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Bahamas: Bahamas Petroleum announces proposed open offer and progress towards drilling
10 Oct 2019
Bahamas Petroleum Company, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, has announced a proposed open offer to shareholders, and advised of continued progress toward drilling its first exploration well in The Bahamas in 2020.
The Company is proposing a £7 million (c. US$8.5 million) open offer to enable all existing shareholders to participate in the Company's next fundraising, and entry into a subscription agreement for the previously announced £10.25 million (c. US$12.5 million) conditional convertible notes.
Farm-out discussions continue and a drilling schedule has been developed to target an initial exploration well in H1 2020. The Company has sent notice to Seadrill nominating rig delivery date (and expected well spud) for late Q1 2020.
Source: Bahamas Petroleum