- Bahamas Petroleum Co has raised US$3.25m (£2.6m), gross, through a firm and conditional placing of 260,000,000 new ordinary shares at 1 pence each.

BPC said this comprised a firm placing of 110,000,000 new ordinary shares raising £1.1m and conditional placing of 150,000,000 new ordinary shares raising £1.5m.

It said proceeds of the placing would be used to fund the company as it soughtto complete a farm-in or other financing sufficient to enable drilling of an exploration well on its southern licences.

Chairman Bill Schrader said: "BPC has assets that are potentially world class in scale.

"Over the past eight years the company has substantially delineated and de-risked its assets, both technically and commercially. The next step is drilling.

"In order to do this, BPC needs to source funding, and our strategy remains to do so from an industry partner, via a farm-in.

"BPC has made pleasing progress on this task, is in active commercial negotiations with a number of parties, and the board and I remain confident that a farm-in will ultimately be concluded as evidenced by our expressed interest in participating in the placing once we are permitted to do so by the closed period trading rules.

"I would like to thank all our existing and new shareholders for their continued support."

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