Read the story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

Bahamas Petroleum Company to sell shares in placing as open-offer closes

% of readers think this story is Fact. Add your two cents.

Bahamas Petroleum Company PLC (LON:BPC) confirmed the close of its open-offer share sale to shareholders.

The company set out to raise £6.9mln through the offer in April and it subsequently extended the deadline to May 18. In a stock market statement after Wednesday’s close it confirmed that qualifying shareholders elected to take up some 750mln new shares, representing around 38% of the shares offered.

The shares were offered at a price of 0.35p each.

It also said that stockbroker Shore Capital will now proceed to place the balance of the shares that were made available in the open offer. It will be executed as an accelerated book-build process, closing at 8:00am today. The placing is not underwritten.

The company launched the open offer funding in April as it announced a rebranding to Challenger Energy Group and a refocussing on production-led growth, with the initial work prioritised in Trinidad.

Eytan Uliel, currently commercial director, will become the company’s new chief executive and Simon Potter is to transition to a non-executive director role, effective from May 20.

A week ago, the company highlighted that preparation for the Saffron-2 appraisal and development well in Trinidad continue to “advance at pace”.

Rig mobilisation to the Saffron-2 well site was completed and the rig was being assembled, ahead of a scheduled May 23 spud-date. Once underway is it expected that the drill programme will last for 25 to 30 days.

Story by ProactiveInvestors


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.