Bahamas Petroleum Raises USD2.5 Million in Share Placing (ALLISS)

LONDON (Alliance News) - Bahamas Petroleum Co PLC on Friday said it raised USD2.5 million in a ...

Alliance News 15 March, 2019 | 9:19AM
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LONDON (Alliance News) - Bahamas Petroleum Co PLC on Friday said it raised USD2.5 million in a share placing to assist the firm's operations until it secures a farm-in partner.

The company issued 120.0 million shares at 1.6p each.

Shares in the oil & gas exploration company dropped 33% trading at 1.72 pence each on Friday morning, giving it a market capitalisation of GPB27 million.

Bahamas Petroleum said it will use the placing proceeds to fund the company as it seeks to secure a farm-in partner to finance an initial exploratory well on its four southern licences in the Bahamas.

The company's board believed the proceeds will be enough to fund operations for 12 months.

The firm added it is confident it will be able to attract a farm-in partner after its licences have been extended until 2020.

Following admission of the new shares to trading, Bahamas will have 1.69 billion shares in issue.

By Elena Cherubini; elenacherubini@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Bahamas Petroleum Co PLC 1.93 -
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