- Bahamas Petroleum Company raised US$2.54m before expenses through the placing of shares to support operations as it seeks to attract a farm-in partner to finance an exploratory well.

The company placed 120m shares at a price of 1.6p each, the proceeds of which would be used to fund the company as it sought to secure a farm-in partner to finance an initial exploratory well on the company's four southern licences in The Bahamas.

The company said it was 'confident of being able to attract a farm-in partner now its licences have been extended to 31 December 2020.'

'The Bahamian regulatory regime is fully enacted, and we have a clear licence term through to the end of 2020, thus providing potential farm out partners with clarity as to tenure, term, schedule and operating environment,' said Simon Potter, Chief Executive Officer.

'Now, with today's placing, we have secured the funds needed as we continue to seek a farm-out agreement, and thereafter move forward to drilling of the initial exploration well and realising the offshore potential in The Bahamas.'

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