advisor Shares will be issued to these various advisers in lieu
of monetary fees.
In addition, 8,700,000 Options have been granted to new
employees of the enlarged BPC group (the "Employee Options") out of
the Series C pool of options approved by the Company shareholders
at the 2019 Annual General Meeting ("AGM"), the terms of which were
disclosed in the notice of that AGM.
The Columbus Shares and the Advisor Shares (together, the "New
Shares") will rank pari passu with the existing Ordinary Shares in
the capital of BPC. Application has been made to the London Stock
Exchange for admission of the New Shares to trading on AIM, with
admission expected to occur on or around 18 August 2020 and CREST
accounts will be credited as soon as possible after 8.00 am on 18
August 2020.
Following the issue of the New Shares, the Company's total
issued share capital will comprise 3,408,207,658 Ordinary
Shares.
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0) 1624
Simon Potter, Chief Executive Officer 647 882
Strand Hanson Limited - Nomad Tel: +44 (0) 20 7409
Rory Murphy / James Spinney / Jack Botros 3494
Shore Capital Stockbrokers Limited - Tel: +44 (0) 207 408
J oint Broker 4090
Jerry Keen / Toby Gibbs
Investec Bank Plc - J oint Broker Tel: +4 4 (0) 207
Chris Sim / Rahul Sharma 597 5970
CAMARCO Tel: +44 (0) 020 3757
Billy Clegg / James Crothers / Hugo Liddy 4980
ENDS
Notes to editors
BPC is a Caribbean and Atlantic margin focused oil and gas
company, with a range of exploration, appraisal, development and
production assets and licences, located offshore in the waters of
The Bahamas and Uruguay, and onshore in Trinidad and Tobago, and
Suriname. BPC is currently on-track for drilling an initial
exploration well in The Bahamas, Perseverance #1, in late 2020 /
early 2021, with the well targeting recoverable P(50) prospective
oil resources of 0.77 billion barrels, with an upside of 1.44
billion barrels. In Trinidad and Tobago, BPC has five producing
fields, two appraisal / development projects and a prospective
exploration portfolio in the South West Peninsula. BPC's
exploration licence in Uruguay is highly prospective, with a
potential resource of 1 billion barrels of oil equivalent. In
Suriname, BPC has an onshore appraisal / development project.
BPC is listed on the AIM of the London Stock Exchange. www.bpcplc.com
END
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END
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