Oil and gas exploration company Bahamas Petroleum is looking to secure partners for its licenses offshore The Bahamas to secure funds for drilling an exploration well on the acreage.
The company in in mid-July completed the raising of $3.5 million through a firm and conditional placing of 280,000,000 new ordinary shares of 0.002p each at a price of 1 pence each.
The purpose of the placing was to ensure the company had sufficient funds available as it pursues a farm-in, or other financing, to enable drilling of an exploration well on its southern licenses in The Bahamas.
Since completion of the capital raising, the company has actively continued its efforts to secure a farm-in or other financing.
The company said on Wednesday that, despite the European summer holidays in August and the considerable disruptions to regional business activity caused by Hurricanes Harvey, which largely affected Houston, and Irma, affecting most of the Caribbean, it had made progress in its efforts.
Namely, the company has entered into four new non-disclosure & confidentiality agreements (NDAs) with qualified prospective farm-in and financing partners; executed or proposed two NDAs to allow new and extended data sharing across the region to further add to the already extensive BPC database; provided information to five new prospective farm-in and financing partners; maintained ongoing contact with several prospective farm-in / financing partners that had already undertaken technical due diligence during the time of the capital raising.
Bahamas Petroleum noted that, until funding to execute the well obligation has been secured, the board and executive continue to forego fees and salary in lieu of company stock.
Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said: “Securing a partnership and the funding necessary to enable drilling to commence remains the company’s number one priority. We are actively pursuing all avenues for the funding of the well, and intend to provide regular updates as to our activities in this regard to the extent permitted by commercial and confidentiality considerations. The board and I strongly believe in the company’s resources and are fully committed to delivering the initial exploration well as a first step towards unlocking the potential for oil and gas exploration in The Bahamas.”