- Bahamas Petroleum said it would launch an open offer to shareholders to raise capital that was needed to fund the drilling of an initial exploration well in the first half of 2020.

The company proposed a £7m open offer at a price of 2p a share to enable all existing shareholders to participate in its next fundraising and entered into a subscription agreement for the previously announced £10.25m conditional convertible notes.

While a farm-out remained its preferred funding option, the company said it was moving forward with a funding strategy, so that it can deliver on drilling regardless of the outcome of farmout discussions.

'Given the progress made in relation to our funding strategy, we have notified Seadrill of our desire to receive a rig in late Q1 2020, and we are now working collaboratively with Seadrill on both finalising the long-form rig contract and preparing for drilling,' the company said.

At 9:46am: [LON:BPC] Bahamas Petroleum Company PLC share price was -0.3p at 1.93p

Story provided by