Posted on: December 14, 2020

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Gneiss Energy is pleased to announce that we have acted as Financial Adviser and Sole Arranger for Bahamas Petroleum Company plc (AIM:BPC) on BPC’s funding of up to US$20 million with a leading European alternative asset manager.

BPC Plc, the Caribbean and Atlantic margin focused oil and gas company, with exploration, production, appraisal and development assets across the region, announced today that it has entered into agreements under which BPC has the potential to access gross funding of £15 million (US$20 million).

BPC will immediately receive gross proceeds of £7.5 million (US$10 million) through the issue of shares at a price of 2.0p each.  BPC has also entered into a Funding Option Agreement, whereby BPC has an option, at its sole discretion, to raise up to a further £3.75 million (US$5 million) from the Investor within 10 business days after the spud of the Perseverance #1 well on substantially the same terms; if BPC so elects, the Investor has the option to double that amount, thereby providing BPC discretionary access to the full £15 million (US$20 million).

The transaction is consistent with BPC’s funding strategy and will enhance its overall funding capacity, including for the anticipated costs of work in Trinidad and Tobago and Suriname planned for 2021, and ongoing costs and expenses associated with the Company’s 100% owned and operated Perseverance #1 well in The Bahamas.

Our Oil & Gas team is delighted to announce its 9th transaction of 2020.

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