- Bahamas Petroleum said it was speaking to existing and potential investors about raising funds, while noting media speculation that it was mulling a share placing.

The company said it had previously indicated that it was considering a range of potential funding options to finance the drilling of an initial exploration well in The Bahamas in 2020 estimated to cost $20m-to-$25m.

Bahamas Petroleum said it had spoken to a number of existing and potential investors and continued to do so, alongside speaking to providers of alternative sources of capital.

'No decision has as yet been taken as to the funding package that the company will enact, and the quantum and structure of any funding package will depend on the terms offered and what the board of the company considers to be in the best interest of shareholders,' it said.

'As noted in previous announcements, the company is confident that it will be able to implement a suitable financing package, and will make further announcements as appropriate in due course.'

At 1:43pm: [LON:BPC] Bahamas Petroleum Company PLC share price was -0.18p at 1.73p

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