Posted on: October 1, 2020

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Gneiss Energy is pleased to announce we have successfully acted as Financial Adviser and Placing Agent for Bahamas Petroleum Company plc (AIM:BPC).

BPC, the Caribbean and Atlantic margin focused oil and gas company, with exploration, production, appraisal and development assets across the region, announced today that it successfully raised US$ 12 million through the issue of new ordinary shares to institutional investors at a placing price of 2p per share.

The net proceeds raised from the placing will be additive to the Company’s existing cash balance, and will be directed by the Company to meeting ongoing funding needs, including in particular the drilling of the Perseverance #1 well, expected to spud on or around 15 December 2020, targeting a recoverable P50 prospective resource of 0.77 billion barrels of oil.

Our Oil & Gas team is delighted to announce our 7th transaction of 2020.

For the official press release, click here.

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