- Bahamas Petroleum denied recent media speculation claiming the company was planning to raise funds through an equity placing with institutional investors.

The company confirmed that it had no immediate intention of undertaking an equity placing to institutional investors, though did confirm that it had met with a number of potential institutional investors as it considered its funding strategy.

But it considered that the current share price of the company ‘materially undervalues the project and thus raising equity by way of a private placing to institutional investors at or below the current share price would not compare favourably with other options presently being considered by the company, and would thus not represent the best value proposition for the company's shareholders.’

As stated in various announcements in Aug and Sep 2019, ‘the company has multiple funding options available to it to fund the exploration well intended to be drilled in the first half of 2020, which will provide shareholders with exploration exposure to risked resources between 0.4 and 1.2bn barrels of oil, with a potential upside in the targeted structure that has been independently assessed at close to 4 billion barrels of oil’ it added.

At 9:35am: [LON:BPC] Bahamas Petroleum Company PLC share price was +0.43p at 1.78p

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