- Bahamas Petroleum said it had raised $11.4m from a share issue that would help fund the drilling of an initial exploration well in The Bahamas during 2020.

New shares in the company were issued via a placement and separate open offer at 2p each, with the total funds raised representing an oversubscription of 60% against the initial target.

Bahamas Petroleum said the proceeds, when combined with a conditional convertible loan note, would likely to be sufficient to fund the well.

Additionally, the company said it continued to pursue a farm-out as part of its overall funding strategy.

Bahamas Petroleum said it had received proposals for the farm-out and continued to develop and assess a number of other financing options.

'A decision to enact any of these other financing proposals will be taken, if required, based on the outcome of the farm-out process,' it said.

At 1:55pm: [LON:BPC] Bahamas Petroleum Company PLC share price was -0.2p at 1.95p

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